If you look at the SpaceX valuation documents, specifically, they're relying on orbital data centers, Dyson spheres, and other scifi bullshit to account for a multi-trillion dollar market cap.

Add in that the terms of the IPO afford Musk and his insider friends to dump shares as early as 70 days after launch day.

It isn't that the companies are bad on their face nearly so much as they're rigged to implode from within.

Alphaville, at the Financial Times, has been covering these IPOs extensively. Musk's is arguably the worst, but OpenAI is running a tight second. And Claude is still largely a cash negative endeavor.

They aren't able to justify their prices.