Limitless Podcast - The SpaceX Investment Thesis: Where We Are Now

Episode Date: June 18, 2026

Today we're following up on SpaceX’s public debut, its sharp rise in valuation, and whether the move signals a major opportunity or an AI bubble. With the small share float, the upcoming unlock schedule, and the possible impact of added supply on volatility, the stakes are only going to get higher.We also touch on SpaceX’s reported $60 billion acquisition of Cursor and its connection to AI development... And the big debate: is SpaceX better suited for short-term traders or long-term holders?------🌌 LIMITLESS HQ ⬇️NEWSLETTER:    https://limitlessft.substack.com/FOLLOW ON X:   https://x.com/LimitlessFTSPOTIFY:             https://open.spotify.com/show/5oV29YUL8AzzwXkxEXlRMQAPPLE:                 https://podcasts.apple.com/us/podcast/limitless-podcast/id1813210890RSS FEED:           https://limitlessft.substack.com/------TIMESTAMPS0:00 SpaceX IPO Shockwave2:31 Massive Unlock Ahead6:38 Cursor Deal Explained9:51 Float and Sell Pressure13:25 Who Sells First?15:24 Six-Month Price Outlook18:24 Long-Term Bull Case20:26 Trillion Dollar Revenue22:11 Elon’s Bigger Vision26:35 Competitors and Closing Thoughts------RESOURCESJosh: https://x.com/JoshKaleEjaaz: https://x.com/cryptopunk7213------Not financial or tax advice. See our investment disclosures here:https://www.bankless.com/disclosures⁠

Four days. That's how long SpaceX has been a public company. And in those four days, it's broken just about every single IPO record that there's ever been. It blew past Amazon and Microsoft's valuation, reaching a $3 trillion valuation. It is the fourth most valuable company in the world. But Elon also became the world's first trillionaire. He made more money in one day than Warren Buffett has made in his entire life. Just absolutely insane. The stock itself, the price, is already 50% above its IPO price, and they've already made their first acquisition. $60 billion to acquire cursors to become the number one frontier AI lab.

But it's not all unstoppable for SpaceX right now. Only 4% of the stock supply is available to purchase, and the company is valued at 107x its earnings. This is the largest gap that we've seen for any Mag 7 company or top Fortune 500 company, and there's an aggressive unlock schedule, which we'll get on later in the episode. But the number one question that's on my mind, and I'm sure a lot of your minds is, is SpaceX the investment of the century?

Or is this the strongest signal that we are in an AI bubble? Well, according to Elon, it is. Right. He just posted that they're going to have a trillion dollars of revenue by the end of the decade. That is going to be a tremendous amount of upside. And retail seems to agree. I was looking at this chart just before we started recording that showed over the last two trading sessions, retail investors bought nearly as much SpaceX as every other single U.S. stock combined.

And it's been amazing. The first day of trading, it was up, what is the 20%, second day, 20%, third day, 5%. Today, as we're recording this is up another 5%. The thing has been up only. It eclipsed a $3 trillion market cap, making it the fourth most valuable company in the world over Microsoft. I mean, look at this chart. It's crazy. We have Nvidia, Alphabet, which is Google, Apple, SpaceX, and Microsoft in the top five. It's unbelievable that this new company comes on the scene and is immediately among the top five. And it has been doing really well for good reasons. There's a very strong outlook on revenue, on guidance, on the actual company. But man, like you said, EGES, it's very expensive.

And there's a lot to get into with this as it relates to how expensive this is. But it's a double-sided sword because this premium that the stock has allows it to do really interesting things. Like, for example, purchase a company for $60 billion, effectively for free. And that has some upside for the stock as well. So there's a lot of really exciting things that have been happening with SpaceX. It's doing well. I think the answer that I want to give by the end of this episode is, should you be investing in this now? And what is our kind of forward outlook?

