Max Chafkin, Bloomberg Businessweek columnist, compares the SpaceX IPO to Tesla's 2010 IPO, noting that Elon Musk was more popular then without the current political polarization. He argues the AI story has swamped everything else, and the S-1 clearly states the entire plan depends on Musk. He also notes that US federal contracts are about 20% of SpaceX's revenue, and that Musk's political alignment may have been crucial for the IPO's success. He draws a parallel between SpaceX's legacy launch business (a near-monopoly) and its futuristic AI/data center ambitions, similar to Tesla's split between auto sales and robotaxi/humanoid robot dreams.