A day ahead of the spectacle of SpaceX’s IPO, the much anticipated trillion-plus valuation of the company—a Frankensteined creature of Elon Musk’s dreams and realities—is emerging as an investor Rorschach test. Some will see cosmic potential, while others will see science-fiction red flags.
But for one group of investors—those who purchased SpaceX stock on the overheated and shadowy market for “secondary” shares, the company’s listing day will initiate a nerve-racking moment of truth. For those anxious investors, here’s what will happen: SpaceX will go public, the lockup period will end, and they’ll find out whether they hit the jackpot, were taken in by a scam, or something in between.
