Podbit · Hard Fork
SpaceX has two incredible businesses — reusable rockets and Starlink — but Elon Musk folded xAI and X into the company, apparently to hide those losses. Investors will have to take the good with the bad in a single stock.
Where this was said
At 5:35 · chapter starts 3:19
The hosts plunge into what could be the most consequential IPO wave in financial history. SpaceX is furthest along: it aims to raise $75 billion at $135 per share, valuing the combined entity — rockets, Starlink, xAI, and X — between $1.75 and $2 trillion [1] — Casey Newton "SpaceX IPO at $135/share: SpaceX plans to sell shares at $135 each, aiming to raise $75 billion and value the company at $1.75–$2 trillion." 04:17 . Casey frames SpaceX as two great businesses (reusable rockets, Starlink) yoked to two terrible ones (xAI and X), which Elon Musk apparently folded in to hide losses from weaker assets [2] — Casey Newton "It seemed like Elon Musk decided he needed to kind of hide his losses somewhere. And so they inherited the two worst companies he owned." 06:56 . Anthropic, meanwhile, filed a confidential S-1 and is expected to IPO at over $1 trillion — an almost incomprehensible trajectory given Kevin Roose's recollection of visiting the company in 2023 when it 'actively resisted the idea of making money.' The company's annualized revenue run rate reportedly jumped from $1 billion in early 2025 to $50 billion. OpenAI is also preparing to file. The hosts also flag their personal conflicts of interest: The New York Times is suing OpenAI, and Casey's fiancée works at Anthropic.
SpaceX, Anthropic, and OpenAI are all heading to public markets in 2026, potentially constituting the three biggest IPOs ever. SpaceX alone is targeting a $75 billion raise at a $1.75–$2 trillion valuation — numbers never before seen in the history of capitalism.
SpaceX, Anthropic, and OpenAI are all expected to go public in 2026, potentially constituting the three largest IPOs in history.
SpaceX plans to sell shares at $135 each, aiming to raise $75 billion and value the company at $1.75–$2 trillion.
A successful SpaceX IPO would instantly place it among the very largest companies in the world by market capitalization.
Anthropic filed a confidential S-1 and is expected to go public at a valuation exceeding one trillion dollars.
In 2023, Anthropic was a glum, earnest group of AI safety obsessives who hadn't decided whether they even wanted to make a product. Now they're expected to IPO at over $1 trillion, with annualized revenue growing from $1 billion to $50 billion in roughly one year.
SiteGPT attracted over 1 million visitors and $500K in total revenue without spending a cent on paid marketing. The secret: engineering as marketing — building free tools that rank on Google.
Bhanu quit his first job after just 8 months, moved back to his parents' house to cut costs, and started building. One product sold for $250K; the next hit $10K MRR in its first month.
90% of SiteGPT's Google search traffic comes not from the main product but from ~50 free tools Bhanu built. Each tool targets a low-competition keyword and funnels users back to the paid product.
50,000 monthly visitors become 200 leads, 60 trials, and roughly 15–24 new customers per month at ~$100 average revenue each. Add a $1,700–$1,800 LTV and you have a very healthy SaaS.
Start with a blank Ahrefs search, layer in keyword filters (include term, KD < 10, volume > 1,000), list candidates in Notion, design a CTA linking to your main product, then score by volume, difficulty, build effort, and product relevance. That's the whole playbook.
Marketing feels painful for most builders. Engineering as marketing flips the script: instead of writing cold emails or blog posts, you build things — and those things rank on Google forever.
Don't spend months perfecting before launch. Ship the core feature, get real users, and let their feedback dictate the product roadmap. Premature polish is a trap.
SiteGPT launched and hit $10,000 MRR within its first month. That momentum was so overwhelming that Bhanu sold his existing SaaS, Feather, for $250,000 to free up all his time.
PropGPT launched with 20 downloads a day and strong influencer marketing but hit a ceiling at $1,000–$2,000 MRR. High download numbers masked a critical flaw: almost nobody stuck around after the free trial ended.
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