So we're calling this a SpaceX IPO, but what's actually going public is SpaceX + xAI + whatever X is this quarter. The rockets are a real business. The AI side is a giant GPU bill and a story. Feels less like a normal IPO and more like Musk rolling a bunch of experiments into one very expensive ticker.
Yeah, it's a conglomerate. Typically a bad idea from a business perspective, but can be a winner financially since "all" you need to do to gain shareholder value is spin off the units. (I say "all" because it might be simple but not easy.)
I wonder what kinds of control Elon will have on the company. Is it going to be like Google with special shares? Like Tesla having a board stacked with buddies?
I'm sure I'll pick up some exposure via index funds, but the governance would give me pause on being overweight.
