If you are sizing the SpaceX pre-IPO trade, @AravSrinivas gave the clearest 10-year bull case I have heard. On @twentyminutevc: SpaceX is N-of-one among the upcoming IPO class. Anthropic and OpenAI can claim to do what each other does. SpaceX builds physical planetary-scale connectivity. No one else is close. Starlink creates irreversible behavior change. Once you have it, you do not go back. Srinivas's framework: physical infrastructure moats outlast AI model moats by a decade or more. When models commoditize, Starlink's network lock-in does not. The comparison class for SpaceX is not Anthropic. It is global telco infrastructure - but built 20 years later and without legacy costs. Full breakdown: Source: 20VC with Harry Stebbings -