Munger Mode rating: 2 out of 5 — 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 spent our lives looking for wonderful businesses run by able, honest managers, available at sensible prices. SpaceX presents us with something we have rarely seen: a company containing one genuinely wonderful business (orbital launch, where it holds something close to a natural monopoly), one good-but-capital-hungry business (Starlink), and one enormous, commodity-economics gamble (the AI segment) — all stapled together by common-control mergers with the founder's other ventures, wrapped in a dual-class structure, financed partly by related-party debt, carrying Bitcoin on the balance sheet, and offered to us at roughly fifty times revenue while losing money under GAAP. The engineering is the best we have ever seen.
Recent filings analysed: 8-K (2026-08-14), 10-Q (2026-08-04), 8-K (2026-06-26), 8-K (2026-06-23).
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