Would be crazy for anyone to buy shares of SpaceX, says Tusk Venture's Tusk

Summary

A CNBC discussion on SpaceX's historic IPO pits Chad Anderson (bullish) against Bradley Tusk (bearish). Anderson highlights SpaceX's infrastructure edge across launch, Starlink, and AI compute, with accelerating revenue and multiple growth inflection points. Tusk admires the company but warns that a $2.1 trillion market cap at 125x revenue is far above mega-cap peers and unsupported by current fundamentals.

• Chad Anderson, Space Capital managing partner, argues SpaceX is an infrastructure company spanning launch, Starlink, and AI compute with massive future optionality.
• He emphasizes SpaceX is already profitable, buying back shares, and recently doubled its revenue with Google and Anthropic AI deals.
• Starlink has 10 million subscribers growing rapidly and a forthcoming direct-to-phone product that will target the telecom market.
• Bradley Tusk calls SpaceX an amazing company but notes its $2.1 trillion valuation equals about 125x revenue, far above Alphabet, Microsoft, Apple, and Meta.
• Tusk says unless an investor believes SpaceX will follow Tesla’s uncorrelated path, the fundamentals do not justify buying shares at current prices.
• The conversation highlights the tension between SpaceX’s transformational growth story and its extreme valuation.