New Delhi, June 4 -- Elon Musk's SpaceX, which is likely to get a $1.8 trillion price tag when it debuts on the Nasdaq next week, carries a host of superlatives. The one markets aren't talking about, however, could be its legacy. It's likely to be a value destroyer.

Part of the problem is SpaceX itself. The company combines Musk's space, satellite, social media, and artificial intelligence divisions, and is expected to float 555 million shares next week with a share price of around $135. Early indications suggest retail investors might take it even higher on the opening day of trading, slated for June 12.

But at its core, SpaceX is built on dreams, not fundamentals.

Its stated goal is to "build the systems and technologies necessary to...