As the SpaceX IPO approaches, a few observations and predictions: In a real sense, the entire SpaceX value proposition rests upon the Starship project. And when I say “Starship,” I mean a Starship version that is far more capable than any we have yet seen. Starship is needed to launch the heavier V3 Starlink satellites. Starship — a reusable Starship — is needed to make those launches (and others for third parties) more economical. Starship is needed for the promised orbital data centers. Starship is needed to fulfill SpaceX’s Artemis program obligations to NASA. Starship is needed for any Moon colony or Mars colony (the SpaceX IPO registration statement foretells “the emergence of new trillion-dollar markets on both the Moon, Mars, and beyond.” But while the Starlink satellites orbit at about 300 miles above the Earth, the highest any Starship has reached (the most recent Version 3 launch, which featured the loss of both the booster and the upper stage) is only 121 miles.…