If SpaceX's IPO really happens, retail investors might not even have their underwear left?

If you ask which company the global capital markets are most looking forward to going public,
the answer is probably not AI, but SpaceX.
The reason is simple:
It feels very much like the "future."
Rockets, satellites, Starlink, Mars, human civilization... SpaceX almost embodies all top-tier narratives.
So recently, as soon as IPO rumors spread, the market immediately heats up.
But here’s the question:
Is SpaceX really suitable for going public now?
I don't think so.
Because, to some extent, SpaceX has already been deified.
Many people buy it not because of valuation prospects, but because:
"This is Musk."
And that’s very dangerous.
When a company shifts from being a "business" to a "belief," its valuation often starts to drift away from gravity.
And once it goes public, what will Wall Street do?
The answer is: crazy pricing.
You might see an extremely outrageous scene:
A huge surge on the first day, a crash the next, analysts arguing on the third day, retail investors questioning everything on the fourth.
Because SpaceX’s biggest problem isn’t technology, but:
It’s too expensive.
The primary market has already assigned it a near-divine valuation. If the public market continues to be emotional, it could easily hype it into a "space version of Nvidia."
But don’t forget, even the greatest companies need to turn a profit.
Especially since the Starship project is still in the money-burning phase, and many business models are not fully mature yet.
So, the truly smart timing might actually be not now.
I lean more toward thinking:
Musk will wait until SpaceX’s profit model becomes more stable before officially going public.
Simply put:
First, get the rockets flying steadily, then let the stock price soar.
And I guess this window is most likely around 2027.
Because by then, Starlink user base, military orders, and commercial space revenue could all enter a phase of explosive growth.
When that time comes, SpaceX’s IPO will no longer be about "dreams," but about "cash flow."
And the capital markets have never loved dreams.
They love dreams that can keep making money.
So don’t be fooled by the current hype of "IPO soon" everywhere online; what you should really worry about is:
Will Musk suddenly change his mind again?
After all, the biggest trait of this man is—always creating suspense that’s even more unpredictable than the market.