Musk's financial maneuvers are top-notch. By embedding xAI into SpaceX at this critical moment, he makes fundraising for OpenAI and Anthropic more difficult, and their IPOs also become harder. Liquidity has just been drained, so they can only postpone.



He can use this time to secure TSLA's old shareholders, then merge TSLA into SpaceX, swapping shareholders' stocks. At that point, SpaceX's revenue would increase by about $90 billion, dropping its P/S ratio from 110 to over 30, just slightly higher than NVDA's, with a compelling space narrative.

Afterward, Starlink's revenue can grow by tens of percent, and the rocket launch business can secure more government contracts, bringing the P/S ratio below 20. A multi-trillion-dollar valuation would then be very reasonable.

Top-tier capital operations.
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