Why I skipped the SpaceX IPO (after waiting for 5 years)

SpaceX looks like it IPO'd on June 12th and it's already up 20% at $160 per share. And I personally did not buy any even though I've been wanting this stock since college and I'm gonna tell you why. The biggest reasons why I even considered investing in them in the first place is because in my opinion, they're a great innovative company and a good long-term investment. First, you're investing in three companies in one package together. Starlink: satellite internet to 10 million users. xAI: Twitter and Grok AI. SpaceX: orbital launches with reusable rockets. They have cracked the code in creating reusable rockets in the form of Falcon 9 and Starship which cut costs by 95%. Now here's where they lost me. First, they have a valuation of $135 a share, which gives them a market cap of $1.75 trillion. Their current price to sales ratio is 92, $4.3 billion in losses in Q1 2026. Largest IPOs underperformed in first year. The fact that the largest IPOs in history tend to underperform in their first year of trading on the stock market because early investors naturally want to cash out like all the cafeteria workers who are now worth millionaires because they have equity in the company dating back to the early 2000s. So I'm not buying now. I'm going to wait a few months and then slowly build a position by dollar cost averaging over years. Wait for hype to settle and DCA over YEARS. Because with its innovations, it is a nice company in my opinion to be a part of like I mentioned earlier. Let me know if you already own some SpaceX yourself and why. And as always, have a nice day.