The projected valuation in pre-IPO futures has already dropped by around $300B, from above $2.3T in late May to roughly $2T now. That’s a pretty big sentiment shift before the thing even lists.
The official IPO talk is still insane. Around $75B raise, something like a $1.75T valuation, huge retail demand, and of course Elon attached to the whole thing. But that’s also exactly why I’m nervous.
If even the pre-IPO futures market is cooling off while tech and space names are already weak, I’m not sure the first trading day will be the easy moon mission people expect. This could either rip because of hype, or turn into one of the ugliest “buy the rumor, sell the news” events of the year.