The SpaceX IPO Is History in the Making: Is It a Day-1 Buy or a "Wait-and-See" Story?

SpaceX is preparing for the largest IPO in history at an estimated $1.8 trillion valuation. While the company has strong growth in its Starlink satellite internet business ($11.4B revenue, $4.4B operating income), its AI division lost $6.4B in 2025. At a P/S ratio of 100, the stock appears overvalued relative to current fundamentals. Historical IPO data suggests 64% of IPO stocks underperform the market by over 10% within three years, making a cautious approach prudent despite Musk's ambitious vision.