New Delhi, June 29 -- This summer, an absurd company plans to go public at an absurd price. If SpaceX-the rocket-maker, internet provider, artificial-intelligence lab and social network controlled by Elon Musk-raises anything close to $75bn, at a valuation anywhere near $2trn, its initial public offering (IPO) will be the financial equivalent of landing on Mars.

Already the enormous gravity of SpaceX is bending public markets. Nasdaq has changed the rules on how quickly firms are included in its index to attract Mr Musk to the exchange. Some listed companies have become public proxies for its private stock. Most obvious is Tesla. Although it owns just a sliver of SpaceX, the pair share hardware, software and Mr Musk himself. Some analyst...