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Depending on where you sit, SpaceX is either the greatest industrial company of our time, or a CapEx bonfire that requires a lot of imagination to justify.
But either way, the company’s public debut tells us something important about this investment moment: the next technology cycle is not asset-light. It is ambitiously physical.
SpaceX is now much more than rockets and launchpads. With xAI inside the company, SpaceX is pitching itself as an AI company, an emerging hyperscaler, a satellite broadband network, and eventually a vertically integrated chip manufacturer, solar manufacturer, power developer, and operator of orbital data centers.
In this episode, we tackle some of the energy storylines behind SpaceX’s public debut.
