u/Roadtochessmaster

So about two weeks ago I asked a question.

What should I do? My first account has 225 subscribers, now I just started a second account that in two weeks grew to 170 subs. What should I do?

Well, I started scaling back this week my first account. My "second account" just hit 450 subscribers and is way past the first. How? Here are five tips I learnt.

1. Targetting a more precise niche. My first account was general investing, my second account is only the private market. Many are targeting the public market, few the private market.

2. Not caring about piece length. All three of my pieces are in the 20-30 minute range. People like human written in depth content.

3. Growth by connection. I took a much more active role subscribing to accounts I saw in notes and replying to other accounts. In addition, when someone subscribes to me I go over to their account and will like a few posts, why not, costs me nothing and sure gives them a good feeling. I often feels this helps me later when they recommend me.

4. Partnering with experts. So far, on my last two posts, I partnered with experts, one had fewer subs then me, one much more. I did it for the information, not the subscribers that come with it. The articles came out better, subscribers like them more.

5. Use notes to celebrate achievments. First, its nice to be thankful, second, substack seems to love them.

Very excited to continue growing on Substack, its an awesome place. Hope this helps you all!

Joseph

This is going to be relatively long, so feel free to skip. For those who want a proper breakdown of Anduril, this is for you. For those who want a good read, grab a coffee and enjoy. I really enjoyed researching and writing this, 15 minute read ahead.

The TLDR: Fascinating company and I love the technology they offer, revenue is growing at an incredible pace, might be overvalued at its current valuation due to hardware costs and how hard it is to break into legacy defense, very hard to know. If Anduril keeps up the revenue pace, can be a bargain for those who invest now.

Autonomous fighter jets, AI systems that track border crossing and cutting-edge robotics. Anduril is one of the hottest and most controversial private companies in a cutthroat market. But controversy doesn’t slow growth and competition spurs innovation.

In 2014, Facebook acquired a VR headset company called Oculus. Founded by Palmer Luckey, a young 22-year-old CEO, it was a massive deal that valued the VR startup at $2 billion. But then, in 2017 following a political controversy, Palmer was fired by Meta. Instead of sitting back and retiring as a 25-year-old worth $700 million, he decided to found Anduril, a company that within two years achieved unicorn status.

There aren’t many companies that have their revenue go from $5 million to $2.2 billion in the span of less than a decade. Anduril is one of them. And the valuation has responded accordingly. What was once a small defense company less than a decade ago, is now a defense powerhouse valued at $61 billion.

By way of a roadmap this piece will begin by explaining a brief history of Anduril before explaining what the company does. We will then cover competition, their leadership and the ethical questions surrounding Anduril. We will finish taking a look at where the money is, try to give a valuation framework with which to view the company and discuss potential plans for an IPO. Finally, I will summarize and give my final thoughts. By the end of this piece, you will have a comprehensive understanding of Anduril, the bull cases, headwinds and everything needed to know for those interested in investing in the fastest growing defense company ever.

The Birth of Anduril:

"How can you design the most high-end Swiss watch of a weapon."

Brian Schimpf - CEO of Anduril

Palmer Luckey was not a regular teenager. Instead of playing video games, he was building things in his garage. In 2012, at the age of 20, he founded Oculus, a VR headset company. Two years later, he sold it to Facebook for $2 billion. Palmer then worked at Facebook for three years, before a secret donation to a PAC that funded “meme magic” attack advertisements against Hillary Clinton was leaked. Facebook pressured Luckey to say that he was a supporter of the then libertarian candidate Gary Johnson in order to make it less controversial.

At the same time, Oculus was sued for hundreds of millions of dollars by ZeniMax for stealing virtual reality secrets. The court ruled against Oculus, and they were forced to pay hundreds of millions of dollars in damages.

By the time the dust settled, Palmer was out of Facebook. Palmer maintains that he was pushed out of the company due to his political support. Zuckerberg and Facebook officials meanwhile, have repeatedly stated and even testified under oath that Palmer’s firing was not the result of his political beliefs. Facebook and Luckey eventually settled for a deal upwards of $100 million in cash and stock compensation. Either way, Palmer was out and hungry to prove those in Facebook wrong.

