Morgan Creek Capital founder Mark Yusko called the SpaceX (NASDAQ:SPCX) IPO an engineered squeeze that leaves retail investors holding an overpriced security while insiders cash out.

Why Is Yusko Comparing SpaceX To Dogecoin?

Yusko’s argument, brought forward in a podcast on July 11, centers on float and control.

Only 4% of SpaceX shares trade publicly, with Elon Musk holding 46% and the remaining 50% locked up among early investors. 

That structure lets Musk control the price narrative while retail investors chase a story with no real exit valve when insiders eventually sell.

“SpaceX is the equivalent of Dogecoin (CRYPTO: DOGE),” Yusko said.

“Mark Cuban and Elon Musk own most of the coins and there’s this cult of people that own it and think it’s worth something, but it’s not worth anything. And if Elon sold one Doge, Doge would go to zero,” he added.

Yusko acknowledged SpaceX has a real satellite business but dismissed the AI data center narrative as technologically impossible and said the company’s free cash flow remains deeply negative with no clear path to profitability.

Why Does The Math Make A 10x Return Impossible?

Yusko’s sharpest challenge is a valuation one. SpaceX enters public markets at a $2 trillion starting valuation, and investors drawing comparisons to early Microsoft or Apple are working from a broken premise.

“The U.S. GDP today is $31 trillion,” Yusko said. “If SpaceX goes 10x, you’re saying one company with no profits is going to be half of U.S. GDP. It’s not going to happen.”

His warning on lockup expiry is direct. When early holders start selling, he expects the price to fall significantly. “I think that goes down a lot. A lot,” he said.

What Is DOGE Doing Amid The Broader Selloff?

Dogecoin trades below its 20, 50, 100, and 200-day EMAs, with the bearish alignment across all timeframes confirming sustained downside pressure. 

The descending trendline continues to cap recovery attempts as DOGE tests a key demand zone around $0.07 to $0.0690.

The broader selloff was triggered by President Donald Trump reinstating a U.S. blockade on the Strait of Hormuz and proposing a cargo fee, escalating Middle East tensions and pushing crypto into risk-off territory. 

Over $360 million was liquidated from the crypto market, with the Fear and Greed Index hitting Extreme Fear.

Key levels for DOGE

  • $0.0690 — losing this on a daily close exposes $0.0660, then $0.0630
  • $0.0753 — reclaiming the 20-day EMA weakens the immediate bearish structure
  • $0.0819 — 50-day EMA where stronger resistance sits

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