Those are two very different questions — and conflating them is one of the most prevalent behavioral traps in investing. SpaceX may well prove to be an exceptional business over the long term. But even exceptional companies can be poor investments if purchased at the wrong price or through the wrong structure. The key question is not the quality of the business in isolation, but whether it represents a sound investment at the valuation available at the time of the IPO. The early performance of SPCX illustrates exactly this distinction.