Editor’s Note: On Tuesdays we turn the spotlight outside of Porter & Co. to bring you exclusive access to the research, the thinking, and the investment ideas of the analysts who Porter follows.
If you’re new to Porter & Co. and want to find out more about The Spotlight you can go here – and if you want access to all past Spotlights you can find them here.
At Porter & Co., we’ve written a lot about Elon Musk – good and bad – and in this month’s Spotlight, Matt Milner is doing something exclusive for our readers.
First, he’s going to take us inside Elon’s Empire… then he’ll reveal how investors like you can get exposure to his extraordinary companies — before they go public.
If you don’t know Matt, he’s a serial entrepreneur who founded and sold technology start-ups to giants like Hearst and worked at Wall Street giants Bear Stearns and Lehman Brothers.
And if you’ve ever imagined what it’s like to be an early-stage investor in Elon’s next company, you need to read Matt’s special report below.
Enjoy.
P.S. After Porter saw Matt Milner’s analysis on Elon’s Next IPO, he recorded a short video exposing one of his biggest “investing screwups” and how you can use his loss to potentially profit from one of “the biggest IPOs of all time.”
You can click here to see Porter’s video.
Never Bet Against Elon
Elon Musk has been getting slaughtered lately.
As the FBI has reported, protesters are targeting Tesla vehicles and dealerships across the country with “arson, gunfire, and vandalism.”
Meanwhile, the media is up in arms about his wild political antics, like waving a chainsaw on stage next to President Milei of Argentina or using his hard-core Twitter-takeover playbook to slash $2 trillion from the U.S. federal budget.
And according to CNN, the 50% nosedive in the price of Tesla stock from mid-December 2024 to mid-March 2025 personally cost Musk billions — $121 billion to be exact.
But I wouldn’t count him out.
In fact, I’d never bet against him. Never.
Because no matter how much the odds seem stacked against him, in the end, everything Elon touches seems to turn to gold…
Musk’s Midas Touch
For example, in 1995, with a tiny bankroll of just $28,000, Elon launched his first company. It was a software startup called Zip2.
Four years later, the dot-com bubble was about to burst. $5 trillion in market value was about to get wiped out from the stock market.
And what happened to Elon’s little internet startup – did it get wiped out, too?
Not even close. Instead, it was acquired by Compaq — for $307 million in cash.
Then he created a new company, a payments startup called PayPal.
With PayPal, Musk had a bold vision to disrupt the traditional banking system — a vision that faced widespread skepticism.
After all, PayPal had to deal with financial fraud and security issues, an unproven business model, regulatory resistance, investor skepticism (the company was literally giving $10 to anyone who signed up), and a rash of legal scrutiny.
PayPal looked like a hot mess.
But in the end, how did things turn out?
Simple: Musk succeeded in his quest to disrupt traditional banking…
And eBay acquired the company — for $1.5 billion.
Then there’s his car startup Tesla, which almost everyone knows about.
But what most people don’t know is that, in 2004, Elon took over Tesla with an investment of just $6.5 million.
Fast-forward to today, and Tesla is worth about $1 trillion.
The thing is, Tesla faced massive skepticism in its early days — from the auto industry, and from the financial markets. A few of the biggest concerns were:
1. Electric Cars Were Seen As Impractical
● Before Tesla, EVs had a terrible reputation for their short driving range, poor performance, and long charging times.
● Many believed that battery technology just wasn’t advanced enough to compete with gas-powered cars.
2. The Auto Industry Dismissed Tesla
● Legacy automakers like Ford, GM, and Toyota didn’t take Tesla seriously. They viewed EVs as a small, niche market.
● Some executives, including Bob Lutz of GM, publicly mocked Tesla. They predicted it would fail, just like previous EV startups.
3. Financial Skepticism
● Tesla lost money for years, so investors thought it would eventually run out of cash.
● Short-sellers bet against it heavily, believing it was overhyped and destined for bankruptcy.
