George Hahn

And finally, historian Heather Cox Richardson on expertise, power, and America's future at 250.

Let's get into it.

SpaceX went public this week.

After years of waiting, the largest IPO in American history finally landed, opening at $150 a share, an 11% jump from its offering price, and climbing from there.

By day three, SpaceX was briefly worth more than Amazon.

Elon Musk is now the world's first trillionaire.

But Scott wasn't celebrating.

His argument?

What happened this week wasn't a market event.

It was financial engineering.

When the dust settled, SpaceX was trading at 112 times last year's sales.

For context, Meta went public at 28 times trailing revenue, Google at 10.

And just as investors were digesting the biggest IPO in history, another piece of the AI story emerged.

OpenAI's financials leaked, and the numbers were staggering.

Here's self-proclaimed AI skeptic Ed Zetron, who first reported on the leak.

So last year, OpenAI spent about $34 billion to make about $13.01, sorry, $07 billion and had about $22 billion in cash at the end of the year, lost about $21 billion.

That $38, $39 billion number is what I would describe as gap voodoo.

There is some very strange stuff, and I'll be going into this in future episodes, going on in the balance sheet and everything with this company.

They turned from a nonprofit to a for-profit, though they've remained profitless, last year, which means that their net loss is quite high.

strange, it's like $38.5 billion.