In this episode, we take a closer look at Elon Musk’s latest capital reshuffle across Tesla, SpaceX, and xAI—and what it really signals.

We break down:

• Why Tesla’s growing capital commitments to AI raise questions for shareholders
• How SpaceX’s acquisition of xAI reframes its long-anticipated IPO
• Whether “vertical integration” across Musk’s companies is strategy or financial improvisation
• The realism (and limits) of space-based data centers
• Why energy and compute—not funding—may be the true bottlenecks in the AI race
• How regulation, physics, and resource scarcity complicate the AI arms race narrative

This episode isn’t about hype or personality. It’s about capital allocation, structural constraints, and what happens when ambition runs into reality.

Some things read better than they sound—charts and data included in the written edition.