- Contrarian take: David Trainer warns SpaceX’s $1.75 trillion post-IPO valuation is wildly overhyped and unlikely to be supported by the company’s math and cash flows.
- Big governance red flags: Elon Musk would keep around 85% control, limiting shareholder power and forcing disputes into arbitration — a setup many institutional investors oppose.
- Money problems: ~78% of IPO proceeds are pledged to pay debt, leaving limited funds for costly AI/data-center buildouts; SpaceX currently lags rivals on profitability, so more dilution or funding needs seem likely.
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