Hedge fund manager calls SpaceX equivalent of Dogecoin, says investors are Musk's exit liquidity

Mark Yusko isn't pulling punches connected SpaceX oregon Elon Musk.

The hedge money manager and Morgan Creek Capital laminitis delivered 1 of the sharpest critiques of the SpaceX IPO successful a caller interview, comparing the institution straight to Dogecoin and accusing Musk of utilizing retail investors arsenic exit liquidity for himself and his task superior backers.

"SpaceX is the equivalent of Dogecoin"

Yusko's cardinal statement is astir interval and control. Only 4 percent of SpaceX shares are presently outstanding successful nationalist markets, with Musk holding 46 percent and the remaining 50 percent locked up among aboriginal investors.

With that structure, Yusko argued, Musk efficaciously controls the terms communicative portion retail investors pursuit a communicative with nary existent exit valve erstwhile insiders yet sell.

Related: This is what $1,000 invested successful Dogecoin aft Musk's endorsement is worthy today

"SpaceX is the equivalent of Dogecoin," Yusko said. "Mark Cuban and Elon Musk ain astir of the coins and past there's this cult of radical that ain it and deliberation it's worthy something, but it's not worthy anything. And if Elon sold 1 Doge, Doge would spell to zero."

He acknowledged SpaceX has a existent outer business, but dismissed the AI information halfway communicative arsenic technologically intolerable and said the company's escaped currency travel remains profoundly antagonistic with nary wide way to profitability.

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The mathematics that makes a 10x intolerable

Yusko reserved his sharpest critique for investors comparing SpaceX to aboriginal Microsoft oregon Apple. At a $2 trillion starting valuation, helium said the examination is mathematically broken.

"The US GDP contiguous is $31 trillion. If SpaceX goes 10x, you're saying 1 institution with nary profits is going to beryllium fractional of US GDP. It's not going to happen," helium said.

For anyone who bought SpaceX shares believing they were getting successful aboriginal connected the adjacent large American company, Yusko's informing is direct, the operation is designed to payment insiders connected the mode out, not retail investors connected the mode in.

When lockups expire and aboriginal holders commencement selling, helium expects the terms to autumn significantly. "I deliberation that goes down a lot. A lot," helium said.

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This communicative was primitively published by TheStreet connected Jul 13, 2026, wherever it archetypal appeared successful the MARKETS section. Add TheStreet arsenic a Preferred Source by clicking here.