SpaceX is set to price Thursday and debut Friday under SPCX at USD 135, a deal that could be the year's largest IPO. The real question for investors is not whether day one pops, but what the roughly USD 1.75 trillion valuation demands. With Goldman estimating capex near USD 360 billion through 2028, this is an infrastructure bet on launch plus Starlink, not a quick trade. The downside risk is real: that valuation sits well above some independent estimates, and a rising-rate, risk-off tape is an unforgiving backdrop for a richly priced new listing.
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