# Musk Related Articles

HTX News Center provides the latest articles and in-depth analysis on "Musk", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

Zhou Hang: How Much is SpaceX Really Worth?

Summary: Author Zhou Hang argues that while SpaceX is arguably one of the greatest industrial companies of the past 50 years, its anticipated IPO valuation of approximately $1.75 trillion is likely overvalued by about $1.25 trillion. The analysis acknowledges SpaceX's monumental success in slashing launch costs, achieving near-monopoly in commercial launches, and building the Starlink satellite internet constellation. However, using a projected 2030 revenue of $50-80 billion and applying a generous tech company valuation multiple yields a "reasonable" valuation range of only $500 billion to $1.2 trillion. The $1.25 trillion gap stems from premiums for its long-term vision (e.g., Starship, space-based computing), its status as a U.S. strategic national asset, and retail investor enthusiasm driven by the Elon Musk narrative. The article outlines three post-IPO scenarios: valuation solidification (25% probability), sideways consolidation (50%), or a correction to fundamental value (25%). The probability-weighted expected valuation is $1.3-1.5 trillion, suggesting negative expected returns for buyers at the IPO price. The conclusion cautions investors to separate the company's undeniable greatness from the stock's price, advising against chasing the IPO and to wait for key milestones or a lower entry point.

marsbit06/02 02:20

Zhou Hang: How Much is SpaceX Really Worth?

marsbit06/02 02:20

Elon Musk's 'Granny Drain'

Title: Musk "Milking the Old Folks" Author: Nancy, PANews As the memory sector surges with Micron and SK Hynix each surpassing a trillion-dollar market cap, Elon Musk is accelerating his own myth of becoming the world's first trillionaire. SpaceX, with its astronomical valuation, is speeding toward the capital markets. This potentially wealth-history-rewriting super IPO is pushing Musk toward that unprecedented personal fortune and delivering hundredfold or even thousandfold returns to early backers like Google, Valor Equity Partners, Founders Fund, and others. However, to sustain this most expensive space narrative in human history, new buyers are ultimately needed. As massive pension funds are set to be "forced to buy," the retirement savings of Americans are becoming the fuel for Musk's space dreams. Wall Street has begun paving a fast track for such super IPOs. Major indices like Nasdaq and S&P have recently eased rules, allowing mega-companies like SpaceX to be incorporated into key benchmarks like the Nasdaq 100 much faster post-listing. This matters because a vast portion of the U.S. retirement system—trillions in 401(k)s and pension funds—relies on passive index investing. Once a company enters a major index, all funds tracking it are compelled to buy its shares automatically, regardless of valuation, profitability, or risk. This has sparked significant backlash. Teacher unions and major public pension funds (collectively managing trillions) have warned the SEC and written to Musk, opposing SpaceX's extreme governance structure where Musk holds 85% voting control. They argue workers' lifelong savings could be tied to a company resembling a Musk family office more than a transparent public entity. In essence, after early investors reap immense rewards, the potential "bag-holding" cost is being transferred onto passive investors—the ordinary American retirees—through the mechanism of index inclusion.

marsbit05/28 07:07

marsbit05/28 07:07

Grok's Latest Model Gets a 'Bonus' from Cursor, Musk: Significant Improvement in Coding

Elon Musk announced that xAI's new Grok foundation model, V9-Medium (1.5T), has completed training and is expected to launch in 2-3 weeks. Key improvements focus on programming capabilities, achieved by supplementing the model's training with substantial data from Cursor. Musk emphasized a "huge improvement" in coding performance. Concurrently, xAI's new AI programming agent tool, Grok Build, has entered an early beta testing phase. It functions as a CLI tool/agent for developers, featuring planning modes, parallel subagents, and integration capabilities. This move aligns with xAI's broader push into the AI coding space, following its $60 billion acquisition of Cursor last month and the recruitment of key Cursor engineering talent. The integration of Cursor's data and expertise is seen as a major boost for Grok's real-world engineering and coding proficiency.

marsbit05/26 04:18

Grok's Latest Model Gets a 'Bonus' from Cursor, Musk: Significant Improvement in Coding

marsbit05/26 04:18

SpaceX Officially Files for IPO, Unveiling the Largest IPO in History

SpaceX has formally filed its S-1 registration with the SEC, aiming for a Nasdaq listing under the ticker "SPCX". This could be the largest IPO in history, with reports targeting around $80 billion in fundraising and a potential $1.7 trillion valuation, far surpassing Saudi Aramco's 2019 record. The filing reveals Elon Musk's absolute control through super-voting shares, making him nearly impossible to remove as CEO. Financially, the combined entity (including Starlink, xAI, and X) shows strong revenue growth but widening losses. Starlink is the cash engine, with over 10 million subscribers and significant profits, while the AI division is a major loss driver. A notable disclosure is a massive cloud services deal with competitor Anthropic, potentially worth $45 billion by 2029, which helps monetize excess AI compute capacity. The company's long-term vision includes deploying solar-powered AI data centers in orbit. The IPO promises immense wealth creation for insiders, potentially making Musk the world's first trillionaire. Key risks highlighted include Musk's concentrated power, potential conflicts of interest, and the high costs and uncertainties of the AI and space ventures. The offering, led by Goldman Sachs, is expected to launch as soon as June, marking a major moment for the IPO market.

