<
https://pivot-to-ai.com/2026/05/28/the-spacex-ipo-works-like-a-crypto-fraud-but-with-ai/>
"We’ve seen this film before.
Before our
pivot to AI, we wrote about cryptocurrency fraud. A crypto initial
coin offering would start with a white paper made of impossible lies. Nobody
cared because the entire value proposition was “number go up.”
The crypto coin would launch, the price would spike, and the insiders would do
a rug pull, dumping their holdings on the suckers and crashing the price, then
disappear with the cash. The hopeful investors would be left holding the bags.
SpaceX is doing a crypto-style fraud, but on the real stock market. The S-1
filing is the white paper. The IPO, lined up for mid-June, is the rug pull.
Space Exploration Technologies — SpaceX to you — is Elon Musk’s rocket company.
SpaceX has satellite internet that turns a profit, defense contracting with a
solid line of government revenue, a lot of bad rockets that blow up, and a
money-burning AI company that has a money-burning social network that’s all but
unusable.
None of that matters — because the selling point is Elon magic. The 277 pages
of the S-1 are entirely decorative. You know they’re selling Elon magic. If
you’re in the market for Elon magic, you’ve come to the right place.
Reading the S-1 is like opening a box of unearthly eldritch abominations, all
of which are very stupid and trying to pick your pocket.
The S-1 is bullshit. Everyone knows it’s bullshit. SpaceX knows it’s bullshit.
The Elon fanboys definitely know it’s bullshit — but they’re buying in anyway.
Why is Spacex doing an IPO now? There’s a few reasons. The market is hot! The
S&P keeps hitting all-time highs. Musk wants to get an IPO out before OpenAI
and Anthropic. And venture capital for money-burners is drying up.
The big problem for you is that SpaceX is running a stock index scam. This is
how SpaceX will pull the rug on your retirement. This IPO is a reprehensible
fraud."
Via Christoph S.
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
