Space Exploration Technologies (NASDAQ: SPCX) has finally completed its groundbreaking initial public offering (IPO).
The IPO officially raised around $86 billion, with another $25 billion in capital expected Potentially armed with more than $110 billion in cash, expect SpaceX to go on a spending spree
And if history is any indication, this spending should directly benefit another Elon Musk business that most people don’t yet think of as a space stock. This Musk stock will benefit from SpaceX’s IPO Tesla (NASDAQ: TSLA) is an electric vehicle (EV) stock, right? Think again.
The company’s auto sales have declined for several years in a row, yet the business has an impressive $1.2 trillion valuation. That’s because the market no longer values the company strictly as an auto stock. Instead, Tesla is increasingly viewed as an artificial intelligence (AI) business.