SpaceX / Muskonomy Newsletter

🚀 SpaceX / Muskonomy Newsletter

G.L.A. INVEST RESEARCH & COACH KYLE | May 2026

“We have never seen a company like SpaceX in our career.”
— Cathie Wood, ARK Invest​

📌 What Is the “Muskonomy”?

The “Muskonomy” refers to the interconnected empire of companies controlled by Elon Musk — and right now, that empire is on the verge of its biggest moment in history. At its core are SpaceX (which now includes xAI and X.com) and Tesla, two companies that together could form the most valuable corporation ever assembled. Understanding how these pieces fit together is arguably the most important investment thesis of our generation.

🔑 Top Things Every Investor Needs to Know Right Now

1. The SpaceX IPO Is Coming — And It Will Be the Biggest in History

SpaceX has filed its S-1 and is targeting an IPO on or around June 12, 2026. The company is seeking to raise approximately $75–80 billion in primary proceeds — roughly three times the size of Saudi Aramco’s record 2019 listing. The IPO is expected to value SpaceX at around $1.75 trillion, making it one of the most valuable companies on Earth the moment it starts trading on Nasdaq.

What does this mean for you? Once SpaceX is public, everyday investors — not just billionaires and insiders — will have the chance to own a piece of the most ambitious company in human history. This is a moment that does not come often. Treat it accordingly.

2. SpaceX Is Not Just a Rocket Company — It Is Five Businesses in One

When you buy SpaceX stock, you are buying into five distinct, enormous businesses under a single roof:

No other single stock gives you this kind of diversification across space, internet, AI, social media, and defense.

3. Starlink Is Becoming the Internet

This is not hype — the numbers prove it. Starlink now has 10.3 million paying subscribers, nearly doubling from 5 million just a year ago. Revenue for 2025 reached $11.4 billion with a jaw-dropping 63% profit margin at the EBITDA level. To put that in plain English: Starlink keeps 63 cents of profit for every dollar of revenue it earns.

Starlink already provides internet to remote corners of the globe, at sea, on airplanes, and in war zones. Elon Musk himself has stated that Starlink will represent the “vast majority” of SpaceX’s revenue going forward, with NASA accounting for only about 5% of revenue in 2026. As SpaceX launches thousands more satellites, coverage and speeds improve, and prices come down. The end game: Starlink becomes the dominant internet backbone for the planet.​

4. AI Compute as a Service — The Next Revenue Engine

Here is a business most people are not talking about yet. After acquiring xAI, SpaceX now operates Colossus 1, described as one of the world’s largest and fastest AI supercomputers. SpaceX has already signed a deal to sell AI compute time to Anthropic — one of the top AI labs in the world — and Elon Musk has publicly stated that SpaceX is “actively seeking more AI compute customers“. He confirmed directly: “SpaceX is offering AI compute as a service at significant scale”.

Think of this like Amazon Web Services (AWS) — but owned by the company that also runs the rockets and the internet. Cloud computing (AWS) is what turned Amazon from an online bookstore into one of the most profitable companies on Earth. xAI’s compute cloud has the potential to do the same for SpaceX.

5. SpaceX + Tesla Merger — Wall Street’s Open Secret

This is the headline that has been breaking in the final days of May 2026( and we have been saying for many months) According to CNBC, Elon Musk has been discussing a potential merger of SpaceX and Tesla with colleagues, including internal conversations at Tesla. Wedbush analyst Dan Ives estimates an 80% or greater probability of a merger occurring by 2027, stating the “foundations were already established for both entities to unify”.

Betting markets are currently pricing a 52% chance of a merger. Tesla currently sits at approximately $1.6 trillion in market cap, and SpaceX is targeting a $1.75 trillion IPO valuation. A combined entity would be worth over $3 trillion on Day 1 — instantly making it the most valuable company on Earth. Both companies are increasingly focused on AI, as engineers from both firms already collaborate closely.​( I put the odds at 90% not a certainty)

🌍 The Long Game: Largest Company on Earth — For the Rest of Our Lives

This is G.L.A. INVEST RESEARCH’s core thesis: SpaceX (and its eventual combined entity with Tesla) is on track to become the largest company on Earth — and to remain there for decades.

Here is the logic in plain terms:

• Every technology trend of the next 50 years flows through this company. AI, satellite internet, space transportation, defense, robotics (Tesla Optimus), autonomous vehicles — SpaceX/Tesla touches all of it.

• Long-term bulls with serious money agree. Ron Baron has called SpaceX “the largest company on the planet” and has $15 billion of his $55 billion fund invested in SpaceX. Cathie Wood’s ARK Invest has publicly backed the $1.75 trillion IPO valuation and projected SpaceX could reach a $2.5 trillion+ enterprise value by 2030.​

• The bull case valuations are staggering. ARK’s optimistic scenario puts SpaceX’s enterprise value at $3.1 trillion or more by 2030. Other long-term analysts, including Musk himself, have floated growth trajectories that would put the combined Musk empire in the $30 trillion to $100 trillion range over the next 10 years — driven by Starlink, AI compute, and the opening of the space economy.​

🌕 The Frontier: Moon Bases, Asteroid Mining & Military Dominance

Most mainstream coverage stops at rockets and internet satellites. That misses the biggest potential value drivers of all.

