Key insights
- The article expresses skepticism about SpaceX's financial reality, citing low financials relative to claims and a significant $20 billion bridge loan tied to IPO proceeds. It suggests that the AI and robotics stock run-up, potentially influenced by X and bots, may be a campaign to bolster the SpaceX mythology for a future IPO. This narrative, coupled with concerns about rocket reliability, could negatively impact investor sentiment towards related tech and space ventures, potentially influencing broader market sentiment if it signals issues with high-valuation tech companies.
A few thoughts regarding Musk Mythology:
There’s a huge difference I think between the reality of Musk companies and his mythology and persuasiveness. He’s obviously unique in how he can shape visions and myths and raise huge amounts of money and maintain valuations on Tesla that far outstrip its value relative to other ev car manufacturers. Most likely he saw what was happening in China and then took over Tesla from the two guys Martin Eberhard and Marc Tarpenning in 2003 who founded it.
SpaceX financials are extremely low relative to the claims. The issues with the rockets replacing satellites and also actually getting into orbit are probably fairly serious and I think more worrying is the 20bn stopgap/bridge loan tied to IPO proceeds.
Additionally, given the influence of X, Grok and bots on Reddit, id not be surprised if a lot of the huge AI adjacent run up in Space and Robotics stocks was partly a campaign to sell the SpaceX mythology so to dovetail timing wise straight into his huge launch
And just a reminder that he’s well known for trashing the bureaucracy of the US while wielding a chainsaw on stage, throwing a tantrum and calling the rescuer of the Thai boys a pedo after the man noted that elons submarine wouldn’t fit through the cave entrance.