SpaceX is about to become one of the largest listed companies in the world, with an estimated valuation of almost US$1.8 trillion. Whether this valuation is justified is an area of intense debate right now. Some see an extraordinary growth story spanning launch services, satellite communications and artificial intelligence. Others are questioning whether a company that is not yet profitable should command such a lofty price tag. However, the more interesting story is what the SpaceX IPO tells us about the way financial markets themselves are evolving.