Matt Frankel

You'd see subscribers more than doubling, revenue up more than 30%, operating margin approaching 40%.

That would be a business that I'd be very interested in owning because that is great growth, great profitability, and fantastic adoption pointing to long-term trajectory.

I would love that.

Okay, well, SpaceX is headquartered in Texas, and I will quote the great band Alabama, if you're going to play in Texas, you've got to have a fiddle in the band.

Well, SpaceX has two fiddles in its band, and Space is playing second fiddle to AI now.

You expect a company such as SpaceX to be 100% space.

It is a small part of the vision of the company at this point.

And I'm not just blowing smoke.

I need you to consider these numbers.

Matt pointed out how reasonable the CapEx number was for this company.

It's extremely reasonable when you take out AI.

76% of first quarter capital expenditures was AI related, not space related.

That's not an insignificant number.

The company has a deal in place with Anthropic now.

This is hot off the press.

Anthropic will be paying SpaceX $1.25 billion a month.

That translates to $15 billion annually.

Now, that's great.

I love revenue.

But consider that if this deal had been in place last year, it would have accounted for 45% of the company's revenue.