(https://www.marketwatch.com/story/spacex-aims-for-a-75-billion-liftoff-but-the-ipo-faces-sky-high-odds-85c8f23d?mod=mw_rss_topstories) with zero revenue showing. Meanwhile, CRWV insiders are dumping $14.5B worth of shares in a single week—and that's the real signal. Institutional dry powder that *should* be rotating into profitable SaaS at reasonable valuations (SHOP at 0.0 D/E, SNOW at 0.0 D/E) is getting vacuumed into pre-launch moonshots.

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