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Photo illustration: Brendan Lynch/Axios. Photo: Brandon Bell/Getty Images

Elon Musk's trillion-dollar-plus SpaceX isn't a public company yet, but its size and ambitions are already upending the stock market and sparking questions over the power and influence wielded by such behemoths.

Why it matters: The IPO, expected next month, would signal the start of a new AI era for the public markets, potentially valuing SpaceX as much as $2 trillion.