
Ex-Tesla director warns SpaceX’s $2T IPO rests on two of three moonshots
Former Tesla board member Steve Westly says SpaceX’s $2 trillion IPO valuation hinges on three disparate businesses—rockets, Starlink, and AI—and will likely require at least two to succeed; even as the IPO raised about $75 billion and blasted off on debut, filings show Starlink is profitable while the AI unit posts heavy losses, Musk’s 85% voting control raises governance concerns, and Morningstar puts SpaceX’s fair value well below the IPO price, fueling questions about a possible Tesla–SpaceX merger.

