A gatekeeper that controls access to the future space economy? A space-based communications company that will rake in cash by reaching consumers anywhere in the world? The first conglomerate to link space-based data processing and communications with advanced chipmaking and AI, in an industrial reordering that skips several steps ahead of rivals?
Such rationalisations for why SpaceX might be worth a cool $1.75tn are already flowing freely. Elon Musk’s rocket company officially filed for a record-breaking initial public offering this week, touching off what is set to be a stock market sales pitch for the ages.
It’s not entirely clear what the main narrative will be that drives this sale. But with Musk, there is always a tantalising promise just beyond the horizon — and sometimes, far beyond the horizon — to keep investors wanting more. It is a skill he has honed in full public view over the years, turning Tesla from an electric-car company into an alternative energy conglomerate, before recasting it again as a driverless taxi operator and, finally, an all-purpose robot maker. A media that is always ready to marvel at Musk’s next big promises, and investors eager for the profits they bring, seem likely to take the bait.