SpaceX will get off the ground – but a descent from a silly valuation must follow | Nils Pratley

Investors will buy into the market-leading tech and cult of Musk despite a price that is defying gravity “Our mission,” says the opening sentence ofSpaceX’s listing document with a straight face, “is to build the systems and technologies necessary to make life multi-planetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars.” The last bit has an echo of the laughable WeWork, which was going to “elevate the world’s consciousness” via the medium of shared office spaces. But, yes, ifSpaceX could tick off all the items on Elon Musk’s to-do list, one could make a case that the company should be valued at $1.77tn (£1.32tn).Continue reading...