So let's get into what exactly happened. On Friday, they IPOed 555.6 million shares were released for trading. That's around 4.3 to 4.7 of the entire share supply. So not that much. And we'll get into why that might be problematic later, but at a fixed price of $135. Now, immediately upon listing, it hit $160. And by the end of trading on Friday, I think it was sitting just above $200. And then like you mentioned, it's been on a subsequent run that has put it just around

50% above its IPO $135 price. Now, this is absolutely insane because, as I mentioned earlier, there's a large discrepancy between what SpaceX generates as a company. Just last year, they generated around $15 to $18 billion. Now, it's positioned above Amazon and Microsoft, but above Amazon, which comparably generated, I believe, $770 billion last year, of which $80 billion was actual revenue that they earned. Compare that to SpaceX, they lost $4.9 billion. So the multiples are kind of like reaching for a moment, but it was the most insane wealth-creating

event ever. Over 4,400 SpaceX employees became millionaires, with I think well over 100 of them earning a hundred million dollars just from this singular event. Elon himself, as I mentioned, became the world's first trillion air. And of course, his wealth is mixed up in a lot of different companies, but now SpaceX, his baby, formerly it was Tesla, has now become his main source of value creation. So the question in everyone's mind is, what are you going to do with all this money? Now, there was an option that we spoke about a few episodes ago around SpaceX potentially acquiring this different company that will allow them to leapfrogram become a frontier AI lab.

Turns out that's exactly what Elon did. Yeah, it's pretty amazing how they effectively got it for free. When I think about acquisitions that were made, we can remember the X acquisition of Twitter at the time and how it was considered to be this humongous amount of money for 40-something billion dollars that was spent. Cursor just got acquired for $60 billion. And we have to give congratulations in order first to the four co-founders who are now worth over $5.5 billion each.

Allegedly, we have a great photo, actually, of them if we could show. Because these are not, they're not like grownups. These are young people. They're in their 20s. They're kids. And they're all multi-billionaires. So to these four people on the screen,

congratulations, you have permanently escaped the underclass for life. And for probably the next 50 generations of life. You've created an incredible product. Congratulations. So Elon bought it. And the way that they bought it was really interesting. interesting. And also just some backstory for those that don't know. Curser is that thing that we talk about a lot called the harness. It is basically the operating system, the body that will

embody the GROC and the XAI, and probably cursor models in the future. So Curser, incredible company, really a remarkable comeback. And Elon essentially was able to acquire them for free. How? Well, if you remember back earlier this year in April, SpaceX locked up an option to either pay $10 billion for a partnership or by the whole company for $60 billion. At the time, at the time, time, SpaceX stock was not that high. It was still private. It was maybe sub $100 at the time or just above $100, whatever it may be. Fast forward to today, that stock is now worth $211. Each stock is worth so much more than it was at the time. What effectively, what that means is because they're buying this in all stock, it allows them to basically just grant a significantly less amount of stock to these founders

because the price is so much higher. So that option that they paid for earlier in the year is really paying off dividends, and the results is that they got a really steep discount on buying cursor, because if they would have bought it just a couple months earlier, the price would have been over double effectively. Yeah, so Elon basically bought this amazing frontier AI lab with an inflated currency that was SpaceX stock. And the way he was able to do this was because there's only a 4% float supply for the shares itself. Now, I just want to talk about the option very quickly. It was $10 billion that cursor would pay them if they decided to not acquire. acquire cursor, and they had 30 days. SpaceX had 30 days from the start of the IPO to decide

whether they wanted to acquire cursor or not for an all-start transaction or whatever that might be. Elon exercised that within day four, or actually day three. That was yesterday. This happened yesterday. So he just acted very quickly, and the reason for this is it's not just cursor's harness on its own. So for any of you who have used cursor, it's probably the first product that you interacted with to start vibe coding different types of products. It's the thing that are, made vibe coding a very viral thing. At one point, Cursor, the product itself, accounted for 40% of Anthropics coding usage for Claude specifically. This was before Claude Code became like a viral sensation itself. So Cursor at the time, I think, was making around 1 billion ARR, and now it's

