Elon Musk waves his magic wand and retail piles in.The $2 trillion valuation of SpaceX is completely disconnected from the reality of the company but fundamentals haven't mattered in this market for a long time, and certainly not with anything related to Musk.The Tesla CEO spent a decade saying that full-self driving was right around the corner only to be beat to it by Waymo, and it only works in small geofenced areas. The government subsidies for electric cars have dried up and revenue is declining. Yet Tesla remains far more valuable than any car company out there as Elon pivots the con towards building robots, a field where he's far behind China.In terms of SpaceX, the pitch is data centers in space, despite it being extremely difficult to build them on land. In space, there's the added difficulty of maintenance and heat dissipation that's totally unresolved. Nonetheless, the market is speaking right now and SpaceX had a successful IPO with shares adding $25 to $185 today. The rally has been helped by rapid inclusion into Nasdaq indexes (and others) along with a float of just 5% of the shares. The trouble will come later when lockups begin to expire after Q2 earnings in August and will continue to roll off through year-end. Right now, the biggest source of incremental revenue for the company is leading out data centers that it built (with chips that TSLA had ordered) because it's unable to use the compute. Meanwhile, twitter hasn't been able to grow since Musk overpaid for it and rebranded it as X.For the broader market, this is all great news is it shows that investor appetite for IPOs isn't dead. We will have two much-larger issuers later this year (in terms of float) with Anthropic and OpenAI. Today, Nvidia was also able to raise $85 billion via a bond offering in a great sign of investor demand.In short, the show goes on... This article was written by Adam Button at investinglive.com.