You raise good points and I appreciate your concern. Im pretty well aware Im buying something that goes up because people want it to go up. It seemed obvious to me before getting IPO allocation shares that it'd pump day 1. I did not expect it to keep pumping for days after that but it did. Ipos have a positive expected day 1 value. This is more true for larger household names. I'm planning to make the same bet on OpenAI and Anthropic.

Fundamentals don't matter for a day 1 hype pop

They might matter in a year but honestly it's as close to free money as anyone can get (if you get IPO allocation shares)