America is marking its 250th birthday with the largest IPO in history. Does the excitement surrounding SpaceX mean that we are in a stock market bubble? This wouldn’t be the first time that a giant IPO triggered unbridled speculation. On the nation’s 15th birthday, Alexander Hamilton gave America its first blockbuster IPO, leading to the “scriptomania” of 1791. To understand what’s happening in 2026, it helps to understand what happened in 1791.
There are numerous parallels between Hamilton and Elon Musk, both visionary immigrants with grand ambitions, immense energy, and many overlapping ventures. Both were polarizing figures who attracted fierce opposition from those who saw their projects as dangerous concentrations of power.
