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This is a leading indicator for what is to come after the IPOs of SpaceX, OpenAI and Anthropic this year.

and it is not good.

With any luck they've missed their exit dumping window.

spacex is particular is desperately searching for a bagholder. Leveraging the obvious synergies between rockets (a mediocre business), xai (a horrid business), and social media that lost more than half it's already modest revenues...

SpaceX has reasonable business in it. Not a hypergrowth one, but one which should be solid in long term.

To get that to work they just would need to discard Musk and most things with him. Stop trying to make starship a thing, dump everything attached to it. Make a long term plan to improve the core lift capacity with actually achievable improvements.

> To get that to work they just would need to discard Musk and most things with him

I'll have a pet unicorn shitting rainbows before Musk leaves one of his toys or we see in-orbit leading-edge (or anything close to it) processor production. SpaceX is a decent albeit capital intensive business if it's valued at $100-200B. At the proposed $1.5T+ valuation for this dog... the bagholder search is on.

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