Reports are swirling this week that Elon Musk’s xAI is raising $300 million at a valuation north of $113 billion. Yes, you read that right. A company barely two years old, with its Grok chatbot only recently available worldwide, is now being priced like a tech titan.

If you take a little step back for a second and look across Musk’s empire right now. It looks to me like he might be about to go full assault on the market.

By that I mean we could be looking at not one, not two but THREE Musk Super IPOs in 2025. Each one north of a $100 billion valuation.

Tesla is already public and has a lazy $1.1 trillion market cap. That may be chump change if Musk’s vision of a robotic future comes to fruition.

It seems as though Tesla is on the cusp a massive rebrand, positioning itself less as a car company and more as an AI and robotics giant. Optimus humanoid bots. Dojo AI chips. Robotaxi ambitions. And a looming pivot toward a complete AI infrastructure and supply chain.

So, if Tesla gets going again (which the whole humanoid robotics discussion I’ll get to further another day) and whips the market into a Musk frenzy, what happens to all his other companies?

Half-a-trillion dollars in IPOs?

If xAI is on the raise, it looks like the next likely candidate for a Super IPO.

Remember in March, Musk’s xAI acquired X.com, the soon to be “everything app” platform, and folded it into the xAI structure. As Musk put it at the time:

“[This acquisition will] combine the data, models, compute, distribution and talent. This combination will unlock immense potential by blending xAI’s advanced AI capability and expertise with X’s massive reach.”

In other words, an eventual xAI IPO would not just be about AI models and infrastructure — it would be about AI-powered consumer platforms too, via X.com’s social network, payments, communications, crypto and massive global reach.

If this IPO lands above $100 billion, as current reports suggest, it sets up an enormous showdown with Musk’s former ally and now bitter rival, Sam Altman at OpenAI. More on that in a moment…

But here’s where things get truly interesting for investors. Musk may not stop with Tesla and xAI (with X.com inside). In the wings, we have:

  • SpaceX, still private but raising money whenever they feel like it,
  • Starlink, the satellite network play, likely to spin out of SpaceX for a standalone IPO.

Line them up and you could be staring at three Musk-connected Super IPOs hitting markets in 2025: xAI (with X.com), SpaceX, and Starlink. If it’s in that order, then I think it’s reasonable to expect them all to be over $100 billion, and soon enough Musk will be the world’s first trillionaire.

But let’s not forget the hate-hate relationship Musk has with Sam Altman.

If Musk lists xAI at a $100 billion-plus valuation, you can bet OpenAI will respond in kind. Their rivalry is as personal as it is professional. Musk was an early backer of OpenAI before relations soured dramatically over its pivot to a for-profit model.

Today, OpenAI is embedded with Microsoft and is leading the public awareness race with ChatGPT. It is also collaborating with Jony Ive on a secretive AI hardware device (which I actually think will flop, unless it’s a humanoid robot).

An OpenAI IPO in 2025 would be a natural counterpunch and Altman would surely aim to eclipse xAI’s valuation simply to needle Musk.

If this all plays out, 2025 could become the Year of the Super IPO, with four $100 billion-plus tech IPOs lighting up markets: xAI (with X.com), SpaceX, Starlink and OpenAI.

Should You Buy Them?

Now, would an xAI IPO be a buy at $100 billion-plus? Or any of the others? To get to a 10x return (which is astronomical in any investors’ book) they’d then need to get to $1 trillion market cap.

Tesla did it, who’s to say all the others can’t?

Well, it’s certainly possible, if all these IPOs hit in line.

And for xAI there’s a pesky business around competition. OpenAI, Anthropic, Meta, and Alphabet are all in the AI model race. Arguably Meta is a far more advanced company in all areas that xAI is…but then again Meta is worth $1.68 trillion, so maybe xAI would be a steal at $113 billion.

The integration of X.com does give xAI a powerful consumer angle — combining social, payments, and AI in one stack. That could prove highly differentiated if executed well.

OpenAI… well, if it lists too, will arguably have the stronger moat today, but may also face more regulatory heat around model alignment, data usage, and its governance structure. And there’s that weird crypto sideshow of Worldcoin that Altman has going that you just know if going to link in with OpenAI at some point and likely the secretive consumer device Jony Ive is working on now.

So, $100 billion, $500 billion, I can see an IPO in that range, and $1 trillion then isn’t all that far away either.

SpaceX? Well of all of these Super IPOs, SpaceX is already the biggest. The last valuation on that was in the ballpark of $350 billion. The thing SpaceX has going for it is that it has no competition.

Bezos and Blue Origin aren’t even close. Maybe the only competition is state-back space programs, but most countries are broke, so spending on space isn’t high on the “to-do” list. SpaceX is certainly a potential market banger.

But I suspect SpaceX would be so big an IPO that it only makes perfect sense to spin out Starlink and Starshield which becomes its own Super IPO? A pure infrastructure growth play with near-universal demand… and thanks to Elon’s time in The White House growing exponentially.

Of course, with something like Starlink you could wait around for its Super IPO. Or you could invest in the companies that Starlink relies on to function and deliver its outstanding service. These companies you can buy now, right in your brokerage account. And if Starlink does launch its Super IPO this year, imagine what those companies could do when a $100 billion-plus IPO hits the market.

I do think that may just be the start of it all too. Four Super IPOs in 2025, ranking as the single biggest year for gigantic IPOs in history. The all-time $100B club is tiny, Alibaba, Saudi Aramco, Facebook, and suddenly four more could join.

I think investors should be salivating at this setup. If Musk and Altman go to war in public markets next year, the level of hype, allocation scramble, and volatility could be spectacular.

I can’t wait to see how it pans out.

Until next time,

Sam Volkering
Contributing Editor, Investor’s Daily