This post was originally shared in my DT Email Newsletter here. Things are starting to smell funny. As I’m writing this, the newly IPO SpaceX is now trading at US$2.4 trillion. It’s been trading for a week plus now and is now the US fifth biggest company, overtaking Amazon and Meta’s valuations – big tech giants that generate enormous amounts of free cash flow each year. Last year, SpaceX racked up net losses of just over US$4.9 billion. In fact, it has accumulated US$37 billion in losses since it was founded. SpaceX IPO Prospectus That’s the most accumulated losses than any company ever when it got listed. What’s more, it continues to rack massive capex spending. Remember I wrote here about Cathie Wood? Look, I’m not picking on anyone. The point is this: when a story is so compelling enough, investors stop asking the hard questions. Cathie Wood’s ARK was built on that same vision – huge disruption, exponential growth,...