SpaceX’s IPO Is Not a Triumph of Capitalism — It Is a Warning About Financial Power

As anticipation builds around the planned IPO of SpaceX, growing scrutiny is emerging over whether the company’s soaring valuation reflects genuine productive value or the power of speculative billionaire narratives. While public fascination centers on Mars colonization and futuristic space economies championed by Elon Musk, financial disclosures suggest the company’s strongest and most profitable business remains Starlink — a satellite internet utility serving ordinary households, businesses and governments worldwide.