The Company Is Real. The Price Is the Question.

SpaceX is going public. It may be the most exciting company on earth. That doesn’t mean buying on day one is the right move — and here’s why the distinction matters.

More people have asked me about the SpaceX IPO than any other investing topic in my career. Not close.

That alone tells you something. When retail investors start asking their advisors about a specific IPO by name — months before it trades — you’re looking at maximum hype. And maximum hype is usually where the math gets dangerous.

I want to be clear: I be…