Greenlight described Elon Musk's SpaceX IPO as a possible sign that a speculative market top is near, questioning the company's valuation, the IPO process and its inclusion in indexes despite a public float of less than 5%. The $5.3 billion firm also criticized rating agencies for awarding SpaceX an investment-grade rating despite negative free-cash-flow forecasts and no history of generating free cash flow. Einhorn challenged Musk's forecast that SpaceX will generate $1 trillion in annual revenue by 2030, citing an unnamed investor who offered no support for the claim. Greenlight lost money in the second quarter and gained 1.9% through June, trailing the more than 7% average hedge-fund return tracked by PivotalPath. The firm added positions in Comcast, Fortune Brands Innovations, Primo Brands, PayPal and Versigent, while exiting Public Power Corp, Weatherford International and Victoria's Secret. Greenlight stopped taking new investments earlier this year, while successor DME Capital Management recently disclosed investments in companies that could be acquired or spun off.