Gavin Baker owned 15% of Nvidia and 10% of Tesla when both were sub-$2 billion. He still says SpaceX is different. “It’s possible that you have an opportunity to invest in a company like that one time in your career. And thank god you did it, because there’s plenty of people that had the opportunity and didn’t.” His analog: if SpaceX puts a city on the Moon and then Mars, it “becomes the British East India Company of the solar system.” The detail nobody modeled: employees “had a chance to sell every six months for the last 10 years.” Instead, “over 10,000 SpaceX employees bought on the IPO.” On Elon and Anthropic: “Everyone has a price. You look at Elon and Anthropic’s relationship four months ago… as the opportunity unfolded, it made sense for them to partner.” 15% of Nvidia. 10% of Tesla. And SpaceX is still the one he calls once-in-a-career.