like making between 2 to 3 billion ARR. So a really good purchase. But the point is, like, Elon was able to acquire it using stock at an inflated price, which effectively makes it free. Now, get this, $60 billion that Elon just spent to acquire this AI company is more money than Elon spent on SpaceX for rockets over its entire lifetime. So SpaceX, the company that was built to create rockets and effectively become the highway to space just spent the most amount of money acquiring an AI lab. Now, obviously this makes sense because they merged with XAI. The whole idea is to put data centers out in space to train GROC, which is contained within XAI. Curse has an amazing product that basically allows GROC to become a super coding model and allow it to

compete with Anthropic. They already proved this with the recent Composer 2.5 model, which Cursor released. And Michael Truel, the founder of Cursa, actually spoke on a panel or on a presentation yesterday where he said, they've actually trained a foundational model that is releasing in the next few weeks that's been trained from scratch. Typically, Cursor's models have been fine-tuned on top of a Chinese model, but trained from scratch, and that's definitely GROC itself. So TLDR, SpaceX is going to come up with a frontier AI model after this acquisition released in a few weeks. So it is a huge win to acquire a company like this. Yeah, and that's not even the most interesting thing about it.

It's amazing how many different pillars that exist with this company. And I think one of the things you mentioned was how much money they spent and how much money they've raised. And I want to highlight a few key numbers with the cumulative spend versus the IPO raise. They raised $85 billion in this IPO. For reference, they spent $15 billion on the entire Starship program. When you think about the Starlink program that is running a global constellation of satellites that's beaming down internet to Earth with lasers, they spent $20 billion on that. The total between Starship, which is the Martian rocket that's going to go build this base on Moon and Starlink, the global internet provider, is $35 billion. They raised almost triple that in money. And that means that the scale and the scope of

what they're going after is just so huge. But before we get into the grand scheme of things, we have to talk about the price now because that's what everyone wants to know about. That's what all the interest is about. And I think to do that, we should start with the share flow, which is an important thing that I'm not sure a lot of people have really kind of focused on or are really aware of. So basically, when a company is traded, there are a certain amount of shares that are available to be traded on a public marketplace. In the case of SpaceX, this number is actually very low. It comes out to about 4.2 to 4.3% of the total shares being actually tradable.

What does this look like? Well, yesterday during the trading session, I think half 50% of all the shares traded hands in a single trading session. There's not a lot of liquidity. I shouldn't say that. There's a lot of liquidity, but there's not a lot of shares to be pushed around. Meaning, if there is more demand, it is able to push the price higher, much quicker, because there's less of that float that it needs to change.

turn through. As a result, the stock has done very well and hasn't met much resistance. I mean, every day it's been seemingly up only. When does this change is the question? Because right now, there's a very little amount. There's a lot of hype and demand. But there is a very clear and perhaps concerning unlock schedule in which that float is going to grow to be much larger than 4%. Yeah. Listen, like, I'm a SpaceX ball. I bought stock at IPO. I will be holding the stock for a long time, I believe in Eon being able to pull this off, but you can't ignore the mechanics. Now, I have a visual on the screen right now. If you're listening to this, I'll explain it to you. Right now, around 4.2% of the stock supply is available to trade. So that's what is available

on the market. That's why the price is so volatile and is going either up or down, mainly up, over the last few days. Over the next 90 days, 4.4X, the entire current flow, so that's 2.4 billion shares will get released onto the market in a staggered way. And this releases from friends and family that invested earlier, as well as early investors, such as funds or institutional funds that got access to invest in SpaceX's earlier rounds. Now, over 180 days, which is basically six months, you'll have a total of 56% of the supply released. So that is this year. By the end of this year, you have an additional 56% of the current float that is being traded. That is TLDR a ton of money.

