The SpaceX IPO (NASDAQ: SPCX) is a total blockbuster. The biggest IPO ever – as measured by people who are very good as measuring things.
But in some ways, it reminds me of the Cumrocket glory days of 2021/2022.
I’ll let you be the judge.
Cumrocket versus SpaceX
In case you forget, Cumrocket was one of the biggest ICOs of 2021 (Initial Coin Offering). It raised hundreds of millions of dollars.
“Who said crypto had to be boring?” says the official website.
This was the time when Elon Musk, SpaceX founder, was pumping DOGECOIN – a cryptocurrency still worth $14.6 billion.
Men thought keto diets worked.
Liver King wasn’t on steroids.
Allegedly.
And people were happy to punt on dumb shit because interest rates were basically zero.
To the moon
Even the phrases sound the same.
At the time, every Reddit hippy was looking for an excuse to use a rocket emoji and sign off with “to the moon”.
Commander Musk was launching Falcon’s during the day, and Cumrockets at night via his Twitter/X feed:
But if you thought the 350% return on Cummies after dark wasn’t enough for Elon. He’s at it again:
This time, he’s being greased by Sundar and his mates at Google – who conspicuously signed a $925 million per month deal with SpaceX – during the month of its IPO.
Google provides the 💦
SpaceX brings the 🚀
Now… this ain’t an ordinary AI circlejerk.
SpaceX did $18.7 billion of revenue last year according to its prospectus.
Google’s SpaceX deal of $11.1 billion will thrust another 58% revenue increase inside Elon’s net wealth honey pot…
That’s despite Google already having one of the world’s biggest and most capable AI supercomputing businesses (GCP).
Google’s 2015 investment into SpaceX – at a $12 billion valuation – is a classic gang-bang profit maneuverer.
Sergey & Larry, with positions #3 and #4 on the Forbes Rich List, are drooling over this.
Dropping loads
A little back I wrote to you about SpaceX and why its IPO is fascinating. To save you the effort, I didn’t intend to buy shares. At least – not right away.
Buying into an IPO (initial public offering) is literally the only time – ever – when the people selling to you have a (legal) informational advantage. They are privy to insider information and you aren’t.
But that won’t stop Web3 believers flogging their bitcoin to pump space ETFs (BEFORE SpaceX has even gone live) then spamming their WhatsApp group chats with IPO commentary (because nothing bad ever happens in a WhatsApp chat).
To be sure, I don’t have a crystal ball.
But this looks a lot like 2026’s version of Cumrocket.
It’s just bigger.
There’s more pressure.
This payload is big.
It’s Elon’s ultimate money shot.
To the moon.
