You're right. MULN isn't going to reach $400 anytime soon.
NKLA has a market cap of $1.3b and IMO is in an ugly financial situation. I could see MULN going to $2b within the next year with no dilution, NASDAQ compliance and full speed production. That would put them at $12.50.
If MULN ever got to RIVN's market cap ($17b) their SP would be around $100. By the way, RIVN claims they're on track to build 52,000 vehicles in 2023. MULN's Mishawaka factory, if it ever gets running, can produce 50,000 vehicles a year. The comparison isn't completely ridiculous.
To reach $400 MULN would have to reach a market cap of ~$70b. That's 1/10 of Tesla's MC.
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