PremiumOpinionUpdatedOpinion byPaul GlassNZ Herald·8 Jun, 2026 10:00 PM4 mins to readPaul Glass is the founder of Devon Funds Management.SpaceX's IPO hype draws comparisons to the South Sea Bubble. Photo / Getty ImagesThe proposed IPO of SpaceX at a valuation reportedly approaching US$1.8 trillion ($3.1t) prompts comparison with one of history’s greatest speculative manias.

While SpaceX is unquestionably a real and highly successful business, aspects of the current investment narrative bear a striking resemblance to the enthusiasm that surrounded Britain’s South