(https://www.cnbc.com/2026/08/26/spacex-is-attractively-valued-after-100-billion-louisiana-spaceport-plan-morgan-stanley-says.html) after the $100 billion Louisiana spaceport plan. But here's the disconnect: a capital-intensive infrastructure project that won't generate returns for half a decade doesn't justify current valuation — it *destroys* near-term free cash flow while option value gets priced in.

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