The SpaceX IPO proves the US stock market is broken
The firm’s valuation fundamentally challenges the conventional assumption that money follows performance
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STEVEN Spielberg has an alien movie opening in June, but that may not be the biggest science fiction blockbuster of the summer; it could be the SpaceX initial public offering (IPO).
As part of its pitch to sell shares on the stock market, Elon Musk’s aerospace and technology company said it will capture over US$28 trillion of the artificial intelligence market – nearly the size of the entire US economy.
It said it plans to launch one million satellites to put data centres in outer space, though the technology does not yet exist.
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