Tesla’s biggest problem may no longer be Chinese competitors, slowing demand for its EVs or the still-theoretical payoff from robotaxis and humanoid robots. 

It might be SpaceX.

If Elon Musk’s rocket and satellite-internet company goes public at anything close to the rumored $1.75 trillion valuation, it will not just be one of the biggest IPOs in history. It will give Tesla investors tired of waiting for the CEO’s promises to materialize something they haven’t had in a while: a potentially bigger, more exciting way to invest in the Musk myth. Certainly, SpaceX, with its reliable and steady leadership under long-time president Gwynne Shotwell, is shaping up to be a shinier proxy — with fewer close competitors or awkward quarterly questions about exactly when Tesla can take on Waymo in self-driving tech or actually deliver its C-3PO-style robot.

By Alan Ohnsman,

Senior Editor

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