$SPCX IPO demand is strong but price discovery is fractured: $150B of orders/2x covered vs Hyperliquid synthetic -31% from $230 to $159. At $135/share, the deal implies a $1.75T–~$1.8T valuation on ~$18.7B–$19B revenue—~94x to nearly 100x sales. Polymarket points to a $2.17T close, or ~23% day-one pop, while Eisman’s valuation pushback contrasts with the Musk/Starlink/AI-satellite/defense-growth narrative. Books close Wednesday after market close; pricing is set for June 11, with trading expected June 12. Citi retail access across eight European countries broadens allocation demand, but 2x coverage is modest for a mega-cap growth IPO. Watch $135 issue price, $159 synthetic level, and $2.17T implied close: first trade tests scarcity/AI-defense optionality vs valuation gravity. #SpaceX #IPO #Starlink #AIInfrastructure