I'd be cautious about chasing on day one.

The biggest risk with a blockbuster IPO is not the quality of the company. It is the gap between a great business and the price investors are willing to pay. History is full of excellent companies that delivered poor short-term returns because expectations became excessive.

For SpaceX, there are three separate questions:

Is SpaceX a world-class company? Probably yes.

Can it continue growing through Starlink, launch services, and future space infrastructure? Likely yes.

Is any valuation justified on listing day? Not necessarily.

The "liquidity unlock" argument is plausible, but markets rarely move for a single reason. If rates, inflation, or geopolitical risks remain elevated, money released after the IPO may not flow straight back into AI and growth stocks.

For traders, day-one volatility could be enormous. For investors, waiting a few earnings reports may provide a clearer picture of valuation and execution.

As for proxies:

Rocket Lab has a real launch business and growing space systems segment, but its valuation has expanded significantly.

AST SpaceMobile offers a unique direct-to-cell opportunity, though execution risk remains much higher.

If I had to choose between "buy at any price on day one" and "wait", I'd lean towards waiting. Missing the first 10-20% of a move is usually less damaging than buying into peak euphoria and enduring a 30-50% drawdown if sentiment cools.

The key metric I would watch is not the opening-day share price. It is whether SpaceX can justify its valuation with actual cash flow growth from Starlink and its broader space ecosystem over the next few years.