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Most people buy SpaceX just for the market hype.
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Almost nobody opens the document that truly determines its price.
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I recently came across an analysis from the X account sairahul1 (over 2.6 million views).
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SpaceX is expected to go public on June 12, with a valuation ranging from 1.75 to 2 trillion dollars. Once this figure is out, it’s instantly bigger than many companies. But what backs up this number is a 300-page S-1 document packed with legal and financial language.
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There are very few people who finish reading it before hitting buy.