everyone is arguing whether spacex at $2 trillion is too expensive, almost nobody noticed what actually changed since 1980
apple went public at under $2 billion and 15 times revenue back then
spacex wants you to buy at nearly $2 trillion and 100 times revenue now
but the real story is not the price, it is that the entire nature of an IPO changed underneath us
in 1980 you bought a business and hoped for a vision, in 2026 you buy the vision and hope for the business
almost nobody buying this IPO on june 12 will read the 300 page document to understand which one they are actually getting
i fed both filings to Claude and had it find the five differences that explain the whole shift
that understanding is the edge most retail will never bother to get
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