The $2 Trillion AI Bet Just Went Public

So let's start with the $2 trillion question.

SpaceX public valuation here.

So largest IPO, as you mentioned, in history by... leaps and bounds, to be honest with you.

Elon Musk is officially the world's first trillionaire on paper.

And to seal the deal, SpaceX rolled out a satellite the size of a 747 that will run AI up in space.

That was sort of the headline, like sexy, splashy move here, you know, or space data centers.

But what's really powering all of this valuation is actually not out of this world.

It's a little more on the ground.

It

is.

I mean, this was a tremendously large IPO, less than $2 trillion.

We throw the $2 trillion number out, it rounds to $2 trillion.

So, you know, like 1.8 or something.

I think the stock price popped about 20% on the first day.

So it, you know, comes close to $2 trillion.

But they didn't actually sell that much of the company, only about $75 billion raised, which I know you say only for $75 billion.

But, you know, as a percentage of $2 trillion, they didn't actually sell that much stock.

So we'll see how that stock price does as insider lockups expire and you're actually selling more than 4%.

of your company to the public and you see what the price looks like.

But a heck of a thing to have happen and a real vote.

I think people, it just shows you how much pent up demand there is for some public issuance related to AI that isn't NVIDIA or TSMC or one of the traditional Amazon, Google companies, one of these new companies to come out and do something.

And I think a lot of this was AI excitement behind the IPO.

It's right.

And I think one of I mean, we've talked about it before, but one of the easiest things to get excited about is this orbital compute capacity.

So it's basically a 747 that's, you know, up in space carrying things.