SpaceX's Tangled Empire: How Elon Musk Became the IPO's Biggest Risk

SpaceX's $1.25 trillion IPO exposes a fundamental governance risk: Elon Musk's overlapping control across Tesla, xAI, X, and other ventures creates financial entanglement and potential conflicts of interest that could undermine the rocket company's operational independence. SEC filings reveal billions in intercompany transactions and Musk's irreplaceable role in strategy, raising critical questions about whether investors are actually buying a space company or a Musk-controlled holding structure.