SpaceX will get off the ground – but a descent from a silly valuation must follow

With its enormous listing, hubristic mission statement, and valuation that defies common sense, the SpaceX IPO is the sort of event that might trigger a stock market reversal. Photograph: John Raoux/AP

“Our mission,” says the opening sentence of SpaceX’s listing document with a straight face, “is to build the systems and technologies necessary to make life multi-planetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars.”

The last bit has an echo of the laughable WeWork, which was going to “elevate the world’s consciousness” via the medium of shared office spaces. But, yes, if SpaceX could tick off all the items on Elon Musk’s to-do list, one could make a case that the company should be valued at $1.77tn (£1.32tn).