2026.06.11 17:42

SpaceX IPO might be the most expensive ticket retail has ever been sold. Everyone sees the rockets. Almost nobody reads the cap table. A $1.77 trillion valuation bigger than Tesla, Meta and Berkshire. A 30% retail allocation triple the norm. That's not generosity. That's demand by design. One man keeps 80% of the votes while selling you 40% of the equity. And the early Twitter-deal investors? Three mergers later, this IPO is their exit door. 4x oversubscribed means the hype is priced in before the first trade. Retail buys the story. Insiders sell the ending. Read the S-1, not the timeline.

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