And so the main question on everyone's mind is, where is this money going to come from? You need money to absorb that supply release in order to maintain the current price that we're looking at. So if we're looking at like, say, a $220 a price per share, you're going to need multiples more of the current money that is in the flow, in the supply right now to just prop up that price, not even to send it higher. So the concern here is this is a very abnormal unlock schedule. This is not particularly normal. I'll show the step ladder over here. Typically, when a company IPOs, the IPO around 40 to 50% of the available supply,

and then the rest unlocks after a one-year cliff. That's typically the standard that everyone's shown. With Elon's IPO, with the SpaceX IPO, everything has pretty much changed. For the unlock schedule, it happens a lot sooner and a lot more frequently. but equally on the buy side of things, and I think this is important to point out, Elon has been able to wrangle a very effective,

call it a scheme, where you have a lot of the pension funds, the S&P 500 purchases, the people that buy these indexes from pension funds and other sort of instruments, that will have this constant buying pressure on SpaceX's IPO. So the balance of these two

will effectively determine what that ultimate price is going to be, but right now it's looking pretty intimidating. Yeah, well, to say that it needs to absorb the cell pressure is implying that there will be cell pressure. And I think it's also important to note who the people are who are currently locked up. If your shares are locked up, you are an insider, you are early in SpaceX, you are in the green. So there is a high probability that there is some sort of incentive and urge to want to sell to take your money off the table. And by December 9th of this year, about 60% of all the shares will become available, with the remaining 50% or 40% being available in June of 2027.

So there is a very clear projected path to a lot of potential cell pressure. Now, I think it's important to note the types of people that are invested in SpaceX and the people that share the vision of SpaceX being very bullish and very long term. A lot of these investors invested in Elon the founder. They invested in SpaceX the Deca trillion dollar company, not the two to three trillion dollar company. So while there is going to be selling pressure, there's certainly a case to be made that a lot of these early supporters still believe that they're early and are using this as an option

to just continue to hold, to not sell. So while there will be cell pressure, it is not necessarily going to be a bad thing. It is possible, not necessarily. And Elon seems to be fueling this fire. He just posted a few days ago that SpaceX might be able to reach approximately $1 trillion in revenue by 2030.

And he would be surprised if it were not above $1 trillion by 2013. A trillion dollars in revenue is unheard of. No one makes a trillion dollars of revenue. If SpaceX just trades at 10 times their revenue, they're trading at a $10 trillion valuation. That gets you there in four years. So there is this very clear bullcase based on these pillars that they have between Starlink and Starship and selling their AI compute and just owning their own AI infrastructure

through the acquisition of cursor and through their data centers that they have. That makes it incredibly compelling for people who maybe if you're investing over the next six months could be rocky, but that like multi-year trajectory still seems to be like very optimistic and very bullish. Yes and no. I do want to try and like ground it a little bit, which is like, okay, let's go back to this chart, right? Effectively on like day one, you've got around like $3.7 billion worth of cell pressure. This is like after that initial 90 day period, right? These guys, these early investors that you mentioned, I agree are long-term holders, but they're also up over 100x. If you're up over 100x, you're probably cashing some of this out. Now, there are ways that they

would cash this out. Maybe they don't sell the equity itself. Maybe they borrow against it. There's loads of fancy ways to manage your wealth in that way. And these people will probably exercise some version of that. But I do think there will be some form of sell pressure. And then the main question therefore on my mind is, is there enough hands to exchange that? Now, initially, I think actually there will be. I think there's a lot of retail demand for this thing. I think there was something like $250 billion worth of purchasing power from retail alone, just through the like so Robin Hood and all the retail trading accounts from banks on day one. So there's that. And then there's also the constant buying pressure from the institutions that buy S&B 500 indexes

and stuff like that. So I think it'll balance out eventually, but there is an abnormal amount of potential selling pressure that will come from some of these early investors. And I don't think it's as easy as saying like all of them are going to hold when they're up like massively. So I just want to kind of like put that out there. I'm not a bear in any way. But But there are some contingency plans that probably need to be made. Well, okay. That's fair. So in six months from now, I guess we could look at this.

