New Delhi, June 13 -- The SpaceX initial public offering was expected to deliver exciting twists and turns, fireworks, and flare-ups-the kind of drama usually reserved for a summer thriller. Instead, it proved to be something far more disappointing: rather ordinary.

The public debut of SpaceX-officially Space Exploration Technologies- portended different things to different investors but was significant for all. To some, it was an example of terrible corporate governance and a sign of irrational market exuberance. To others, it represented a gateway to an artificial intelligence-fueled utopia, in which SpaceX is worth trillions. For others, it represented the dream of an American manufacturing renaissance paired with cutting-edge AI.

It...