Quoth the Raven
· QTR’s Fringe Finance
· June 12, 2026 at 12:19
· ⏱ 1 min read
| Read on Substack ↗
Summary
SpaceX's upcoming IPO at a $1.77 trillion valuation is positioned as the ultimate test of how much speculative excess remains in the AI-driven market cycle. The author argues the offering sits at the confluence of every narrative fueling the current bubble—AI hype, passive flows, retail access, and founder worship—making its reception a critical temperature gauge for the sustainability of the broader market rally.
•SpaceX is expected to IPO at a valuation of roughly $1.77 trillion, which the author calls 'completely deranged'.
•The IPO is framed as a clear temperature gauge for how much life is left in the current AI bubble.
•SpaceX sits at the intersection of narratives including artificial intelligence, founder worship, passive flows, retail access, and private-market exuberance.
•Options gamma will begin trading in the name after the IPO starts trading, adding another dimension to the setup.