When Space Exploration Technologies priced its initial public offering last week — about $135 a share, roughly $75 billion raised, a valuation near $1.77 trillion, the largest stock-market debut in history — my first reaction was probably the one many of you had. A rocket company. What does that have to do with the buildings, the platforms and the long-lived assets the rest of us spend our careers underwriting?
The honest answer, measured by what SpaceX actually owns, is: not a great deal. It will not be turning up in anyone’s core real estate fund, and an infrastructure manager who tried to slot a hypergrowth satellite business into a portfolio built for stable, contracted cash flow would have some explaining to do at the next investor meeting.
Measured by what the offering
