《$BP Should be worth how much? Use Bullish valuation to back into Backpack》（author @lasertheend）BP’s equity value comes from the potential equity conversion after Backpack’s listing. The pledge conditions determine the beneficiary share, up to 20%, based on 625 million BP before the IPO. Total shares are fixed; the non-permanent holding proportion applies. If it’s worth $3 billion, BP is about $0.84/BP (nominal); after discounting, about $0.43–0.49/BP. The current price is close to the implied level of a $3 billion valuation. Only if the final valuation reaches $4–5 billion is there meaningful room for upside. The final valuation is determined by operating data, not by vision. Read more: