In my latest article for The Australian, I argue that the extraordinary enthusiasm surrounding SpaceX’s Initial Public Offering (IPO) may be a warning sign that markets are entering a late-stage speculative phase. Drawing parallels with major thematic IPOs that preceded previous market peaks, I examine how Fear of Missing Out (FOMO), passive investment flows, Artificial Intelligence (AI)-driven optimism and a growing disconnect between valuations and fundamentals are creating conditions that resemble past market bubbles. The key question for investors is whether today’s market is being driven by sustainable earnings growth or by speculation that could ultimately prove unsustainable.

Download the article here: Gravity-defying SpaceX IPO flags warning of market crash landing