Less than three years later on January 1st, 2017, Anduril was founded. The original founders: Palmer Luckey, three Palantir employees and the former hardware lead at Oculus.

This post took dozens of hours of research, writing and editing. Please consider becoming a free or paid subscriber so that I can continue producing quality breakdowns.

What does Anduril do?

Anduril was started as a defense program with the goal of transforming defense capabilities with advanced technologies. Anduril also has a unique payment structure, upfront deals, no payment unless they procure a valuable product that is worth paying for.

Anduril’s used a mix of artificial intelligence mixed with sensors and databases in order to maximize efficiency. By combining modern day software with classic hardware, they would be able to create weapons that were more accurate, precise and deadly. In 2018, they launched their first product, a software used by border patrol agents to detect unauthorized border crossings.

Anduril’s real moat comes from their software Lattice. It is essentially the central brain of all Anduril’s products. Lattice gathers sensory data from its different hardware assets and uses AI to turn this raw data into a real time picture and actionable insights. This combination of data and artificial intelligence sets Anduril apart and gives its handlers a distinct advantage over adversaries.

"Say I had a perfect AI system that could tell me where every ship, aircraft, and soldier was in the world. Now I know everything. That is overwhelming. The promise of AI is pulling out that signal from just this overwhelming amount of information that exists... so we can have humans with much better context." Brian Schimpf, Anduril CEO.

In the years that followed they continued growing the product, scaling both in size and sophistication. Their software program Lattice continued improving and signed key defense contracts with the US army and Airforce. Next, they began targeting hardware, producing different types of drones. First came the defensive reusable Roadrunner, next came Altius, an autonomous drone that can hunt its target for up to four hours.

Today, Anduril is building the next level of weapons including surface launched cruise missiles, autonomous submarines and even an autonomous fighter jet.

TAM and Competition:

Before looking at Anduril’s competition, it is important to identify their total addressable market (TAM). The US spent roughly $916 billion on national defense spending in 2025. Assuming Anduril’s TAM includes US allies as well, that budget number rises to around $1.6 trillion.

But that isn’t an entirely accurate picture. 46% of the US military budget doesn’t go to contractors like Anduril. It goes to US soldiers, construction, maintenance and other things. From the remaining 54%, 30% of it goes to the “big five”. The majority of what is left over goes to services, fuel, oil, shipyards and IT services. Finally, a tiny sliver is leftover for advanced defensive companies. Assuming that the TAM is 1% of the $1.6 trillion budget, it comes out to around $16 billion leftover for Anduril to share with other defense tech companies like Palantir and Saronic.

If this is Anduril’s TAM, they will essentially have two main options long term in order to continue with their growth.

1. Pivot out of defense and move into the private sector.
2. Try and break into one of the big five and try becoming a new addition to the legacy defense companies i.e. Lockheed Martin, Boeing etc.

Currently it does not seem like Anduril has any desire to pivot outside of the defense sector. The first criteria needed in order for Anduril to begin building something as laid out by Palmer Luckey is that “it must be something that the Pentagon cares about.” Unlike Palantir, who successfully moved out of only the defense world and began offering its product to Silicon Valley giants, Anduril seems to have little appetite for the private sector. Anduril seems intent on sticking to its mission and staying in the defense sector. This might be due to the fact that Anduril is primarily a hardware company combined with software, making the pivot more difficult than a pure software company. It is also noteworthy that Palantir was always intended to be used for more than just defense. From the beginning, Palantir wanted to use the same technology that could detect terrorists in order to detect even white-collar criminals committing fraud. At least for the present moment, Anduril seems intent on not entering the private sector. The question then needs to be asked, is their TAM around $16 billion in revenue every year? At the rate they are growing now, it only leaves a few more years of growth before their market is fully saturated.

