Technology media The Verge recently, in a podcast episode, had an in-depth discussion with a technology reporter from The New York Times about the upcoming SpaceX initial public offering (IPO). This capital feast, valued close to $2 trillion, is considered one of the most influential listings in history, not only because of its unprecedented scale but also because Wall Street is breaking or modifying many traditional financial and governance rules aimed at maintaining market fairness to cater to Musk.

Capital Frenzy Breaking Wall Street's Traditional Rules

Under the lure of profits and massive traffic, the cooling-off period and regulatory mechanisms of traditional financial markets are facing failure. Take the Nasdaq 100 index as an example; traditional rules require new listed companies to go through a 90-day cooling-off period to stabilize market valuations. However, SpaceX was specially approved to be directly included in this index just 15 days after its listing, which will force a large number of passive index funds to buy its stock at the peak of the hype.

Beyond that, SpaceX has significantly relaxed the index access requirements related to profitability and corporate governance, even adding arbitration clauses in shareholder agreements that strip investors of their right to sue Musk for fraud or violations of securities laws in the future. Wall Street fund managers are generally suffering from severe "fear of missing out" (FOMO), willing to take the risk of breaking the rules rather than missing this epic wealth狂欢.

Bundling AI to Tell a $2 Trillion Story

To support such an enormous valuation, Musk has included xAI and even the shrinking X (formerly Twitter) under SpaceX's listing assets, in addition to the traditional rocket launch and Starlink business. Although Starlink is currently the only profit driver, Musk outlined in the prospectus a "largest total addressable market" (TAM) of $28 trillion, insisting that future interstellar data centers and enterprise AI services are the core growth points.

Although there are still doubts about the actual competitiveness of its AI models, and xAI is currently generating some short-term revenue by renting computing power to competitors like Anthropic, this does not prevent the capital market from buying into the narrative of "Mars colonization" and "space computing power." As this IPO, expected to raise between $50 billion and $75 billion in cash, comes to a close, Musk's personal net worth is expected to exceed $1 trillion for the first time, making him the first trillionaire in human history.