Musk publicly contradicted SpaceX's big revenue claim weeks before its IPO, which is bad for SpaceX investors and a warning sign of a tech bubble peak.

• SpaceX told the market it had a 3-year, $45 billion data center lease with Anthropic, but Musk tweeted it's actually a 180-day lease with 90-day cancellation.
• This came during the "quiet period" before an IPO, when company insiders are not supposed to talk about the business.
• A former SEC official said regulators are no longer enforcing quiet-period rules, leaving room for pump-and-dump style behavior.
• Trump's administration is handing out no-bid contracts with inflated margins (20% overhead plus 20% profit, versus the usual 6–12% total), the same pattern benefiting Musk-linked deals.
• Other signs the AI and space boom is overheated: Blue Origin's New Glenn rocket exploded, SpaceX Starship is grounded, and Tesla's robotaxi fleet in Texas is one-tenth the size of Waymo's.

Outlook: The SpaceX IPO in mid-June could mark the top of the AI and space bubble, with a sharp drop likely once retail buyers run out.