**"Virgin Galactic surged 83% in 5 days. Their product costs $750k a ticket and still hasn't carried a single passenger. Is this investing or science fiction with a stock ticker?"**
What puzzles me about this whole story isn't the rally itself. Any company with 23% short interest can explode like this on positive news. What puzzles me is the narrative underneath: SPCE has gained over 83% in five sessions, but analysts have an average price target of $3.55, implying roughly a 21% drop from recent levels. The company continues to generate minimal revenue, trades at a price-to-sales ratio above 200, and remains deeply loss-making at the operating level.
In other words: the market isn't pricing what the company *is* today. It's pricing what it *represents*: space tourism, the dream of a ticket to space. And now with the SpaceX IPO approaching, all this sector euphoria is "infecting" SPCE through emotional contagion.
The question I like to leave open for debate: **is this any different from crypto speculation?** Technically yes. There's a real company, real engineers, a VSS Unity that actually flew. But financially, investor behavior looks exactly the same: people buy the narrative, not the balance sheet.
The counterargument holds too: Amazon was considered overvalued for years before it dominated the world. Should someone with long-term vision be getting into SPCE now, before space tourism goes mainstream?
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