As SpaceX prepares for its historic IPO, retail investors are voicing concerns about the company's high valuation, estimated between $1.75 trillion and $2 trillion. Many traders, including Neil Rozenbaum and Bilaal Dhalech, express skepticism about the justification for such a valuation, especially given SpaceX's projected $5 billion loss on $18.7 billion in revenue for 2025. Rozenbaum noted that he would prefer to buy shares at a valuation of $500 billion, indicating a belief that the current valuation is excessive. Other investors, like Marko Greguric, worry that the IPO may primarily benefit early investors looking to cash out, leaving retail investors vulnerable. Discussions on platforms like Reddit's r/WallStreetBets reflect a mix of skepticism and speculation, with some users questioning the revenue and profit potential needed to support such a high valuation. Overall, while there is long-term optimism about SpaceX, many retail investors are opting to wait for a more favorable entry point before participating in the IPO.