> the overwhelming majority of people didn't initially understand what Starship is, how far along it is, or what it even means ... So it was greatly undervalued

I don't think anyone was undervaluing the "space" segment of SpaceX. It's the clear leader in launch frequency and cost-to-orbit among the new wave of space firms, and shows no sign of losing that position.

Where the IPO raised a bunch of red flags was SpaceX suddenly acquiring Elon's AI firm, which had a significantly more nebulous basis for its valuation...