20VC: SpaceX Completes Acquisition of xAI | The 2026 SaaS Massacre: Public Market Collapse | Microsoft's $360 Billion Market Cap Loss | NVIDIA's $100BN Investment Dispute with OpenAI | Waymo Raises $16 Billion at a $110 Billion Valuation

At the margin, would you prefer to be a SpaceX investor taking 20% dilution here or a Twitter slash x.ai investor rolling into the largest market cap private company on the planet, maybe six months before it goes public? What you just saw is the rehabilitation of the IPO, and I'm going to call it the end of stay private forever. Elon operates like the Marines, no investor left behind. Compute and revenue have a one-to-one correlation. So as long as that holds, it makes sense to consume every single penny of capital on all of planet Earth.

For simplistic folks, for founders, I I say inference is the new sales and marketing. The good news is I believe in a balanced scorecard. The bad news is revenue growth rate is 95% of the balance. You don't see a bottom until these things are at free cash flow multiples net of dilution. And when that happens, that's your bottom.

What a shitty time. China's doing the same thing, so we have to do it. We have to guarantee 0% financing for all data centers. It's it we'll get all our money back. We kept the airlines flying when things were tough during Covid.

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