Like, there's two types of investors maybe we could address here. The shorter term traders that are looking to make money before the end of the year. And then there's a longer term traders that are looking on a five to 10 year kind of scope. So for the six month traders, so the people that want to buy a really nice gift for Christmas, maybe buy a brand new performance Tesla. Tax law. Yeah. Yeah. Should they buy SpaceX?

in order to get there. Do we think it's going to be a bullish, a positive six months? Yeah, honestly, I think there's so much demand for this thing that people will just buy it anyway because the people that are buying it now are probably there for the long term. They know that they weren't able to get involved in some of the private deals. I also think people are going to be staring at the unlock schedules and they're going to think, hmm, okay, I've got until this time, until this amount unlocks. I'll play the game up until there. So I think more of the short-term-minded the things that maybe want to make a trade and be able to afford a Tesla by buying SpaceX stock, probably have a good odds of doing that.

And then you have to assume that the unlock schedule may get front run. People are all aware of it. Everyone's watching these dates. It's going to be an interesting game theory dynamic applied to that. But it seems like things are pretty stable. I mean, this is very expensive. I can very easily see a world in which it trades somewhat near the IPO price, like sub 200 for a while while it just kind of clears through insurance that.

But the longer term, like someone who wants to own this through 2030. say for the next four years. What do you think about that? Oh, I mean, it's the same thesis that I would have with my investment, which is like I think overall SpaceX will be up. But again, not everyone can hold through volatility, right? Like if you see, if you were an Amazon holder, right?

Let's take the company that SpaceX literally just surpassed on day two, right? If you've been holding it for the last three years, you've been in utter hell, right? But the idea is if you look at Amazon's fundamentals, it is absolutely killing it way more than SpaceX, I mentioned earlier, $700 billion last year in revenue, and they made about $80 billion of actual profit off of that. SpaceX comparably made a fraction of that and had a net loss, right?

So the fundamentals don't really make sense, but the people who held Amazon as currently down more than the people who bought SpaceX on day one. So that kind of dichotomy is like kind of crazy to understand. And maybe it's just up to market dynamics and public interpretation. But that being said, if you're on a long term, if you're looking at fundamentals, If you believe that SpaceX will bring the cost of traveling out to space to 200K per launch, then it's an easy bet.

It's a long-term hold. But it's whether you can handle the volatility. That's the main part. That's kind of the advice that I've been giving to friends. A lot of people have been reaching out and asking, like, hey, what do you think about SpaceX stock? And I tell them, if you are comfortable investing long term and just putting your money away and slowly building a position or quickly building a position in a company that you believe in, then it's a great investment, a remarkable investment even.

Because, I mean, companies at the scale continue to do pretty well. And when you think about the companies at the scale and who they're run by, there's none with the more cracked engineering team, leadership team, entrepreneurship team, than SpaceX. When you look at these top five, it's like Microsoft, are you really more bullish on Microsoft than SpaceX, even though they're priced the same? Like when you look at Microsoft what they're working on. Josh, you know this.

No. Yeah, it's like, it's like really when you look at these companies, which companies are going to change the world five years from now and which companies are not. And if I'm just comparing based on market caps, the answer is certainly, not Microsoft. It looks a lot more like SpaceX. And there's a chart that I wanted to show. It looks a little funky on the screen here. You're going to have to work with me here. But basically, there is this presentation by this guy named Thomas Lafant. He's an investor. I saw this on the All In podcast where he was talking about the probability of a company continuing to do well once they reach a certain