Due to this, Anduril is trying to break into legacy defense spend. It is important to note that one of the main reasons that these five companies dominate the industry is because of the scale and massiveness of things they produce. The most recent aircraft carriers cost $13 billion each. The entire program cost $120 billion. Anduril’s drones which they sell for tens of thousands of dollars are peanuts in comparison. The marine corps recent purchase of 600 of Anduril’s strike drones cost only $24 million. To make it clearer, the US army would have to purchase hundreds of thousands of Anduril’s strike drones in order to reach the cost of one aircraft carrier.

It is perhaps for this reason that Anduril has decided to pivot to more grand and expensive products. The current Arsenal-1 factory, a five million square foot facility they are building in Colombus is specifically for this purpose. As Anduril grows, they are able to expand not only their physical workspace, but also increase their budget, expand their teams, and build on previous R&D, all expanding the horizons of what is possible to build. And growth also demands bigger products, as Brian Schimpf put it Anduril today only invests in “What is believably going to be a big enough business to justify us being in.”

Anduril achieved a major success in March of 2026 when the pentagon awarded them a ten-year contract worth up to $20 billion. This contract, consolidating and streamlining Anduril products officially moved them out of the “side contractor” role and directly into the “legitimate partner” role. This contract was also a significant factor in their valuation jump they experienced in 2026. The breakthrough is critical to Anduril; the first step of a long journey trying to break into the “big five” and expanding their potential market.

In addition, Anduril isn’t content staying within the US. They are aggressively partnering with other militaries, notably making a deal worth over a billion dollars with Australia’s navy for autonomous submarines. Last year, they also partnered with Taiwan’s top defense research institute, developing Lattice in real time to help make crucial military decisions.

Today, as Anduril continues to grow, Anduril is expanding into autonomous fighter jets and submarines, products that traditionally cost hundreds of millions of dollars. These massive deals, provide massive much needed revenue. And the deals are hugely beneficial for the government as well, Anduril is targeting a $25-30 million price tag for its autonomous fighter jet, something that is a fraction of the cost of a traditional fighter jet, all while not putting human lives directly at risk.

Anduril’s future isn’t just in producing state of the art drones. If it can successfully break into areas that have significantly higher spend, they can go from being a fringe R&D company that provides futuristic potential, to one of the cores of the US army.

But competition isn’t sitting by idly watching Anduril eat into their market share. Lockheed Martin is currently building an unmanned autonomous UAV that bridges software and hardware in a way similar to what Anduril is doing.

RTX, one of the largest producers specializing in aerospace and defense, is building their own software that uses a “modular, scalable and mission-ready AI-powered solution that integrates seamlessly across platforms and domains.” This autonomous software was integrated into the US Air Force, a huge tactical victory for RTX.

No one else is sitting idly by, Boeing, General Dynamics and Northrop Grumman are all building their own state of the art technology that they are using to try and stay ahead of Anduril. Anduril’s goal is to beat these companies with both superior products and pricing. But it’s not that simple. Not only are these companies continuing to innovate, but many have critical structural advantages to Anduril that go beyond simply the products themselves. Connections with senators and lawmakers, cleared support for their facilities and government contracts that have already been negotiated, all things that will be tough for Anduril to crack as they play the catch-up game in multiple different sectors.

And to do this, Anduril uses a very different pricing system than their competitors. Instead of having a conservative strategy where government covers all R&D costs and signs additional deals for the product themselves, Anduril takes the risk on themselves. If the product isn’t viable, they get nothing. This strategy is hugely beneficial to the government as they don’t have to pay millions of dollars on hypothetical projects that might not work out. This is also significantly riskier than what traditional giants are willing to agree to. But it is one that is fundamental to the way Anduril operates today.

“We like models where if it doesn’t work, we don’t get paid. It’s a controversial position but we really prefer models that hold us accountable to delivery. It makes us a better company.”

Brian Schimpf - Anduril CEO

This high-risk R&D playbook is extremely similar to SpaceX. In the same way Musk forced NASA to pivot to his more efficient and cost saving rocket launches, Anduril’s goal is to offer a product that is so good that the government has to move over to their products despite the switching costs associated. By building products in the private market and using venture capital to fund their innovation, Anduril hopes to outpace its opponents who often need to wait for government clearance and contracts which can take years.