4. Production Challenges
● Tesla struggled with “production hell.” It missed deadlines and faced quality issues.
● Many doubted Musk’s ability to scale production, especially with the Model 3 ramp-up meant to greatly broaden the appeal of the brand.
But once again, in the end, Musk succeeded beyond anyone’s wildest dreams.
Tesla has become one of the most valuable companies on the planet.
And now, despite his temporary challenges with protests and the media, Elon finds himself in the best position he’s ever been in…
And he’s gearing up to crush it once again.
But this time, the stakes — and the profits, for him as well as his investors — could be even higher.
Let me explain.
On Top Of The World
Elon recently made a new best friend:
The U.S. President, Donald Trump.
Jokingly called the “First Buddy,” Elon is currently closer to President Trump than almost anyone outside of Trump’s direct family.
He attends Trump’s private events and dinners, and as The Washington Post confirmed, he’s now a part of “the inner circle.”
In Trump’s “Person of the Year” interview for Time magazine, he said he believes Elon is one of the “only people” in the world with real credibility.
It’s hard to think of a single businessman since John D. Rockefeller who was held in such high regard by a sitting President — and who wielded such immense power with the U.S. government.
You see, as head of DOGE, the Department of Government Efficiency, Elon has become a puppet master, pulling the strings of U.S. policy not just to suit his political views, but to suit the aims of his growing empire.
Given his new political sway in key industries like space, defense, AI, energy, and transportation — in other words, industries where his companies like xAI and SpaceX are playing to win — he’s now in a perfect position to do everything possible to ensure their victories.
For example, look at Neuralink…
Neuralink: The Holy Grail of Human/AI Symbiosis
Neuralink is Elon’s neurotechnology company.
It’s building an implantable, brain-computer interface (“BCI”) capable of translating thought into action.
Launched in 2016, the privately-held venture claims its device will allow people with paraplegia to regain movement and even restore vision to those born blind.
But for Elon Musk, solving brain and spinal injuries is just the first step for Neuralink.
The longer-term goal is what he calls human/AI symbiosis. By better combining human and computer brains, we’re less likely to be left behind as a species.
As he argues, “With a high bandwidth, brain-machine interface, we can actually go along for the ride.”
How might Elon’s new role as First Buddy help Neuralink succeed?
Let’s look at a few of the main ways:
1. Regulatory Approvals — Neuralink requires Food And Drug Administration (“FDA”) approvals for its human trials, and for broader medical applications. His government influence could help streamline challenging regulatory hurdles and accelerate approval processes.
2. Government Contracts and Funding — Agencies like the National Institutes Of Health (“NIH”), DARPA (Defense Advanced Research Projects Agency), or the Department of Defense could provide grants, contracts, or partnerships for BCI research — particularly in areas that Elon is interested in, including prosthetics and AI-human integration.
3. Military and National Security Applications — The U.S. military is interested in BCIs for their high-tech applicability in such areas as cognitive enhancement, battlefield communication, and medical rehabilitation. With Musk’s influence, Neuralink could potentially secure government defense contracts.
4. Legislation Favoring BCIs — Musk’s influence could potentially shape government policies around brain-computer interfaces, ensuring favorable regulation, and potentially securing tax incentives or funding for neural-tech research.
5. AI and Data Policies — Neuralink’s future depends on AI advancements. Musk’s influence could steer critical areas such as AI regulations, intellectual-property laws, and data privacy rules to benefit his company.
6. Medicare and Insurance Approval — Neuralink aims to treat neurological conditions like paralysis and epilepsy. Government backing could get his device covered by Medicare and insurance providers, making it more widely accessible.
Bottom line: with Musk’s new political influence, he’s able to position Neuralink as a leader in the brain-tech space — with fewer regulatory concerns, and fewer financial barriers.
