“A SpaceX IPO could lead to some selling pressure on Tesla shares,” said Dmitry Shlyapnikov, an analyst at Horizon Investments who works with portfolio managers. “There are investors that own Tesla for exposure to Elon’s ideas and not for the car company attached to the ticker.”

Elon Musk has become the first person to reach a net worth of $600 billion, driven largely by a surge in the valuation of his private company SpaceX.