Matt Levine described it well (https://www.bloomberg.com/opinion/newsletters/2026-05-21/spa...)

> The deal, with SpaceX, is that Elon Musk runs it however he wants, and he does weird stuff, and you have to trust him, and if you don’t like it you can’t complain.

> When SpaceX acquired xAI a few months ago, did a special committee of independent directors approve the transaction? Did Musk recuse himself from negotiations? Was the price set by independent valuation experts using a rigorous process? Did outside shareholders sue to block the deal? Stop. Musk wanted SpaceX to buy xAI, so it did.

> [...] Surely SpaceX has created all that shareholder value more because Musk does what he wants than in spite of Musk doing what he wants; it is hard to accidentally create $1.75 trillion of value. SpaceX’s shareholders signed up for this deal — letting Musk cook — and have been rewarded;

is anyone surprised? the IPO documents are a disaster, and the finance-tube talking heads are all tearing it to shreds

It’s obviously a scam. First xai acquires failing Twitter and then SpaceX acquires xai? At a made up valuation number that’s too high? The voting structure of SpaceX prevents Elon from ever being held accountable. Not to mention that the revenue and profits are simply not enough to justify the desired value.

Good. Would love to buy SpaceX stock at a 90% discount after the IPO and the next tech / AI correction.

lol they are now against tech too, they lost and making sure lose is certain. how do they think future growth will come to their feet? with old population and blocking investments?