There are only two industrial actors in the world attempting to vertically integrate electric vehicles, batteries, chips, robotics, and artificial intelligence. One is China. The other is an industrial conglomerate overseen by a single person: Elon Musk.

Try to keep this in mind as Musk’s rocket company, SpaceX, prepares for the most consequential financial event this year: its public listing. Expected as soon as next month, it is expected to be the largest IPO in history by a long shot, raising roughly $75 billion at a valuation of $1.75 trillion. By conventional measures, that number can sound nuts. But Elon is anything but conventional.