💻 **Tom Tunguz: SpaceXAI Spends Like a Hyperscaler — But Can't Yet Pay Like One**

SpaceXAI's first quarter as a public company: **$18.4B** in capex, **$15.8B** of it AI infrastructure — nearly 40% of Microsoft's entire quarterly spend.
• Amazon spent $53.1B, Alphabet $44.9B, Microsoft $41.0B, and Meta $31.1B in the same quarter — SpaceXAI's growth curve tracks right alongside them.
• The gap is funding: operating cash flow covers **155%** of Microsoft's capex and 106% of Meta's, but just **12%** of SpaceXAI's — the rest is debt and equity.
• Markets have taken notice: SPCX shares closed at $108, a fifth below its $135 IPO price, and every tranche of its $25B June bond now trades below par.

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