alt Hacker NewsThe criticism seems politically motivated. Considering what happened to Blue Origin, SpaceX's success is commendable. Although I agree $1.8T seems crazy.
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Elon achived this valuation by merging xAI into SpaceX. The future of xAI is questionable, and without it SpaceX is very overvalued.
While the Starship project may be struggling, Falcon 9 is still a massive success, with a successful launch every couple of weeks, making up most of humanity's access to space/LEO right now.
And Starlink is a pretty big deal, particularly in a time of conflict where undersea cables are very vulnerable.
If Elon hadn't shifted so far to the right, these threads would be near-universally praising SpaceX despite Starship's struggles.
Not even remotely politically motivated.
It doesn't matter if it's successful or not. Their space business is worth virtually nothing on paper and the funding structures and profit/loss accounts are scary.
Most of the 1.8T hype is not at all related to the rocketry business. Well, I suppose if you buy the "AI DCs in space" pitch they could be somewhat related.
What's political is a policy change to "fast track" companies into the Nasdaq 100. Spacex is the first to benefit from this loophole that allows them to be added to indexes almost immediately after listing, which likely is a license to steal a bunch of regular folks retirement money. Elon Musk doesn't need more ways to steal people's money.
The unfortunate thing is, a lot of people have no idea this rule change has gone into effect, and that they're about to get fleeced by a bunch of professional investors.
https://www.kiplinger.com/investing/what-the-nasdaqs-new-fas...
It's legalized theft, and the victims are people least able to defend themselves from it. Most people have no idea what's in their retirement accounts, or track very closely what's being tracked by the index funds they've been told for decades was the safest way to invest in the stock market for non-pros.
>Akademikerpension also said the governance structure of SpaceX was "extremely deficient", adding that Elon Musk is expected to control more than 80% of the voting rights while simultaneously serving as chief executive officer, chief technology officer and chair of the board.
Their skepticism seems pretty valid to me
Has anybody noticed a marked increase in simping here on HN?
I don't think it's politically motivated at all. My impression of this IPO is that it's designed to inflate SpaceX's perceived value by offering very limited float and aggressively seeking to capture passive money by bargaining for inclusion in indices it would not otherwise be eligible for. Speaking as a passive investor myself, I want my money nowhere near this company until it meets the old eligibility criteria.