Elon Musk‘s rocket company SpaceX (NASDAQ:SPCX) just completed the largest stock market debut in history, and demand ran so heavy that bankers turned away billions in orders.

Yet, some investors wanted no part of it.

SpaceX priced its initial public offering at $135 a share late Thursday, selling 555.56 million shares to raise $75 billion at a valuation of about $1.77 trillion.

The deal is roughly 2.5 times the size of Saudi Aramco‘s December 2019 listing, the previous record, and lands Musk’s company among the 10 most valuable listed companies on earth.

Shares begin trading on the Nasdaq on Friday.

Total demand reached around $250 billion, leaving the offering nearly four times oversubscribed, with BlackRock Inc. alone reported to have placed a $5 billion order.

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What History Says About Paying Up For Growth

Sean Peche, portfolio manager at Ranmore Fund Management, said investors should be wary of paying excessive prices for compelling growth narratives.

“The maths of overpaying for growth and quality can be very destructive to your wealth,” Peche said, pointing to historical examples where highly successful companies still generated disappointing returns for shareholders who bought at elevated valuations.

Peche frames the risk through a company ...