Jason Calacanis

Okay, let's keep going here.

All right, topic two, SpaceX just filed their S1 on Wednesday.

They are aiming to raise 75 billion at a 1.75 trillion with a T valuation.

This would be the largest IPO ever by more than double Saudi's Ramco, $29 billion IPO a couple of years ago.

Listing is expected mid-June, likely June 12th.

Ticker will be SPCX.

We got a lot of interesting information in the S1 teardown.

Obviously, SpaceX has three main business units.

Starlink is the money printer right now, but there is a second one that's emerging.

Starlink did $11.4 billion in revenue last year on 50% growth.

with 4.4 billion in operating income.

Over 10 million people are now subscribing to Starlink.

That business could easily be hundreds of millions of paying subscribers.

So that's a lot of growth potentially there.

The space business is but 4 billion in revenue.

It's growing 17% growth, which would still be strong growth, but had 650 million in operating losses.

AI did $3.2 billion in revenue.

That's more than double year-over-year growth, but it had $6.4 billion in operating losses.

SpaceX had $20 billion in CapEx spend last year.

Over 60% was for the AI compute build-out, and obviously they were trailing Anthropic and OpenAI and Gemini in terms of XAI playing catch-up, and he did a big reboot of that, as we saw on the Twitter post.