Plus, couldn't a theoretical bailout come with pretty onerous terms and focus on just the actual space launch & starlink divisions? It isn't hard to argue that

Plus, couldn't a theoretical bailout come with pretty onerous terms and focus on just the actual space launch & starlink divisions? It isn't hard to argue that they are as critical of a defense contractor as Lockheed. However, supposedly ~80% of the value is AI and Twitter, which certainly aren't in the same category. I agree that stockholders would likely not come out well at all in a theoretical bailout. A bailout would likely involve chapter 11 or something similar, and shareholders would be last in line behind other creditors. They might get additional protection if it looked like the collapse of the company would significantly affect retirement and pension funds, but that hypothetical certainly doesn't give me any additional faith in the stock.