Is the SpaceX IPO Officially Overhyped?

SpaceX's IPO set records with a $2.1 trillion valuation, but the article questions whether the stock is overpriced. Trading at 112x sales with $18.7B in revenue and operating at a loss, SpaceX commands a significant premium compared to peers like Nvidia (18.8x) and Amazon (3.5x). While the company has legitimate businesses in rocket launches, Starlink, and xAI, the valuation is built largely on long-term promises. The author recommends current shareholders hold but advises new investors to wait.