Probably finding an ESG-focused ETF would do it. ESG basically meant "good governance, we follow laws" which translated into better governed public companies that therefore had better returns, as one would expect. Really weird how it was politicized into something entirely different...
Personally, a company should be making money before adding it to the index.
And b/c these chinese competitors are open weight, the layer below frontier class AI is totally commoditized.
If there were a recession, the first thing enterprise customers would do is setup Kimi or Deepseek rigs. It would be a race to the bottom and no one would be profitable.
A similar phenomenon happened with rail lines in the 1850s where irrational exuberance led to a massive overbuild of rail lines, followed by a race to the bottom and the bankruptcy of almost all players. In the end, banks ended up absorbing the few companies that survived.
At this point burying money in jars in the back yard and forgetting where some are has a much higher rate of return.
Year Revenue Net income / loss
1998 Not reported
1999 $220k -$6.076M
2000 $19.108M -$14.690M
Do you guys not know what a loss lead is?
I have no problem with money-furnaces trading publicly. If people want to invest in those, fantastic, power to them. But they absolutely should not be included in vehicles like pensions and indexes.
We don't know which of today's companies will be successful and/or highly-valued in N years' time.
Check Cisco's valuation on March 27, 2000; it was briefly the most valuable publically traded company in the world. Almost everyone believed it was worth it. Then it fell 88% over two years.
Full disclosure: some of us are old enough to have held stocks during the dot-com boom. Fortunately I was still a student and therefore too poor to have had any significant amount of money to lose :)
Every startup goes through a phase where they aren't profitable... For most of of them that ends when they go bankrupt.
Anthropics expected profitable quarter just happens to be the quarter were their cost is artificially low?
I hate these flippant comments. Similarly, from where I'm sitting it seems you're struggling to disentangle revenue from profit.
<you are here>
By year three I am printing money.
It's not a flippant comment. It's basic math.
The entire business requires massive ongoing investment because getting massive investments is the only thing resembling a competitive advantage that you can get.
The equivalent to anything you can do will be available as an open weight set in six months to a year. Sink or swim.
Hahaha what a fucking bozo.
Log out and dont talk about valuation again.
They’re free-float adjusted so entities like SpaceX are valued only by what’s available on public markets. And Vanguard (and its funds) are owned by its investors, which makes it seem implausible that the rules would be rewritten in a way that would damage investors.
I would assume this is not an ETF but sth else?
Yeah, for all the technical excellence by Shotwell and the team ... I don't want my ETF's and pensions buying into that piece of shit CEO.
It’s based on the total market and not artificially limited to a small number of large companies. Plus it’s free-float adjusted so only the publicly-tradable portion of SpaceX is considered when weighting its inclusion so it will constitute only a small portion of the fund. There is also a (small) mandatory delay period which I don’t recall between it going public and it becoming included in the index which should give time for the SpaceX valuation to stabilize on something notionally realistic.
Thankfully, Vanguard and its member funds are investor-owned so are likely more resilient against someone like Elon trying to change the rules.
> Seeks to track the performance of the CRSP US Total Market Index.
The index that is changing its rules is the NASDAQ100, commonly referred to as the NASDAQ, although NASDAQ is also the name of the exchange.
> The deal, with SpaceX, is that Elon Musk runs it however he wants, and he does weird stuff, and you have to trust him, and if you don’t like it you can’t complain.
> When SpaceX acquired xAI a few months ago, did a special committee of independent directors approve the transaction? Did Musk recuse himself from negotiations? Was the price set by independent valuation experts using a rigorous process? Did outside shareholders sue to block the deal? Stop. Musk wanted SpaceX to buy xAI, so it did.
> [...] Surely SpaceX has created all that shareholder value more because Musk does what he wants than in spite of Musk doing what he wants; it is hard to accidentally create $1.75 trillion of value. SpaceX’s shareholders signed up for this deal — letting Musk cook — and have been rewarded;
Similarly I don't understand why indicies are rushing to change their rules to allow SpaceX in. People accept a certain risk tolerance and changing the rules to ramp up the risk seems questionable at best.
the piece explains how modern finance is de facto built on the shoulders of the privatization of the welfare state. i find it particularly relevant here: the finance class - in this case musk - wants pensioners money via mutual funds, even modifying the rules of indexing...
it’s not a great sight tbh.
