---
title: "SpaceX IPO Would Test A Brutal Truth: Most IPOs Since 2021 Destroyed Value"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/281384367.md"
description: "SpaceX's potential IPO could be a significant test for investors, following a series of disappointing IPOs since 2021 that have destroyed value. Companies like Allbirds and BuzzFeed have seen drastic declines in market value. Unlike many 2021 IPOs, SpaceX is a revenue-generating business, but it faces skepticism from investors wary of past performance. The key question remains whether investors will trust another high-profile IPO after years of losses, as SpaceX aims to prove that IPO investors can achieve positive returns again."
datetime: "2026-04-01T14:01:27.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/281384367.md)
  - [en](https://longbridge.com/en/news/281384367.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/281384367.md)
generator: "portal-rs"
---

# SpaceX IPO Would Test A Brutal Truth: Most IPOs Since 2021 Destroyed Value

If **SpaceX** goes public, it won't just be the most anticipated IPO in years — it will walk straight into a market still haunted by the class of 2021. Because the last time IPOs boomed, they didn't just disappoint. They destroyed value at scale.

For **Elon Musk**, SpaceX could become the ultimate test of whether blockbuster IPOs can still deliver — or just repeat 2021's mistakes.

## The IPO Graveyard

As reported by The Information, many of the companies that went public during the 2021 frenzy have since collapsed.

**Allbirds, Inc.** (NASDAQ:BIRD), once valued at $2.2 billion, is now being sold for just $39 million. **BuzzFeed, Inc.** (NASDAQ:BZFD) has seen its market cap shrink to roughly $23 million from over $1 billion at debut, even raising concerns about its ability to continue as a going concern.

Others didn't fare much better. **Rent the Runway, Inc.** (NASDAQ:RENT) lost control to lenders. Stocks like **UiPath, Inc.** (NYSE:PATH), **GitLab Inc.** (NASDAQ:GTLB), and **Warby Parker Inc** (NYSE:WRBY) are still trading 70%–80% below IPO levels.

The pattern was clear: overvaluation, peak timing, and slowing growth — often all at once.

## A Different Kind Of IPO

That's what makes SpaceX different — and risky in a different way.

Unlike many 2021 names, SpaceX isn't coming public at peak hype with an unproven model. It's a scaled, revenue-generating business with global relevance. 

But that doesn't mean investors will forget what happened last time.

If anything, it raises the bar.

## Trust, Not Just Demand

The real question isn't whether SpaceX can attract demand.

It's whether investors — especially retail — are willing to trust another high-profile IPO after years of underperformance.

Because the lesson from 2021 wasn't subtle: growth stories can be compelling. Returns, less so.

SpaceX may be the exception.

But if it goes public, it will still have to prove one thing the last cycle couldn't: that IPO investors can actually win again.

*Image: Shutterstock*

### Related Stocks

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- [BIRD.US](https://longbridge.com/en/quote/BIRD.US.md)

## Related News & Research

- [Boy, we were wrong about SpaceX](https://longbridge.com/en/news/298958952.md)
- [Could SpaceX really 5X its revenue in a single year? Surprisingly, the math actually works out (if Elon Musk can do this 1 big thing).](https://longbridge.com/en/news/298956573.md)
- [Predicting the value of a $10,000 bet on SpaceX by 2030](https://longbridge.com/en/news/298815787.md)
- [SpaceX spent $15.8 billion on AI in a quarter. Here's what happens to the stock if orbital data centers don't work](https://longbridge.com/en/news/298979321.md)
- [3 reasons SpaceX stock could crash in Q4 -- and 1 reason it won't](https://longbridge.com/en/news/298819210.md)

---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**