The author expresses a highly skeptical sentiment toward SpaceX, questioning its nearly $2T valuation and describing the current market as exhibiting "bubble-type behavior." Financial data cited shows a significant cash burn, with the balance sheet dropping from $24.75 billion at year-end 2025 to $15.85 billion by the end of Q1 2026. This $9 billion quarterly burn included $10.1 billion in capital expenditures, with $7.7 billion specifically attributed to AI.