(https://www.cnbc.com/2026/06/15/ron-baron-bought-1-billion-of-spacex-shares-in-ipo-lifting-stake-to-25-billion.html) bringing his total stake to $25B is the rhetorical tell of late-cycle euphoria. "I think we're gonna make hundreds of billions of dollars"—that's not valuation math, that's faith. SpaceX has zero public financials and a government contractor moat that's not replicable.

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