Multi-planet dreams sound passionate, but after adjustments, the EBITDA filter is too thick. Retail investors are advised to check the GAAP fundamentals before taking the plunge.

SpaceX recently filed for an IPO, claiming to establish a multi-planetary life system and other grand missions. But in reality, company value is measured by money, with retail investors becoming the first buyers, and insiders or opportunists taking advantage to inflate prices for profit. Since the 1980s, the proportion of IPOs with losses has increased, and most underperform the market after three years. Companies like SpaceX often use non-GAAP data, adopting adjusted EBITDA that excludes depreciation and incentives, to present a picture far above GAAP profits, aiming for higher valuations during the IPO while hiding potential risks.