The largest IPO in history opens tonight: Should we buy SpaceX? Three numbers to help you decide.

Conclusion first: SpaceX is going public on Nasdaq tonight (ticker SPCX, issue price $135, valuation $1.77 trillion, the largest IPO in U.S. stock market history). My advice is not to participate in the frenzy on the first day. The reasons boil down to three numbers: 95, 30%, and 82%. Even if you don't buy a single share, this matters to you—its performance tonight will affect the direction of all the tech stocks you hold.
First number: 95. SpaceX's valuation is 95 times its annual revenue (this metric is called the "price-to-sales ratio," market cap divided by revenue). Mature tech companies are usually evaluated by the price-to-earnings ratio (market cap divided by profit), but SpaceX lost $4.9 billion last year, so there's no profit to divide. For comparison: The much-debated "Magnificent Seven" in the U.S. stock market have a P/E ratio of about 28 times. Independent research firm Morningstar directly stated: Its fair value is less than half of the issue price.
Second number: 30%. This offering allocates 30% of the shares to retail investors (about $22.5 billion), three times the industry norm. It sounds like a benefit, but think from another angle: Why give such a large chunk to retail when institutional investors are oversubscribed and scrambling for the shares? The usual answer is—the issuer wants the most enthusiastic, least price-sensitive people to absorb the first-day volatility.
Third number: 82%. Musk will retain over 82% of the voting rights after the IPO. That means the shares you buy only grant rights to dividends and price movements; you have absolutely no say in how the company is run.
Why does it matter to you? This IPO aims to raise about $75 billion from the market. A significant portion of this money will "move" from existing tech stocks—if you hold Nasdaq index funds or the Magnificent Seven, you might feel the pressure of capital diversion in the short term. Additionally, SPCX's performance tonight is a "thermometer" of market sentiment: If it opens high and holds steady, it indicates the market is still feverish; if it falls below the issue price on the very first day ("break issue price"), it means even the hottest star stocks have no takers, and the entire tech sector needs to be cautious.
My own approach: Don't buy on the first day. If it later breaks issue price and falls below $100, I'll start researching seriously; I'll only consider entering if it falls below $70. I'm not touching the index funds I hold.

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