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Today on Forbes, SpaceX left California. Its IPO payday did not.

Elon Musk loudly quit California after years of attacking its taxes, politics, and business climate,

moving SpaceX to Texas. Now the biggest fiscal event of his career could hand the state he trashed a giant tax windfall anyway.

That is the awkward punchline hanging over SpaceX's expected IPO this week.

Because while the company's relocation gave it a new Texas headquarters,

it did not move the thousands of soon-to-bey SpaceX employees who still live and work in the Los Angeles area and will face California's so-called millionaires tax.

Texas, which doesn't tax personal income, won't get that bump.

SpaceX is preparing to sell 555.6 million shares at $135.35 dollars apiece,

raising about $75 billion and valuing the company at roughly $1.77 trillion. For investors,

that is a Mars shot valuation. For California, it is a Mars-shot valuation.

For California, it is something more terrestrial, taxable income landing in Los Angeles County.

SpaceX, now headquartered in Boca, Texas, said in its S-1 filing that it employs more than

22,000 people worldwide, including staff at Artificial Intelligence Company

XAI and social media platform X.

While it didn't disclose how many work at its former HQ in Hawthorne, California, that

...