SpaceX goes public in the largest IPO ever, and Musk crosses the trillion-dollar line

[pnntmp]

Even if we allow that memory, CPU power, storage, etc., are growing, along with the tokens (money) that allow the use of these resources, the token distribution/resources held is not changing much or is changing for the worse. What's more, the few programs are using their resource power to alter policies in the kernel to benefit their securing more resources and control.

Look, your PC analogy is totally flawed, better forget about it.
But if you insist .. those who produce something useful should get most of the benefits of producing something useful, otherwise nobody will produce anything useful because it simply makes no sense to them to put the effort. When something useful is produced, everyone benefits (not to an equal degree, of course, and that's exactly how it should be).

 

[bclaymiles]

The amount of just basic, rank ignorance of finance and economics evident in both the article and the comments is disheartening - if not entirely expected and predictable.

Elon Musk isn't a trillionaire. He's barely even a billionaire. "On paper" means it's pixies and fairy dust. "Net worth" has become a convenient 'shock value' to wield against the successful. It inflates actual monetary worth on an imaginary scale. Fits perfectly with the Little Red Book of anticapitalist propaganda - which is wielded endlessly in the comments.

SPCX the stock is not an "ETF". If you're going to opine on investing, at least bother to look up what a TLA is before spouting off.

A company "valuation" is nothing more than a calculated prediction value based on a simplistic formula that is only meaningful if the company performs 100% in line with the vague predictions, and, BREAKING NEWS, predictions are pixies and fairy dust. There is no 'dollar value' that one can earn from or profit from in a prediction. That should be evident by the fact that the valuation was "calculated" in the trillions of dollars before a single share was sold. Lots of whiners here gleefully predicting that the stock will crash and lose everything, even shorting the stock to try to profit from it. Well, go right ahead. That's your choice and your prediction. Investing is a form of gambling, albeit if you learn how to 'count cards' you can do reasonably well at it.

Index providers "Bending the rules" is their own choice; Since the whole idea is to maximize profit/return, they aren't doing it in order to be 'cool', they're doing it because they believe there is future profit/return to be had. And lets just ignore that there are winners and losers across all indicies, it's not like the same exposure hasn't always been there, regardless of index type.

The article is laughable here: "[...] inclusion forces automatic buying, which means millions of savers could gain exposure to an unprofitable company without ever choosing the stock." News flash: "savers" are not "investors". If you're a saver and you pay attention, you have a SAVINGS account at a bank and you earn, if you've done your homework, about 3.5% interest, which keeps you up with inflation at best. Savings and Investing are two different things. What's in your 401k has always been subject to profit and loss, based on what the 401k managers choose to invest in. I worked in a union long ago that made some incredibly bad choices in their pension fund, and lost millions and millions of dollars. Blame that on the pension/401k manager, not the index.

Quoting Paul Krugman was good for a laugh. The man has multiple 'derangement syndromes', and they override what used to be sound financial advice.

meh, I've barely even cracked the ignorant claims riddling the comments. Y'all hate musk, hate capitalism, subscribe to the dogma of class warfare, and blame your own failings on someone else doing well. Hell of a way to live your life. "How can I be a victim today?"

 

[bclaymiles]

I wish we also had a DISLIKE comment option here.
I'm OK-ish with stupid BS but sometimes I find comments absolutely revolting and I would totally reward the poster with a DISLIKE if I could.
In some places a big number of downvotes/dislikes will render extra-unpopular comments invisible. I sort of appreciate that.

However, I own nor control this website and when I'm fed up I'll just leave and delete the bookmark. Done that before. All websites with comment sections have their ups and downs due to the number and type of commenters at any given date. And mind you, policing websites is hard.

If I recall correctly, there actually was a 'dislike' button to go with the like button in the past.

 

[Plutoisaplanet]

Oh so they’re essentially guessing how much the deals are actually worth and it’s based on compute the company doesn’t actually have yet. Right.

They didn’t spend that in 2024 though did they. The issue is 2025/26 where they operated at a significant loss.

Read the article. The Anthropic deal is based solely on preexisting infrastructure. That’s the larger of the two deals. The Google deal is based on a partially complete buildout, with completion expected later this year. It is a marginal addition to xAI’s data centers, which seemingly have record turnaround.

