In the past I was thinking I would really like to invest in spacex. Who know they might do really well. I am not so sure now.
I agree with you, I would have invested in SpaceX in most of their history, and I was very bullish on Starlink and continue to be. But once you talk about being worth trillions and have orbital AI datacenter and twitter, I'm out.
Elon is doing amazing things on a regular basis. What would drive someone to pretend otherwise?
Musk's strength is in making bold plays, assembling teams together to make those plays, and building hype around those bold plays. Those skills were certainly critical for both SpaceX and Tesla in the early days, anyone denying that value is either delusional or pushing a revisionist history. But as companies grow large and mature, their needs change. Is Musk the leader you want when you need to do the boring work of making your infrastructure more robust? Would Musk even want that job?
Now he is focused on something else and he is using SpaceX good name and finances to make an AI play.
So yes, I have nobody over the old, lets go to Mars Musk, the new 'its all about AI' Musk, not so much.
Instead of just saying "anybody that wants to put data-centers in space, please pay us".
SpaceX has been incredibly successful without massive acquisition for a long time. Every product the made was a banger. And now they bought fucking Twitter.
