Avi Felman × Andrew Chanin

Chanin launches thematic ETFs before narratives break: HACK went live November 14, 2014, almost exactly two weeks before the Sony breach.UFO targets space’s defense and scarcity trade, with reusable rockets and FCC constellation deadlines pulling launch demand forward.SpaceX’s post-IPO selloff may be healthy, while vertical integration, high-fee SPVs, and uncertain FCC flexibility leave competitive risks to monitor.

Jason Calacanis × David Sacks × David Friedberg × Brad Gerstner

Google’s infrastructure-first capital shift is coinciding with senior AI departures, while Sacks sees Anthropic and OpenAI forming a premium frontier duopoly as cheaper models pressure weights toward commodity pricing.SpaceX reported $7.8B revenue, up 92% YoY, and Starlink’s cash generation could fund expansion, but the proposed $300B-scale AI buildout leaves financing, spot pricing, and demand sensitivity as key risks.

Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg

SpaceX’s $85 billion IPO at $135 per share created public-market currency for its $60 billion Cursor acquisition, priced against $4 billion in revenue.Anthropic’s Fable 5 shutdown after a reported jailbreak could strengthen hyperscaler gatekeeping through identity checks, audit trails and controlled clouds.The Iran MOU may reduce near-term macro risk, but Israel’s participation, future enrichment and ballistic missiles remain unresolved.

Peter Diamandis × Salim Ismail × Dave Blundin × Alexander Wissner-Gross

SpaceX’s $2.890 trillion IPO valuation bundles launch dominance, Starlink cash flow and orbital AI, but roughly $1 trillion of shares may unlock after six months while quarterly profit is about $1 billion.The Fable 5 shutdown shows governments can allocate frontier-model access, raising enterprise demand for local models and failover, while transformer shortages and 3.3x annual compute growth keep terrestrial infrastructure in focus.

Harry Stebbings

SpaceX’s 19% debut was amplified by a 4% float, newly listed options, and index inclusion, while both guests expect six-month weakness.Fable marks a possible Rubicon: the US ostensibly regulated an AI model by capability without judicial review, testing 3-6 months later.Mistral’s $3BN raise at $20BN underscores sovereign-AI demand, while Fin’s $3.6BN sale contrasts with Wix and Adobe’s replicability and strategic-option problems.

Avi Felman × Jonah Van Bourg

SpaceX’s $135 IPO reached $177 within 35 seconds, valuing the debut at $1.77 trillion and keeping attention on mega-trend pricing.Its low float, high FDV, and forced index inflows support the rally, while insider unlocks and OpenAI and Anthropic listings could create a liquidity test.

Brad Gerstner × Gavin Baker × Andrew Fox × Clark Tang

SpaceX’s $135 IPO and $1.77T valuation already have terrestrial AI economics behind them, with EWS reaching the #4 hyperscaler position in 30 days and Anthropic contracts monetizing at $22-23B per gigawatt per year.Orbital compute is an optional 5x capex reduction conditional on Starship reuse and satellite reliability, while Cursor’s coding data and Fable 5 could extend frontier-model revenue; the $1.5T capex case still faces valuation, macro, and execution risk.

Harry Stebbings

SpaceX’s $75 billion IPO at $135 a share and roughly $1.8 trillion valuation replaces price discovery with Elon’s conviction, while a book only 2X covered leaves meaningful downside, flat-trading, and retail-driven upside scenarios.A weak debut could restrain OpenAI’s valuation ambitions and reset LP return expectations, while persistent AI, radically higher revenue per employee, and concentrated foundation-model supply remain the more durable signals to monitor.

Andrew Feldman × Will Marshall × Brad Gerstner × Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg

The IPO pendulum is shifting toward companies listing at $1 billion to $5 billion, with Planet creating roughly 90% of its post-SPAC value in years three and four.Cerebras’s $18.50 IPO followed a difficult 9.5 years, while its chip targets 15–18-times faster OpenAI workloads; orbital data centers offer a potential two-to-three-year cost catalyst, but distributed clustering remains unresolved.

Jason Yanowitz × Santiago Roel Santos × Rob × Ryan Zurrer

SpaceX’s expected June 12 IPO values 12 business lines at roughly $1.75T–$1.77T; Ryan Zurrer models $1.2T of 2035 revenue and a $185 price.Profitability since 2018 and nearly $50B in revenue, plus new contracts, challenge 100x-revenue critique.Elon’s 42% stake and roughly 30% locked for 366 days could delay price discovery until 2027, while antitrust pressure and Chinese competition remain risks.