Andersen, of Boston-based Andersen Capital Management, stated that adding Tesla's diverse operations to SpaceX's already complex segments (Starlink, rocket launches, AI infrastructure) would further complicate valuation. He also highlighted potential regulatory hurdles, as SpaceX is a U.S. defense contractor while Tesla has significant manufacturing ties to China. Andersen noted SpaceX's high valuation, with a price-to-sales ratio around 50x, despite its strong Q2 revenue of $7.8 billion (up 92% YoY) and narrowed net loss to $541 million. He suggested a P/S ratio around 25x would attract more rational institutional attention.