SpaceX's IPO on Friday was the largest in U.S. history, according to Axios. Shares priced at $135 but opened at $150—an 11% pop that immediately ranked the company in America's top ten by market value, at nearly $2 trillion. The valuation, however, is extreme: SpaceX trades at 90 times its annual sales, not earnings. Analysts argue the price is disconnected from fundamental metrics, and historically, most IPOs underperform the market in their first three years. Still, demand remains strong. Investors are betting on SpaceX's long-term ambitions—Elon Musk says he gave the venture less than a 10% chance of success, but it's worth trying to build a space-faring civilization. The real test may come when lock-up periods end and early investors can cash out.

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