But Neuralink isn’t the only company in Elon’s empire that’s set to thrive thanks to his newfound political power…
xAI: Targeting A $15.7 Trillion Market
Founded in 2023, xAI is Elon’s artificial intelligence company.
Artificial intelligence — commonly called AI — refers to a type of technology that’s essentially human-like in what it can do.
Just like a person, AI can perform super-complex tasks — like reasoning, decision making, or creating.
The thing is, we’ve reached the moment in time when AI is advancing exponentially. And these advances are transforming every industry —
From healthcare, where AI is diagnosing disease and saving lives… to futuristic sectors like self-driving cars and humanoid robots.
That’s why so many of today’s top business leaders, like Microsoft CEO Satya Nadella, believe AI will be bigger than the internet, bigger than mobile, bigger than cloud computing.
These are trillion-dollar industries. And AI is expected to be bigger than all of them, combined.
Add it all up, and global consultancy PwC says that in a few years AI could be worth $16 trillion.
How might Elon’s role as First Buddy help xAI succeed?
Let’s take a look at a few of the main ways:
1. AI Regulation and Policy Favoritism
● Musk has been highly vocal about AI safety and regulation. With his new influence, he could help shape AI policies in ways that benefit xAI, while imposing restrictions on competitors like OpenAI, Google DeepMind, and Anthropic.
● He could advocate for regulatory frameworks that favor xAI’s approach to AI safety and transparency
2. Government Contracts and Funding
● The U.S. government, including agencies like DARPA, the Department of Defense, and NASA, invests heavily in AI for defense, intelligence, and space applications. Musk’s connections could help xAI secure lucrative government contracts.
● AI models for cybersecurity, surveillance, or autonomous military decision-making could be areas of interest
3. AI and National Security Applications
● If Musk aligns xAI with U.S. national security interests, his company could gain access to classified datasets, supercomputing resources, and strategic partnerships.
● xAI could be positioned as a key player in AI-driven warfare, intelligence analysis, or space exploration.
4. AI and Big Tech Antitrust Battles
● Musk has criticized OpenAI’s ties with Microsoft and Google’s dominance in AI. With government influence, he could push for antitrust actions against these companies, potentially creating more market space for xAI.
5. Data Access and Infrastructure Support
● AI companies need vast amounts of high-quality data and computing power. If Musk influences policies on what’s called data-sharing laws, xAI might gain access to government datasets, thus boosting its AI training capabilities.
● xAI could also benefit from federal incentives for AI supercomputing infrastructure.
6. Space and AI Synergies with SpaceX
● Musk could push for AI-driven advancements in space exploration, satellite networks, and robotics, securing government backing for AI projects integrated with his SpaceX and Starlink companies.
● xAI’s models could be used for autonomous spacecraft navigation, Mars mission planning, and deep-space AI research
7. AI Safety and Public Perception
● Musk often warns about AI dangers. If he influences government messaging, he could steer public discourse toward xAI’s approach as the safest alternative, giving it a competitive edge
Once again, the bottom line here is that Musk’s political influence could help him position his own company — in this case, xAI — as the leader in a massive, fast-growing sector.
But xAI and Neuralink aren’t the only companies in Elon’s empire that are set to thrive thanks to his newfound power…
The Crown Jewel Of Elon’s Empire
I’m referring, of course, to SpaceX.
In case you’re not familiar with it, SpaceX (Space Exploration Technologies Corp.) is Elon’s aerospace manufacturer and space transportation company.
Its mission is to reduce the cost of space travel and make life multiplanetary, primarily by developing reusable-rocket technology and planning for future Mars colonization.
The thing is, SpaceX has revolutionized the space industry in multiple ways, thereby making it one of the most important and innovative companies in aerospace history.
Here are a few of the main reasons it’s such a game-changing company:
1. Reusable Rockets – Cutting Costs and Changing the Game
● Before SpaceX, rockets were single-use, making spaceflight extremely expensive.
