I really don't know what Elon is thinking here because SpaceX's IPO is already precarious, for several reasons:

1. It was used to rescue himself and key investors from overpaying for Twitter, which was first rescued through xAI (and I don't know why anyone thought investing in xAI was a good idea but here we are). If our regulators weren't defanged, this deal would've gotten alot more scrutiny (IMHO). Whatever the case, this is all diluting the SpaceX business for overpriced AI vaporware;

2. From what I can find, SpaceX's revenue in 2025 was ~$18B with a $5B loss. That doesn't sound like a $1.5T+ company to me;

3. The markets are being rigged to make the IPO a success by changing the rules to force passive funds to buy into it with a tiny float (5% instead of the normal 25%); and

4. Here's the big one. I think Starship is a badly designed program that's going to take many billions more to complete and commercialize. There's not really a market for bigger payloads (evidence: ~1 Falcony Heavy launch per year) and STarship will effectively have to compete with Falcon 9 at a time when reusable alternatives (eg from the Chinese as well as Blue Origin) are coming to market.