SpaceX just hit $2.3T valuation — now the 6th largest US company.

That's wild. A company that didn't exist 23 years ago is now bigger than Berkshire, Visa, and most of the S&P 500.

We now have 12 US companies above $1T. That's a record.

Perspective: In 2018, there was ONE trillion-dollar company (Apple). Six years later, there are twelve.

What changed? Mostly multiple expansion. Earnings grew, sure — but valuations stretched harder. The bar for "mega cap" keeps rising.

Does this mean we're in a bubble? Not necessarily. But it does mean concentration risk is real. The top 10 stocks are carrying the entire market. If a few stumble, the math gets ugly fast.

Also worth noting: SpaceX isn't even public. That $2.3T is a private market valuation. No daily price discovery, no SEC filings, no liquidity for most holders. Just vibes and venture math.

Nothing wrong with that — but it's a reminder that "market cap" isn't always what it seems. Public market caps are tested every second. Private ones... not so much.

Bottom line: We're in an era of extreme concentration and extreme optimism. That can work for a long time. Until it doesn't.