yes Let's get into it.

SpaceX expects to IPO for over $1.5T

At the beginning of April news broke out that SpaceX had confidentially filed its IPO paperwork with the SEC. Rumors and speculation broke out about how much the valuation would be, but now at the end of May, we have a lot more information.

For one, the IPO is set to be absolutely massive. Reports are suggesting a target valuation of $1.5-2T. Not only that, but this IPO is approaching us quickly. Their ticker, $SEX $SPCX, is expected to appear on the Nasdaq on June 12.

Now, there’s a lot about this IPO that is absolutely insane, but let's start with the biggest portion of craziness first, the valuation.

If SpaceX launches at $1.5-2T, it will immediately be one of the ten most valuable companies in the world. Not only that, in their IPO filings they have targeted to raise up to $75B which would instantly be the largest capital raise in IPO history by 3x. The current largest IPO capital raise being Saudi Aramco raising $25.6B in 2019.

Let that sink in. A company that reported top line revenue of $18.7B in 2025 with a net loss of $4.9B is going to be worth more than JP Morgan Chase and Visa COMBINED. This almost makes GameStop trying to buy eBay look reasonable.

So what's going on here? How the heck is SpaceX justifying these numbers? Does your Dad actually love you? We’re going to try and answer at least two of those questions.

If you dig into SpaceX's SEC filing, and scroll down through 10 pages of mostly boring bullshit you will find most of your answers on page 11. According to SpaceX, they “have identified the largest actionable total addressable market (“TAM”) in human history” (Literally their filing, 2026).

The funniest part here is that according to SpaceX, space revenue only makes up ~1.3% of their TAM. Now we’re being slightly facetious, as other portions of their TAM do involve utilizing space technology. But the greater point here is that the ways they currently make the majority of their money𑁋those being through Space-Enabled solutions (launching rockets) and Starlink𑁋only make up a fraction of their claimed addressable market.

To paint a clearer picture here’s a breakdown of their current sources of revenue, and their projected TAM based on the above chart.

1. Starlink Broadband: ~$10.8B in 2025, TAM: $870B

2. Starlink Mobile: ~$632M in 2025, TAM: $740B

3. Space-Enabled Solutions: ~$3.2B in 2025, TAM: $370B

4. AI/xAI: ~$3.2B in 2025, TAM: $26.5T

The obvious elephant in the room with these numbers is the absolutely astronomical TAM they are estimating for the AI sector. There’s no question that there's a huge and growing market for enterprise AI solutions, but for most of us, it’s probably hard to imagine that their AI TAM could be greater than the GDP of the United States.

Where they’re attributing the majority of the AI addressable market, is in Enterprise Applications at a whopping $22.7T. Now most of us probably think they’re talking about the enterprise software application market with examples of products being Salesforce, SAP, or Microsoft. But they’re not arguing that the addressable market size is in AI software licenses, they’re claiming the size based on AI replacing and automating white collar jobs and business processes. 

So basically, SpaceX is basing the TAM on estimates for the entire global digital economy, not just software spending. Normally companies base their TAM on revenue opportunities for products they can sell. Instead, SpaceX is estimating the total global economic value of AI. That’s why the number is so massive.

Now does any of this actually have merit? That’s outside of our pay range to answer. Instead, we’re going to monitor the IPO closely, and let the market decide if they’re actually worth 2 Trillion dollars. 

Ferrari invents unlimited free energy source for whole EU (just kidding)

On Monday, Ferrari officially unveiled the Ferrari Luce, their first fully electric vehicle. Unfortunately for them the launch proved to be an absolute disaster causing their stock to plummet 6% in a single day.

Many immediately pointed out the striking resemblance between the Luce and a Nissan Leaf, depicted in the picture below. The biggest difference between them is the price, with the Luce starting at an eye watering $640k.

It’s fair to say that when most people think about a Ferrari, they picture a very red sexy coupe with a screaming V12. This is obviously neither of those things. The car is incredibly wacky looking, has four doors, and doesn’t remotely resemble anything they’ve previously built.

So what exactly happened here? Well the reality is that building a sporty EV presents a lot of challenges compared to a sporty internal combustion vehicle. Batteries are big, and they weigh a ton (literally). Ferrari’s ethos when building vehicles is normally to keep the weight and center of gravity low which gives way to very sporty handling. Doing this on an ICE vehicle is much easier than on an EV. You have to put the battery somewhere, and in the end it normally raises the center of gravity.

Clearly Ferrari was feeling the pressure of growing emissions regulations in the EU and had to take a stab at their first EV. But if they tried to make an actual 2 door sports car EV, a lot of the traditional handling characteristics that their customers know and love may not have carried over in the way they wanted.

So rather than try to fit a square peg into a round hole, they did something entirely new and different. Instead of a traditional sports car, they made it an SUV. SUVs typically have higher centers of gravity, and it's acceptable for them not to handle like a sports car. Now that explains a piece of the puzzle, the next bit of interest is in the looks.

To put it plainly, this doesn't look like anything they've ever made before. The exterior is just plain weird, and the interior looks like an iPhone. That’s not super surprising though, considering the company that designed the car was founded by former Apple chief design officer Jony Ive.

Ferrari most likely knew what they were doing. They needed to release an EV, but rather than taint their sports car heritage, they built something so entirely different that you can’t even compare them. We’d guess that's the goal. Create a lineup that sits in an entirely different box than their normal vehicles.

Time will tell if this will actually sell. All we can say is that if we somehow stumble into an extra $700,000, you’ll see us sitting in something red with two doors.

This Week In Tech

Headlines you may have missed:

• Pope XIV says the church and Anthropic will walk together to "find the way for humanity, in this time of artificial intelligence." (X)

• Steven Bartlett reveals 3 drinks ruined his life (“i podcasted worse”) (X)

• Robinhood launches Agentic Trading, allowing AI agents to trade (RH)

• World records aren't the only thing breaking at the Enhanced Games (X)

• SK Hynix joins the $1 trillion market cap club as AI memory chip demand surges (RT)

• China Unveils New Leather Jacket Gaming GPU To Challenge NVIDIA (X)

• Amazon begins licensing their AI shopping technology to online retailers (CNBC)

• SpaceX wins a $2.29B contract with US Space Force (RT)

• Uber’s COO says heavy AI spending is getting harder to justify, as higher token usage fails to show a clear payoff in consumer features (X)

• Sam Altman and Dario Amodei are both walking back their AI jobs apocalypse prophecies as they eye blockbuster IPOs (Fortune)

• EU proposes Starlink rival IRIS² (B)

Meanwhile in venture…

• Hark, Advanced personalized AI ($700M @ $6B)

• Modal, AI infrastructure ($355M @ $4.65B)

• Amca, Aerospace & defense manufacturing ($300M @ $1B+)

• Decart, Low latency AI systems ($300M @ $4B)

• Exa, AI search engine ($250M @ $2.2B)

• OpenRouter, AI model marketplace ($113M @ $1.3B)

• Socket, Software development security ($60M @ $1B)

That's it. Go build something. Or just refresh Twitter, we won't judge.

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Thanks for reading. We'll be back next Friday with more proof that nobody knows what they're doing.

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