但治理结构是核心疑虑：Elon Musk 将控制约 85% 的投票权，外界几乎无法约束其行为。文章指出，Musk 过去曾让 Tesla Inc. 让位于其他事务，导致股价一度下跌 50%；他也以反复失准的时程、挑战监管与争议性言行著称，这使公司声誉、以及 Grok AI 的企业采用前景，都面临不确定性。
估值面更为夸张：SpaceX 拟按约 107 倍销售额上市，若以约 2 兆美元估值计算，将成为 S&P 500 成分股中最昂贵的倍数之一，远高于中位数约 4 倍。公司还提出 28.5 兆美元的总可触及市场（TAM），并暗示投资人需看到每年约 40% 的营收成长、持续 10 年才可能合理化当前价格；作者因此主张投资人应克制 FOMO，因为 Tesla 式高波动与 mega-IPO 常见的初期表现疲弱，可能意味著上市后先有剧烈震荡。
SpaceX combines exceptional strengths with major risks: it dominates launch services, claiming more than 80% of all satellites and other payload launched worldwide by weight since 2023, and it operates about 9,600 Starlink satellites in low-earth orbit, the largest such constellation. If the IPO succeeds, it could raise about $75 billion in fresh capital and fund future lines such as space tourism, ultra-fast terrestrial travel, space manufacturing, and possibly orbital data centers as early as 2028.
Governance is the central concern: Elon Musk would control roughly 85% of the vote, leaving other shareholders with little effective check on his behavior. The article points to his history of missed timelines, rule-breaking, regulator-testing, and controversial speech, alongside the reminder that his focus can distract from Tesla Inc. and hurt its stock. Those same issues could also complicate adoption of Grok AI, since companies and governments may question its neutrality.
Valuation is even more extreme: SpaceX is discussing an IPO at about 107 times sales, which at a roughly $2 trillion valuation would be the richest multiple in the S&P 500, versus about 4 times for the median constituent. SpaceX also cites a $28.5 trillion total addressable market and implies investors would need around 40% annual revenue growth for 10 years to justify the price. The author argues that FOMO should be resisted, because Musk-related volatility and the weak early record of mega-IPOs suggest sharp swings and possible post-IPO discounts.