SpaceX valuation… 2003 • 27M - Start 2010 • 1B - Falcon first flight 2016 • 10B 2026 • 1.75T - IPO This is exactly the kind of IPO that will set multiple records — and potentially cost a lot of investors a lot of money. There is no doubt that #SpaceX is one of the greatest companies of our time. However, the current level of hype surrounding this IPO and the widespread rush to gain exposure to it tells me one thing: The market may be far more overheated than most people realize. When everyone is talking about a once-in-a-generation opportunity and investors are willing to buy at almost any valuation just to participate, it is usually a sign that expectations have become detached from reality. The company may continue to execute brilliantly, but that does not automatically mean the investment will be priced attractively. The main thing to watch is whether this IPO becomes the first domino to fall. If expectations prove too optimistic and the market reacts poorly, it could expose broader weaknesses in risk assets and investor sentiment. For now, the hype itself is one of the most interesting signals.