Most people don't realize what just happened. Nvidia just posted what we believe are the most impressive earnings in history, with market-wide implications. This implies $670+ BILLION in revenue next year, up +2,390% from FY2023. What's happening? Let us explain. (a thread)

Chamath was given a simple choice, 100 shares of Anthropic, 100 shares of OpenAI, 100 shares of SpaceX, pick one stack (Save this). He picked SpaceX without hesitation, and his reasoning is worth unpacking fully because it cuts to the heart of how the best investors think about technology bets. His take on OpenAI and Anthropic was actually generous. He acknowledged that Anthropic is the superior enterprise product, his own fund uses it as their foundational model and that ChatGPT has built one of the most powerful consumer brands in the history of technology. But the case for SpaceX is built on something completely different, it is not one business, but rather a platform for multiple businesses that compound off each other. Starlink generated $11.4 billion in revenue in 2025, growing roughly 50% year over year, and represented 61% of SpaceX's total $18.7 billion in revenue. The EBITDA margin on the connectivity segment hit 63%, compared to 38–39% for the largest traditional telecom companies on earth. Subscriber count went from 2.3 million in 2023 to over 10.3 million by Q1 2026, spanning more than 160 countries, and revenue is projected to reach $15.5 billion in 2026. @chamath core insight is that the global communications infrastructure is profoundly broken and he is right. Roughly 2.6 billion people globally still lack reliable internet access, and even in developed markets, rural connectivity is patchy, expensive, and controlled by legacy monopolies with no incentive to upgrade. Starlink is a replacement cycle for an entire layer of global infrastructure that has barely changed in 30 years. Every maritime vessel, every commercial aircraft, every military unit, every rural hospital, every developing-world government that wants connectivity now has one viable option that didn't exist five years ago. The maritime and aviation segments alone carry ARPUs of $250 to $25,000 per month per customer, orders of magnitude above the consumer subscription. But Chamath's most interesting point is what he called embedded optionality, the idea that SpaceX's business model doesn't stop at earth. SpaceX now has the only fully reusable heavy lift rocket system in the world with Starship, and it is the only company currently capable of launching the next generation of Starlink V3 satellites that carry roughly 10 times more capacity than the current constellation. Every new market SpaceX opens on earth, direct to cell with T-Mobile, enterprise contracts, government agreements becomes a template that can theoretically be replicated the moment humans establish a permanent presence elsewhere. A Starlink equivalent for a lunar base, a Mars colony, or an orbital station is the same product with a different launch address. Anthropic and OpenAI are betting on winning a model race where the finish line keeps moving while SpaceX is betting on owning the physical infrastructure layer of the next era of human civilization, on earth and eventually beyond it. One of those bets has a floor and the other doesn't and that is why Chamath picked @elonmusk's SpaceX. Milk Road remains bullish on SpaceX and the infrastructure layer it is building around Starlink, Starship, and global connectivity. If you’ve been thinking about joining Milk Road Pro, lock in the current price using the link below before prices go up next week.

Gavin Baker reveals the $2 trillion Anthropic valuation was leaked by banks who lost the IPO deal "As far as the IPO and the $2 trillion valuation, I'm a little skeptical." "We saw this with SpaceX. Everybody's jockeying to be lead left for Anthropic and if you lose, the first thing you want to do is make whoever's lead left look bad. So you leak to the press and say, 'hey, we're in the room, the bar is a $2 trillion IPO.'" "We haven't seen the S-1. If you're bringing a company out responsibly, you want to price it in such a way that you can absorb the lockup. You don't want to price it really high and create a lot of volatility, that's very disconcerting for employees. You do not want anyone distracted at this moment." "Maybe it is $2 trillion, maybe it is $2 and it trades to $3. But these leaks are always coming from the banks who probably lost lead left, and they want to make lead left look bad." "If it comes out at $2 trillion, it probably means testing the waters went well, and they've got a lot of confidence about where it's going to trade."