valuation. So in the case of a unicorn, the odds of a unicorn going from a $1 billion company to a decacorn, a $10 billion company, is 8%. It's possible, but not probable. The same double in the case that a decacorn goes to a centicorn. So if a company is worth $10 billion, the odds of it going to $100 billion, a 10x multiple, go from 8% to 13%. And then from decacorn, which is 10 billion, to a hundred billion, a centicorn, they almost triple and 30%. So one in three companies who reach $10 billion will make it to $100 billion. And you could see how this chart kind of trends in a very clear trajectory where it's nearly exponential. And you have to assume if a company can reach a trillion dollars in market cap, the probability of it hitting a deck of trillion

dollars is probably double. It's at least 60%. So that means over one and every two companies that have hit one trillion dollars in value are likely to hit 10 trillion dollars in value. And when you look at the companies that are centicorns today, is that what they're called like trillion dollar companies? There's not a ton of them. And when you look at the ones that do exist, the ones that are most interesting, that are most compelling to look forward to in terms of products that they're going to make are companies like SpaceX, our companies like Tesla, who are going to revolutionize what the physical world looks like in a way that we've never seen before. And that's why I'm particularly excited. That's why I am recommending to my friends like, hey,

not financial advice, but I'm very bullish. I'm all in on this company for the next, however, pretty much an infinite amount of time until things change. And that's kind of the reasoning is there's just a high probability that the success they've had will continue. I think with a lot of these companies, it's also, it's just time based and it's based on whether they're going to execute on the entire vision. Like, a lot of us don't actually accurately predict what the world's going to look like six months from now. Like, who knows?

Like, we could have AI models that cost a fraction of what they do today that are frontier that would undercut Anthropic and Open AI and would kind of blow this entire AI bubble up. There's so many different moving factors. Now, with Elon specifically, and I'm talking about Elon and his company, so not just SpaceX, but we're talking about Tesla. They have a huge collective vision to not only build out the number one. one AI company and AI model, but to also own the infrastructure and highway to space,

as well as the world's largest gigafab chip fab on Earth, as well as manage all the humanoid robotic side of things as well, the physical manifestation of AI. Now, those are kind of vaguely the correct ambitions to kind of carve out what the world's going to look like in the future. Now, can one man pull it off between two or three companies? That remains to be seen. His track record so far has proven that he is able to scale hardware from zero to one. He is yet to prove it with software specifically, and this cursor acquisition, I believe, is going to be a good test of that. And then following that, it's whether he is able to, like, merge all of these together. A lot of that is going to be based on time. And so, unfortunately, or fortunately, a lot of this is

going to be speculation. It's going to be here, say, until we actually see the goods. And we're not going to see some of the goods until as early as maybe a few weeks for the new crop bottle, but a few years in terms of like space travel, putting AI data centers in space and training frontier models for a fraction of the cost. So it's going to be a time thing. If you're patient, if you're a long-term investor, then buying SpaceX stock at any price right now

kind of makes sense. But if you want to be more strategic, again, not investment advice, but the way that I would kind of like approach this is just kind of like purchase in chunks over time, over the next six months, there will be, again, 54% of the supply, 50% to 60% of the supply unlocked by the end,

end of the year. That's a lot of supply. There'll be a lot of volatility. Right now, we've seen the volatility go up for the price, but it'll equally go down as well, is my expectation. So just be careful out there and, you know, make sound decisions. That's it. Yeah. I'm going to be hyperbolic again like I have been and just continue to say that Tesla and SpaceX will be the most valuable company in the world. It's like I'm looking at this list right now. And there's Nvidia, Google, Apple, Microsoft, Amazon, TSMC, Broadcom, Saudi Aramcoe, Samsung, and Tesla. And when you think about those companies and the products they're going to make and the future trajectory of them, none of them are even close to, one, the operational capability in the terms of like physical

