About the SpaceX IPO Do you still remember the 2008 financial crisis? Starting in the 1990s, US banks issued mortgages to people who could not afford them
The author draws parallels between the impending SpaceX IPO and the 2008 financial crisis, highlighting concerns about the valuation of Musk's ventures. They point to significant losses at X (formerly Twitter) and Grok, while Starlink's profits are heavily reliant on government contracts. SpaceX itself is not profitable, with its revenue primarily from government and Starlink business. The author suggests that Musk's grand vision of interstellar civilization, presented in the IPO prospectus, may be masking underlying financial instability across his companies. AI
IMPACT Concerns about the financial viability of AI ventures like Grok could impact future investment and development in the AI sector.