And of course, the Google deal isn’t based on some far off dream. It begins in 4 months, and makes up 12-14% of xAI’s GPU’s: https://introl.com/blog/xai-colossus-2-gigawatt-expansion-555k-gpus-january-2026

In 2025, the most notable shift was R&D spent on AI doubled, so you’re right about that (new expenses). If they doubled R&D in AI again, it would still be less than the new revenue from Anthropic (which is based on preexisting infrastructure).

 

[scavengerspc]

The biggest scam in history.

Maybe, but don't be afraid to cash in.
Scams, and especially stupidity, is very often *THE* best way to invest.
Make a lot of money, and don't be afraid to cash out if things start to tailspin. Early gains are still gains if you know when to sell.
I have just 1 long term stock now, and that's AMD that I bought back in the early
Athlon Slot A days.

 

[BadThad]

Genuinely compassionate people understand spreading wealth throughout society is far more valuable, and improves the lives of a lot more people, vs hoarding wealth into a very concentrated few.

To get that rich, you truly cannot care for others, you have to be slightly broken, or at least, I don’t understand how any sane person can justify holding so much wealth to such extremes.

Spread the wealth? That's pure communism. How about we EARN our wealth and old fashioned way, stop complaining about those that do and don't expect free handouts. What a flawed worldview you have.

 

[LordVile95]

Why not learn the basics of financial accounting? SpaceX's core business had a huge operating profit in 2025, along with a gargantuan 30% margin. Their net losses were due to heavy investment in future growth, almost all of that due to the buildout of AI infrastructure.

Due to public money but that doesn’t matter if another arm of the business is losing more money that the profitable element generates.

You mean the investment that they’ve committed to double down on and sink even more money into despite not being profitable?

 

[LordVile95]

Read the article. The Anthropic deal is based solely on preexisting infrastructure. That’s the larger of the two deals. The Google deal is based on a partially complete buildout, with completion expected later this year. It is a marginal addition to xAI’s data centers, which seemingly have record turnaround.

I think the numbers will look much less rosey now they have to have some semblance of reality.

And of course, the Google deal isn’t based on some far off dream. It begins in 4 months, and makes up 12-14% of xAI’s GPU’s: https://introl.com/blog/xai-colossus-2-gigawatt-expansion-555k-gpus-january-2026

The 12-14% they don’t own or have built out yet you mean?

In 2025, the most notable shift was R&D spent on AI doubled, so you’re right about that (new expenses). If they doubled R&D in AI again, it would still be less than the new revenue from Anthropic (which is based on preexisting infrastructure).

If the deal actually holds and if Anthropic actually use the allocated compote and if they don’t fold themselves due to their bussiness being limited by regulation and if xAI can actually spin up the entire centre due to its illegal use of gas turbine generators causing most of them to be shut down. The “up to” figure in these is doing a lot of work and assuming everything does perfectly

 

[KnightSayNI]

FYI to people in Europe the USA does not have a "left".
Democrats are conservatives.
Republicans are extremist right-wingers.

Mind you things aren't exactly rosy in NL either. Not so long ago the fascists won the elections - we got lucky and that government fell quickly because the opposition refused to work with the racist nazi's. Could have ended badly I don't doubt that for a second.
But our once beautiful welfare state no longer exists. These days civilians are just a source of income to institutions, companies and last but not least...the government.
Obviously the USA's overflowing with issues but in spite of that I'd like to move there and I'm trying to make that work. NL's dead to me.
[whiny mode off]

Extremists for what? Not wanting to kill babies and wanting to defend their lives? You think the right are Nazis which makes you "extremely" cognitively impaired. Go be stupid somewhere else.

 

[Squid Surprise]

Extremists for what? Not wanting to kill babies and wanting to defend their lives? You think the right are Nazis which makes you "extremely" cognitively impaired. Go be stupid somewhere else.

Equating anti-abortion with “not wanting to kill babies” shows your bias… and “defending your lives” can be done quite nicely without firearms - and far safer…

 

[KnightSayNI]

Equating anti-abortion with “not wanting to kill babies” shows your bias… and “defending your lives” can be done quite nicely without firearms - and far safer…

So who are you to tell me how to defend my life? Are you a God?

 

[Burty117]

Spread the wealth? That's pure communism. How about we EARN our wealth and old fashioned way, stop complaining about those that do and don't expect free handouts. What a flawed worldview you have.

I didn't say "spread it out evenly", I still fully agree, if you work hard, you get paid more, if you don't work particularly hard, you don't get paid as much.