Lunar Base & Colonization

SpaceX is under NASA contract to land humans on the Moon using Starship, and plans to use Starship as the foundation for a permanent lunar habitat. The Moon is not just a science project — it is a staging ground for everything that comes next in the solar system.​

Asteroid & Lunar Mining

The Moon contains an estimated $4 quadrillion worth of Helium-3 alone — a gas that could fuel future fusion reactors. Asteroids contain more metal than has ever been mined in human history. SpaceX sees asteroid mining as a potential future market, and with Starship’s reusability and payload capacity, it is the only company with the tools to actually unlock this market at scale.

Military & National Security

SpaceX is already deeply embedded in U.S. national security. The Pentagon has awarded SpaceX every dollar of recent military launch contracts. The U.S. Space Force just granted SpaceX a $2.29 billion contract for a secure satellite communications backbone connecting military sensors and weapons systems worldwide. There is also a classified intelligence contract worth billions via the Starshield program. Since 2008, SpaceX has received nearly $19.8 billion in federal contracts in total. As geopolitical competition in space intensifies, this revenue stream will only grow.

💡 For Beginners: Dollar-Cost Averaging Into the Muskonomy

If you are new to investing, the best thing you can do right now is this: start simple and start consistent.

Dollar-Cost Averaging (DCA) means investing a fixed amount of money at regular intervals — say, $50, $100, or $500 per month — regardless of whether the stock is up or down. You do not try to time the market. You just keep buying. Over time, you end up averaging a reasonable price, and in companies with strong long-term growth, this strategy has historically built enormous wealth.

For the Muskonomy, this means:

• Tesla (TSLA) — publicly traded today on Nasdaq. I favor buying for the long term. Tesla is the robot, energy, and AI vehicle company. Monthly DCA is the approach I favor.

• SpaceX (once it IPOs) — expected to list on Nasdaq around June 12, 2026. The moment it is available, everyday investors can begin DCA-ing into the combined SpaceX + xAI + X entity.

The key is patience and consistency. These are not stocks you buy for a quick trade. These are companies you invest in the way people should have invested in Amazon in 2001 or Apple in 2004 — with the understanding that you are betting on a multi-decade transformation of the global economy.

📺 A Word on Financial Media: Be weary of the information you consume.

Here is something G.L.A. INVEST RESEARCH wants you to hear clearly: the financial media is not your friend.

Television anchors and short-term analysts will almost certainly say SpaceX is “overvalued” once it IPOs. They will look at a P/E ratio or a price-to-sales multiple and tell you the stock is crazy expensive. And by traditional metrics, they will not be wrong in the short term. SpaceX’s IPO valuation will likely be 94x trailing sales or 500x trailing earnings.​

But here is what they are missing: traditional valuation metrics were designed for traditional companies. They were not designed to value a company that:

• Owns the global internet infrastructure of the future (Starlink)

• Is building the cloud computing platform for the AI era (xAI Colossus)

• Has a monopoly on next-generation rocket launches

• Is opening up access to the Moon, Mars, and asteroid resources

• Holds billions in classified national security contracts

The investors who have done the deep work — Cathie Wood (ARK Invest) and Ron Baron (Baron Capital) — are not worried about the short-term P/E ratio. They are looking at the total addressable market over 10–20 years, and what they see is a company growing from its current valuation toward something between $30 trillion and $100 trillion.​

Innovation is almost always misunderstood early. The finance media missed Amazon. They missed Tesla. They will miss SpaceX. That is your opportunity.

📊 SpaceX By the Numbers (2025 / 2026)

🧭 Our Core Thesis — Plain and Simple

1. SpaceX will IPO on or around June 12, 2026 — the largest IPO in history.

2. SpaceX and Tesla will merge — most likely within a year of the IPO, per Dan Ives at Wedbush and multiple insider reports.

3. The combined entity will become the largest company on Earth — uniting rockets, satellites, AI, EVs, robotics, and defense.

4. Starlink will be the internet. It already has 10.3 million subscribers, 63% margins, and is growing 100%+ per year.

5. AI compute as a service (xAI Colossus) will become a major revenue driver — the AWS of the AI era.

6. The Moon, asteroid mining, and military contracts are massive optionality — worth potentially trillions that are not priced in today.

7. The media will say it’s overvalued. Long-term legends like Ron Baron and Cathie Wood say it’s massively undervalued — growing toward $30T–$100T over the next decade.

8. For all investors, especially beginners, DCA into Tesla now and SpaceX at IPO. Do not try to time it perfectly. Just participate — and be patient.

This newsletter is for informational and educational purposes only and does not constitute financial advice. All investing involves risk. Past performance is not indicative of future results. G.L.A. INVEST RESEARCH encourages all investors to conduct their own due diligence.