SpaceX is a fantastic business, but it isn’t worth that much.

Blain’s Morning Porridge 28th May 2026 – SpaceX is a fantastic business, but it isn’t worth that much. “Ideas are plentiful. Delivery is the hard part.”I am genuinely excited by the SpaceX IPO. The valuation means I won’t touch the stock with a bargepole, but it should be a great business with multiple opportunities ahead of it. However, I suspect it will become another story where Musk promises much in terms of solutions which don’t get delivered. The Morning Porridge is going to take a week off. But before I go, I guess I have to say something about the Space X IPO. Why? Everyone has an opinion… My own is the IPO might just represent the frothy top of a very excitable market.Yet, there are an awful lot of positives about SpaceX out there! WHAT I hear you scream! Surely Blain can’t possibly be positive about an Elon Musk company?You can read the Morning Porridge by subscribing on ⁠www.morningporridge.com⁠, and have it delivered fresh to your inbox every morning!