Investor Carsten Maschmeyer expressed significant skepticism regarding the impending public offering of SpaceX. Speaking to RTL and ntv, he claimed that the company’s vision had morphed into an illusion, or perhaps even a “hallucination.”
Maschmeyer argues that SpaceX is heavily dependent on Elon Musk, whose behavior he considers entirely unpredictable. He noted that while X (formerly Twitter) lost substantial money and the AI division lags behind competitors, SpaceX’s revenue is largely reliant solely on Starlink. He summarized the organization as an “unpredictable catch-all store.”
Furthermore, Maschmeyer deems the company’s valuation wildly inflated. SpaceX is aiming for a valuation of approximately $1.75 trillion, which would make the offering the largest in history and potentially crown Musk as the world’s wealthiest person. However, Maschmeyer believes Musk’s primary motivation is not financial gain, but power. The investor asserted, “He already has global dominance in a certain way as the richest man in the world. Now he wants to conquer space. He wants absolute power.”
The dependency of a major corporation on a single individual presents a profound risk, Maschmeyer warned, especially when that person engages in “polarizing political stunts, has numerous legal disputes, and whose loyalties neither friends nor enemies can define.”
Despite his caution, Maschmeyer conceded that founders could learn from Musk. He praised Musk for his ability to “think big, accomplish a great story, and attract the best talent.” Maschmeyer cited that Musk gathers “the world’s best technicians, scientists, and researchers and gives them unlimited opportunities,” adding that founders in Europe, in particular, are often too conservative when it comes to raising capital.
Looking ahead, Maschmeyer predicts that the stock price will initially rise. However, he forecasts that once the lock-up period ends in the autumn-when old shareholders are only able to sell their shares in limited quantities-the stock price is expected to fall below the initial issue price. He concluded, “If I tell too much of a story, if I promise too much that I cannot keep, many investors will be disappointed. And we will witness that here.”
