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

SpaceX’s recent IPO represents a milestone in capital markets, demonstrating strong institutional demand and a shift in how investors value infrastructure-heavy companies. The market’s focus is now transitioning toward near-term performance drivers, specifically the rapid deployment of terrestrial compute and the integration of advanced coding models like Cursor. While the "bottleneck trade" surrounding semiconductor supply chains is maturing, value is increasingly accruing to "token factories"—entities capable of monetizing massive compute capacity. Meta’s AI strategy remains a point of contention, with skepticism regarding its ability to monetize its asset base compared to competitors. Sovereign AI initiatives will likely evolve into localized fine-tuning of open-source models rather than frontier-level development. Ultimately, SpaceX stands as a singular, iconic company whose long-term potential for orbital compute and interplanetary expansion remains unparalleled in the current technological landscape.