A skeptical look at the SpaceX IPO frenzy and AI data-center boom, framed as bad news for retail investors being lured into overhyped bets.

• SpaceX went public and is raising huge sums — $85 billion in the IPO plus another $25 billion in bonds — and says it needs over $100 billion more to build data centers.
• About 30% of the IPO went to regular retail investors, which mostly means the company is dumping shares on everyday people chasing the hype.
• The pitch relies on wild predictions: a million satellites in space, a trillion dollars in Starlink revenue, and AI data centers in orbit by 2027.
• Bitcoin is crashing at the same time, down to half its peak, a warning of how fast these hype-driven bets can reverse.
• The boom is cyclical — companies buy chips and build data centers in big bursts, then stop, and rising demand keeps pushing costs up until the math stops working.

Outlook: Power limits, regulation, and a coming change in administration could all slow the AI buildout, leaving latecomers exposed.