At minute 8 of "SpaceX IPO: Nice Try Though" Patrick Boyle mentions some circular finance: some of the banks which lent SpaceX $29 billion in March will be guaranteeing the IPO by promising to buy some shares to stabilize the price. Later he also points out that the banks financing the IPO have to buy Grok services and may be its main paying customers. Musk has done this sort of thing before eg. using Tesla (shareholder-owned) money to buy SolarCity which he partially owned. I knew a serial fraudster who moved to Texas for its business-friendly laws and courts.
He liked the piss-tinged blog post by Cape Fear Advisors and estimates that the Muskrat wants to raise $50-75 billion in the IPO.
It took Kaiser Bill to break the economic power of London and Paris, but the Muskrat thinks he can speedrun that game for the New York City map.