The bond market’s assessment also jibes with SpaceX’s stock. It’s a profitless, non-dividend-paying, one-person-controlled, empire-building project trading at more than 100 times sales, about 30 times the valuation of the S&P 500 Index. That’s the very definition of a junk stock.
Original link: https://www.bloomberg.com/opinion/articles/2026-07-02/spacex-is-junk-that-s-what-the-bond-market-says
And yet they were given the IPO, so now it’s the public’s problem…
Well the public can just not buy the shares. The whole point of the gift was to sell the shares at inflated values right at the beginning. It doesn’t really matter what happens after that.
I suppose a competent government would launch an investigation into misrepresentation, as I’m pretty sure offering an IPO that’s completely odd to the actual value is a crime, but obviously with a kind administration it’s virtually impossible to commit a crime if you’re rich enough.
Most members of the public don’t have any control over what the managers of their retirement accounts choose to invest in.
Beyond that, I’m pretty sure an IPO comes with an obligation for some index funds to invest in it.