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Open-source bi-weekly conversations with Brad Gerstner and Bill Gurley on technology, markets, investing, and capitalism.
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The SpaceX IPO, Fable 5, AI Capex Update & Market Check w/ Gavin Baker, Andrew Fox & Clark Tang
Brad GerstnerGavin BakerAndrew FoxClark 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.