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On June 11, Reuters reported that James Chanos, president of Kynikos Associates and a renowned Wall Street short-seller, raised doubts on Wednesday about SpaceX's upcoming initial public offering (IPO). He pointed out that SpaceX's staggering valuation of $1.75 trillion is primarily built on 'hope and dreams' rather than a solid foundation of reality. SpaceX plans to go public in New York on Friday, aiming to raise $75 billion in what would be the largest IPO in history. Speaking at the iConnections Global Alts conference in New York, Chanos noted that SpaceX currently generates only $19 billion in revenue and has negative free cash flow, making it difficult to justify its valuation under any reasonable business assumptions. He believes that SpaceX's IPO is driven more by investor enthusiasm for Elon Musk and the AI boom.
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