Leadership:

When looking at any company, especially a young company in the private sector, it is critical to understand leadership.

Anduril leadership was built on five main pillars. Palmer Luckey is the founder, visionary and face of Anduril. Press conferences and anything in the spotlight will be handled by Luckey. Next, you have Brian Schimpf, the CEO and often considered the operation brain behind the company. Finally, you have Trae Stephens, Co-Founder and Executive Chairman running the financial side of Anduril. A partner at Peter Thiel’s venture capital fund, Stephens was the original mind behind pairing Luckey with a group of former Palantir employees in order to create Anduril.

Anduril’s original team, from left to right: Brian Schimpf, Palmer Luckey, Trae Stephens, Matt Grimm, Joe Chen.

All three of them have the majority of their worth tied up in performance milestones and stock equity. Luckey, already worth hundreds of millions from his Oculus exit pays himself only $100,000 a year. Schimpf is the only one with a true salary, worth upwards of $1 million per year. But even this salary is dwarfed by his performance compensation and by the stock that he holds, which is reportedly above 30 million shares and worth over a billion dollars.  Stephens, an early investor in Anduril owns personally 3-4% of the company, making that stake worth around $2 billion as of Anduril’s recent valuation.

This is a major green flag for potential investors; management gets paid for performance rather than a base rate. Therefore, they will always have massive incentivizes to grow the company, as it is tied to their personal wealth and influence. This is often the case in founder led companies such as Meta run by Zuckerberg, Amazon run by Bezos and Tesla ran by Musk.

There is some controversy around the leadership as well. Luckey with his Hawaiian shirts, goatee and mullet, has his share of controversies. Luckey was sued for hundreds of millions for stealing data and pushed out of Facebook most likely due to a personal donation to a PAC. He also is very vocally anti-woke and has strong pro-military and nationalistic sentiment, several topics that are currently hotly debated in the US. For those potentially considering investing in Anduril, it’s important to view the leadership as more of a provocative Musk style than the quiet behind the scenes leadership of Sundar Pichai at Google.

The Ethical Questions:

When investing in Anduril, there is an ethical question that needs to be asked. Anduril is a company that creates autonomous weapons that is made to kill, often without human supervision needed.

Investing in a technology that kills should immediately raise questions. Technology that has the ability to kill people without human supervision raises additional questions. Namely, do we want to invest in a company that is moving us towards a deadlier world where artificial intelligence can kill?

This is an area that is extremely controversial. Palmer Luckey has previously addressed this issue:

Luckey makes a nuanced point, as technology progresses, it should be used to make weapons that are not just more deadly but more ethical. A drone that targets indiscriminately is less sophisticated, but also less ethical than a drone that targets only terrorists. Weapon sophistication can hypothetically be used to properly differentiate between civilians and militants, something that is often incredibly hard to do for humans. On the other hand, autonomous weapons can also kill without human supervision. If that sounds like a recipe for disaster, it’s because it is. AI that can kill should be treated with extreme caution and is a topic that led to a major conflict between Anthropic and the white house.  Even Palmer Luckey, admitted that AI will inevitably kill innocent people. In a case such as that, who is held accountable?

The Profitability Problem:

Few companies have ever grown as quickly as Anduril has. Their consistent doubling of revenue is something that matches and even exceeds companies going through hyper growth stages. And there’s no indication that Anduril is slowing down.

As Anduril continues expanding their product line, introducing more expensive products, their revenue could potentially accelerate. If the US government orders a fleet of 25 autonomous fighter jets, it could produce a billion dollars of revenue in a single order.

However, revenue doesn’t equal profits. Today, due to massive costs in both production and R&D, Anduril is not profitable and projected to report a negative $1 billion operating loss in 2026. More than that, Anduril projects that they will not reach EBITDA profitability before at least 2030. If the hype dies down around Anduril, investors will be left with a company that has massive production costs without the revenue to show for it. This is a similar playbook to the one used by Palantir, which only became profitable in 2023, twenty years after it was founded.

