SpaceX is a phenomenal company, but great companies do not always make great day-one investments. IPOs often price in peak optimism, and today's demand appears enormous with institutional and retail capital rotating in from other sectors.

Personally, I'd rather miss the first 20% than overpay during the initial frenzy. If the AI and semiconductor selloff is partly driven by IPO-related liquidity rotation, names like NVIDIA, Broadcom, Micron, and Qualcomm may become more attractive once the dust settles.

For space exposure, RKLB offers a more direct operational growth story and avoids some of the valuation uncertainty surrounding a historic IPO. My preference would be: watch SpaceX, consider quality space proxies, and wait for post-listing volatility before building a long-term position.

The biggest question isn't whether SpaceX is a great business. It's whether today's price already assumes years of future success.