Elon Musk’s SpaceX is facing mounting pressure as it prepares for its highly anticipated initial public offering (IPO), with some advocacy groups echoing the same tactics that previously saw Tesla lose $600 billion in market capitalisation. Randi Weingarten, president of the American Federation of Teachers, has penned a letter to the US Securities and Exchange Commission, calling for heightened scrutiny over SpaceX’s IPO preparations.

The union hopes to ensure full disclosure and fair treatment of investors, citing concerns about the company's business plans that may rely on non-existent or speculative technologies. Weingarten also expressed worries about the thoroughness of accounting practices and the adequacy of the board of directors.

Activists are taking a page from their Tesla playbook, urging potential investors to boycott SpaceX’s IPO. The loosely organised activist group Divest From Tesla argues that Musk will use the influx of cash 'to sow seeds of chaos and fascism,' much like he did with Tesla. Such concerns extend beyond just the union; pension funds in Denmark and Pennsylvania are also reviewing their stakes in the company.

While SpaceX hasn’t officially commented, its CEO, Elon Musk, has previously spoken about his vision for space as 'life insurance' for humanity, aiming to establish colonies on other planets. However, with a looming IPO and activist pushback, it remains unclear whether these plans will be realised despite the company's eye-popping valuation.

The success of similar campaigns against Tesla indicates that activists are not backing down from their efforts. Whether they can stave off this latest IPO bid is in question, but the ongoing saga may yet shape both space travel and broader corporate governance.