Elon Musk’s float reminds us that every passive investor and super fund member is now endangered by a sector whose economics are still built largely on hope.

Elon Musk’s space company said in a securities filing that it hopes to sell over 555 million shares at its debut for $135 each.

The SpaceX filing starts the timer on a hot IPO summer complete with two other highly anticipated IPOs: Anthropic and OpenAI.