Open

Golf tourney tomorrow

Choking. 

• Heimlich maneuver

US Bank Fees

• $12.50 per $50. That is 25% instantly
• So $1000, is 20 * $12.50 = $250. + interest.

Reinstate the SAT

• More than 1,100 University of California math and science professors are urging UC regents to reinstate college-entrance exams, saying that unprepared students are lowering academic standards and draining teaching resources.
• Today, more than 90% of schools don’t mandate the exams, Feder said.

60 minutes

• Welcome to real life Scott Pelley. New boss, new style. Work or walk. 

Recommendations: 

• Bill Ackman 
• Sara Frier Finance folks should know Codex (previously Excel)
• Panthalassa

Markets: 

Huge correction today.  Tech down 5%+ and S&P500 2.6%. 

• The losses intensified after a robust jobs report raised new worries that the Federal Reserve may need to raise interest rates later this year to fight inflation.

S&P 500 still up 27% and tech 40-60% YoY. 

Huge IPOs coming: 

• SpaceX
• Anthropic 
• OpenAI

Cash. Think about your cash investments. 

• Cash is nice 
• Owning your home is nice. 

AI & Datacenters

Google to raise $85 billion 

Anthropic IPO

• In May, Anthropic raised $65 billion in new funding from investors including Greenoaks, Dragoneer, Altimeter Capital and Sequoia Capital, in a round that valued the company at $965 billion. At the same time, the company said its revenue run-rate had surpassed $47 billion, up from $9 billion at the end of 2025

LLM usage

• Grok: no bueno.  Grok and Spreadsheets.  Oh my.
• Gemini. Good. 
• Claude: BEST. 
• BTW, OpenAI was suspiciously very negative on SpaceX. 

SpaceX 

• Going public ~June12. Next Friday!? 
• $75b raise at $1.75T valuation.  
  • Float is ~4-5% of total shares 
  • $10-18b must be purchased by index funds. 
  • More coming out in next 6 months. Employee lockups. Cap table investors want liquidity.
• Great detail here from Alexandra  

IPO Education

• Hire IB’s.  
• Allocate to VIPs and whales. 5% to retail.

Valuation 
Over-valued? Valuation is highly relative to time!!!?? 

• $135 price. $300 price? 
• Either way 10-20x in 10 years.  Not investment advice.

AI Opportunity

SpaceX is becoming an AI infrastructure play!!

Another Rental of Compute from Google to SpaceX.  Anthropic and Google are now paying @SpaceX a combined $2.17 billon per month for compute capacity. That's a revenue run rate of $26 billion per year. BIG MONEY.

Jamie Dimon Interview of Elon.   

Elon and Dimon  Another link here from 

• Why SpaceX public now. 
• Play at 4:00min mark: Why fundraising. 
  • Embarking on significant growth phase. 
  • 100,000 satellites. BTW. Why are datacenters hard if already doing satellites. 
  • 100x more bandwidth and ½ latency for v3. 
    • He just said that Starlink will be highest bandwidth and lowest latency or ANYTHING!! 
  • AI Datacenters in space. Massive capital endeavor. 
  • Hard to build power in the US or on land. 
  • US usage is 500GW.  To double. Would need to 2x # of power plants. 
    • BUT if in space can go far beyond Earth
  • Manufacturing on the moon and building beyond 1000TW per year of AI Space Compute

DataCenters in Space

• Easier than their communication satellites. 
• AI datacenter is EASY

Elections: 

• Why does it take so long to count votes? 
• Could take weeks?