The most overlooked part of the SpaceX IPO thesis is the model and most people are completely missing it (Save this)
Milk Road AI Twitter · Milk Road AI (@MilkRoadAI) · 2026-06-17
Milk Road AI argues that investors analyzing the SpaceX IPO are overlooking the underlying business model, focusing too narrowly on Anthropic compute deals and Colossus revenue while missing xAI's broader six-month trajectory.
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Extraction
Topics: spacex-ipoxaianthropicai-infrastructureinvestment-thesis
Claims
- Most investors analyzing the SpaceX IPO are missing the most important part of the thesis: the business model itself.
- Public discussion has been dominated by the Anthropic compute deal and Colossus revenue because those figures are easy to quantify in a spreadsheet.
- xAI's development over the past six months provides crucial context that most analysts are overlooking.
Key quotes
The most overlooked part of the SpaceX IPO thesis is the model and most people are completely missing it.
Everyone has been focused on the Anthropic compute deal and the Colossus revenue because those are numbers you can put in a spreadsheet.