Gavin Baker: If SpaceX launches 3 gigawatts of power directly next year, its revenue will skyrocket to $150 billion. This calculation hasn’t even been factored into analysts’ models. Open-source models haven’t eliminated profits; instead, they’ve forcibly shifted profits from the model layer to the infrastructure layer. The cheaper the tokens, the more we consume, and global computing power will always face structural shortages. Looking back at the genius move of acquiring Cursor for $60 billion, it came with $300 million in annualized revenue at the time of purchase—now it seems ridiculously smart. Historically, funds that tried to short Tesla and the Musk ecosystem have seen the grass on their graves grow several cycles. In the AI era, the only true metric is how much intelligence you can buy per dollar.