The US$100 billion question that SpaceX raised
That question is whether we know the difference between buying into an exciting promise and investing in our own future
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WHEN SpaceX listed on the Nasdaq last month, individual investors were reported to have submitted more than US$100 billion in orders for a slice of the largest initial public offering in history. Demand from retail investors ran so far ahead that most of them likely came away with a fraction of what they asked for, or nothing at all.
The scenes were familiar – the media’s breathless coverage, the desire to own a piece of the future, and the fear of missing out were an irresistible combination.
I want to be careful here because this is not a column about whether SpaceX is a good company. The analysts are still arguing over that one, and I suspect a clean answer is a long way off. Only time will tell.
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