How Elon Musk rewrote SpaceX’s story—and turned it into the greatest IPO debut in history

Elon Musk shifted SpaceX's focus from rockets and satellites to AI by integrating xAI into the company, leading to a highly successful IPO on June 12 with shares rising 19% and a $2.2 trillion market cap. Investors strongly endorsed Musk's vision, betting on SpaceX's AI dominance over competitors, despite the company's current losses in its rocket and Starlink businesses.