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DOGE Mark Yusko has no mercy on SpaceX or Elon Musk
The hedge fund manager and founder of Morgan Creek Capital recently made one of the sharpest criticisms of SpaceX's IPO in an interview, directly comparing the company to Dogecoin and accusing Musk of using retail investors as exit liquidity for himself and venture capital supporters.
"SpaceX is equivalent to dogcoin"
Yusco's core argument lies in outstanding shares and control. Currently, only 4% of SpaceX's shares are circulated on the open market, with Musk holding 46%, and the remaining 50% is locked in by early investors. Yusko believes that under this structure, Musk effectively controls the price narrative, while retail investors chase stories that have no real exit channel when insiders ultimately sell.
Jusko said: "SpaceX is equivalent to dogcoin. Mark Cuban and Elon Musk own most of the token, and then a group of fanatics hold it, thinking it has value, but in fact it is worthless. If Elon sells a dog coin, the dog coin will go back to zero." He acknowledged that SpaceX has a real satellite business, but believes the AI data center story is technically impossible to realize, and said the company's free cash flow remains severely negative and there is no clear path to profit.
Mathematical impossibility of a 10-fold increase
Yusco's sharpest criticism of him is reserved for investors who compare SpaceX to early Microsoft or Apple. He said that with an initial valuation of $2 trillion, the comparison was mathematically untenable. "The current GDP of the United States is US$31 trillion. If SpaceX goes up 10 times, that means a company without profits will account for half of U.S. GDP. That can't happen,"he said.
For those who buy SpaceX shares and believe they are investing in a great American company early on, Yusco's warning is straightforward: The structure is designed to benefit insiders when they exit, not retail investors when they enter. He expects prices to fall sharply when the lock-up period ends and early holders start selling. "I think it's going to fall a lot, a lot," he said.
