Forget the $1.75 trillion IPO. Read page 339.

Dear Friend,

Everyone celebrated the SpaceX IPO last week.

$1.75 trillion. The biggest listing in history.

But the most important line wasn’t the valuation.

It was the footnote Musk buried on page 339 of the S-1.

A 14-word disclosure revealing exactly what he plans to do with the $75 billion windfall from the IPO.

Not rockets. Not Starlink. Not the chatbot.

One small, publicly traded company that builds the permanent power infrastructure his empire can’t survive without.

Wall Street is still chasing the headline ticker at 80x sales.

The footnote points somewhere else entirely.

Dylan Jovine has the name, the ticker, and the full breakdown.

See the company behind page 339 >>

BREAKING NEWS

🚀 Musk Says SpaceX Could Hit $1 Trillion In Revenue By 2030

Two days after the biggest IPO in history, Elon Musk is already raising the stakes.

Musk posted on X that SpaceX could hit $1 trillion in annual revenue by 2030. In classic Elon fashion, this is not a small claim. Here’s why it’s an extraordinary one.

SpaceX had $18.7 billion in revenue in 2025. To hit $1 trillion by 2030, the company would need to grow at roughly 42% per year for five straight years. That would outpace Amazon's fastest ever growth period. It has never been done before by a company of this size.

Wall Street is not buying the full number:

• Morgan Stanley, one of the banks that led SpaceX's own IPO, projects $330 billion in revenue by 2030. That is the most optimistic official Wall Street estimate. Musk's number is three times higher.

• SpaceX posted a net loss of $4.94 billion in 2025 and another $8.7 billion loss in the first quarter of 2026 alone. The company has explicitly told investors in its own filing that it "may not achieve profitability."

• Starlink currently drives the business, with 10.3 million subscribers and $11.4 billion in revenue last year. Reaching $1 trillion requires Starlink to grow massively and the new AI division to become one of the largest businesses on earth at the same time.

The Munch Take: Elon Musk built a rocket company from nothing, landed boosters on drone ships when everyone said it was impossible, launched the biggest IPO in history, became the world's first trillionaire, and two days later said publicly that $1 trillion in revenue by 2030 is the plan. Wall Street's best guess is $330 billion. Musk's guess is three times that. The interesting historical fact is that Musk has missed timelines many times but has also eventually delivered things that seemed completely impossible. The gap between $330 billion and $1 trillion is enormous. The question is whether this is another Musk exaggeration or another Musk underestimation.

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THE MARKET WATCH

🤖 AI Is Making Your Electric Bill More Expensive. Here Is Why.

Everyone is cheering about the AI boom but did you know that your electricity provider is cheering the loudest?

The May CPI report revealed that prices for computer software and accessories jumped 14.5% year over year. That is the biggest annual increase ever recorded in that category going back to the year 2000. For 25 years, tech prices mostly went down. Now they are going up fast and AI is the main reason why.

The reason is simple. Building AI requires enormous amounts of computer chips, memory, and electricity. Every major tech company is racing to build bigger AI data centers as fast as possible. That demand is pushing up the price of chips, memory, and the power needed to run everything. Those higher costs eventually land in your pocket.

• Electricity prices in the US have risen more than 36% since 2020, climbing from 12.76 cents per kilowatt-hour to nearly 19 cents today. AI data centers are one of the biggest reasons why.

• Producer prices for electronic components surged 27% year over year, the biggest increase on record. When the parts inside your phone and laptop get 27% more expensive, consumers usually end up paying more.

• Goldman Sachs projects electricity prices will rise another 6% through 2027 as data centers account for 40% of all US electricity demand growth. The bill is going up before the productivity benefits arrive.

The Munch Take: AI is supposed to make everything cheaper and more efficient but right now it’s making your electricity bill, your laptop, and your software subscriptions more expensive simultaneously. The productivity gains are coming. Everyone says so. Goldman Sachs says so. Every CEO says so. But right now the bill has arrived before the benefits. My wife opened our electricity bill last month and held it up without saying a word. She did not need to say anything. The number said it all. I told her it was partly AI's fault. She asked if AI was going to pay for it. I said not yet. She said "then it is your fault."

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