You forgot the part where NASDAQ already enacted a rule change that normally prohibits small floats from index inclusion (and thus forced purchase by index funds), which was normally 10% [1]. SpaceX is only floating ~4.3% of their stock and they're triple-weighting it.
Also worth asking what SpaceXLAI's plan is to make money. $22.7T of their $28.5T Total Addressable Market is... Drumroll... Enterprise AI! That's the plan, that's what we are investing in: spacex and Tesla and Twitter are all side shows, to sell AI. That's what everyone's absurdly overpriced forced passive investment is going to.
https://bsky.app/profile/segyges.bsky.social/post/3mnan7hr2j...
There is nowhere near enough burning rage for this absurd fleecing of the public.
The problem is the stock market is more divorced from reality than we have ever seen. For instance, why does Tesla stock still sit where it is? How could it possibly not be going down at this point? So many undelivered promises, major setbacks in sales, massive decreases to their sales forecasts… literally nothing has gone well for them in years and yet the price is still outrageous. It really feels like I’m just out of the loop on something.
Jack Barker’s rather blunt monologue in SV about how the stock is the product is more true than ever. It felt very heavy handed at the time but it’s only proven to be more the case than I thought.
This probably illustrates my disconnect from reality, but I’ve never understood why a company would care about share price once they’ve left the door. I get that the co still owns its own shares and can conjure new ones for sale, but why would those very infrequent events interfere with the day-to-day operations. In my (wrong) eyes, it’s like pro-baseball players trying to increase the value of their trading cards via their participation in the game. The team doesn’t matter any more, it’s al about what the card owner wants.
Company itself really shouldn't. Everyone involved in management from board to executives do. Board operates behest of stock owners, executives operate behest of board. Such to keep their job they have to do what stock owners want. And stock owners either want dividends or growth in some term.
> Board operates behest of stock owners, executives operate behest of board
These are often both weak signals, though. They'll govern very high level decisions, but all the day to day is inside the company. Just as I want a return on the money in my bank account (as I was promised) investors want a return on their money too, and as you say, the executives and board should care about making sure the people who put money into the company are getting a decent deal out of the arrangement.
People have always way overstated the power and scope of “fiduciary duty.” It doesn’t mean you have to redline your company at all times to maximize every single penny in the short term at the expense of all other considerations. That’s just a cultural thing we do in the US by choice
Selling more stock is usually a lever a company can pull when they want. So even if a normal company in normal times doesn't have a reason to do so often, they can if circumstances change. Tesla and some other meme stocks have been extremely aggressive about selling more shares into crazy valuations, and have raised immense amounts of money doing so.
Plus as others have said, usually all of the decision makers have a bunch of stock exposure and will prioritize their own financial gains over pretty much anything else.
I used it. It doesn’t work as FSD. A driver has to pay attention and intervene. Can’t sleep. Can’t read a book. Can’t look at the scenery going by. It’s still super neat and I like it. But it’s not FSD, and I suspect why fewer than 10% of tesla owners pay $100/month or bought it.
It is not easy to radiate heat in space. You need a significant extra mass budget to radiate heat from hardware that is easily cooled in less volume on the surface. These will also be too large of a capital investment to operate as disposable satellites at the bottom of LEO. They will necessarily be higher up.
Well, unfortunately, it's not such common knowledge that it would be considered sarcastic by default. I have learned to be explicit by appending "/s" or "/j" so it's clearer.
To quote a message I wrote on a finance channel on telegram:
The TAM for "enterprise applications" at 28 T sounds both too much and too little: by the time the tech (and/or overall economy) allows it to reach that number, that number itself will look unimpressive, and this kind of scale seems to be reachable with ground-based more easily than with space based (at current energy prices, even that TAM is only about 2% of being Kardeshev 1).
Feels like Musk did vibe-economics for "how big is the global digital economy?", much like the claims about factories on the moon making data center satellites looks like he prompted grok with "if I tile the moon with solar powered factories and mass drivers to launch them, how many TW can it launch per year?"
The world's GDP is about 100T. That would mean more than 1/4 of every expenditure in the entire world would go into buying AI or by AI providers into their consumables.
While I essentially agree Musk is BSing, TAM doesn't imply "we can actually get this entire market". The TAM for the food sector is *all food*, not what one particular alcopop manufacturer can sell: https://en.wikipedia.org/wiki/Total_addressable_market
AI today can't do all desk jobs, I don't know how far we even are from that given the spiky nature of ML, but it smells like this IPO is using that as the justification for the claim.
The TAM of a particular alcopop manufacturer is "all beverages sold on the area it distributes". Misrepresenting it as "all food" would be borderline fraud.
The TAM for AI right now is the sum of all revenue from all AI companies. That seems to be something around $100B, or about 0.3% of the number on that document.
If they plan to grow that market, that's a different indicator.
He personally and his companies have been sued for fraud, so I wouldn't put it past him to be doing so here. That said:
> The TAM of a particular alcopop manufacturer is "all beverages sold on the area it distributes". Misrepresenting it as "all food" would be borderline fraud.
If you're confident of this, you may wish to edit the wikipedia page I linked to, which I was paraphrasing, that distinguishes between total available market (TAM), served (or serviceable) available market (SAM), and target market (TM). To quote it instead:
For example, the total UK consumer expenditure on food in 2014, which is the total addressable market of food, was £198 billion (including catering, alcoholic drinks, non-alcoholic drinks and other foods).[3] The serviceable available market for alcoholic drinks, which producers of alcoholic beverages target and serve, is £49 billion.[3] Since the market for alcoholic drinks is not a monopoly, the market share for a company producing alcoholic beverages can never reach 100% of SAM.[4]
[1]: https://www.forbes.com/sites/garthfriesen/2026/04/25/spacex-...