The Secret ‘Bank of Elon’ Bet in the SpaceX IPO That Wall Street Is Ignoring

All of Wall Street is waiting for SpaceX to officially go public on Friday…

It will be the biggest stock market debut in American history, with a record $75 billion raised at a $1.77 trillion valuation.

My colleagues and I have been tracking this story for months, from almost every angle…

• We showed you how everyday investors could claim pre-IPO exposure to Elon Musk’s SpaceX company long before its filing went public.

• We covered Blue Origin’s wrong-orbit mishap, which stranded a customer’s satellite and reminded everyone why SpaceX owns the launch market with a 99.5% success rate.

• We wrote in depth about Starlink’s subscriber economics.

• We dug into the xAI supercomputer that Musk built faster than anyone thought possible, which is also the engine behind the merged company’s AI ambitions.

• We’ve even dug into the “Dark Energy” natural gas turbines that Musk is spending billions on to lock in enough supply for his AI data centers.

But today, we’re looking at something that most folks in the financial world are completely missing.

Behind the reusable rockets, the tens of thousands of satellites, and one of the world’s most powerful supercomputers… there’s a hidden, potential multitrillion-dollar business.

X Money Is a ‘Bank of Elon’ Call Option

In SpaceX’s IPO filing, the company doesn’t mention “X Money” by name once. In fact, it only talks about its “Money Product” in vague terms…

We plan to publicly launch the Money Product, which will offer payment, banking and other financial services functionalities, including enabling our users to purchase tangible, virtual, and digital goods from merchants and send money to other users, among other activities.

That compares with 400 mentions of xAI… 381 mentions of Starlink… and 243 mentions of Grok.

So if you buy the SpaceX IPO, you should think of X Money as a “call option” of sorts.

A call option gives you the upside exposure to an asset without paying full price for it today. Buy SPCX, and you own a share of Falcon 9, Starlink, Grok, and the rest. You’ll also own a sliver of X Money, valued at essentially nothing by the vast majority of Wall Street.

But as Luke Lango has publicly predicted in an exclusive interview (transcript here)… this “Bank of Elon” product could ultimately dwarf the profits investors have made on Tesla or even the upcoming SpaceX IPO.

If X Money stays a small payments app… it’ll also likely stay a rounding error on the SpaceX balance sheet. But if Luke is right and it becomes what Musk says he wants it to be, the math changes completely.

And what Musk wants is everything.

As I laid out in my deep dive on Luke Lango’s “Bank of Elon” prediction, Musk’s stated goal is for X Money to be “the place where all the money is – the central source of all monetary transactions.” That points at a potential $480 trillion market and the biggest change to American banking in more than 50 years.

This is something that Musk has been thinking about and planning toward for more than 25 years.

As I recounted in that same piece, biographer Walter Isaacson traced the idea all the way back to 1999, when a 28-year-old Musk poured nearly his entire fortune into a startup called X.com. Isaacson described it like this in his book, Elon Musk:

His concept for X.com was grand. It would be a one-stop everything-store for all financial needs: banking, digital purchases, checking, credit cards, investments, and loans. Transactions would be handled instantly, with no waiting for payments to clear. His insight was that money is simply an entry into a database, and he wanted to devise a way that all transactions were securely recorded in real time. “If you fix all the reasons why a consumer would take money out of the system,” he says, “then it will be the place where all the money is, and that would make it a multitrillion-dollar company.”

X Money is in beta testing now, with Musk stating last week on X that the company was “gradually widening the availability of X Money.”

Musk Is Building an Empire

If you only read the S-1 filing, you’d never know how far along X Money already is. So here are the broad strokes that we discussed in our Bank of Elon coverage…

• X has secured money-transmitter licenses in 46 states plus Washington, D.C. There’s no federal license for moving money in America, so this was a state-by-state slog for the company that is almost finished.

• It signed a partnership with Visa (V), the largest payment network on Earth, to power instant peer-to-peer transfers. Fortune described the deal as a step toward turning X into an everything app.

• It launched FDIC-insured checking accounts through Cross River Bank, the same chartered bank behind Stripe and Affirm (AFRM). Beta users get a metal Visa debit card with up to 3% cashback and 6% interest paid on balances. That’s about 10 times higher than the national average savings rate of 0.6%… On a $50,000 balance, that’s the difference between $3,000 a year and about $300.

• And finally, X Money has a massive potential base of customers… X counts nearly 600 million active users. Convert even 10% to 15% of them and X Money instantly rivals Zelle’s roughly 100 million users, Venmo’s 90 million, and Cash App’s 60 million… which each of those apps spent a decade building.

Step back, and X Money fits directly into a pattern that I’ve been writing about all year.

Musk isn’t really building separate companies anymore. He’s putting together an empire, piece by piece. As I wrote when breaking down his Macrohard AI project:

That merger folded together SpaceX’s rockets and Starlink satellite network, xAI’s Grok model and data centers, and X, the social media platform formerly known as Twitter. Then Tesla invested $2 billion in xAI in January. Now Macrohard formally ties in Tesla’s hardware and computer vision expertise.

That’s a rocket company, a satellite Internet provider, a social-media network, an AI lab, a car company, and now a white-collar automation platform… all ultimately controlled by one man.

Add the money product, and the picture gets even clearer… and potentially even more profitable for investors. As Luke noted when explaining why X Money could be far bigger than PayPal ever was:

Lest you think this is science fiction, just look to China. WeChat – which is also called “The Everything App” – launched its banking features in 2013. Within a few years, nearly 1 billion people were using that app to pay for groceries, invest in the market, split restaurant bills, and send money to family. Mobile payments now account for over 80% of all transactions in China.

Tencent, WeChat’s parent, handed early investors a roughly 20-fold return when mobile banking took hold. And Luke’s argument is that Musk has more users than WeChat started with… more political tailwind… and if you follow Musk’s regular controversies, considerably more audacity.

There’s No Sure Thing With Musk

Now, I’d be doing you a disservice if I made buying SpaceX sound like a sure thing…

SpaceX is trading at an exceptionally steep valuation. It generated about $18.7 billion in 2025 revenue yet posted a $4.9 billion net loss after consolidating xAI’s spending. At $1.75 trillion, treating X Money as a free option only helps if the rest of the business justifies the entry price, and reasonable people disagree there.

That’s a major reason why Luke Lango recently wrote a new special report, titled “How to Make 1,000% From the Bank of Elon,” where he identified 19 public companies that are most critical to X Money’s rollout.

He says that the companies he recommends buying in this report have the hallmarks of the biggest winners he’s ever recommended…

And given that the average return of every portfolio recommendation he’s ever issued since inception is an incredible 102%, that’s quite a pitch.

Learn how to get access to his exclusive report immediately by clicking here to go straight to the subscription page, without watching any sort of video.

Luke says that this is the biggest story in the market today… and as we’ve hopefully made clear in this article, it’s being almost entirely overlooked.