Tesla used to carry all of Musk's premium, but after SPACEX goes public, with 30% super high retail allocation, retail investors—being the biggest contributors to the premium—will shift their focus to SPACEX. Musk's personal wealth focus will also be on SPACEX rather than TESLA, as his shareholding percentage there is much higher. AI + aerospace is already fully integrated into SPACEX. For a long time in the future, TESLA will likely play a supporting role and inevitably face a valuation restructuring.