Elon Musk is taking SpaceX public and keeping almost all the power. Ryan Mac, a technology reporter for The Times, breaks down why the company’s record I.P.O. is both a big bet on Musk’s vision and a risk for investors.
By Ryan Mac, Nour Idriss, Nikolay Nikolov, Stephanie Swart, Rafaela Balster and Sam Rosenthal
June 12, 2026