Elon Owns 48.7%… Look Who Owns The Rest
Overall Thesis
SpaceX's $60 billion acquisition of Cursor and newly disclosed ownership structure (Elon 48.7%, Google, Nvidia, Saudi Arabia as major stakeholders) positions the company as a leader in AI development with Grok as a competitive alternative to ChatGPT and Claude.
Narratives
The hosts note that Google is one of SpaceX's largest outside shareholders with a disclosed $77 billion stake, while also touching on Google's in-house TPU strategy and reported leadership turmoil in its AI division. They speculate about deeper future collaboration between Google and Elon Musk's companies but do not offer a clear directional view on Google's own stock.
Key Arguments
- Google disclosed a $77 billion stake in SpaceX, one of the largest outside holders.
- Google has its own TPUs but reportedly wants access to other AI training platforms like Nvidia's.
- Speculation about future deals between Google and Tesla, Elon Musk, or SpaceX.
Nvidia is highlighted as a major investor in SpaceX (reported stakes of roughly $17-20 billion) and a critical compute partner across the AI ecosystem, including possible deeper ties to Musk's Terafab chip venture. The hosts express bullish conviction in Nvidia's strategic positioning, citing extremely tight GPU supply, high rental rates, and Jensen Huang's pattern of investing in and supporting the customers who buy his chips.
Key Arguments
- Nvidia holds a large equity stake in SpaceX, reported between $17 billion and $20 billion.
- Nvidia strikes revenue-sharing and investment deals with the companies it sells chips to rather than just selling product.
- Rental rates for Nvidia GPUs remain high and availability is extremely low, indicating strong ongoing demand.
- Speculation of a deeper partnership between Nvidia and Musk's Terafab memory/chip venture, including Nvidia possibly reselling Terafab-made chips.
Predictions (1)
Tesla is mentioned mainly in the context of its Optimus robot and robotaxi programs, with a Tesla AI executive praising xAI's Grockbot tool for workflow automation. The host draws a loose parallel between SpaceX's current AI-driven trajectory and Tesla's own growth pattern, expressing general bullish sentiment without any specific stock price targets.
Key Arguments
- A senior Tesla AI executive overseeing Optimus and robotaxi reported a positive experience using Grockbot for days.
- Elon Musk is expected to shift more focus back into scaling Optimus and robotaxi after the Grock/Cursor integration is complete.
- The host compares SpaceX's current investor buildup to what previously happened with Tesla, calling it 'a mirror image almost.'
Hedges & Caveats
- Discussion is primarily about private company SpaceX, not publicly traded securities
- Ownership percentages and valuations are based on disclosed filings
- Future AI market projections ($3.2 trillion compute by 2040) are speculative model outputs
- No specific price targets or buy/sell recommendations provided