I’m not confused about the drop. Most analysts said that was a bear price anyway, and it was based on a lot of outrageous promises and valuation of xAI and Starlink, neither of which is very strong right now.
Essentially, Musk sold SpaceX the way he sells anything, making outrageous long-term promises that are unlikely to be realized, hence we don’t have a fleet of self-driving Tesla taxis already.
The sooner SpaceX falls to a more realistic valuation, the safer it is for everyone whose pension funds depend on the Nasdaq-100.
I’m confused. The IPO was $135 per share.
I’m not confused about the drop. Most analysts said that was a bear price anyway, and it was based on a lot of outrageous promises and valuation of xAI and Starlink, neither of which is very strong right now.
Essentially, Musk sold SpaceX the way he sells anything, making outrageous long-term promises that are unlikely to be realized, hence we don’t have a fleet of self-driving Tesla taxis already.
The sooner SpaceX falls to a more realistic valuation, the safer it is for everyone whose pension funds depend on the Nasdaq-100.
135 was for the institutional investors that sponsored it. 150 was the opening price for the hoi-poloi.