The SpaceX IPO is great for Elon Musk and terrible for you.

And if Musk and his bankers have their way, you are going to be their bagholder. The total addressable financial market (TAM) for SpaceX – the amount of revenue SpaceX thinks it could make if won over what it thinks is its entire customer base – was listed as $28. There’s the rumored valuation of more than $1 trillion. SpaceX is a threat. That’s despite the nearly $5 billion in losses last year.