SpaceX built 340 of the 478 US military satellites launched since Jan 2024 71%. one company. everyone's asking where value accrues in space but it's already in that number $SPCX

On 19 Oct I called $146 SpaceX a blessing from the heavens. Since then SpaceX beat Q3 revenue by almost $1.9B, booked $4.40B of net income and guided $33-37B of revenue for ONE quarter. And right now you can buy it at $141. Cheaper than the day I said it. Here is why I think this is the gift of the year. 1. You're getting IPO prices SpaceX IPO'd at $135 on 11 Jun. Today it's 4.4% above that, almost 5 months later. Revenue grew 87% in one quarter in between. The price basically didn't move. 2. It owns the road to space Elon says SpaceX carries almost 90% of everything that goes to orbit. Vulcan has been grounded since February. New Glenn exploded in May. There is no second road. You get it at the IPO price. 3. It sells the only scarce things left Compute and power. 1.7 GW at 30 Sep. 2.5-3 GW guided by year end. Elon expects at least 13 GW by the end of 2027. The CFO says new compute is pricing slightly above the high end of $30-50 a watt. 13 GW at $50 a watt is $650B a year. 4. Every AI winner pays SpaceX Anthropic is reportedly aiming for $1.5-2T. Its own S-1 says it rents up to $120.5B of compute from SpaceXAI. Google signed up to pay SpaceX $920M a month. Whoever wins AI, the rent goes to the same landlord. 5. SpaceX gets the cheap money Oracle just paid up to 8.65% on $10B of bonds and sold $10B of new stock at $116. SpaceX's bonds pay 5.35-6.65%. SoftBank has $64.6B stuck in a private OpenAI. You can buy SpaceX with one click. 6. The calendar is clean No unlock until 8 Dec. That's 35 days. 8 unlocks so far. Green the next day 8 of 8. Elon owns about 45% of the shares and can't sell one until 12 Jun 2027. 7. The math At $141 SpaceX is a $1.91T company. The Q1 guide alone annualises to $132-148B. 39 analysts, average target $257.11. 31 of them say buy. $1,000 in right now becomes: $1,755 at the median target $1,823 at the average $2,128 at Morgan Stanley's $300 ~$52,220 at $100T The bears needed one close under $135 to call it broken. They got $134.72 for exactly one day lol. My read: in 5 years nobody will believe you could buy the road to space and the landlord of AI at the IPO price. That's the blessing. Most people will only see it in the rear view mirror. $100T is a matter of time. $SPCX

Full interview The Evolving Al Landscape: A Conversation between SpaceX CFO Bret Johnsen and BlackRock's Tony Kim This is your mandatory listen for the weekend before you head to bed. A lot of SpaceX Alpha dropped in it. $SPCX Source: