Nick Martell

And it's losing incredible amounts of money, two and a half billion bucks lost in the first quarter of this year alone.

So that one acquisition in February of XAI turned SpaceX's income statement from an amazing growth story into basically a crime scene.

And the bear case is that Grok, which is not the leading AI model right now, remains behind Claude and ChatGPT and Google's Gemini and never catches up.

The bear case is that AI just continues to lose money forever at SpaceX, taking down the rocket and satellite business with it.

But Jack, I gotta ask, does it matter?

Because when you're looking at who's running the company, Elon is legally the dictator here, I believe.

He will reportedly control 85% of the voting stock of SpaceX.

They created a special share class just for Elon.

The eShares.

You see, Elon says that AI represents a $27 trillion opportunity.

This was financially the wildest part of the S1.

He says that AI is a $27 trillion total addressable market, which is equal to 20% of the world's GDP.

And Elon says 93% of SpaceX's total addressable market is that AI-related opportunity.

And that's why SpaceX spent three times more money building AI data centers last quarter than they spent on rockets or satellites combined.

What we're saying, besties, is AI is simultaneously the only reason to buy SpaceX because it's the biggest opportunity, according to Elon.

And AI is the one reason not to buy SpaceX because it's the one thing with no sign of making money.

But Jack and I have a different opinion.

Yes, it is financial advice and it's our takeaway.

So Jack, what's the takeaway for our buddies blasting off with the SpaceX IPO?

The most important number to know about SpaceX's IPO is 15.