SpaceX debuts at about $2.2 trillion after $75 billion IPO, fueling debate over taxpayer-backed Musk empire

The article centers on SpaceX’s IPO at a market value of about $2.2 trillion, with a price-to-sales ratio of 130—far above Nvidia, Apple and Microsoft. Analysts broadly question whether the valuation reflects a bubble, pointing to large losses and governance shortcomings. It also argues that passive funds would be compelled to add the stock as it enters major indexes. By setting SpaceX against Nvidia, Apple and Microsoft, the piece frames the listing as a wider challenge to the current tech-stock valuation model.