Capital markets recently welcomed a severe threat to traditional homebuilding. Boxabl Inc. (NASDAQ: BXBL) officially listed on the public markets via a special-purpose acquisition company. Boxabl carries an eye-watering $3.5 billion implied valuation and a promise to manufacture homes in the same way we manufacture cars.
Shares rose 20% out of the gate on July 20 before retracting to the $8 range the following afternoon. However, the real story behind the IPO lies buried in the capitalization table and the macroeconomic wreckage currently surrounding legacy residential builders.
