SpaceX IPO: Boom, Bloodbath, Or Both

SpaceX's $135 IPO creates allocation scarcity due to high demand. At $175, SPCX equity value reaches $2.3T and 122x 2025 revenue despite uneven GAAP profitability. Starship and COLOSSUS expand upside but require price, cash flow, and execution convergence. The stock market rates SpaceX as Hold.