Cy Jacobs: SpaceX at $2 trillion — The biggest market trick ever or Elon Musk’s masterstroke?

SpaceX has become the hottest story in global investing, soaring to a valuation above $2 trillion and captivating markets worldwide. But is it a revolutionary business success or a masterclass in financial engineering? In this candid interview, Cy Jacobs argues that Elon Musk has cracked the code of modern market structure, using limited share supply, passive index demand and options trading to fuel extraordinary valuations. Jacobs explains why he remains sceptical of the fundamentals, yet still believes betting against SpaceX could be a costly mistake.