I will use this post to talk about the information gained by having access to a company's financials and why the information you glean from those financials is different at younger companies, with growth potential, relative to mature companies. In my pre-prospectus valuation, where I assessed the value of SpaceX at roughly $1.2 trillion, I relied on scraps of information, including leaked stories of estimated revenues ($15.5 billion) and EBITDA of $8 billion, since I did not have access to the company's full financial statements. SpaceX has the largest TAM of any company in history, with a total TAM of $28 trillion, and AI accounts for $26 trillion of that market estimate.