The American Teachers Union Calls for a Strict Investigation into SpaceX IPO, Saying Valuation "Defies Financial Logic"

One of the largest public unions in the United States, the “National Education Association,” has called on regulators to strictly investigate SpaceX’s IPO, saying its valuation “goes against financial logic.” The union wrote a letter to the U.S. Securities and Exchange Commission (SEC), expressing concerns about SpaceX leadership’s practices and accounting methods. SpaceX is seeking to raise $75 billion at an estimated valuation of about $2 trillion; if successful, it would become the largest IPO in history. However, experts say its revenue is severely mismatched with its valuation and depends more on Elon Musk’s future vision. (Cailian Press)