Subject: SpaceX S-1
I don't want to ask for a board for Space-X, but this IPO looks like a mess and this seems like the best place to talk about it. I have questions about it being a going concern in the long term, if the IPO doesn't happen.

The biggest cashflows are from the Anthropic datacenter rental. Equinix is right there if I wanted a datacenter REIT.

And Starlink. EBITDA seems off for measuring a service based on satellites being inexorable drawn into a fiery death in Earth's atmosphere. That feels like a very inflexible form of depreciation.

https://www.sec.gov/Archives/e...