The initial public offering of SpaceX is a historic economic event, and one that turns a mirror on the way we live now. At current valuations, SpaceX trades on a valuation ratio of over 100 times current revenues (normally a ratio of three times is considered expensive). It is worth five times its value of the end of 2025, a phenomenon that belies the boosterism that has inflated its value over the past six months.  SpaceX will be followed by two other American AI champions, OpenAI and Anthropic. For the first time in decades, Wall Street is issuing a greater…

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