I believe a SpaceX IPO presents a material risk to Tesla’s valuation due to capital cannibalization. The liquidity pool for 'Musk-ecosystem' assets is finite. We already observe this rotational dynamic with $NVDA: when money flows into the 'hot' AI trade, it often drains from $TSLA. A SpaceX IPO provides a direct alternative for this growth capital, potentially stripping Tesla of its 'Musk Premium' and compressing its forward P/E as investors rotate into the newer, faster-growing asset.