Jun 30, 2026 · 1 hr 23 min · 11 segments
My conversation with the legend Steven Mark Ryan, from Solving the Money Problem. We discuss his strategy to buy SpaceX stock and why he thinks the compute business alone will justify the current…
Steven Mark RyanGuest
Galileo RussellHost
But when people say $2 trillion for $20 billion in revenue, at what point does SpaceX...
How do you justify that as an investor and think about the value and that kind of thing? Because...
I feel like at some point it's like, at what point, at some point SpaceX is overvalued, but it feels like almost, I don't know.
So how do you try and balance that? And how are you rationalizing like why SpaceX is a buy right now?
I'm not just talking about the LLM, but actually the coding agent, which is a result of the cursor acquisition to help integrate my ideas into the spreadsheet, then to gut check them.
So I essentially gave it my kind of foundational assumptions and then say, am I a moron? Explain why or not.
The terrestrial AI compute that's happening right now with SpaceX, it's clear to anyone who's paying attention that they have, I guess you would call it a secret source in terms of their ability to get AI compute online.
Surely the geniuses at Google could have foreseen that they would need AI compute.
They're like the tensor, right? Why are they paying? There's probably something here, right? And why would Anthropic, also who've just raised, I don't know how many tens of billions of dollars, 60 billion or something, why would they be paying SpaceX for something? The answer is because SpaceX has an ability to not only more quickly get AI compute online, they can also do it cheaper.
And most important of all, they can do so coherently at a much larger scale than anyone else.
But when people say $2 trillion for $20 billion in revenue, at what point does SpaceX...
How do you justify that as an investor and think about the value and that kind of thing? Because...
I feel like at some point it's like, at what point, at some point SpaceX is overvalued, but it feels like almost, I don't know.
So how do you try and balance that? And how are you rationalizing like why SpaceX is a buy right now?
I'm not just talking about the LLM, but actually the coding agent, which is a result of the cursor acquisition to help integrate my ideas into the spreadsheet, then to gut check them.
So I essentially gave it my kind of foundational assumptions and then say, am I a moron? Explain why or not.
The terrestrial AI compute that's happening right now with SpaceX, it's clear to anyone who's paying attention that they have, I guess you would call it a secret source in terms of their ability to get AI compute online.
Surely the geniuses at Google could have foreseen that they would need AI compute.
They're like the tensor, right? Why are they paying? There's probably something here, right? And why would Anthropic, also who've just raised, I don't know how many tens of billions of dollars, 60 billion or something, why would they be paying SpaceX for something? The answer is because SpaceX has an ability to not only more quickly get AI compute online, they can also do it cheaper.
And most important of all, they can do so coherently at a much larger scale than anyone else.
The rest of this transcript — segmented and speaker-labeled, so you land on the exact moment something was said
Search every transcript — by keyword, by phrase, or by meaning, across every show Radar indexes
Trends — what is surging across podcasts, measured against its own baseline
Alerts — when a name you follow appears in a newly indexed episode
No account is needed to search Radar.