🚨SOMETHING VERY BAD IS HAPPENING
SpaceX went public this morning.
The biggest IPO in history. $75B raised. Done.
The market keeps pretending nothing changed.
But the math is now exposed.
OpenAI and Anthropic at $2.1T. SpaceX at $1.77T.
Combined, nearly $4T sitting in pre-revenue narratives.
$450B burned per year across AI. Against $50B in actual revenue.
SpaceX itself just reported a $4.2B net loss in Q1 alone. $41.3B accumulated deficit.
The entire AI bull case depends on one assumption.
Inference gets cheaper.
It's not. Memory is getting expensive. Compute is not scaling fast enough.
Inference is not falling the way the models predicted.
The loop is obvious.
OpenAI funds Microsoft. Microsoft funds OpenAI.
Nvidia invests in companies that buy Nvidia chips.
SpaceX just raised $75B from retail.
Insiders sit on $1.6T in paper wealth. Waiting to dump.
The signs were everywhere.
Everyone calls it growth.
I call it the final stage of mania.
In 2000, companies added ".com" to the name.
Nasdaq collapsed 80%.
The dump is now mechanical.
July: QQQ rebalance forces selling of everything else.
September: lockup #1 expires. Insiders sell into the inflated bid.
December: lockup #2 brings a bigger wave.
If you've been following me, you already caught the $16K bottom and the $126K top.
The next call is coming.
And bubbles don't warn you before they break.
