$SPCX SpaceX, the aerospace industry’s most valuable brand, launched its IPO yesterday. Elon Musk, arguably the world’s strongest personal brand, now has an estimated net worth of $1.2 trillion. Former BlackRock fund manager Ed Dowd noted that SpaceX raised $75 billion while floating only 5% of its shares, creating a very limited public float. Future IPOs from Anthropic and OpenAI could each raise around $100 billion, bringing total capital raised by the three companies to roughly $300 billion.However, Dowd warns that valuations are another matter. He believes current AI-era valuations may prove unsustainable and could eventually decline by as much as 80%, leaving late-stage investors exposed to significant losses.