SpaceX's initial public offering has drawn more than $70 billion in orders from retail investors, who are expected to receive at least 20% of the available shares, Bloomberg reported Monday. The IPO edges Elon Musk closer to becoming the world's first trillionaire, according to Axios. Yet the offering arrives as the billionaire faces mounting backlash on multiple fronts.
In Mississippi and Tennessee, residents near xAI's data centers are fighting to stop the gas turbines that power the supercomputers, Wired reported. The communities cite pollution and health concerns, framing the clean-energy question as a stark contrast to Musk's space-age ambitions. Local protests have escalated as the IPO nears.
Meanwhile, The Verge detailed Musk's active encouragement of anti-immigration tensions in Belfast, Northern Ireland, following a knife attack. Musk publicly backed the hard-right party Restore Britain and reposted its leader's call for mass deportations, adding his own endorsement: “This is the way.” The moves come as he simultaneously stokes far-right culture wars across the West with impunity unmatched in modern corporate history, per Axios.
The juxtaposition of financial triumph and social disruption raises questions about investor tolerance. No major shareholder has publicly objected, but the controversies could pressure SpaceX's future governance or regulatory relationships. The IPO's retail-heavy order book suggests many buyers are undeterred by Musk's behavior.
Critics argue Musk's platform allows him to amplify dangerous rhetoric without accountability, framing his corporate and political personas as inseparable. Investors, however, appear focused on SpaceX's valuation rather than its founder's antics.