hardware. And then, too, just in terms of leadership and what the people have actually been able to accomplish. And when you consider a world in which SpaceX and Tesla get rolled into a single entity and those are competing against Nvidia, who's currently the most valuable company in the world, that's like, come on. It's like, it's like not even close. And a $10 trillion dollar valuation in that world seems bearish. I'm like, 10 trillion? Dude, they're going to hit a trillion dollars in revenue just with one of those two companies four years from now. If it's trading at 100 times the revenue, that's like, I mean, the numbers get pretty large really quick. And I think this is an important thing to note that this has happened many times in the past. I mentioned Saudi Aramcoe currently

sitting at number nine. At one point in time, it was the most valuable company in the world by far. And that was the ceiling of the perceived market caps that a company could reach. It's like, okay, Saudi Ramco is number one. Let's say Apple, for example, surely Apple can't be worth more than Saudi Ramco. They make oil. They power all the energy of the world. The reality is that Apple released the iPhone, Apple became the new most valuable company in the world, and they quadrupled Saudi Ramco. And the perceived ceiling of what these companies are able to reach in terms of market cap continues to go up as they continue to unlock new value in the world. And what company is more likely to unlock more value than one that is exploring both domestically but also interstellarily? And I know,

it's just, it's an exciting company to bet around. There is an incredibly compelling case for a really fun and very valuable future when these plans work out. And there's no team better equipped to actually execute on that vision. And that's why I cannot recommend SpaceX enough to all of my friends. Again, not financial advice, like, holy shit, this is the best chance you have as we go into this like next generation of just like humanity in general of reality. It's very excited. Clearly I'm excited. Clearly I'm a big fan. I'm sure people disagree with a lot of these takes. But hey, come catch me in five years, buddy. Yeah. I mean, I'm going to take not the other side of that, but I'm just going to point out that there are names on this chart that haven't IPOed yet.

You're going to have Anthropic. I see Open AIs on here, but you're going to have a ton of other frontier AI labs that IPO soon. Google is nowhere to be seen here, and they are currently the only vertically integrated company that absolutely nail distribution and the infrastructure play itself. I think that is very slept on. And then Invidia itself, I think a lot of people are counting Nvidia as just the GPU company, but hey, Jensen's already released his CPU line,

which he said he was never going to enter, Now he has and now it's earning $20 billion of revenue a year. He's already working on the battle-tested space-proof GPUs that he's going to be putting in Elon's rockets to get out there. So I think there's going to be some competitors in the future. And it's just a matter of keeping an eye of what is going on and how it's all being executed. Again, I think Elon is one of the best executors in the world right now. So very bullish all his companies. But there'll be some competition.

I don't think it'll be a clear road. but ultimately up only, I think. Yeah, well, I mean, definitely no competition in space. Blue Origins is the next closest, and they got a decade of cash enough to do, especially after that most recent rocket blew up. So in that world, at least, they got their monopoly for a good bit of time. But I think the consensus is generally, like, all of these companies are pretty remarkable. Like, when you look at Nvidia, Google, Apple, like, there's a very clear case that they're

going to continue to make more money as this world of abundance gets unlocked with AI. And there's a good chance that, like, everything just continues to go up. And maybe there's certainly going to be some bumps along the way. But the value generation created by these companies is really staggering. So I think that's the update. That is the post-SpaceX IPO clarity, perhaps. That's everything that's worth knowing. That's everything.

I think that's been going on in the last week. Any final updates before we let everyone go here? No, I'm excited about the new Grok bottle. You know, speaking transparently, GROC has kind of fallen behind pretty massively. and I believe like Anthropic and Opener. I have pretty much reached Escape Velocity with Fable 5 and the upcoming GPD 5.6

model. Oh, I hope that comes soon. I know. And these models are effectively building themselves. So once you have a model that builds itself, you kind of like run away with it. You run away with the trophy. GROC is probably, or SpaceX AI, is probably the only company left

that could potentially join the ranks. And they're going to do it by the curse acquisition. So I'm excited to try that model out. For those of you who are listening to this, to Josh's relentless bullishness, to my sobriety test, are we wrong? Who's wrong? Who's right here? Let's hear you in the comments. Tell us if we're wrong.

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See you.