2026-06-13
SpaceX's $1.75 Trillion IPO: The Check the Market Wrote Musk Is Buying Judgment
SpaceX went public at a $1.75 trillion valuation and rose 19% on its first day. The only part of it that actually turns a profit is Starlink, and its revenue isn't a fraction of what that number implies. The market isn't buying rockets, and it isn't buying revenue. It's buying one person's judgment, proven right again and again across twenty-four years. In an AI era where execution keeps getting cheaper, the biggest check in history landed on the one thing still appreciating.