Former Tesla board member says SpaceX needs to achieve 2 of its 3 moonshots to keep its valuation

A former board member of Tesla has stated that Elon Musk's SpaceX must successfully achieve at least two of its three ambitious projects, referred to as 'moonshots,' to sustain its impressive valuation. Speaking with CNBC, the venture capitalist emphasized the challenges ahead for the reusable rocket company as it aims to raise $75 billion by selling 555.6 million shares at a price of $135 each. This funding round would place SpaceX's valuation at a staggering $1.77 trillion, ranking it as the seventh most valuable company in the United States, surpassing Tesla. Steve Westly, who also founded The Westly Group, expressed concerns over the complexity of pricing SpaceX’s upcoming initial public offering (IPO), noting that its three primary business segments are vastly different. In addition to its space exploration initiatives, SpaceX operates the Starlink satellite internet service, which generates the majority of its revenue and is currently the only profitable division. The company has also integrated xAI, which Musk merged with SpaceX earlier this year. Westly remarked, "SpaceX is three moonshots in one company, but I think they’re going to need to make at least two of these moonshots successful to maintain that $2 trillion valuation." SpaceX is already on track to set the record for the largest IPO in history. Speculation is rife that Musk may eventually merge Tesla with SpaceX, as reports earlier this year highlighted a range of shared resources between the two companies. Westly indicated to CNBC that the likelihood of such a merger is high, despite potential governance challenges and public concerns. He stated, "It's going to be a tricky one. There will be a lot of governance issues, but I think there's a good chance that ends up happening."