1+1=Fish? A short note on SpaceX IPO

1 In 2021H2, I wired $225K into an SPV to buy SpaceX shares at a valuation of ~$100B. It turned out to be a fraud. I was fortunate to get the principal back. SpaceX then looked like a monopoly: ~80% of mass to orbit, pricing power on launch, and a connectivity business that no other company can build, and I wanted a piece of the pie. The S-1 dropped this week. We finally got to see the numbers,…