How to Think About SpaceX Before the IPO Hype Peaks

Extraordinary company. Extraordinary story. Potentially ordinary returns—if you get the timing wrong

Every bull market produces its own mythic company.

In the late 1990s, it was Yahoo.
In the mid-2000s, it was Google.
In 2020–21, it was Tesla.

Today, that role belongs to SpaceX.

Depending on who you ask, Elon Musk’s private rocket company is already worth more than most public companies on Earth. Banks are circling. The breathless headlines are writing them…