This is massive news. SpaceX j

This is massive news. SpaceX just filed its S-1 this week, targeting a mid-June listing on Nasdaq under the ticker SPCX — set to be the largest IPO in history, potentially raising $75 billion at a valuation somewhere between $1.5 and $2 trillion. The S-1 revealed some eye-opening numbers though: the company lost $4.9 billion last year, and Musk holds 85% of voting power through a super-voting share structure, meaning public investors are essentially along for the ride on his terms. Retail investors will get direct access through Robinhood, Fidelity and Schwab, which is unusual. OpenAI and Anthropic are both expected to follow later in the year. Going to be a wild few months.

Will You Choose Tesla to Indirectly Own SpaceX?

SpaceX S-1 analysis went viral. SpaceX's IPO pricing will serve as the valuation anchor for Musk's entire ecosystem, and TSLA holders effectively carry indirect SpaceX exposure — an embedded asset that will be explicitly priced by the market for the first time at IPO. Counter-risk: if SpaceX's independent listing draws dedicated capital allocation, TSLA's scarcity premium as a 'SpaceX proxy' will simultaneously evaporate. Chamath's math points to $2 trillion — on IPO pricing day, are you adding TSLA or waiting for SpaceX to open directly?

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