It will be interesting to see how this actually plays out.

You could either be 100% right, or this could be another exercise in failed human hubris.

I.e., Elon and the financial architects behind this IPO are assuming that it will work just like Tesla.

However, in the back of my mind I have to wonder if Elon has spent too much social capital for this kind of cult of meme stock strategy to work again.

This plan has potential to backfire since this unique IPO scheme became a big news story. The microscope is on the company more than it was for Tesla.

From your lips to god's ear

>I have to wonder if Elon has spent too much social capital for this kind of cult of meme stock strategy to work again.

If social capital was an indicator , then Tesla stock would've cratered 2 years ago. Despite demand for tesla vehicles dropping. I don't think social capital matters these days.

Tesla still has the benefit of selling actual cars and being a profitable company, plus they’re already in all the important index funds receiving automatic investment.

SpaceX doesn’t really have those advantages from day one.

Tesla may be overvalued but I think the stock would have been negatively impacted if they spent the two years losing money.