SpaceX is, of course, one of Elon Musk’s companies, and much of the credit for the mega-IPO will go to him. But those in the know are aware that it’s Gwynne Shotwell who has been responsible for years for much of SpaceX’s day-to-day operations, growth, and strategy. The company’s ambitions now encompass rockets, satellites, and AI after a merger with Musk’s xAI.

Shotwell was SpaceX’s 11th employee, joining in 2002; she’s now its president and COO. At 62, she’s worked in the space business for almost 40 years. Last year, she ranked No. 49 on Fortune’s Most Powerful Women list.

She doesn’t often participate in media interviews, but she gave a rare interview to Time that was published in full two weeks ago. It was conducted shortly after SpaceX’s February merger with xAI, which gave it a $1.25 trillion valuation that set the stage for its IPO price tag.

Shotwell seems to exude a certain kind of humility and, in this interview, even talk down her own role at SpaceX at times. Of the merger, she said, “So these are Elon companies. Elon makes these kinds of decisions. As soon as we started talking about it, I was incredibly supportive.” Of the integration of AI with SpaceX’s rocket business, she said, “I mean, that was part of the reason for the merger. Elon is such a visionary. But even I was seeing that AI is going to play an increasingly important role at SpaceX.” Of her role in the new entity, she said, “It will morph over time, which is how my role has always gone. I want to be helpful to Elon [Musk], so I can be helpful and add value.” But she also says: “He gives me the freedom and flexibility to do my job. He’s not super hands on.” Time called her one of the most powerful people in space and AI and she said, “Oh, yeah, I never think of myself that way. In fact, I always chuckle with the powerful lists that come out.”

Yet here’s how the WSJ described Shotwell in January: “Shotwell is a customer emissary, a diplomat for an increasingly global company and the top day-to-day leader of a group of executives who have bought into its intense culture. With many government leaders, she serves as a Musk translator.”

Time asked Shotwell about the then-expected IPO and what she will navigate afterwards, and she said, “I’m not really supposed to talk about the IPO in any way, but I’m actually looking forward to it. It’s a new thing, kind of a new set of methodologies to run companies. So I’m excited about it.”

As SpaceX’s filings become public, we will learn a lot more about the business that Shotwell has been running—and exactly how important she will be to its future.

Emma Hinchliffe
emma.hinchliffe@fortune.com

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