The Biggest IPO in History Is Undervalued
Speakers
Josh Kale
— Co-Host, Limitless Podcast (Bankless)
Ejaaz Ahamadeen
— Co-Host, Limitless Podcast (Bankless)
Summary
The Limitless hosts argue that the upcoming SpaceX IPO is undervalued even at a $2.1T valuation, driven by Starlink’s exponential growth, AI data centres in space, and unmatched hardware execution. They also cover OpenAI’s giant data centre deal and confidential S‑1 filing, Anthropic’s Fable 5 model, and Apple’s Siri AI comeback, ending with a strong bullish call on Apple.
- SpaceX IPO is the largest in history, raising $75B at up to $2.1T, with 30% retail allocation and 4x demand
- Speakers see SpaceX as undervalued: Starlink has 12M subscribers growing exponentially; V3 satellites deliver 20x bandwidth per launch
- AI‑1 data centre satellites revealed: 150kW compute, hot‑swappable GPUs, laser grid, $56B in signed deals, targeting 1 gigawatt in orbit by 2027
- SpaceX’s fully reusable Starship could cut launch costs below $100/kg, creating a near‑monopoly on mass‑to‑orbit
- OpenAI signs a 10‑gigawatt data centre deal backed by SoftBank/NVIDIA and confidentially files for an IPO
- Anthropic’s Fable 5 improves long‑horizon tasks and personality; anti‑distillation policy reversed after criticism
- Apple’s Siri AI beta wows with on‑device, privacy‑first performance, giving Apple a unique advantage and making hosts very bullish on AAPL
Ideas
SpaceX’s IPO at a ~$2.1 trillion valuation is undervalued because the company has three massive growth pillars: Starlink’s explosive subscriber growth (12M+) and next-gen V3 satellites delivering 20x bandwidth per launch, AI data centers in space (AI-1 satellites with hot‑swappable GPUs, 150kW compute, laser‑interconnected grid, signed $56B/year deals with Anthropic, Google, Cursor), and unmatched hardware/manufacturing execution with fully reusable Starship bringing launch costs below $100/kg. Elon Musk’s proven ability to scale hardware from zero to one, the deep competitive moat (decade lead over Blue Origin), and the future merger potential with Tesla/Optimus/XAI make this a long‑term buy; the AI and space infrastructure bottleneck shifts to atoms, where SpaceX is uniquely positioned.
Apple Siri AI is a game-changer
Apple’s new Siri AI is a spectacular comeback; early beta reviews show it works faster and better than demoed, with true on‑device AI that is contextually aware of all personal data. Apple owns 3.5 billion devices and the custom silicon to run frontier models locally, giving it a unique advantage that no other AI lab can match—privacy‑first, no backdoor, no cloud dependency. This could subsidize and replace $20/month LLM subscriptions for casual users, making Apple a grand slam and very bullish long term.
