The more I look at the economics of AI infrastructure, the more bullish I become on SpaceX. David Sacks shared some fascinating numbers on All-In: - SpaceX: ~$50B in monetization per GW, with roughly a 1-year payback. - CoreWeave: ~$20B per GW, with roughly a 2.5-year payback. These are estimates, but the difference is enormous. A big reason is how the two companies structure their contracts. CoreWeave relies heavily on long-term commitments to finance its infrastructure. SpaceX has the balance sheet and access to capital to operate with much shorter contracts, giving it exposure to today’s significantly higher compute pricing. That flexibility is worth a LOT in a supply-constrained market. And consider what happens when you’re recovering your capital in roughly a year. You can reinvest that money into additional compute, bring more capacity online, and potentially accelerate growth without relying as heavily on external financing. Now consider SpaceX is targeting ~13 GW of operational compute capacity by the end of 2027. The economics at scale could be extraordinary if they execute. I’ve been extremely bullish on SpaceX for years, but the AI infrastructure opportunity has become a much bigger part of the investment thesis.