链捕手05/22 03:09

SpaceX Officially Files for IPO, Unveiling the Largest IPO in History

链捕手05/22 03:09

Musk's 'One-Man Dynasty' Set to Ring the Bell on June 12th

SpaceX Files for IPO, Targets Up to $2 Trillion Valuation SpaceX has officially filed for an initial public offering (IPO) with the U.S. SEC, planning to list on Nasdaq under the ticker "SPCX" on June 12. The company aims to raise $70-$80 billion, targeting a historic valuation between $1.75 and $2 trillion. Despite going public, founder Elon Musk will retain approximately 85% of the voting power through a dual-class share structure, maintaining absolute control. The S-1 filing reveals a company with sharply contrasting financial segments. In 2025, SpaceX reported $18.67 billion in revenue but a net loss of $4.94 billion. The loss was primarily driven by its AI unit, xAI, which burned $6.4 billion. In contrast, the Starlink satellite internet business was highly profitable, generating $11.4 billion in revenue and $4.4 billion in operating profit with an impressive 63% EBITDA margin. Starlink's user base grew to 10.3 million by Q1 2026, though average revenue per user has been declining. A key driver of the sky-high valuation is the recent $1.25 trillion merger with xAI, which added an AI narrative to the core aerospace business. SpaceX plans futuristic ventures like orbital AI data centers and space mining, though these are not yet revenue-generating. The company's capital expenditures are massive, exceeding $20.7 billion in 2025, with AI spending surpassing that of space operations. The IPO, led by Goldman Sachs, has drawn both enthusiasm and skepticism from Wall Street. While some hail it as a generational investment opportunity, others question the steep valuation multiples and the sustainability of funding xAI's significant losses with Starlink's profits. The listing represents a major test of market faith in Musk's long-term vision and his unique model of centralized control.

marsbit05/22 01:56

Musk's 'One-Man Dynasty' Set to Ring the Bell on June 12th

marsbit05/22 01:56

Those Who Rushed into SpaceX's Private Secondary Market Are Bewildered in the Greatest Wealth Creation Wave Ever

Investors are rushing into SpaceX’s private secondary market ahead of its historic IPO, but many are finding confusion instead of clarity. While early backers like Darsana Capital are poised for astronomical returns—turning a $600M bet into roughly $150B—other buyers face uncertainty about whether they actually own SpaceX shares at all. The frenzy stems from AI-driven FOMO, as soaring valuations for private companies like OpenAI and SpaceX create intense demand for pre-IPO exposure. This has fueled a booming but opaque secondary market, where special purpose vehicles (SPVs) layer investments, adding fees and obscuring ownership. Some investors are three or four layers removed from the actual stock, unable to verify their holdings. With companies staying private longer—SpaceX for 24 years—secondary trading has grown complex and risky. Platforms have faced fraud, bankruptcy, and regulatory scrutiny. Now, firms like Anthropic and OpenAI are publicly rejecting unauthorized transfers, warning that shares sold through certain platforms may be invalid. SpaceX’s IPO filing in June will finally reveal the official shareholder list, resolving these uncertainties. Until then, buying into SpaceX through secondary channels remains a high-stakes gamble—a blind box in a market overflowing with capital and complexity.

marsbit05/20 10:10

Those Who Rushed into SpaceX's Private Secondary Market Are Bewildered in the Greatest Wealth Creation Wave Ever

marsbit05/20 10:10

6-Year Battle, 2-Hour Verdict, Musk Loses the First Round Against Altman

After a six-year public feud, the first major legal battle between Elon Musk and OpenAI/Sam Altman concluded swiftly. On May 18, 2026, a federal jury in San Francisco took under two hours to unanimously rule against Musk, dismissing all his claims against OpenAI on the grounds of the statute of limitations. Musk had sued in 2024, alleging OpenAI betrayed its original non-profit, charitable mission when it commercialized and accepted major investment from Microsoft starting around 2019. The jury found his lawsuit was filed too late under California law. The court did not rule on the core ethical question of whether OpenAI violated its founding principles. However, the decision removes a significant legal overhang for OpenAI as it advances toward a potential IPO, with analysts calling it a major positive. OpenAI's lawyer accused Musk of using the lawsuit as a competitive weapon after failing to rival them in the market. Musk's team announced plans to appeal. The article frames the conflict as a classic Silicon Valley tension between technological idealism and commercial realism. While this legal chapter is closed for now, the broader debate about who should control and profit from transformative AI technology continues.

