#SpaceX市值超越微软跻身全球前五 SpaceX's IPO has sparked a rare frenzy in the global capital markets, with a series of mind-boggling data flooding the internet.

Elon Musk's wealth increased in a single day for two consecutive trading days, surpassing Buffett's total net worth accumulated over more than seventy years; with a current total valuation of $1.3 trillion, equivalent to 7.3 times Huang Renxun's wealth or 8.8 times Buffett's, leading the global billionaire list by a wide margin.

Capital flows are becoming even more polarized. The seven giants that previously supported most of the US stock market gains are being collectively sold off by retail investors, with funds flowing entirely into SpaceX. In just a few days since its listing, the total amount of retail investors buying this stock in the US stock market far exceeds the combined purchases of the seven giants during the same period; South Korean retail investors even spent nearly $800 million in a single day to aggressively buy, completely swept up in the space narrative, with speculative sentiment at an all-time high.

Behind the frenzy, fundamentals are seriously disconnected. SpaceX's annual revenue is less than $20 billion, with a net loss of nearly $5 billion last year. It relies heavily on large-scale spending to advance space projects, yet boasts a market cap of over $2.5 trillion, with a price-to-sales ratio far exceeding profitable giants like Apple and Nvidia, completely detached from traditional valuation logic.

Currently, capital is betting not on current profits, but on long-term stories of interstellar migration and Starlink expansion, echoing the pattern of the internet bubble era where stock prices were driven up by concepts.

Retail investors blindly following the trend are the biggest drivers of the bubble. Ordinary investors, ignoring financial reports and risks, enter solely based on Musk's personal halo and imagination of space race, with multinational retail groups collectively hyping the stock, further amplifying valuation premiums. If the long-term industry fails to meet expectations or financing slows down, the overvaluation could collapse rapidly.

There is no denying that commercial space has long-term development potential, but the current market, detached from profitability and driven by全民投机 (mass speculation), already shows clear bubble signals. The capital markets have never been a myth of only rising without falling; after the frenzy, retail investors chasing high prices may face severe correction risks.