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SpaceX S-1

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Re: SpaceX S-1

#101

Post by electriclove »

neosat wrote: post #43
impulser_ wrote: post #15

"in May 2026, we entered into Cloud Services Agreements with Anthropic PBC (“Anthropic”), an AI research and development public benefit corporation, with respect to access to compute capacity across COLOSSUS and COLOSSUS II. Pursuant to these agreements, the customer has agreed to pay us $1.25 billion per month through May 2029, with capacity ramping in May and June 2026 at a reduced fee" Anthropic is paying them 1.2…

has anyone done the math on: 1. cost to build out and run the data centers 2. cost of compute (hardware and energy) 3. depreciation of legacy GPU and thus value at the end of 3 years. And then compare the $45B revenue from Anthropic to see if it's mostly break even or if one of Anthropic/SpaceX came out ahead on the contract.

Maybe it is a win/win. Anthropic gets desperately needed compute at a fair price. SpaceXAI sells compute at a fair price and gets desperately needed revenues.

Re: SpaceX S-1

#102

Post by tobias3 »

JeremyNT wrote: post #73
Eldodi wrote: post #3

Crazy this company will IPO for >1B with such bad financials! That said, Starlink seems to be a real cash machine, not as good as ads but enough to support AI bets. 2025: - Revenue: $18.7B, up from $14.0B in 2024 - Operating loss: -$2.6B - Net loss: -$4.9B - Adjusted EBITDA: $6.6B - Operating cash flow: $6.8B - Capex: $20.7B Segment breakdown: - Starlink / Connectivity: $11.4B revenue, $4.4B operating income, $7.2B a…

What is the best way to hedge against this turkey being included in my index funds?

Choose another index where it is not included?

Re: SpaceX S-1

#103

Post by electriclove »

jfengel wrote: post #24
Eldodi wrote: post #3

Crazy this company will IPO for >1B with such bad financials! That said, Starlink seems to be a real cash machine, not as good as ads but enough to support AI bets. 2025: - Revenue: $18.7B, up from $14.0B in 2024 - Operating loss: -$2.6B - Net loss: -$4.9B - Adjusted EBITDA: $6.6B - Operating cash flow: $6.8B - Capex: $20.7B Segment breakdown: - Starlink / Connectivity: $11.4B revenue, $4.4B operating income, $7.2B a…

That's kind of the whole point of a stock market. If you already had a solid revenue stream, you wouldn't need investment. These numbers would be kind of typical for a software play, since the great thing about software is that you write it once and then sell it many times. They're making a similar assertion for hardware: "fund rocket ship design, and sell it many times (i.e. lots of launches)". The weird looking par…

There were talks in the past about spinning Starlink out. Perhaps the thinking that led them to keep Starlink in is the same thinking about their new data center business (what they got from xAI and will grow in orbit in the future)

Re: SpaceX S-1

#104

Post by eightysixfour »

pianoben wrote: post #65
TheAlchemist wrote: post #33

Earlier quoted context omitted.

What would be interesting to know how much did it cost xAI to build it ? Ai says between $18-$40 billion to just build, without running cost, but no idea how close to reality this is.

Nobody pays MSRP at that scale

Given global demand and that they were late to the order party, they probably paid more lol

Re: SpaceX S-1

#105

Post by doctoboggan »

JeremyNT wrote: post #73
Eldodi wrote: post #3

Crazy this company will IPO for >1B with such bad financials! That said, Starlink seems to be a real cash machine, not as good as ads but enough to support AI bets. 2025: - Revenue: $18.7B, up from $14.0B in 2024 - Operating loss: -$2.6B - Net loss: -$4.9B - Adjusted EBITDA: $6.6B - Operating cash flow: $6.8B - Capex: $20.7B Segment breakdown: - Starlink / Connectivity: $11.4B revenue, $4.4B operating income, $7.2B a…

What is the best way to hedge against this turkey being included in my index funds?

short it?

Re: SpaceX S-1

#106

Post by bmau5 »

kentm wrote: post #54

SpaceX is incredibly exciting, but I was skeptical when XAI and Twitter were rolled into it. The S-1 here makes it even more disappointing. I did want a piece of SpaceX but the valuation here is pretty eye watering compared to the fundamentals. I don't think I can put my money into this, although I suspect it will still do gangbusters based on hype and momentum. Its also a real shame that SpaceX's competitors have no…

You'll get a piece regardless if you're in index funds, as they're being strong-armed into buying at this awful price

Re: SpaceX S-1

#107

Post by thephyber »

Analemma_ wrote: post #20
runako wrote: post #5

Earlier quoted context omitted.

The numbers overall are worse than I expected. I can't believe Serious People are talking about putting this in the market at a trilly. > Starlink seems to be a real cash machine It has been said more than once that Starlink financials cannot be analyzed apart from SpaceX financials. Very easy to move the launch costs from one entity to the other depending on whether it is more beneficial to show more revenue for Spa…

I can't believe that my index funds are going to be looted to pay for this turd.

We can thank Nasdaq for lowering the standards to fast track SpaceX into an index with only having 5% float. Soon after it lists on the major indexes, we are gonna have some turbulence.

Re: SpaceX S-1

#108

Post by austhrow743 »

electriclove wrote: post #77
datadrivenangel wrote: post #11

So this confirms that SpaceX was making a lot of cash and plowing it back into R&D, and that the X/Twitter/xAI merger is concrete shoes on the good parts.

Did you read that Anthropic is paying them $15B/year for use of xAI's data centers? That changes things quite a bit

Does xAI have some sort of edge over Anthropic when it comes to buying future compute?

If not, this just seems like grok not being as successful as they would have liked and then finding some other use for the compute they had bought for it while at the same time Anthropic can’t keep up with demand for claude.

Re: SpaceX S-1

#109

Post by keeda »

impulser_ wrote: post #15

"in May 2026, we entered into Cloud Services Agreements with Anthropic PBC (“Anthropic”), an AI research and development public benefit corporation, with respect to access to compute capacity across COLOSSUS and COLOSSUS II. Pursuant to these agreements, the customer has agreed to pay us $1.25 billion per month through May 2029, with capacity ramping in May and June 2026 at a reduced fee" Anthropic is paying them 1.2…

Whoa. I've said before, but I think Dario severely underestimated the coming demand and ensuing need for compute, and would need to pay through the nose when the crunch hit. I suspect that Google deal also worked out better for Google. This data point supports that view.

While Altman got laughed out of the room as a "podcasting bro" asking for trillions in investment in compute, Dario was going on about how difficult it is to forecast capacity on the Dwarkesh podcast. Seems like a major unforced error on Dario's part. What I cannot understand is how they both came to such different perspectives; my best guess is that ChatGPT has so much more traffic that OpenAI could gauge the trends much better.

This won't hurt Anthropic long-term of course, but this won't look great on that balance sheet, that too right around the time they plan to IPO.

Re: SpaceX S-1

#110

Post by thephyber »

tobias3 wrote: post #102
JeremyNT wrote: post #73

Earlier quoted context omitted.

What is the best way to hedge against this turkey being included in my index funds?

Choose another index where it is not included?

It’s so big that it’s going to swing the markets when insiders start to liquidate after it is listed and on some indexes.
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