SpaceX's S-1 and the most ambitious AI bet ever attempted

SpaceX filed its S-1, and the headlines call it a space IPO — but the filing tells a different story: the most vertically integrated AI infrastructure bet ever attempted. xAI is now a SpaceX segment, with $12.7B in AI capex last year. Anthropic signed on as a $1.25B/month customer through 2029. There's a chip project with Tesla and Intel called Terafab. And AI data centers in orbit by 2028. Joining us: Henry Ward, Carta, and Apoorv Agrawal, Altimeter Capital.