America’s 250th birthday has Elon Musk and a record IPO. Its 15th had Alexander Hamilton — and a stock market bubble

America is marking its 250th birthday with the largest IPO in history. Does the excitement surrounding Space X mean that we are in a stock market bubble? This wouldn’t be the first time that a giant IPO triggered unbridled speculation. On the nation’s 15th birthday, Alexander Hamilton gave America its first blockbuster IPO, leading to the “scriptomania” of 1791. To understand what’s happening in 2026, it helps to understand what happened in 1791. There are numerous parallels between Hamilton and Elon Musk, both visionary immigrants with grand ambitions, immense energy, and many overlapping ventures. Both were polarizing figures who attracted fierce opposition from those who saw their projects as dangerous concentrations of power. ‘This Spirit of Gambling‘ July 4, 2026 marks not only the 250th anniversary of the Declaration of Independence but also — less celebrated — the 235th anniversary of the IPO for the Bank of the United States, both occurring in Philadelphia. Hamilton championed the bank as a necessary component for building a prosperous America with a stable financial system. The public offering was for share subscriptions called “script” or “scrip.” The IPO on July 4, 1791 was oversubscribed, as SpaceX’s was. George Washington saw it as a good sign: This, I believe, exceeds the expectation of the most sanguine among us … the whole number of shares were taken up, and four thousand more applied for than were allowed by the Institution … This circumstance was not only pleasing as it related to the confidence in Government; but as it exhibited an unexpected proof of the resources of our Citizens. Among Hamilton’s many enemies was Thomas Jefferson, who preferred that America remain an agrarian society unsullied by finance and commerce. Jefferson took a different view of the oversubscribed IPO: … the bank filled and overflowed in the moment it was opened … it is impossible to say where the appetite for gambling