The Martian Chronicles 76 years later

Last night, Wall Street hosted what may have been the most ambitious pitch in modern financial history.

The setting was JPMorgan’s Manhattan headquarters. A rocket sculpture stood in the lobby. Space rocks and meteorite fragments lined the room. Across the city, Bank of America lit its tower to resemble a rocket launch, while Goldman Sachs filled its lobby screens with launch footage.

More than 350 investors attended.

Maye Musk, Elon’s mother, opened the evening with a few remarks. Then JPMorgan CEO Jamie Dimon introduced Musk as “the Edison of our time.”

Moments later, Elon Musk took the stage.

What followed wasn’t a typical IPO presentation. It was part roadshow, part vision for the future, and part masterclass in selling a trillion-dollar idea.

From Mars colonies and autonomous robots to satellites, AI, and the future of global communications, Musk laid out the case for why SpaceX could become one of the most valuable companies ever created.

We went through the presentation slide by slide.

Here’s what Elon Musk showed some of the world’s biggest investors. ⇩

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Why now? The capital question.

Musk opened with a question he knew everyone in the room was thinking: why does SpaceX — cash-flow positive since roughly 2014 or 2015 — need to go public now?

His answer was direct. Previous private fundraising rounds were mostly used to provide liquidity for employees and investors. What has changed is that SpaceX is entering a much larger, much more capital-intensive phase of its existence. One that private markets cannot fund at the scale required.

“The TLDR,” Musk told Dimon, “is that we’re embarking on a massive new growth phase, and we need capital for that.”

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AI data centers… In space. 

Musk’s core argument for why SpaceX needs billions is….
→ to build the data centers in space.

Building enough power for AI may become one of the biggest bottlenecks of the next decade.

As Musk put it, finding places to build new power plants on Earth is getting harder.
→ Communities push back,
→ regulations slow projects down, and
→ available land is limited.

His solution sounds straight out of science fiction…

Musk believes Earth can support roughly 1 terawatt of new AI computing capacity per year.

The Moon, however, could eventually support 1,000 times more — powered by uninterrupted solar energy, free from land constraints, and cooled by the vacuum of space.

It’s an ambitious vision.

Between Starship launches, Starlink’s satellite network, and plans for large-scale space deployment, SpaceX argues it has capabilities that no other company can match.

And that’s the heart of the $1.75 trillion bull case.

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I’m about to do a live demonstration. Of Elon Musk’s latest genius invention.
It’s an AI agent… Perhaps the most powerful ever created.

Elon himself believes it could 70X your money… in a short period of time.
Keep in mind, this is NOT like ChatGPT.

It’s not a chatbot. Or something you download on your phone.

I expect Musk to publicly launch his AI agent any day now…
Potentially by the end of the month.

But I’m going to give you a sneak preview — for free.

It’s critical you see this live demo…

So you understand exactly what Elon created…
And why it’s so valuable.

$322 Billion by 2030.

While Musk was pitching the vision, Goldman Sachs was pitching the numbers.

According to forecasts the bank reportedly shared with a potential investor — first reported by the Financial Times — Goldman projects SpaceX’s AI segment alone will generate $322 billion in revenue by 2030.

That is up from just $3.2 billion in 2025. A 100-fold increase in five years.

Total SpaceX revenue, Goldman estimates, could reach $474 billion by 2030 — up from $18.7 billion in 2025. That would make SpaceX one of the largest companies on Earth by revenue, period.

To put $474 billion in annual revenue in context — that would rank SpaceX alongside Amazon today. In five years. 

Starting from $18.7 billion. The bull case requires believing that Musk’s space AI thesis executes at a speed and scale that has no precedent in corporate history.

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While the whole world is watching Elon, the real money is moving somewhere else

When Elon Musk ran a Twitter poll in 2021, Tesla lost $30 billion in a single day.

When he changed the Twitter logo to Dogecoin, the coin surged 30% overnight.

No one alive moves markets the way Elon does.

Larry Benedict — the trader who delivered a 279% return on cash in 2025 — says Elon’s next move is his biggest yet.

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What the money actually pays for.

Beyond the AI data center vision, Musk laid out the concrete uses of the $75 billion being raised. Three specific programs — each large enough to be a standalone company.

SpaceX also holds 18,712 Bitcoin on its balance sheet as of December 31, 2025 — worth over $1 billion at current prices.

That makes it one of the most valuable corporate crypto positions to go public, and connects the SpaceX IPO to the Bitcoin narrative simultaneously.

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One very slim margin.

Twenty-three banks are on this deal. Goldman Sachs and Morgan Stanley have the lead positions. JPMorgan, Bank of America, Citigroup, and 18 others fill out the syndicate.

The fee pool is estimated at $800 million to $1 billion — split across all 23.

Unusually, SpaceX negotiated the underwriting fee down to potentially less than 0.75% — far below the typical 4-7% range for IPOs. On a $75 billion raise, even 0.75% is $562 million. Even at 0.5% it is $375 million. The banks accepted the slim margin because the deal is about more than fees.

1 Goldman Sachs — lead left
GS stock up 19.56% YTD. Up 75.84% past year. Q4 2025 advisory revenue up 41% year over year. Full-year investment banking fees $9.34 billion. CEO Solomon called SpaceX “the first concrete data point for something of this scale.” Also vying for Anthropic and OpenAI mandates.

2 Morgan Stanley — retail distribution
Record Q1 2026 results — revenue $20.58 billion, advisory revenue up 74% year over year. Handles the retail allocation Cramer is trying to influence. SpaceX employees are expected to convert into Morgan Stanley wealth management clients — a long-term revenue stream beyond the fee.

The banks are not just underwriting an IPO — they are competing for prestige, future client relationships, and the right to be associated with the largest public offering in history.

Bull vs Bear.

Thursday evening was theater. Extraordinary, expensive, meticulously staged theater.

Banks lit up their buildings. Dimon called a sitting CEO the Edison of our time on live television. Goldman projected $322 billion in AI revenue by 2030 with a straight face.

All of it was true. All of it was also a pitch.

The bull case is real — no company on Earth can build AI data centers in space except SpaceX, and if Musk is right about 1,000 terawatts of moon compute, the Goldman numbers are conservative.

The bear case is also real — SpaceX lost $4.94 billion last year, xAI lost $6.4 billion more, and the $474 billion revenue forecast requires executing at a pace with no corporate precedent.

The market will price all of this on June 12.

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