The comparisons are inevitable. As Space Exploration Technologies Corp (SPCX), aka SpaceX, begins trading, some investors are pointing to Meta Platforms, Inc (META)'s rocky public debut as a cautionary tale for one of the most anticipated IPOs in years.

Nancy Tengler, CEO and CIO of Laffer Tengler Investments, thinks they're looking at the wrong playbook.

Meta IPO Comparison

"I know many people are drawing comparisons to Meta, which was a flop of an IPO," Tengler said, noting that the stock fell sharply after its 2012 debut and finished the year well below its offering price.

While she understands concerns that SpaceX may be entering the market at a lofty valuation, Tengler argues that traditional metrics may not be the right lens through which to evaluate the company.

Amazon Investment Thesis

"This is not a name you're buying based on fundamentals," she said. "For me, the analogy is Amazon."

The comparison hinges on what investors believe SpaceX can become over the next decade rather than what it looks like today. Tengler points to Amazon.com, Inc (AMZN)'s extraordinary long-term performance as an example of how transformative companies can reward investors who are willing to look past short-term valuation concerns.

"This was a company that changed the way we live," she said. "The question becomes: what's your time horizon, and do you believe in the technology?"

Tengler's firm recently launched a thematic portfolio focused on technologies it believes could reshape the global economy over the next 10 to 20 years, including space, robotics, quantum computing and nuclear energy. SpaceX fits squarely within that framework.

Long-Term Time Horizon

Her conviction also extends beyond the stock's opening weeks.

"If the IPO comes out at $135 and the stock drops to $100, that's not ideal, but it wouldn't change our long-term view," she said. "We want to participate."

That doesn't mean valuation is irrelevant. Tengler acknowledged there are levels where enthusiasm could get ahead of reality.

"Of course, if it opens at $250, that would give us pause."

For now, however, she believes investors should spend less time debating whether SpaceX resembles Meta and more time asking whether it has the potential to become the next company that fundamentally changes how people live and work.

In her view, that's the comparison that matters.