Musk’s financial wizardry is second to none: stuck in this world, he crams xAI into SpaceX, making it harder for OpenAI and Anthropic to raise funding and go public. Liquidity has just been drained by about a lot, so delays are all you can do.

He can use this window to settle things with Tesla’s old shareholders, then merge Tesla into SpaceX, with shareholders exchanging shares. At that point, SpaceX’s revenue would also rise by about $90 billion, and its P/S would drop from 110 to the low 30s—only a bit higher than NVIDIA’s—plus the whole space-story narrative.

After that, as SpaceX’s Starlink revenue increases by another tens of percent and the rocket launch business secures more government orders, the P/S could fall below 20, making a market valuation of several trillion dollars very reasonable.

Top-tier capital maneuvering.