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SpaceX $1.75T IPO, Anthropic vs OpenAI & Quantum's Revenue Problem
Audio is available on Spreaker — see link below.
SpaceX prices at a $1.75 trillion valuation on June 12th while Quantinuum's post-IPO revenue fell 73% — today's briefing stress-tests whether public markets will hold pricing discipline on AI and quantum. Covers Flourish AI's $500M raise, Microsoft's quantum chip leap, and the debt-financed AI infrastructure shift.
Audio is available on Spreaker — see link below.
Quantinuum just raised one point six eight billion dollars in the largest quantum computing IPO on record, and its first-quarter revenue came in at five point two four million dollars. That's down seventy-three percent year over year.
The more immediate stress test arrives June twelfth. That's when SpaceX hits the Nasdaq, seeking a valuation of one point seven five trillion dollars.
Anthropic filed confidentially on June first. OpenAI's filing is expected soon.
Underneath all of this sits a structural shift that's easy to miss. AI infrastructure is increasingly being financed through debt rather than equity.
Two other data points worth holding. Flourish AI closed five hundred million dollars in Series funding led by Lux Capital and Google Ventures, with Bezos participating.
The near-term watchpoints are specific. SpaceX's June twelfth pricing will reveal whether public markets are willing to absorb a forty-eight percent valuation premium over analyst fair value.
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