SpaceX went public Friday. Shares jumped 19 percent. The company hit a $2 trillion market cap before lunch. Elon Musk now owns more theoretical money than several continents produce in actual goods and services.
The Nasdaq debut means regular people can finally participate in losing money on a rocket company. For years this privilege belonged exclusively to venture capital firms and Saudi wealth funds. Democracy works.
Nineteen percent in a single day. That's the kind of move that makes a man with $847 in his Robinhood account believe he's figured out something the institutions missed. He hasn't. He's buying shares of a company that lights $60 million on fire every time it wants to move a satellite three hundred miles up. The satellite costs $200,000. The math checks out if you're the kind of person who thinks Dogecoin has fundamental value.
A $2 trillion valuation for SpaceX means the market believes this company is worth more than the entire GDP of Italy. Italy makes wine and cars and clothes people actually want. SpaceX makes explosions in the desert and occasionally delivers freeze-dried ice cream to a floating laboratory. Same thing basically.
The technical setup here is perfect. Rising wedge on the daily chart. RSI at 89. Every indicator screaming overbought. Which means absolutely nothing because technical analysis is astrology for people who wear Patagonia vests. The stock will do whatever it wants. Your trendlines won't stop it. Your Fibonacci retracements won't protect you. Your stop loss will get triggered at the worst possible price and the stock will immediately reverse just to spite you personally.
Somewhere right now a guy named Trevor is texting his group chat about how he bought SpaceX at the open and he's already up four percent. Trevor thinks this makes him Warren Buffett. Trevor will be underwater by Wednesday and holding through earnings because he "believes in the mission." The mission is separating Trevor from his money, and it's going exactly according to plan.
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