SpaceX just dropped $60B to acquire Cursor, diluting shareholders by ~3%. Was it worth it? Yes. Cursor was a stealth major AI lab ready to emerge & Elon took it first. Here are the 5 core reasons why: 1. Cursor is the #3# coding AI platform globally, behind only Anthropic & OpenAI: - 5M+ active coding users - 50,000+ enterprises & engineering teams - 64% of Fortune 500 (~70% of Fortune 1000) - 100M+ lines of enterprise code written daily 2. Core value: data Quality data is AI’s scarcest asset, and SpaceX AI lacked it, blunting its massive compute edge. Cursor sits at the center of millions of top engineers using the world’s leading models (Claude, GPT, Chinese models). It sees what they accept, reject, rewrite, and ship across real codebases. This creates a continuous feedback data loop of exactly what works. SpaceX AI absorbs that data to learn best behaviors across every major model and finally turns its compute advantage into frontier models that win. 3. Cursor team One of the most underrated elite teams in AI: they built the first at-scale IDE before Claude and shipped a third-ranked coding model that was 4-6x smaller, 10-60x cheaper, and nearly 3x faster in just 2 months. Results of the partnership so far: By combining Cursor data + massive compute, Grok 4.5 jumped 40% in capability overnight; Grok 4.6 added another 13%, reaching near parity with GPT-5.6 sol and Claude fable 5. Grok 4.7 is expected to hit #1# in weeks at an almost impossible catch-up speed. They also helped build Grok Build Claude Code/Codex competitor, all this in just three months. Now Post-merger, SpaceX AI can ship top models monthly by scaling compute against Cursor’s growing data trove at full throttle. 4. Revenue Cursor grew from $2B ARR (Feb) → $3B (late April) → $4B (early June)—~19% average monthly growth. At that rate, it compounds to ~$8.4B in 4 months and ~$12.3B in 6 months, putting it at $8–12B ARR by Q4. As the #3# coding tool worldwide, rising AI adoption accelerates usage further. With coding expected to be mostly automated by 2027 in a $1T+ annual industry, Cursor can sustain 20%+ monthly growth (or higher) and reach tens of billions in ARR as a top-3 player & market share holder. More than paying for its cost in 3 years. 5. Their own top model series: Post-merger, Cursor is assumed to have secured a guaranteed 100k GPUs for its own training. The team has emphasized they have not cancelled the Composer series and plan to release Composer 3 soon. Known for coding-focused models built on the back of Kimi, with Composer expected to be built from scratch. Composer 2.5 (last drop) was the 3rd-best coding model at 25% of competitor size, 10-60x cheaper, and much faster(ideal for the upcoming agentic era). With unlimited compute, they can finally build large models that seriously challenge the overall frontier.

Secretary of State Marco Rubio announced plans to let Americans take passport photos from home using a phone or laptop camera, instead of going to CVS, Walgreens, or another photo service. The State Department says the photos would be verified in real time with facial recognition technology, part of the Trump administration’s push to make travel more convenient.

Uranus is finally getting the attention it deserves 🔵😄 Scientists want to send a mission called Uranus Orbiter and Probe — a spacecraft that would travel all the way to Uranus, drop a probe into its atmosphere, and then stay behind in orbit to study the planet, its rings, moons, magnetic field, and what’s going on deep inside. Why Uranus? Because we’ve barely seen it up close. The only spacecraft to visit it was Voyager 2 in 1986, and that was just a quick flyby. Since then, Uranus has remained one of the Solar System’s biggest mysteries. And it’s a weird one: 💙 it spins almost on its side 🧊 it’s one of the coldest planets in the Solar System 💎 diamonds rain down on Uranus’ core 🌀 and its magnetic field is exceptionally chaotic, tilted, and lopsided This mission could help scientists understand not only Uranus itself, but also a whole class of planets called ice giants — which may be common around other stars, too. So yes, NASA really does want to go much deeper into Uranus. Would you want to see a mission like this finally launch? 🚀