{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Stewart Squared","title":"Episode #91: The $1.5 Trillion Question: Why SpaceX's IPO Math Doesn't Add Up","html":"<iframe width=\"100%\" height=\"180\" frameborder=\"no\" scrolling=\"no\" seamless src=\"https://share.transistor.fm/e/452d585b\"></iframe>","width":"100%","height":180,"duration":2761,"description":"In this episode of the Stewart Squared podcast, host Stewart Alsop and his father Stewart Alsop II dig into the major AI and tech IPOs hitting the market, with SpaceX leading the charge at a controversial $1.5 trillion valuation despite just $20 billion in revenue. They break down how SpaceX's massive S-1 filing (so big it crashed Claude's context window) reveals a company now bundling together Starlink, rocket launches, X (Twitter), and the struggling xAI/Grok business—with key researchers having already jumped ship after getting their SpaceX stock. The conversation covers Anthropic's explosive revenue growth (projecting $10 billion in Q2 alone) and their smart move renting Musk's underutilized data center for $1.25 billion, OpenAI's pending IPO, Apple's quiet but strategic AI approach using on-device models and partnering with Gemini instead of OpenAI, and why the institutional investors might balk at SpaceX's aggressive pricing when the IPO drops on June 12th. Stewart II shares his contrarian take: he'd never touch SpaceX stock at this valuation but is seriously considering Anthropic, while explaining the arcane details of revenue recognition, vesting schedules, and why Elon Musk's singular track record lets him operate by different rules than any other CEO.\nTimestamps\n00:00 Welcome and SpaceX IPO discussion begins, exploring the $20 billion valuation and mathematical implications of the massive offering\n05:00 Anthropic renting Musk's data center for over a billion monthly while Grok struggles, researchers leaving xAI after receiving SpaceX stock\n10:00 Institutional investors may decline SpaceX shares at ridiculous valuation compared to Apple's $400 billion revenue and NVIDIA's profitability\n15:00 Apple's on-device AI strategy with small models and Gemini integration while Musk fails in foundation models\n20:00 Revenue recognition differences between companies, Anthropic projecting $10 billion quarterly revenue with conservative accounting practices\n25:00...","thumbnail_url":"https://img.transistorcdn.com/QlC48R1fevmul8S_Y7L1P2WUMnEKqwNUR7TBsNqFHaE/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS84NDMx/NWQ0MWQ1Y2NkNjhk/ZDI1NWE0MTUyN2Q5/Zjg0NS53ZWJw.webp","thumbnail_width":300,"thumbnail_height":300}