In SpaceX’s IPO, Elon Musk is the risk factor

SpaceX's IPO filing reveals extensive financial interconnections between Elon Musk's various companies, including Tesla, xAI (an AI company), Grok (an AI chatbot), and others, with their relationships mentioned hundreds of times throughout the regulatory documents. These overlapping business dealings make it difficult to track how money moves between the companies, creating complexity in understanding the actual financial structure of the offering.