However, as the west has been demonstrating since the 70's, concentrating a significant proportion of your entire currency to a select few, does more harm than good.

I have no issues with working hard and becoming a multi-millionaire, if you've earned it, Billionaire though? Come on now.

Doesn't really matter anyway, the USA seems more than happy to show the world what happens to the most powerful economy to ever exist when it's essentially run by Billionaires, the next 20-30 years will be interesting for the rest of us watching.

 

[airbornex]

SpaceX is a launch company, a satellite ISP, an AI lab, a chip designer, and apparently a future orbital data center operator. At some point the valuation stops being a business and starts becoming a cinematic universe.

That said, SpaceX is one of the rare companies where the underlying engineering might be extraordinary and the stock can still be wildly overpriced. Both things can be true when investors are already paying for orbital AI and several businesses that barely exist.

 

[Squid Surprise]

So who are you to tell me how to defend my life? Are you a God?

I’m not telling you how to do anything… I’m saying there are other ways to do them… but hey… sure… I’m a god

 

[hahahanoobs]

Only Tesla and Starlink make money.
This stock is based on hopes and dreams.

 

[Plutoisaplanet]

I think the numbers will look much less rosey now they have to have some semblance of reality.

The 12-14% they don’t own or have built out yet you mean?

If the deal actually holds and if Anthropic actually use the allocated compote and if they don’t fold themselves due to their bussiness being limited by regulation and if xAI can actually spin up the entire centre due to its illegal use of gas turbine generators causing most of them to be shut down. The “up to” figure in these is doing a lot of work and assuming everything does perfectly

It seems like your view of even the most pessimistic version of the facts is skeptical. You seemingly can’t accept that Anthropic signed a deal paying SpaceX $15B annually to use a preexisting data center that ALREADY has power generation. If it was illegal, then why hasn’t Colossus 1 been shut down since it went online 2 years ago?? It seems that you’re extremely biased against SpaceX lol. Well we’ll see in a year how profitability changes.

But one thing that’s undeniable is SpaceX is a well established company that’s still fast growing. Something like 50% revenue growth annually is locked in for the next two years, and that comes from just two deals in the AI business. You seem to be under the delusion that the opposite is true and argue against the facts with largely meaningless caveats (please use sources like me from now on if you want to do this). That must be why the $2T valuation of the company makes no sense to you.

 

[Plutoisaplanet]

Only Tesla and Starlink make money.
This stock is based on hopes and dreams.

Keep in mind, the profitability of those two business magically came out of nowhere! For years, neither was supposed to be profitable let alone scalable. So in the end, this stock is based on a proven track record of turning hopes and dreams into reality and a moat.

 

[Endymio]

Due to public money....

No, due to the rapidly expanding revenues from Starlink. Nor is SpaceX getting "public monies" in the form of grants or subsides like the hundreds of billions given freely out to "green" wind and solar firms. SpaceX is *selling* a service to the government like any other contractor -- and selling it for far less than the Russians were charging us.

... but that doesn’t matter if another arm of the business is losing more money

When a business is generating huge operating profits, but "losing" money due to spending on acquisitions and expansion, intelligent investors understand the difference. That's why Musk supporters become millionaires and billionaires, and the anti-Musk crowd grumbles they can't afford a stick of RAM to upgrade their home PC.

 

[Endymio]

However, as the west has been demonstrating since the 70's, concentrating a significant proportion of your entire currency to a select few, does more harm than good.

Was this a joke? Compare the living standards of the West in the 1970s to the socialistic East -- the USSR and CCP China, where 1.5 billion people were living on pennies a day. When both those empires gave up the juvenile notion that allowing those who contribute the most to society actually benefit from their efforts, the living standards of everyone -- even the most poor -- skyrocketed upwards.

I have no issues with working hard and becoming a multi-millionaire, if you've earned it, Billionaire though? Come on now.

Translation: "anyone substantially wealthier than me should be harshly penalized".

 

[LordVile95]

Read the article. The Anthropic deal is based solely on preexisting infrastructure. That’s the larger of the two deals. The Google deal is based on a partially complete buildout, with completion expected later this year. It is a marginal addition to xAI’s data centers, which seemingly have record turnaround.

I think the numbers will look much less rosey now they have to have some semblance of reality.