If Anduril does follow the Palantir playbook, investors might have to stomach serious volatility and falls. Palantir increased by 350% after their IPO in 2020 before crashing over 85% less than half a year later. The stock traded up because of excitement and enthusiasm over new AI technology, something that is similar to the Anduril story today.

The key to Anduril turning profitable is whether they will ever be able to break into the barrier that separates legacy companies from minor players. This barrier for entry in the defense industry is incredibly hard to enter and there hasn’t been a new prime contractor in decades.

If Anduril is able to break in, they will be the first prime contractor company in decades. If not, they might just become the largest defense-tech blowup ever.

Valuation:

When looking at valuation, Anduril is particularly tricky to value properly. The main problem is that their revenue structure is fundamentally different than those in their own industry. Their unique mix between defense and tech also differentiates them from their competition. Adding to the challenge of valuing Anduril is the fact that because the company is private, they have no price to earnings and because they aren’t profitable EV:EBIDTA is irrelevant.

Instead, I have chosen to focus on Expected Value:Sales. Typical defense companies trade at a 1.5 to 2.5 EV:Sales. Anduril is currently trading at an EV:Sales of 27.7x or 14.2x if we look at their forward 2026 revenue.

If instead we look at Anduril as a software company, traditionally, successful SaaS companies trade at between 4-8x, Adobe for example is trading at 4x, ServiceNow at around 7x. All these seem make Anduril look overvalued, even if we look at them as a software company.

However, if we instead compare Anduril instead to growth companies, their valuation starts to seem more reasonable. Palantir, has an EV:Forward sales of 38x and Nvidia at 24x.

But there is an important caveat to mention here. Palantir’s revenue is purely from software, allowing them to have gross margins of around 80%. Anduril will never be able to get close to this amount as their margins are capped by fixed hardware costs.

Essentially those who invest in Anduril are investing in what is currently valued as a high growth technology stock. Additionally, while the companies previously mentioned has managed to turn profitable, Anduril’s profitability is years away, something even the company has admitted.

That being said, Anduril’s revenue and sales are increasing at a rate seen by few stocks ever. As mentioned previously, Anduril has managed to nearly double revenue every year since they were founded. If this explosive growth continues for a few years, the EV:Sales number might look a lot more reasonable.

Investors in Anduril today are paying for an unprofitable company at a premium valuation growing extremely quickly. While that doesn’t mean that it’s a bad investment, it’s important to have this in mind instead of only looking at the hype as the valuation climbs.

IPO Timeline:

Investing in the private market has inherent risk involved as if the company never goes public your money can be illiquid. Therefore, one of the most important questions when investing in private companies is will they go public and if so when.

The first part of the question isn’t exactly obvious. Doesn’t every company go public? Not exactly. Often, companies who don’t need additional cash flow and want to keep shares with leadership and early investors will choose to stay private. This insures additional financial independence, avoiding regulations and having operational flexibility. However, for some companies, access to additional capital invested, liquidity for early shareholders and a potential increase in brand visibility is more important and will therefore choose to go public.

Anduril has made it clear that they are planning to go public and that it is a matter of when rather than if.

Palmer Luckey has also said that because Anduril gets significant money from the taxpayers, he believes that the public should be able to invest.

In terms of a timeline, in 2024, Luckey mentioned that “An IPO is definitely on the roadmap.” Last year, he went further stating that an IPO can be expected int “low single-digit years”. For those interested in investing once they go public, the most likely consensus is probably around late 2026 or early 2027. It is noteworthy that IPOs from private companies can often drag out and happen later than expected and it wouldn’t be surprising to see Anduril’s IPO happen in 2027 or even later.

Final Thoughts:

The bear case is simple with Anduril. Paying a value premium for a company that doesn’t expect to be profitable in the next few years is highly risky. Flawless execution is required from a management team that has already had a few hiccups. R&D costs will continue to increase as production scales, and hardware costs are expensive. These are tangible costs that even with smart accounting tricks can’t be ignored.

But the bull case is equally compelling. A revenue pace that is increasing at a rate out of this world and a leadership team who has proven to be extremely capable and innovative. With their ten-year $20 billion government contract, Anduril proved that they are no longer a small-time contractor. In addition, together with the hardware they offer, their software, Lattice turns them into a “one stop company” who can do it all, making their revenue significantly stickier and their products superior.

