I was an early investor in (TSLA) , and people laughed at me. I don’t mind saying I made a significant amount of money holding it too. SpaceX may be one of the greatest companies ever built, but that does not mean investors will make money from the IPO. That sounds like a contradiction; it is not. It is one of the most important distinctions in investing. A company can be extraordinary, important, visionary, well-run, and strategically dominant and still be a difficult stock if the entry point already assumes too much. I don’t remember many similar IPOs except Google. That opened high and kept going. Being this old has its advantages, don’t you know?
This phase is where I think investors need to be careful with SpaceX. This is not an anti-Elon Musk argument. I am a fan of Musk. What he has done across Tesla, SpaceX, and other ventures is almost impossible to dismiss if you are willing to see it. Some people never want to see it. SpaceX changed the economics of space. Reusable rockets were not just a technical achievement. They were an economic reset. Starlink is not a side project. It is an infrastructure business with global reach, strategic value, and optionality that most companies would love to have.
