SpaceX IPO May Mark End of Beginning for AI Trade

Pricing something oversubscribed usually means it’s cheap. Not in the case of SpaceX, which is said to have attracted demand worth four times the shares on offer in the largest-ever IPO.

It’s usual for companies to sell shares when valuations are high. In the case of SpaceX, which is a profitable little satellite wi-fi business wrapped in a bunch of loss-making hopes and dreams, there’s a good chance that it has nailed the timing so well that the tech market as a whole points downhill from here.

Corporate finance has a large element of game theory. There’s a reason why ...