This SpaceX Pump Just Keeps Getting Uglier

“SpaceX’s Starlink business alone can justify the valuation”. Sure.

Last week, I argued that the forthcoming SpaceX IPO may be one of the most important sentiment gauges of the current market cycle. Personally, I view this IPO as a meaningful signal on the remaining life of the current AI-fueled bull market. Ergo, I think it deserves to be watched closely. Its a story where everyone seems to be catching on just how aggressively priced it is leading up to the IPO.

Since then, continued developments have only reinforced that view. One this morning made me want to vomit up pieces of my own spleen. To say the valuation narrative continues to drift further from reality would be like saying the sumtotal of Charlie Sheen’s substance abuse issues was that he occasionally had one light beer with dinner, twice a week.