The SpaceX IPO, Fable 5, AI Capex Update & Market Check w/ Gavin Baker, Andrew Fox & Clark Tang | BG2
June 11, 2026
AI Summary
5 min read🎙️ The Voices & The Context
- The Format: This is a high-energy, casual roundtable discussion between seasoned tech investors and analysts. It feels like a private boardroom conversation that's been opened up to the public.
- The Key Players:
- Brad Gerstner (Host): Founder of Altimeter Capital. The ringleader, asking the big questions and framing the narrative.
- Gavin Baker: Managing Partner at Atreides Management. The deep thinker, providing first-principles analysis on SpaceX and AI.
- Andrew "Fox" Fox: Analyst at Atreides. The detail guy, breaking down the mechanics of SpaceX's launch business and orbital compute.
- Clark Tang: Partner at Altimeter. The boots-on-the-ground analyst, fresh from Taiwan with insights on the chip supply chain.
- The Vibe: Intense & Bullish. The energy is electric, fueled by a shared conviction that we are on the cusp of a historic technological and economic shift. It's a masterclass in optimistic, data-driven analysis.
🗝️ Key Themes & Topics
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What you'll learn
- 1 (00:00) **🎙️ Introduction: Gavin Baker & Andrew Fox**
- 2 (01:04) **SpaceX IPO: Key Levers for the Next Few Years**
- 3 (06:46) **The Core Business: Launch & Starlink**
- 4 (13:28) **Elon Web Services (EWS): The AI Compute Business**
- 5 (21:02) **The Call Option: Orbital Data Centers**
- 6 (29:29) **The Model: XAI & Cursor**
- 7 (34:51) **IPO Strategy & Market Dynamics**
+ Full timestamped outline available in the app
Show Notes
Brad Gerstner sits down with Gavin Baker and Andrew Fox of Atreides Management, alongside Altimeter partner Clark Tang, to break down one of the biggest questions in tech and markets: how should investors think about the SpaceX IPO?
They unpack the major levers behind SpaceX’s next phase: Starship rapid reusability, Starlink broadband and direct-to-cell, Elon’s emerging AI compute business, xAI’s model ambitions, the Cursor acquisition, and the long-term promise of orbital data centers.
The group also debates whether SpaceX is becoming a new kind of AI hyperscaler — “Elon Web Services” — and what that means for the future of compute, cloud, and frontier intelligence.
Then they dive into the latest model race: Fable 5, Mythos, ChatGPT 5.5, long-running agents, open source vs. frontier models, Nvidia vs. ASICs, the AI CapEx boom, and why the market may still be underestimating the scale of AI demand. Enjoy another episode of BG2!
Produced by Edward Schmidt & Dan Shevchuk
Music by Yung Spielberg
Available on Apple, Spotify, www.bg2pod.com
Follow:
Brad Gerstner @altcap https://x.com/altcap
Gavin Baker @GavinSBaker https://x.com/GavinSBaker
Clark Tang @_clarktang https://x.com/_clarktang
BG2 Pod @bg2pod https://x.com/BG2Pod
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