Honestly, this is exclusively about money. xAI and X were complete money pits, Tesla's brand was tarnished and SpaceX was the only remaining untainted brand but it has an obvious problem.
Starship didn't turn out to be the obvious victory that Musk had in mind. He basically threw away the Falcon 9 mindset of incremental progress and is instead trying to use a completely different methodology on what amounts to be a vertically stacked shuttle.
Just look at the first thing SpaceX did after selling more than $60 billion worth of shares during the IPO: They borrowed another $20 billion to turn the junk bonds (11% to 16%) from X and xAI into lower interest (5%) long duration (2030s to 2040s) debt. They're probably saving a billion USD per year just from the debt restructuring alone and the IPO lets Musk keep funding the endless money pit that Starship represents.
Starship didn't turn out to be the obvious victory that Musk had in mind. He basically threw away the Falcon 9 mindset of incremental progress and is instead trying to use a completely different methodology on what amounts to be a vertically stacked shuttle.
Just look at the first thing SpaceX did after selling more than $60 billion worth of shares during the IPO: They borrowed another $20 billion to turn the junk bonds (11% to 16%) from X and xAI into lower interest (5%) long duration (2030s to 2040s) debt. They're probably saving a billion USD per year just from the debt restructuring alone and the IPO lets Musk keep funding the endless money pit that Starship represents.