But it's actual revenue was $10b in 2025 on 9m customers, so he's pretty much correct.

The point I have more issue with is that a 60 or 100 PE ratio only makes sense in a high-growth scenario. Telecoms are valued at 9x by comparison. 60 or 100 only makes sense if you expect it to grow by 10x from here, and face no competition and keep prices this high.

And that seems like a bit of a reach. The richest people on the planet live in urban environments in US/EU/Asia, with fast and widespread 5G.

Yes, rich people on boats in the pacific, hiking remote mountains, and researchers in Antartica exist, but they're not a market of 200 million people. And even if you get there, that's still just 120b, not 380b valuation.