SpaceX is about to go public in the biggest IPO ever, which is great for Musk and his fans but reads as a warning sign of a market bubble to others.

• SpaceX is going public at a valuation near $1.75 trillion, set to make Musk the world's first trillionaire on paper.
• That paper wealth is built on borrowed money against his stock, a trick the ultra-rich use to dodge taxes.
• The hype is extreme — fans tout moon bases, Mars, and space data centers, while skeptics call it the top of a bubble.
• Musk has a track record of missed promises: Twitter/X ad revenue collapsed after his buyout, and it got folded into SpaceX.
• Iran's state media has named Musk's Middle East companies as military targets, adding geopolitical risk to the story.

Outlook: The stock debuts tomorrow, and how high it flies will show how much froth is left in the market.