If you're paying $2T for SpaceX at IPO, this clause is in the S-1. Anthropic pays $1.25B/month to rent SpaceX's Colossus data center. That's $15B/year - the core of the xAI business case. The contract has a 90-day cancellation clause. Either side can walk. @rodriscoll on @20vcFund: one customer and one 90-day window stand between you and losing a third of the valuation argument. Any Anthropic statement on compute strategy - shifting toward AWS, Google, or in-house capacity - is a material event that moves in 90 days. The clause that wasn't discussed when the deal was announced: Source: 20VC with Harry Stebbings -

"Compute through 2027 is sold out." OpenAI's CFO said it on air, with no hedge. Where she's buying instead: @thefriley confirmed on @theallinpod with @chamath & others: no additional compute in 2026, 2027 "pretty limited as well." The Elon Musk anomaly - too much compute - is gone. Where she feels most short: 2030, 2031, 2032. The market prices infrastructure on a 2-year horizon. Friar buys on 6. Oracle, CoreWeave, and Nvidia are the proxies - but the real constraint is power and land. Source: All-In Podcast -

Microsoft canceled internal cloud code licenses. The token bill became untenable. Per Matt Turck (@mattturck) on The MAD Podcast. This is now the number one or two concern for enterprise AI leads, per Aaron Levie's (@levie) conversations with 200 CIOs this year. The mechanism: AI tools that launched on flat subscriptions - Cursor, internal Microsoft code tools - repriced to per-token billing. Enterprises built budgets for the old model. The new model hit them mid-deployment. This pressure compounds as models get more capable. It does not resolve. What the token cost shock means for enterprise SaaS positions: Source: The MAD Podcast with Matt Turck -

If SpaceX acquires Tesla, Elon ends up with 60-80% voting control of the combined entity. Dave Blunden walked through the math. SpaceX already has 10-for-1 super-voting shares, giving Elon ~85% of votes there. Tesla is 1-for-1, where Elon holds ~20%. If SpaceX acquires Tesla and absorbs its one-vote shares alongside SpaceX's existing super-voting structure, the voting math tilts hard in Elon's favor. Prediction markets (Kalishi): 50-50 odds within a year. @PeterDiamandis: 100%. Two blockers: Tesla's public shareholder vote (Elon doesn't control it), and SpaceX's IPO valuation needs to compare favorably to Tesla's market cap at deal time. If Tesla stock declines relative to SpaceX post-IPO, Tesla shareholders may welcome the deal. Combined entity: EVs, energy, solar, rockets, satellites, internet, humanoid robots, Mars. First $10T company thesis. Full voting structure breakdown and what changes if SpaceX IPOs first: Source: Moonshots with Peter H. Diamandis -