For years, crypto firms have argued that blockchain technology could create markets for private companies long before they reach Wall Street. SpaceX provided the industry’s biggest test yet. The results were mixed.

Can SpaceX Shake Boeing?’ This was the phrase used by the U.S. aerospace magazine *Aviation Week* when featuring SpaceX on its cover in 2004. At the time, SpaceX—a two-year-old startup—had just 50 employees.

SpaceX’s first day on the stock market transformed the startup into one of the world’s most-valuable public companies, handed buyers of the IPO a 19% return and turned its founder Elon Musk into the world’s first trillionaire.

Astera Labs, up almost 300% year to date, and Reddit both experienced significant post-IPO volatility before long-term success.