Yes. I updated my earlier comment and I concede I should’ve worded my earlier comment better.

I agree underwriters and credit agencies are very different just like IPOs and MBS are very different. I don’t think SpaceX is committing fraud.

> That’s just money in the door and the underwriters that seem to think the business is worth $1.75T.

I was responding to this particular comment.

In 2008, the credit rating agencies weren’t necessarily found to be guilty of wrongdoing, but a variety of reasons let them roll with AAA ratings on junk MBS anyway. Similarly the underwriters are not going to be committing crimes to facilitate IPOs. They are after all taking the risk of guaranteeing the sale for the company. However, if a company wants to roll with a high valuation, even if the fundamentals aren’t matching the valuation, if there are buyers, the underwriters will set the price supporting that high valuation. They are not incentivized to accurately measure a company’s worth like the comment I was responding to suggests.