SpaceX may be one of the greatest private companies ever built, but that does not automatically make a rumoured IPO attractive at any price.

In Episode 2 of this three part TechEyeSpy series, we turn from the bull case to the bear case. This is not an attack on SpaceX. Falcon 9, Starlink, Starshield, reusable launch economics, satellite manufacturing, defence relevance and the long term Starship vision are all extraordinary. The issue is whether public investors could still be buying too late if the IPO valuation already prices in perfection.

This episode looks at SpaceX through a bearish valuation lens. The central question is simple: what happens if the company is brilliant, but the stock is too expensive?

We examine the danger of paying for Falcon dominance, Starlink growth, Starshield expansion, direct to cell services, Star ...