It's not a "scam" in the traditionnal sense, it's riding the bubble while it's there, stock value is "supposed" to be about the company performance and potential but technically it doesn't have to be, it's about what some people are willing to pay for it (the stock, not the product the company sells) and that's all. That's also why tesla has such a valuation.
You can see it in the comments even here and other thread about this IPO, some people read the numbers, and some have just religious sounding comments about it being the biggest revolution ever or making the history book etc ...
And that's also why they need to keep elon as CEO because in the scenario where they remove it and get the best car company CEO and become a great regular car company that works and ships lots of great car ... Their valuation would be reduced a factor of ten
Tesla was a great ride if you got in early but long-term from this point on if you had any significant amount of money, why would you buy them now? Unless you like sleepless nights…
And that's basically what SpaceX is right now after you account for xAI and twitter in the mix.
So I'd love to own a piece of the SpaceX from a decade ago - but the current offering smells pretty bad.
Combined with the fact that at this point, Musk clearly isn't opposed to running a business with dramatically inflated valuations based on vaporware, lies, & hype (cough - Tesla - cough) it just makes me far more skeptical than I might otherwise be.
I think caution is warranted here.
Essentially - I want to own the SpaceX that could have been if we didn't end up with the shoddy k-hole version of musk in charge of things.
This brief dalliance in private enterprise in space will not last long-term.
They didn't say they didn't want to own it, they said they wanted to own it at a : "90% discount after the IPO and the next tech / AI correction."
It is possible for a company to be both technically impressive and horrifically overvalued.
The funny part of all this is that SpaceX has achieved a lot but what might break them, or at least weigh them down heavily, is the impulsive and forced purchase of Twitter. Before anyone claims it was some kind of master plan, Elon went to court to get out of it but was forced into it [1].
What happened? Mass firings, pushing his own tweets because his fragile ego couldn't handle Joe Biden getting more likes [2] and Twitter opened the floodgates for hate speech [3] and worse [4]. Advertisers fled. Fidelity (who foolishly was part of the acquisition) massively wrote down the value [5]. Elon had used Tesla shares as collateral and was possibly facing a margin call.
How did he get out of it? Well, in 2023 Elon founded xAI to challenge OpenAI. People invested in this for some reason. And by 2025, Elon merged Twitter with xAI, overvaluing Twitter at $33 billion (which is still down 25% from the purchase) [6].
Now, I imagine the xAI investors were unhappy with Elon using xAI to bail out himself so what did he do? Easy. Make SpaceX acquire xAI of course [7].
Thing is, xAI and Twitter/Grok are a massive drain on SpaceX's finances, losing more than $10 billion annually allegedly [8].
Twitter did not have to end up as part of SpaceX. SpaceX would've been a better company without it. SpaceX already faces headwinds from the incredibly expensive and behind-schedule Starship program. Part of all of this regulatory fixing is to make sure the insiders (and Elon himself) get bailed out.
It's also not the first time [9].
[1]: https://www.pbs.org/newshour/economy/elon-musk-offers-to-end...
[2]: https://www.theguardian.com/technology/2023/feb/15/elon-musk...
[3]: https://www.nytimes.com/2022/12/02/technology/twitter-hate-s...
[4]: https://www.washingtonpost.com/technology/2023/07/27/twitter...
[5]: https://www.axios.com/2023/10/29/fidelity-twitter-x-value-el...
[6]: https://www.fintechweekly.com/magazine/articles/xai-acquires...
[7]: https://www.reuters.com/business/musks-spacex-merge-with-xai...
[8]: https://www.bloomberg.com/news/articles/2025-06-17/musk-s-xa...
[9]: https://www.theverge.com/2016/11/21/13698314/tesla-completes...
1. https://comptroller.nyc.gov/reports/letter-to-spacex-re-ipo-...
It's classic third worldism, made possible by a low-information electorate that not only can't do the math, but lacks instinctual skepticism of the idea of a free lunch. Chicago went down the same path, and found that these gimmicks work until they don't.
Their names are known and are part of history now. Maybe not famous but certainly better than being a forgotten weathered tomb stone after 5 centuries.