Quoth the Raven
· QTR’s Fringe Finance
· June 16, 2026 at 02:48
· ⏱ 10 min read
| Read on Substack ↗
Summary
The article argues that SpaceX's surge to a $3 trillion market cap via options-driven feedback loops, despite losing money, proves the stock market is fundamentally broken. It warns that if such mechanical forces continue, SpaceX could become systemic—dominating passive indexes and retirement accounts—creating extreme risk for the entire financial system.
•SpaceX crossed $3 trillion market cap in after-hours trading, exceeding Amazon and Microsoft despite generating far less revenue and profit.
•The author estimates $650 billion of market cap was created in a single day for a company losing billions annually.
•Options trading on SPCX begins tomorrow, which the author expects to amplify squeeze dynamics and distort price discovery further.
•The author compares the potential feedback loop to Tesla's post-2019 options-driven rally, warning that valuation becomes self-reinforcing and detached from fundamentals.
•At $10 trillion, SpaceX would be worth roughly one-third of U.S. GDP and dominate indexes, ETFs, pension funds, and retirement accounts, making its movements systemic.
•The author notes Elon Musk's net worth is already 40% of all currency in circulation, and a $10 trillion SpaceX would make him orders of magnitude richer than anyone else.