marsbit05/20 02:37

6-Year Battle, 2-Hour Verdict, Musk Loses the First Round Against Altman

marsbit05/20 02:37

OpenAI Century Lawsuit, Musk Loses

"OpenAI Century Lawsuit, Musk Loses: Jury Unanimously Rejects Elon Musk's $150 Billion Case" In a rapid verdict, a jury has unanimously dismissed Elon Musk's $150 billion lawsuit against OpenAI and its founders, Sam Altman and Greg Brockman. The case, centered on accusations of violating charitable trust and unjust enrichment, was rejected purely on procedural grounds: Musk filed the lawsuit too late. California law sets a three-year statute of limitations for such claims, and evidence showed Musk was aware of OpenAI's shift towards a for-profit model as early as 2021, yet did not sue until February 2024. The trial, spanning three weeks with testimony from numerous Silicon Valley figures, revealed internal details about OpenAI's founding and transition. Despite the legal loss for Musk, the trial exposed internal tensions and questions about governance. The ruling removes a major legal obstacle for OpenAI's planned trillion-dollar IPO. Meanwhile, the AI race intensifies, with both OpenAI (valuing GPT-5.5 and massive cloud compute deals) and Musk's xAI (preparing a SpaceX-xAI merger IPO and training multiple large models) on paths toward potential trillion-dollar valuations. Musk's legal team has announced plans to appeal.

marsbit05/19 03:01

BlackRock, the 'World's Largest Asset Manager,' Considers Investing in SpaceX's 'Largest IPO in History'

BlackRock, the world's largest asset manager, is considering investing $5-10 billion in SpaceX's upcoming IPO, which could raise up to $75 billion. This move would position BlackRock as a major anchor investor in what is anticipated to be the largest IPO in history. Although BlackRock already holds a private stake in SpaceX valued at least at $300 million, its position is smaller compared to peers like Fidelity. The potential IPO investment would come from BlackRock's active management funds. CEO Larry Fink has recently expressed public support for Elon Musk. Institutional investors remain broadly interested despite risks. A recent SpaceX investor tour included major firms, with sentiment summarized as: "you've never lost money betting on Musk." However, the IPO faces challenges, including a high valuation, an AI strategy in flux, and a key rocket still in testing. Governance concerns are notable, with mandatory arbitration for shareholders and Musk holding super-voting shares granting him significant control. Investor appetite is driven by SpaceX's dominance in rocket launches and the commercial potential of deploying high-value payloads like AI chips into space. Balancing the high valuation with governance concessions will be a key test for investors.

marsbit05/18 00:03

BlackRock, the 'World's Largest Asset Manager,' Considers Investing in SpaceX's 'Largest IPO in History'

marsbit05/18 00:03

Altman Drops Bombshell While Musk is Away: He Once Wanted His Children to Inherit OpenAI

In a California court, Sam Altman testified for the first time in the ongoing legal battle between Elon Musk and OpenAI. Altman made a striking claim: Musk once suggested that control of OpenAI could one day be passed down to his children. This statement reframes the long-standing conflict not as a simple governance dispute but as a foundational power struggle. Altman sought to counter the narrative that OpenAI betrayed its original non-profit, idealistic mission. He argued that from the beginning, it was Musk who sought increasing control over the organization, including a larger equity stake and ultimate decision-making authority. Altman opposed this, citing OpenAI's core principle that AGI should not be controlled by any single individual. He also addressed the key point of contention about OpenAI's shift to a for-profit structure, claiming Musk was aware of and initially supportive of exploring such a model to secure the massive funding needed for advanced AI research. Altman framed the change as a practical necessity, not a betrayal. Further testimony revealed internal concerns after Musk left OpenAI's board, with worries he might take retaliatory action. Altman critiqued Musk's management style as unsuitable for a research lab, damaging morale and culture. Throughout his testimony, Altman's focus appeared to shift from technological idealism to the realities of organizational governance and resource requirements. Regarding his brief ouster in 2023, Altman stated he seriously considered joining Microsoft but ultimately returned because OpenAI was too important to abandon.

marsbit05/13 04:11

Altman Drops Bombshell While Musk is Away: He Once Wanted His Children to Inherit OpenAI