Im not really sure what you mean by this but even in bull...

Im not really sure what you mean by this but even in bull markets you still need to have regard to fundamentals. As we know Small Caps have lagged behind the large caps in terms of returns and that is not surprising in terms of where we are in the economic cycle and interest rate environment with a focus on cash generation and profitability.

So sure we may get a macro factor tailwind from general market increasing risk appetite and a few market commentators are predicting a cycle back into the small caps but a share price of $10 we would still need significant revenue growth, or some factor that captures the markets attention such as a big Space development, imo, to get anywhere near a $1bn valuation.