Zachary Karabell is an author and investor and writes “The Edgy Optimist” on Substack.

SpaceX raised $85.7 billion in the biggest-ever initial public offering, and its market cap exceeded $2 trillion by the end of the day on Friday. Elon Musk became, on paper, the world’s first trillionaire. But concerns about the IPO poured in before the opening bell even started ringing.