And of course, the Google deal isn’t based on some far off dream. It begins in 4 months, and makes up 12-14% of xAI’s GPU’s: https://introl.com/blog/xai-colossus-2-gigawatt-expansion-555k-gpus-january-2026

The 12-14% they don’t own or have built out yet you mean?

In 2025, the most notable shift was R&D spent on AI doubled, so you’re right about that (new expenses). If they doubled R&D in AI again, it would still be less than the new revenue from Anthropic (which is based on preexisting infrastructure).

If the deal actually holds and if Anthropic actually use the allocated compote and if they don’t fold themselves due to their bussiness being limited by regulation and if xAI can actually spin up the entire centre due to its illegal use of gas turbine generators causing most of them to be shut down. The “up to” figure in these is doing a lot of work and assuming everything goes perfectly

It seems like your view of even the most pessimistic version of the facts is skeptical. You seemingly can’t accept that Anthropic signed a deal paying SpaceX $15B annually to use a preexisting data center that ALREADY has power generation. If it was illegal, then why hasn’t Colossus 1 been shut down since it went online 2 years ago?? It seems that you’re extremely biased against SpaceX lol. Well we’ll see in a year how profitability changes.

Becaure you don’t seem to understand that the headline number to pump up IPO value probably doesn’t reflect reality. Also a building can run at reduced power, its gone down from around 60 generators to like 15 are you saying it’s still running at the same power?

But one thing that’s undeniable is SpaceX is a well established company that’s still fast growing. Something like 50% revenue growth annually is locked in for the next two years, and that comes from just two deals in the AI business. You seem to be under the delusion that the opposite is true and argue against the facts with largely meaningless caveats (please use sources like me from now on if you want to do this). That must be why the $2T valuation of the company makes no sense to you.

“Fast growing” and profitable aren’t the same thing and the profits aren’t going to be there if they keep investing in AI and the guy calling the shots still doesn’t realise that you can’t colonise mars after multiple people have shown why all of his ideas are stupid.

 

[Endymio]

If the deal actually holds and if Anthropic actually use the allocated compote and if they don’t fold themselves due to their bussiness being limited by regulation and if xAI can actually spin up the entire centre due to its illegal use of gas turbine generators causing most of them to be shut down.

Cool story, but it doesn't correspond with reality. Those xAI gas turbines don't require permits, because they're mobile units. The usual far-Left suspects -- the Southern Environmental Law Center and the NAACP -- filed a lawsuit anyway, claiming that, because these mobile units were very large, they weren't "mobile" ... which is why the DOJ has already signaled it's going to intervene in this suit and moot it.

 

[Anton Longshot]

I’m not telling you how to do anything… I’m saying there are other ways to do them… but hey… sure… I’m a god

"Against Stupidity The Gods Themselves Contend In Vain"

 

[Puiu]

Maybe, but don't be afraid to cash in.
Scams, and especially stupidity, is very often *THE* best way to invest.
Make a lot of money, and don't be afraid to cash out if things start to tailspin. Early gains are still gains if you know when to sell.
I have just 1 long term stock now, and that's AMD that I bought back in the early
Athlon Slot A days.

I don't have enough money to make it worth trying it. I'm busy spending on dental care and going to Barcelona to relax

 

[LordVile95]

Cool story, but it doesn't correspond with reality. Those xAI gas turbines don't require permits, because they're mobile units.

They have literally gotten rid of over 40 units because they’re illegal and we’re told to move them.

The usual far-Left suspects -- the Southern Environmental Law Center and the NAACP -- filed a lawsuit anyway, claiming that, because these mobile units were very large, they weren't "mobile" ... which is why the DOJ has already signaled it's going to intervene in this suit and moot it.

Let me guess you think Anthropic is actually profitable too.

 

[Endymio]

They have literally gotten rid of over 40 units because they’re illegal and we’re [sic] told to move them.

Wrong once again. These units were always intended to be temporary power until the fixed substations were completed. One of those stations -- started long before this lawsuit -- was recently completed, and so over half were removed. When the second substation is complete, the rest will go as well. No one "told them to move them".

Let me guess you think Anthropic is actually profitable too.

Keep denying reality, and see how that works out:

"Anthropic achieved its first-ever quarterly operating profit of $559 million in the second quarter of 2026, driven by explosive revenue growth that reached $10.9 billion for the quarter..."

Anthropic set to hit $10.9 billion in revenue during second quarter, source says

If Anthropic hits the revenue target, it will post its first profitable quarter, a source told CNBC

www.cnbc.com