Munger Mode rating: 1 out of 5 — Strong Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have read the filings, the earnings calls, and the press releases. We have watched the share price double in a week on the back of a glide test and a reopened ticket window. And we will tell you plainly, as we would tell you over a cherry Coke in Omaha: this is precisely the kind of enterprise we have spent sixty years teaching people to avoid. It is exciting. It is romantic. It involves rocket planes and the edge of space. And it is, by our standards, an almost perfect specimen of a business in which patient capital goes to die. Let us walk through it the way we examine any business — slowly, skeptically, and with our own arithmetic.
Recent filings analysed: 8-K/A (2026-06-29), 8-K (2026-06-22), 8-K (2026-06-15), 8-K (2026-06-10).
Stock screener · Superinvestor 13F holdings · Analyst sentiment · Market valuation