Starlink: $4.5B revenue but a loss
Starlink generated around $4.5 billion in revenue but still operated at a loss prior to the Google and Anthropic compute deals.
Snapshot · God Mode Podcast
EP17: The SpaceX IPO Thesis Just Flipped + Anthropic Passed OpenAI (First Time IRL, w/ Reuben Ferrante)
Explore episode
Jun 19, 2026
Where this was said
Justifying a $2 trillion valuation
At 9:30 · chapter starts 7:30
Rik opens the valuation challenge: even with $25 billion in combined Anthropic and Google compute revenue, plus the launch business, a $50–60 billion revenue company at $2 trillion implies multiples that make Google's own IPO look conservative. [1] — Reuben Ferrante "SpaceX: 85% of mass to space: SpaceX controls approximately 85% of all mass launched into space, forming the backbone of its valuation argu…" 09:17 Reuben grounds the discussion with a key stat: SpaceX controls approximately 85% of all mass taken to orbit, a concentration of capability that justifies asymmetric valuation thinking. Luca notes SpaceX's ability to stand up data centers in 150 days gives it a speed advantage that could let it scale Earth-based compute while the space data center vision matures. Ben anchors on the real paradigm shift: Starlink provides internet to the whole world, not any one country — making SpaceX's TAM genuinely planetary, a first in IPO history.
SpaceX: 85% of mass to space
SpaceX controls approximately 85% of all mass launched into space, forming the backbone of its valuation argument at $2 trillion.
150 days to build a SpaceX data center
SpaceX demonstrated the ability to stand up a data center in approximately 150 days, showing a speed advantage over traditional infrastructure builders.
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