00:00But before we get too carried away by the vision, here's the honest part.
00:03This story comes with real risks.
00:07The company lost almost $5 billion last year,
00:10driven by the AI cash burner, which continues to consume capital.
00:14The entropic contract, this nice billion-dollar stream,
00:18can be terminated by either side with 90 days' notice.
00:22So it could theoretically disappear even before the IPO roadshow is over.
00:27A valuation of $2 trillion would catapult SpaceX on its first trading day
00:32into the club of Apple, Microsoft, and NVIDIA.
00:35And that despite billions in losses.
00:37The orbital data centers are so far just prototypes and letters of intent.
00:42No ongoing business.
00:43And above all this hovers the uncomfortable question of concentration of power.
00:49A single man controls launch capacity, satellite internet,
00:52a leading AI lab, and a global social media platform, all within a single company.
00:57Even those who admire Musk's engineering achievements
01:01shouldn't just shrug off this concentration of power.
