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\n While many investors will clamor to get newly minted SpaceX stock into their portfolios, others are staying on the sidelines, warning that the hype, rather than business fundamentals, is inflating the market value.\n <\/p>\n
\n Mike O\u2019Rourke, chief market strategist at JonesTrading, said Friday\u2019s debut \u201cwill go down in investing infamy.\u201d\n <\/p>\n
\n \u201cThe largest IPO in history is a perfect storm of everything that is wrong with Wall Street and the clearest signal that we are in the midst of an equity market bubble,\u201d he said in a note Thursday. Once the stock goes public, he wrote, \u201cthe financial markets will bestow more than $3.25 trillion of equity market value\u2026 on Elon Musk\u2019s enterprises, not because of his ability to generate profits, but because of his vision.\u201d\n <\/p>\n
\n O\u2019Rourke isn\u2019t an outlier.\n <\/p>\n
\n Earlier this week, veteran investor James Chanos, who famously predicted and profited off of Enron\u2019s collapse in 2001, called the SpaceX debut<\/a> a \u201chopes-and-dreams IPO,\u201d driven more by speculative fervor for AI and Musk.\n <\/p>\n \n Michael Burry, whose winning bet against the US housing market was chronicled in Michael Lewis\u2019 \u201cThe Big Short,\u201d has also been critical of the hype around the IPO.\n <\/p>\n \n \u201cNothing in that S-1 suggests it is worth $1 trillion let alone $2 trillion,\u201d Burry wrote on Substack, referring to the company\u2019s regulatory filing.\n <\/p>\n