Ron Baron has made SpaceX an enormous portfolio bet — and he's hardly alone. Cathie Wood, Fidelity and other sophisticated investors are aboard as SPCX trades not far above its IPO price. What exactly does the smart money see coming?

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Some weeks quietly pass. Others invite us to look skyward. With a six-planet parade, a new moon, the Perseid meteor shower, and a solar eclipse arriving almost together, this remarkable week reminds us that the universe still knows how to inspire awe—and that the greatest performances in life are often free.

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SpaceX may be the closest thing modern markets have to a science-fiction company. As the aerospace giant prepares for its historic IPO, investors face a fascinating question: are they buying today's business—or tomorrow's civilization?

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