Everybody wants to own a piece of Elon Musk's rocket company when it goes public Friday.
But the governor of Florida – who knows Musk better than almost anyone in politics – just pumped the brakes.
He used one word Wednesday that every conservative planning to buy SpaceX stock needs to hear before the opening bell.
DeSantis Is Protecting You, Not Attacking Musk
Ron DeSantis isn't Musk's enemy.
He's the guy who staked his entire presidential launch on Musk's platform in 2023 – and watched Twitter's servers crash live in front of the whole country.
He knows what Musk is capable of.
https://twitter.com/CheersToTears/status/2064789168299876720?s=20
That's what makes his Brooksville warning on Wednesday worth taking seriously.
"I think everybody wants to buy that stock when it comes out," DeSantis said. "I just don't know – sometimes exuberance, there's a downside. I don't know how the stock's going to work out."
He's not alone in that skepticism.
Morningstar pegs the real per-share value at $63 – less than half the $135 asking price.
The Number Wall Street Doesn't Want You to Do the Math On
SpaceX is asking you to pay $1.77 trillion for a company that lost $4.9 billion last year.
The year before, SpaceX turned a $791 million profit.
Then Musk pivoted hard into AI infrastructure – SpaceX poured more into building out data centers for his xAI division than it spent on rockets or satellites.
The result: a nearly $5 billion loss, and a stock priced at roughly 95 times annual revenue.
Here's what that number means in plain English: for every dollar SpaceX earns in a year, you're being asked to pay $95 to own a piece of it.
History has never – not once – produced a major public company that sustained that kind of ratio.
Not Amazon at its peak. Not Microsoft. Not Apple.
https://twitter.com/MarioNawfal/status/2061968995696230848?s=20
Every company that breached the historic ceiling of 30 times revenue either crashed hard or collapsed entirely.
The track record of the biggest IPOs backs that up.
Nasdaq data shows roughly two-thirds of IPOs trail the broader market by double digits over their first three years.
Meta fell 47% in its first six months as a public company.
Coinbase lost 55% within its first year of trading.
Rivian dropped roughly 80% from its post-IPO peak.
You've Seen This Movie Before
If you were investing in 2000, you remember exactly what happened.
The dot-com bubble convinced millions of ordinary Americans that the normal rules didn't apply – that a company with a great story and revolutionary technology was worth whatever Wall Street said it was worth.
The Nasdaq eventually shed more than 75% of its value, wiping out $5 trillion in market capitalization.
A lot of retirement accounts never fully recovered.
SpaceX is the real thing – controlling more than 80% of U.S. rocket launches, with 12 million Starlink subscribers across 160 countries.
The question isn't whether SpaceX is a great company.
https://twitter.com/RonDeSantis/status/2064379950874919368?s=20
The question is whether you should pay $135 a share for it when the analysts paid to do nothing but this say it's worth $63.
What DeSantis Knows That the Hype Machine Won't Tell You
Musk deliberately made this IPO accessible to everyday investors – up to 30% of shares available through Robinhood, Fidelity, and Charles Schwab.
That's almost unheard of for an offering this size, and it's a generous move that will make Musk fans feel included in something historic.
It also means that when Wall Street decides the valuation doesn't hold, it's your retirement account absorbing the hit – not Goldman Sachs.
DeSantis isn't saying Musk is a fraud.
He isn't saying SpaceX won't eventually be worth a trillion dollars.
He's saying what a good friend says when you're about to make an emotional decision with your savings: the price matters.
Conservatives have always understood that a great product at the wrong price is still a bad deal.
DeSantis just reminded us of that – and it took more nerve than anyone in this hype cycle seems willing to admit.
Sources:
- A.G. Gancarski, "Bearish? Ron DeSantis questions 'exuberance' around Elon Musk's SpaceX IPO," Florida Politics, June 10, 2026.
- "6 Charts on SpaceX's Pre-IPO Financials," Morningstar, May 2026.
- "Prediction: The SpaceX IPO Will Be the Greatest Fleecing of Retail Investors We've Ever Witnessed," Yahoo Finance, June 6, 2026.
- "SpaceX IPO targets retail investors as hype builds around record-breaking debut," Yahoo Finance, June 2026.
- "Retail investors will get access to SpaceX's IPO – here's what to know before buying," CNBC, May 21, 2026.
- "Twitter glitches plague Ron DeSantis' much-hyped presidential announcement with Elon Musk," CNBC, May 24, 2023.
