Elon Musk’s SpaceX is set to potentially make history in a matter of weeks. The technology and industrial giant aims to launch a nearly $2 trillion initial public offering, which would represent the biggest IPO ever. A roadshow is set to begin in the coming days, and a Reuters report indicated that the actual IPO could be as early as June 12.

IPOs aren’t always easy for retail investors to access, but press reports say Musk aims to allot 30% of the shares to retail investors — this is compared to about 5% to 10% in most IPOs. So the SpaceX launch stands out as a big opportunity for non-professional investors.

Now, the question is: Should you participate in the IPO or even buy shares of SpaceX in its early days of trading? Before making any decisions, let’s take a look at what history says about investing in an Elon Musk-backed company…

Musk’s Tesla track record

Elon Musk, the founder of SpaceX, has been involved in many companies — most, however, are private, such as neurotechnology start-up Neuralink. And Musk’s involvement with public company PayPal, where he was a co-founder, ended many years ago. The best example of a Musk-backed company is electric vehicle giant Tesla (TSLA +1.94%) — Musk was an early investor and became the chief executive officer back in 2008.

So, as we consider an investment in SpaceX, it’s worth taking a moment to look at Tesla’s performance. The company launched its IPO on June 29, 2010, and this was clearly in its early growth stages, as we can see through the revenue and loss levels in the chart below over the following two years. At the same time, the stock moved progressively higher.

TSLA data by YCharts

In the years to come, Tesla’s revenue soared, the company reached profitability, and the stock continued to advance.

TSLA data by YCharts

Since, Tesla has seen profit decline from its peak and has faced various challenges from significant competition — particularly in China — to supply chain issues. And regulatory headwinds could weigh on any future introduction of a fully autonomous vehicle. Musk himself has sparked controversy, too, in part due to his involvement in politics, his comments on social media, and even some of his ambitions — such as the goal to establish a city on Mars.

A flair for innovation

Still, many of Musk’s ambitions and his flair for innovation have also attracted investors, particularly since he has scored many wins at Tesla, from an earnings and stock performance perspective.

TSLA data by YCharts

History tells us that investing in a Musk-backed company could produce winning results over time, and many investors clearly have been excited about getting involved in a Musk-led story. We can even see this through the excitement generated by talk of the SpaceX IPO.

Does this mean you should jump into the SpaceX opportunity? Not necessarily. Looking at Tesla is important because it shows Musk’s commitment to innovation and his ability to take ideas from the drawing board and make them a reality that can generate growth.

An important test ahead

That said, Musk has disappointed the market too, recently with the Cybertruck — sales of that vehicle declined 48% last year, according to a Kelley Blue Book report. And he faces an important test in the coming quarters at Tesla amid the challenges I mentioned above. It’s also important to keep in mind that one win — Tesla — doesn’t mean Musk’s next publicly traded company will deliver the same in terms of revenue and stock performance.

So, while Musk’s Tesla track record might be one generally positive point to consider, it shouldn’t be the deciding factor when it comes to investing in SpaceX. Instead, it’s key to look at SpaceX itself and your own investment strategy. For example, if you’re a cautious investor, SpaceX, which must invest heavily to meet goals and is involved in certain unproven technologies, probably isn’t the best choice for you.

If you’re an aggressive growth investor looking for a new tech opportunity, however, buying a few shares of SpaceX may be the right move.

But here’s the best news of all. If we look at history, considering Tesla and quality stocks in general, you don’t have to buy during or right after an IPO to score a win. In general, great companies offer many entry points over time, and investors might benefit by getting in at these later dates and holding on for the long term.