SpaceX IPO Valuation Raises Investor Concerns

A major trader on Hyperliquid has reportedly earned about $700,000 by shorting $3.1 million worth of SPCX, a pre-IPO market tied to SpaceX, after the contract fell more than 27% from its peak. Ventuals confirmed it will use 13.075 billion outstanding shares to settle the SpaceX market, implying an effective IPO price of about $157 per share at current pricing. SpaceX is expected to go public Friday at a valuation of roughly 94 times revenue. The valuation has become a key focus for investors, as historically, IPOs launched at very high price-to-sales multiples have often underperformed broader markets over subsequent years.