SpaceX's next frontier: AI, growth and investor expectations

SpaceX completed the largest IPO in history, raising nearly $75 billion before greenshoe expansion, with shares rallying sharply post-listing before pulling back on profit-booking. Investor enthusiasm is increasingly driven by the company's pivot toward AI infrastructure, satellite internet, and a cited $22.7 trillion long-term AI opportunity, though valuation multiples remain contentious and a speculative Tesla-SpaceX merger debate has emerged.