Gavin Baker: SpaceX Might Be the Greatest Company of All Time

SpaceX’s recent IPO marks a pivotal moment for the company, shifting investor focus toward quarterly execution and tangible near-term drivers like terrestrial compute capacity. Monetizing gigawatts of compute power and integrating advanced models like Cursor represent the primary value-creation levers for the next decade, far outweighing long-term space exploration goals in the immediate market view. Retail investors have become a dominant force in capital markets, frequently outperforming institutional managers, while the initial "bottleneck" trade in AI hardware matures into a search for companies with sustainable franchise value. Sovereign AI strategies are consolidating around the fine-tuning of open-source models within domestic data centers, as the gap between frontier closed-source models and international efforts widens. Ultimately, SpaceX remains a singular, iconic entity, with its ability to scale infrastructure positioning it as a foundational player in the global AI ecosystem.