Elon Musk’s companies have been in the news a lot lately.
Starting with Tesla, the company announced during its fourth-quarter 2025 earnings call that it plans to phase out the Model S and Model X by mid-2026, as sales of both have been slipping. It will instead shift some of its focus to humanoid robots as part of a bigger push into autonomy and robotics.
Whether this change will actually boost Tesla’s performance remains to be seen. For now, there are more questions than answers — starting with whether people will actually want these robots and at what price. The same uncertainties apply to robotaxis: will they ever hit the streets at scale, and if so, when?
The market, meanwhile, doesn’t seem too worried about this uncertainty, at least not yet. Tesla shares may have fallen from their all-time highs, but the company is still trading at a price-to-earnings ratio of over 300, meaning investors are paying more than $300 for every dollar of Tesla's earnings...
Another hot topic lately has been the possibility of a SpaceX IPO, potentially as soon as June. In that context, there are even rumors that the company wants to join major U.S. indices like the S&P 500 and Nasdaq 100 shortly after going public, even though most companies usually wait several months post-IPO to show stability and enough trading volume.
Whether these plans will actually come to fruition is still unclear. That said, Musk has been stoking excitement by saying the first self-sustaining city on the Moon could be built within the next 10 years, while a similar project on Mars would take more than 20 years.
Overall, the ambitions across Musk’s ecosystem of companies are enormous. The real question is whether they’ll actually deliver results.
For now, it’s worth keeping in mind that if the U.S. stock market shifts from periodic corrections into a full-blown bear trend — whether due to disappointing AI returns, a more hawkish Federal Reserve, or geopolitical risks — Tesla shares could see a sharp re-rating. In that scenario, SpaceX might also decide to delay its IPO and wait for better market conditions.
On the other hand, if the current risk-on mood continues and SpaceX successfully goes public, its shares could quickly become the market’s next favorite speculative asset, likely bringing elevated volatility from day one, similar to what we saw with GameStop.