Love him or hate him, Elon Musk is a corporate leader worth watching. And one of the companies in his catalog, Space Exploration Technologies (SPCX +2.60%), recently set a new record for the biggest IPO in history, raising an eye-popping $75 billion in capital and starting its run on the market with a market cap of $1.77 trillion. The funds that the technology and industrial giant raised will go in part toward financing its aggressive expansion of its artificial intelligence (AI) computing capacity.

Shareholders will be keenly watching for evidence that SpaceX’s AI expansion will lead to returns big enough to justify the company’s already lofty valuation. Let’s discuss the pros and cons of the stock, and consider what a $500 investment…