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Chapter 1: What recent developments have occurred with SpaceX?
The big news is that SpaceX ran like absolute crazy after hours last night. I kept getting push notifications and thinking, that can't be right. And then I would double click in, check a little bit, and I would say. Yeah, the headlines are crazy. Yeah, so the big one is SpaceX has. There's so many of it.
It's like, it's passing this company, passing this company, passing that company, and you're like. Whoa, this is a crazy, crazy time.
So SpaceX sitting comfortably in the top five companies.
You got NVIDIA at $5 trillion, Alphabet and Apple right around four, four and a half. Then Microsoft and SpaceX neck and neck, just shy of $3 trillion. And it basically makes their cursor acquisition free. They paid $60 billion in new stock for the company. And their market cap, SpaceX's market cap, more than quadrupled and added more than 4x the price of a cursor acquisition.
So I believe they had until Q4 to actually pull trigger on the cursor deal. Like they built in a window. They did now. I bet you there was some terms that weren't public that the cursor would have wanted to make sure that they got in as quickly as possible. Sure, sure. Because the IPO's done really well. Who knows where SpaceX will net out?
I mean, I thought we'd be at $2.4 trillion by the middle, by basically the last hour of trading on Friday. I was incorrect at the time, but it's obviously, you know, continued to run. And there was another scenario where SpaceX could have effectively acquired Cursor at an even higher valuation, but I think it's a great, fantastic outcome for the Cursor team.
Obviously, you know, OpenAI is a big Cursor investor, Thrive, A16Z, KOTU, and others that... that I'm unfortunately forgetting. But, and of course- Who was Bremer saying about this?
He said it's the biggest, in the past five days, we've seen the biggest VC-backed IPO ever and the biggest VC-backed strategic sale ever. We've never had an M&A of a VC-backed company, young startup, north of 50 billion. Like 60 billion is so, so big. We sort of lose sight of it because we're talking about a trillion dollars for this company.
$3 trillion for that company, but $60 billion is beyond a home run. And it happened in an M&A, which is crazy.
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Chapter 2: How did SpaceX's market cap change after the Cursor acquisition?
I wonder what acquisition is next. That's very interesting. Nick Carter fires back and says, you'd think the people buying the equity would also be aware of this. And that's a good point. But the question is, are there more acquisitions in the pipeline? Because Tesla has not done a lot of acquisitions. Elon's always been a build, not buy operator or founder.
But Tesla itself...
Yeah, that's a very different scenario. What I'm talking about is like there are companies, Meta is very acquisitive, Google, Apple. Apple's like on the smaller side, but they still do deals more frequently. It would be very interesting if we're seeing one deal a month and he's sort of putting together the pieces of...
buying up Neo labs and compute capacity and Neo clouds and rolling everything up. That would just be a completely different operating philosophy, but given where the stock is, given how smooth this deal went and where the market cap of SpaceX is, it's not the craziest thing. It would be a big pivot in his, in his strategy though. Business Insider has a deep dive on Cursor's wild ride.
Michael Truel didn't pay himself for years. Interestingly, Cursor once made up 40 to 50% of Anthropix revenue. That is a crazy gyration in the market. Just shows you how quickly things are changing. Went from, you know, it's all Cursor, that business is just funneling to Cursor, Cursor's the front door to this business.
Then it's like, oh, it's all these hyperscalers that are spending a billion dollars, half a billion dollars a month. And so the whole landscape is changing. Nothing tells that more than Anthropic telling Cursor that Cloud Code was just a research effort. This goes back to the Dillon Field, like, were they consistently candid?
Or maybe they really just did think, hey, yeah, this is just a research effort, like you do you, and then realized, Later, like, whoa, we need to be a player in this. We cannot be in the middle of this situation. So we got to do our own thing. Owning the end customer relationship. And so wild, wild ride.
Yeah, similar to, I think, the messaging to Figma and Canva around Anthropix design tool.
Yeah, it's tricky. Every AI company is a general use technology. They're using it for everything. There's questions about, like, will you maintain value if you're in the token path? Do you need to be, like, do not build a company that depends on the models getting better. But if the models get really, really good, like, what can't they do?
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Chapter 3: What is the significance of Cursor's acquisition by SpaceX?
Crashing on couches or something?
Gotta ask. Taking out massive loans against the company, maybe. Ryan Peterson says, with yesterday's 20% SpaceX pop, Elon made more money than Warren Buffett made in his entire career.
These headlines are going to get crazy. Because I mean, I see some of them getting community noted, but it's like a single day will move more than like all of Bill Gates's current net worth, that type of thing. Those headlines are going to pop off consistently. The crazy one is like there's going to be down days, like there's going to be just randomly.
Elon lost more money today than any person in history combined.
He lost more money than Brazil makes in a trillion years, you know, and because like whenever the big numbers get contextualized, it's always very entertaining. It was up another 14% after hours though, but the numbers are staggering when you're in the $1 trillion club.
JB says, is this everyone's first IPO? It's silly now as it approaches Amazon valuation. Well, we passed that. But the float is low until the lockup of nearly every retail investor on Earth wants to be involved. You're going to get stupid moves. Then the float opens up and all the retail people are stuck for years. What does that mean? Just say you haven't seen the mass driver demo, buddy.
Or the next data center. I mean, that's the really interesting thing with Cursor. There's all this debate over like, they have a deal with Anthropic, they have a deal with Google. Cursor obviously wants to compute. But talking to Gavin Baker, it sounds like there might be a lot more terrestrial compute coming online in the very short term. And that is valuable.
They're monetizing this very effectively. And so you could see a short term revenue ramp just driven from sort of the boring neocloud stuff that monetizes really well and then that provides you know it's like the model three it's it's it's going to be the economic engine that provides the capital for data centers in space mass driver on the moon all that stuff needs fuel for the fire anyway
Ed Ludlow has some data. SpaceX, the current approximate price to sales is 150x, Amazon is 3.6, Microsoft 9.2.
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Chapter 4: What are the implications of the Cursor acquisition for the AI industry?
So a bit of a jump. But this is a product that seemingly is trying to compete in the realm of like a... It's a mobile device. It's naturally a mobile device. Unlike the Apple Vision Pro, which obviously has some viral images on launch of people walking around with it.
I'm just thinking about, like, there are a lot of Apple fanboys who buy every... Get this.
What? Get this guy on right now. What? Pull him up.
Hey, what do you think? Are you buying the Snap specs, $2,200? Are you spending your paycheck on that?
I mean, I think they actually do look really cool. I don't know. I was looking at some of the product demos earlier. Some of the game features look really cool. There's like ping pong. Yeah. 2.2K is a little pricey, personally.
But if you can watch Lawrence of Arabia from start to finish.
If we traded you your phone for a pair of these for a week, would you demo them for a week? No phone. Can you do like texting on it?
Can you call? You don't need a phone. You can go without texting for a week.
You have Lawrence of Arabia. You don't need a phone.
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