SpaceX

Alternet -   Last week, Elon Musk’s SpaceX released its IPO prospectus in preparation for going public in June, and now that experts have had a chance to pore through its 277 pages, one analyst has bad news for interested investors: the company is a “trainwreck.”

This is according to Ed Elson, a prominent financial and tech analyst who is particularly well known among Gen-Z, who posted on Tuesday, “I read all 277 pages of SpaceX's IPO filing so you don't have to.” His nutshell assessment was not optimistic: “Losses up 700 percent. Revenue decelerating. 107x price-to-sales multiple. It's a trainwreck.” When you dig into its claims, he says, it’s “unserious, empty, hallucinatory, and borderline dishonest.”

.... “After eighteen images of rockets in space, we learn that the company’s mission is ‘to extend the light of consciousness to the stars,’” writes Elson. “To accomplish this, the company plans to advance humanity ‘to Kardashev Type II status,’ which is defined in the document as ‘a civilization that harnesses the full energy output of its local star.’ Only a few pages in and it’s already starting to feel like an ayahuasca trip.”

This “psychedelic language,” notes Elson, is peppered throughout the pitch, with “The light of consciousness” mentioned ten different times, “human augmentation” mentioned eleven times, and “first principles” twenty-seven times. “AI gets a mind-boggling 1,251 mentions — more features than the word ‘Jesus’ gets in the Bible.”