SpaceX's upcoming IPO could be one of the most monumental in history. It represents not only a major milestone in global aerospace history, but also reflects the market's exceptionally high valuation of the commercial space sector and the space economy. However, we must remain vigilant against the accompanying risks driven by market sentiment.

The true market value of SpaceX is still far from being fully realized and falls short of market expectations. Why, then, does it command such a premium valuation? The primary reason is that investors are buying into the future. Whether this is an asset bubble or the dawn of a new era remains to be seen.