AI Summary
5 min readSpaceX stock has fallen more than 50% from its all-time high since the company went public six weeks ago, hitting a new low of $107 per share. The hosts of the Limitless Podcast argue this is a dramatic mispricing of a generational company. They acknowledge the bear case—the stock was likely overvalued at a $2.25 trillion market cap, only 4% of shares were initially available, and a massive supply unlock is coming—but they believe the market is failing to grasp what SpaceX is actually building. Flight 13 of Starship, which successfully launched real Starlink V3 satellites into orbit and landed the ship softly in the ocean, is the latest proof that the technology is advancing faster than the market realizes.
The bear case is real but short-term
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What you'll learn
- 1 (00:00) **SpaceX Stock Crash & The Core Mispricing Thesis** - The hosts introduce the 50%+ stock decline since the IPO and state their contrarian view that the market is fundamentally mispricing the company.
- 2 (01:06) **The Market's Confusion: A Valuation Wild West** - The hosts explain why the wide range of analyst valuations proves the company is not properly understood by the market.
- 3 (02:47) **The Bear Case: Why the Stock is Falling** - The hosts lay out the primary criticisms and structural reasons for the price decline.
- 4 (05:30) **The Four Pillars of the Bull Case** - The hosts introduce the four key technological pillars that justify a long-term investment in SpaceX.
- 5 (05:55) **Starship Flight 13: A Glorious Success** - A detailed breakdown of the recent test flight and why it was a landmark achievement.
- 6 (08:49) **The "So What?" Problem for Investors** - The hosts address the market's skepticism that this technology doesn't impact their daily lives today.
- 7 (10:11) **The AI Pillar: Grok, Compute, and the Neo-Cloud** - The hosts explain how the merger with xAI and massive compute clusters make SpaceX a major AI player.
+ Full timestamped outline available in the app
Show Notes
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TIMESTAMPS
0:00 SpaceX Stock Crash
2:30 Bear Case Unpacked
5:28 Starship Flight Breakthrough
10:14 AI And Compute Expansion
16:33 Elon’s Unified Ecosystem
17:01 Supply Unlock Risks
18:43 Ledger Sponsor Break
19:35 Manufacturing At Scale
22:00 Long-Term Bull Thesis
25:09 Closing Thoughts
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RESOURCES
Josh: https://x.com/JoshKale
Ejaaz: https://x.com/cryptopunk7213
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.
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