SpaceX: Why This Won't Play Out Like Every Other IPO

SpaceX debuted with a $75B IPO and surged to a $2.1T market cap, driven by Starlink's $11.4B revenue and $7.2B adjusted EBITDA in 2025. The stock trades at 110x sales without GAAP profitability, with upside expected from forced index buying and capital rotation from Tesla.