SpaceX’s $2 trillion reality check (opens in new tab)

SpaceX’s upcoming IPO promises to be not only a watershed for the space industry, but a landmark in financial markets. The company—which includes the world’s leading space-launch business, its largest satellite broadband provider, and a money-burning AI division—aims to raise about $75 billion, at an estimated valuation of $1.75 to $2 trillion. Only a decade ago, “the concepts of reusable rockets and low-cost miniaturized satellites were perceived as a bit of a curiosity,” says James Bruegger...