SpaceX IPO

This planned IPO for SpaceX is so bizarre.  Wealthy investors and the investment banking firms are losing their minds about it.  Its so valuable! Elon is letting us in on his world! Its all excitement (wrapped up in a silly amount of hype).

For the average investor, there's nothing to see here.  We can't feed at this trough.

And there's the matter of "going public" via an IPO.  It would seem that any rules the SEC has, and applicable laws are being bent or outright abused.

He's selling a small percentage of shares, and will keep the rest for himself.

As far as I can tell, Musk will still "own" the company, and there is no immediate plan to establish a board of directors. So in most ways this is a fundraiser and not making his company publicly traded.

And then there's this "plan" to merge SpaceX and Tesla as one company.  He is the CEO of Tesla - not a single owner.  He would have to get board and then shareholder approval for such a move (and he may follow that rule in the long run), but its weird that he just says its what he wants to do without proper filings and whatnot.  And without a board or significant shareholders in SpaceX, how would this be done?  It will be publicly traded and would have to go through some disclosure and due diligence process I would think.

And honestly, in a more normal world where he wasn't a "part of government," this would probably get flagged and not be allowed.  Yet, here we are.

Oh and there's the small matter of the company valuation.  He pegged a number, and what has come back since is less than half that value.  

And it would seem that SpaceX is "probably" doing no better than breaking even on their space ventures (that's expensive!).  Rideshares to space and starlink are income, but it seems just enough to keep the company afloat.  Whether that has value to investors remains to be seen.