Economist Robert Reich slammed Elon Musk-led SpaceX's IPO scheduled for Friday, criticizing the event as a "Ponzi scheme" and comparing it with the short-lived Department of Government Efficiency (DOGE).
Largest Ponzi Scheme In a post on X on Thursday, Reich shared a link to a Substack article he wrote.
"Tomorrow's I.P.O. of SpaceX could turn out to be the universe's largest Ponzi scheme," adding that it was forcing people to pay the price "whether we like it or not." Read Also: SpaceX IPO Sends Nasdaq Futures Up 135 Points As Elon Musk's $1.77 Trillion Rocket Company Faces Scrutiny Over Starship, xAI Losses Tomorrow's I.P.O. of SpaceX could turn out to be the universe's largest Ponzi scheme, and you and I are paying part of the price whether we like it or not. https://t.co/h627mhuAjm pic.twitter.com/RprbjygP7f— Robert Reich (@RBReich) June 11, 2026 Robert Reich Criticizes SpaceX IPO "Musk is offering SpaceX stock at roughly 100 times the company's total revenue in 2025," he said in the article, pointing to the commercial space flight company's $18.7 billion revenue last year.
Reich called it a "ballsy" move.
He also said that SpaceX's goal of interplanetary inhabitation and interstellar travel were "inherently speculative endeavors," and that the IPO was "nothing more than a show of faith in Musk." Reich delivered sharp criticism of the company's governance structure, saying that Musk's Class-B shares "will have 10 times the voting power of a share offered to the public," and shareholders will have "any voice whatsoever." People won't have a choice about whether to invest in SpaceX or not if they have savings put in index funds, Reich lamented.
