SpaceX is reportedly overvalued ahead of its IPO

SpaceX is aiming for a $1.77 trillion valuation in its upcoming IPO—a figure some analysts say is double what the company is actually worth. In a scathing critique, reporter Liz Lopato calls the IPO filing 'ridiculous,' comparing its grandiose vision of spreading 'consciousness across the galaxy' to the overhyped excesses of WeWork. She argues that SpaceX's total addressable market is inflated beyond reason, with most of its projected value tied to speculative AI data centers in space, not actual rocket launches. The real driver of the hype, she suggests, isn't technology but Elon Musk’s cult-like following and structural market forces: a large portion of shares are reserved for retail investors, and the company will be fast-tracked into major indexes like the NASDAQ 100, guaranteeing massive passive investment. Meanwhile, Florida’s lawsuit against OpenAI—alleging dangerous content availability—raises questions about political motives, especially given Musk’s influence and DeSantis’s ties to him. The episode reveals a deeper tension: AI is increasingly unpopular with voters, yet powerful donors and political figures are pushing for rapid development, mirroring the climate change debate where donor priorities override public sentiment.