⚠ A Method You Cannot Separate From the ManHigh threat

An operating system imprinted by one founder faces an obvious test: can it run without him? SpaceX has never had to find out. The velocity, the willingness to bet everything on a hard leap, the engineering culture — all of it flows from Musk's presence and attention, and both are increasingly divided across several companies and a loud second career in politics. The company has strong operators beneath him, but the method and the man have never been tested apart, and a great deal of the valuation assumes the machine keeps running at full tempo regardless. An operating system that lives in a single irreplaceable person is a moat and a succession problem wearing the same coat — one the IPO prospectus formally discloses as a risk¹.