● SpaceX developed reusable rockets (the Falcon 9 and the Falcon Heavy), so the rockets could land and then be re-used multiple times.
● This approach reduced launch costs dramatically — from hundreds of millions per launch to just $62 million per launch.
2. Falcon 9 – The Workhorse of Space
● This is the first orbital-class rocket capable of reusability.
● It’s now enjoyed hundreds of successful launches for NASA, commercial satellites, and international clients.
● The Falcon 9 dominates the commercial launch market.
3. Falcon Heavy – The Most Powerful Rocket (Until Starship)
● Capable of carrying 140,660 pounds to orbit — second only to NASA’s Saturn V.
● Can send missions to the Moon (and beyond!) at a fraction of the cost of traditional rockets.
● Famous for launching Elon Musk’s Tesla Roadster into space in 2018.
4. Starship – The Future of Space Travel
● 100% reusable, designed for Mars colonization, Moon missions, and deep-space exploration.
● Largest rocket ever built. It’s nearly 400 feet tall.
● Will replace Falcon 9 and be used for NASA’s Artemis Moon missions, and eventually, human flights to Mars.
5. NASA Partnership and Crew Dragon – Bringing Astronauts to Space
● SpaceX became the first private company to send astronauts to the International Space Station (“ISS”) in 2020, with Crew Dragon.
● Ended U.S. reliance on Russian rockets for astronaut transport.
● Regular crewed missions under NASA’s Commercial Crew Program.
6. Starlink – Global Internet Revolution
● SpaceX is deploying thousands of satellites for Starlink, a high-speed satellite internet service.
● Provides internet to remote areas, disaster zones, and has become critical for global military applications.
● Could generate billions in revenue to fund Mars missions.
7. Interplanetary Ambitions – Colonizing Mars
● Musk’s vision is to make humanity a multiplanetary species.
● Starship is designed to carry humans and cargo to Mars, aiming for permanent settlements.
● First Mars missions could happen in the 2030s.
Simply put, SpaceX is crushing it.
Even Elon detractors like The New York Times are jumping up and down about it — although they tend to spin the stories to reflect how Elon is using his political influence for the benefit of his companies.
For example, as the Times reported last week:
Musk Is Positioned To Profit Off Billions In New Government Contracts
Within the Trump administration’s Defense Department, Elon Musk’s SpaceX rocketry is being trumpeted as the nifty new way the Pentagon could move military cargo rapidly around the globe.
In the Commerce Department, SpaceX’s Starlink satellite internet service will now be fully eligible for the federal government’s $42 billion rural broadband push, after being largely shut out during the Biden era.
At NASA, after repeated nudges by Mr. Musk, the agency is being squeezed to turn its focus to Mars, allowing SpaceX to pursue federal contracts to deliver the first humans to the distant planet.
And at the Federal Aviation Administration and the White House itself, Starlink satellite dishes have recently been installed, to expand federal government internet access.
Elon’s Empire
With his constellation of extraordinary companies, Elon is building the leading empire on the globe.
And like many investors who focus on the private markets, we believe these companies will soon go public — and make Elon the world’s first trillionaire.
The thing is, Elon has a habit of taking his early investors along for the ride, and making them wealthy beyond their wildest dreams.
That’s why, for the month of April, I’m planning to do two things for Porter & Co. readers:
First, I’m planning to share all the details of the companies in Elon’s Empire, from Neuralink to xAI to SpaceX.
And secondly, I’ll be revealing how investors like you can get exposure to these extraordinary companies — before they go public.
So, stay tuned for next week’s email but in the meantime, check this new video I just released, with Porter, on the ticker symbol that lets you grab a pre-IPO stake in Elon Musk’s biggest, most ambitious project of his life.
Happy investing,
Matt Milner
P.S. As you learned today, no matter how much the odds seem stacked against him, everything Elon touches seems to turn to gold.
So, if you can’t wait to learn how to get investment exposure to Elon’s pre-IPO empire, click here.