Conversations with Aidan Edwards

SpaceX just filed to go public under the ticker SPKX — and the $1.8 trillion valuation has everyone losing their minds. That's ten times Boeing. Fifteen times Lockheed Martin. For a company that lost $4.9 billion last year.So what are you actually buying?Under the hood, SpaceX is four companies at once: a rocket business, an AI company (xAI), a social media platform (X, formerly Twitter), and a satellite internet provider (Starlink). The problem is that only one of those is making real money — and it's the one you can't buy separately.Starlink brought in $11.4 billion in revenue last year at a 63% EBITDA margin. That's more than double Netflix's operating margin. It's genuinely one of the most impressive businesses on the planet.Everything else is burning cash at a historic pace. CapEx hit $10.1 billion — $7.7 billion of which went toward building out the Memphis GPU cluster for xAI. Q1 of this year alone saw a $4.28 billion loss. Nearly as much in three months as the whole of last year.And here's the part that doesn't get enough attention: when you buy SpaceX, you're directly funding Elon's acquisition of X. The company that owns Twitter has 550 million monthly active users — but the Meta family of apps has 3.9 billion. The gap is enormous.They're also holding 18,000 Bitcoin on the balance sheet, and they want to launch a million satellites to build a space-based AI center — roughly 70 times the number of satellites currently orbiting Earth. Their own S-1 filing admits they're not sure if that's commercially viable.So the question isn't whether SpaceX is doing impressive things. It's whether $1.8 trillion is the right price for what you're actually getting.Learn more at CWApod.comDisclaimer: The information contained in this video is for educational and entertainment purposes only and should not be construed as specific financial, investment, or legal advice. Investing involves risk, including the potential loss of principal. Always do your own research or consult with a licensed professional before making any financial decisions.