Space Exploration Technologies Corp. (NASDAQ:SPCX) CEO Elon Musk defended his plan to distribute shares in his companies to the public on Monday. The billionaire owner also hinted that SpaceX’s market opportunity could be significantly larger than the $28.5 trillion estimate outlined in its pre-IPO prospectus.
Elon Musk Touts ‘Future Economy’
User Geiger Capital, in a post on the social media platform X, said that Musk’s move to donate shares to Children will let them “directly own a piece of American exceptionalism.”
Musk responded to the user, agreeing with their take. “Yes, giving shares, which are stakes in the future economy, directly to the people is the way,” the trillionaire Tesla Inc. (NASDAQ:TSLA) CEO said in the post.
Notably, Musk announced that he will provide every child in America with SpaceX shares via Trump accounts next year, saying that it could be followed by more such donations in the future. Dell Technologies Inc.‘s (NYSE:DELL) Michael and Susan Dell had earlier donated $250 to 25 million eligible children via Trump accounts.
SpaceX’s TAM to Exceed $28.5 Trillion?
In a separate post, Musk also addressed the commercial spaceflight company’s Total Addressable Market (TAM), which, in SpaceX’s pre-IPO prospectus, was at $28.5 trillion, with a majority of that market opportunity lying with artificial intelligence pursuits.
User James Cat, in a post on X, hinted that SpaceX’s TAM could be higher than the $28.5 trillion figure. “We were wrong. It is vastly higher than that,” the CEO said in his response. Musk did not provide any further details.
Elon Musk Challenges Jeff Bezos?
Musk, over the weekend, touted the gap or moat between SpaceX and its rivals, saying that the rivals’ plans for the future still lag behind the Starship rocket’s current technology. SpaceX sees competition from companies like Rocket Lab Corporation (NASDAQ:RKLB) and Amazon.com Inc. (NASDAQ:AMZN) founder Jeff Bezos-backed Blue Origin.
Price Action: SPCX shares were down 0.22% to $147.64 during overnight trading on Monday.
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