The hardest-hit sector suddenly surged.
The news has leaked.
The most restless man on Earth is once again brewing a 'nuclear bomb' for the capital markets.
Last week, during an interaction between Musk and members of the media, news about SpaceX's IPO was revealed. According to internal statements from SpaceX’s Chief Financial Officer, Brett Johnson, the company's internal share price has now reached as high as $421, with its valuation surpassing $800 billion.
SpaceX aims to go public in the middle to late part of next year, targeting a valuation of $1.5 trillion. To put this into perspective, the record set by Saudi Aramco’s nationwide effort to go public in 2019 is now being challenged by a private rocket-making company.
If the IPO succeeds, the history of human wealth will be rewritten, and the world's first 'trillionaire' will emerge.
Musk currently holds approximately 42% of SpaceX’s shares. If the company achieves a valuation of $1.5 trillion, the value of this equity stake will soar to over $600 billion. Add to that his golden goose, Tesla, and xAI, which recently secured funding at a $200 billion valuation.
By as early as 2027, Musk’s personal wealth is expected to exceed $1 trillion.
This is a figure that could leave everyone breathless. After all, the GDP of the vast majority of countries in the world does not reach '$1 trillion'.
Is this a myth, or the largest financial bubble in human history?
Previously, Musk had kept SpaceX under wraps. The market widely believed this was to secure chips for the AI war.
Behind this wealth myth lies Elon Musk's strategic deployment across multiple cutting-edge sectors, including aerospace, automobiles, and artificial intelligence. Despite challenges posed by Tesla's performance targets and controversies over SpaceX's high valuation, the capital market's confidence in his business empire makes the emergence of the world’s first trillionaire a tantalizing possibility.
The story is alluring, but has the capital market gone too far with its enthusiasm?
Consider the latest 2025 report released by UBS Group: The number of billionaires globally has reached 2,919, with a combined wealth of $15.8 trillion, marking a 13% increase in just one year. Among them, American billionaires account for one-third.
Even more strikingly, the average net worth of the top ten wealthiest individuals in the United States exceeds $100 billion each—a figure that seems almost fantastical in any other country.
Has American technology truly advanced to an unparalleled level, or has the U.S. stock market become a massive liquidity reservoir, locking global capital into shares of a handful of tech giants?
When a company’s valuation can effortlessly rival the economic scale of an entire nation, a profound question arises: Is this a true reflection of value, or merely the result of excessive monetary expansion leading to value distortion?
While Elon Musk’s trillion-dollar wealth legend pushes capital and technology to their extremes, sentiment in the market is quietly shifting.
This subtle turning point was soon magnified through a landmark event.
TIME Magazine awarded its Person of the Year to “the architects of artificial intelligence,” recreating a famous photograph from 1932 by replacing construction workers with eight leaders in the AI field, sparking widespread controversy.
Technology industries represented by biotechnology and artificial intelligence are becoming the most efficient wealth-generating machines—but enriching only a tiny elite at the top.
Some netizens accused it of "tarnishing the spirit of this legendary photograph by forcibly applying the heroic image symbolizing grassroots laborers to a group of billionaires and tech giants."
Statistics show that the top 1% of households in the U.S. wealth pyramid have already claimed 31% of the nation’s total wealth. Expanding the scope to the top 10%, they account for nearly two-thirds of the total societal wealth.
What about the rest? The bottom 50% of households — exactly half the population — work hard, pay taxes, and live their lives, yet the wealth they hold collectively amounts to only 3% of the total wealth in the United States.
Elon Musk's highly anticipated IPO, potentially propelling him into the trillionaire club, is essentially a real-world manifestation of the 'Matthew Effect,' where tech giants who control algorithms, computing power, and core technologies rapidly accumulate the lion's share of societal wealth.
As for ordinary people, they can only gaze up at these myths from the periphery of this massive bubble and continue to compete fiercely within this stratified world for just 3% of the pie.
While SpaceX rockets are indeed capable of sending humans to Mars, this does not obscure another kind of intense polarization taking place on Earth.
Is an era where only a tiny fraction of people can sit at the gaming table while the vast majority serve merely as chips really the future we desire?
The largest IPO in human history is on the horizon. It is both a feast of capital and potentially a wake-up call for our times.
But斌引用了一位朋友的看法：1999年《时代》杂志封面刊登了亚马逊总裁贝索斯（Bezos），结果一年后美股崩盘。
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Turning back to the A-share market, the worst-performing sectors suddenly surged.
Kweichow Maotai and Wuliangye Yibin rose today, driving rebounds in the Liquor ETF and the Food & Beverage ETF.
Year-to-date, the CSI 300 Index has risen by 16.82%, while the food and beverage sector has declined by 8.05%, ranking last among Shenwan's primary industries. Over a longer timeframe, since the peak in February 2021, the food and beverage sector has fallen by more than 50%, second only to the beauty care sector, while the CSI 300 has dropped by 21%. This is not merely a correction but a prolonged period of market clearance.
The core variable behind today's rebound is: Maotai's supply control.
After the wholesale price of Feitian Maotai fell below the official guideline price of RMB 1,499, Kweichow Maotai swiftly introduced a new supply control policy.
Recent market reports indicate that Kweichow Maotai is implementing a 'short-term + medium-to-long-term' supply control combination: in the short term, shipments to distributors will be suspended in December (except for already paid portions), with resumption planned for January; in the medium-to-long term, the company intends to cut quotas for non-standard products. Under the current circumstances, this appears to be an active measure to adjust supply and stabilize the pricing system.
The effect was immediate, with prices recovering the losses of the past two months within just two days.
Data from the third-party platform 'Today's Liquor Price' shows that on December 14, the wholesale price of a 500ml bottle of 2025-produced 53-degree Feitian Maotai (loose bottles) rebounded to RMB 1,570 per bottle, while the price for original cases was quoted at RMB 1,590, representing increases of RMB 85 and RMB 95 respectively compared to December 12.
Citi noted that following the completion of its interim dividend distribution, Kweichow Maotai has already been implementing relevant supply control measures. Such policies help stabilize wholesale prices and market expectations.
Of course, the reality remains challenging.
In the third quarter, Kweichow Maotai’s revenue and net profit attributable to shareholders grew by only 0.56% and 0.48% year-on-year, respectively, hitting a decade-low. The slowdown in fundamental growth is the key backdrop behind the prolonged pressure on share prices and the sector.
Amid performance pressures, Maotai opted for a 'real cash' dividend to enhance shareholder returns. On December 10, the company announced a cash dividend of RMB 23.957 per share, totaling RMB 30 billion. Combined with the RMB 34.671 billion distributed in the middle of the year, the total cash dividend for 2025 reached RMB 64.672 billion, with a dividend yield of approximately 3.66%, significantly higher than the 10-year government bond yield.
Since its IPO in 2001, Kweichow Maotai has distributed dividends 29 times, totaling over RMB 366.1 billion, while the IPO raised only RMB 5.934 billion.
Duan Yongping recently responded to questions about Moutai's dividend payout by stating straightforwardly: 'At this price level, all of our Moutai dividends are directly reinvested into buying more shares.'
When asked about the 'clockmaker' behind Moutai, he commented on Ji Keliang: 'He played a crucial role.'
A sector that had been continuously abandoned by the market for three years has finally returned to attention due to the leading company’s control over supply. Whether this indicates a trend reversal still needs time to verify; however, at the very least, it seems someone has started to light a fire during the coldest period.
