> This is shaped like more-or-less every IPO I've seen.

Not even remotely. Many startups IPO with no profit (though not all), but there is nearly always a credible business plan and a semi-rational valuation.

None of this is the case for spcx. They claim their TAM is about the size of the entire GPD of the USA and that they'll soon have 1T/yr in profits. All based on... nothing. The numbers are wildly unrealistic by a multiple never before seen. Oh and full self driving will be here before end of this year, trust them.