The legacy big five have a combined market share of around $700 billion, one that has more than doubled in the last decade. If Anduril is able to succeed in offering a better product at a cheaper price, today’s $60 billion will seem like not just a good deal but a bargain. Of course, the risk exists and investing in a company who won’t turn profitable for the next few years is inherently risky. For those willing to stomach the ride and hold through volatility, this could be a good company to invest in. Either way, the ride will be fascinating to watch.

Thank you for reading, would love to hear thoughts!!!

Joe

Hey guys :)

I’m finishing up a deep dive breakdown on Anduril and I want to know what is the right procedure.

I would love to get input from people who clearly care a lot about it (this subreddit).

Can I post it here? It’s a little lengthy so that’s the debate, not familiar with this subreddit.

Thank you :)

Edit: I write breakdowns on private companies and Anduril is what I am focused on right now, just wanted to get some insights from those who love the company. (I also do but not active here). Not a spy at all lol... Although I guess that's what a SPY would say.

Hey 😄 I know SpaceX isn't public but I think it's worth looking into as its about to go public. Hope you all enjoy this!
Thank you for your time, its a bit long!

TLDR: Lots of potential, huge red flags, Musk factor should be taken into account.

The largest IPO in history is about to take place. And it’s not just one company going public; it’s multiple projects rolled together all being led by one of the greatest entrepreneurs of our time. SpaceX, the company using first principles to get us to Mars while bringing service through Starlink to the most remote places on Earth, merged with xAI, the company behind one of the leading artificial intelligence models that is a competitor to OpenAI and Anthropic. Investing in SpaceX is investing in Elon Musk, his vision for the future and the unique combination of Space and AI.

In 2020, SpaceX was only pulling in $1.6 billion in revenue. By 2025, revenue had jumped to over $15.5 billion, growing revenue by nearly 1,000% in five years. This mirrors the explosive growth trajectory seen from Tesla, that grew revenue by 1050% between 2013 and 2018. It is also significantly faster than Palantir, that grew revenue from $1.1 billion in 2020 to $3.5 billion in 2025.

By way of a roadmap, this report describes the history of the company and how it was transformed from bankruptcy into the leader in its industry. It then details the competition and addresses the Musk factor and how that should affect our view on SpaceX. We will then strip down and understand the valuation, red flags, and finally I will give overall thoughts on the company. By the end of this piece, you will have a clear understanding of SpaceX, the tailwinds and bear cases, tradeoffs and all the important information required for those considering investing in the largest private company ever.

SpaceX’s current valuation of $1.75 trillion will likely immediately launch it into one of the ten biggest companies in the world, significantly larger than other Mag7 giants like Meta and Tesla. Their rapid growth and unlimited ceiling (pun intended) have caught the attention of not just investors but some of the biggest companies in the world as well. Nvidia, Google and Broadcom have all made significant investments into SpaceX. And they aren’t the only ones; just a few days ago Anthropic announced a massive partnership with SpaceX leasing the entire Colossus supercomputer for billions of dollars a year of recurring revenue. This deal has shifted SpaceX into an AI cloud infrastructure provider.

Despite all this, critics of SpaceX are saying that the valuation is way too high. They find it impossible to believe that a company that reported a net loss in 2025 could possibly be one of the most valuable companies in the world. Starlink, SpaceX’s crown jewel and cash generating machine, generated only $11.4 billion in revenue in 2025, less than a third of the revenue of AT&T in one quarter, a company worth $175 billion, 10% of SpaceX’s estimated IPO.

The Birth of SpaceX:

SpaceX wasn’t always a trillion-dollar company. The story truly begins in the 1960s. During the height of the cold war, the US and the USSR were fighting on almost every front. Including space. The US was spending aggressively and dedicating their best resources to the space race, allocating over 4% of the federal budget at its peak. The race to the moon ended on July 20th, 1969, when Neil Armstrong became the first human to ever step foot on the moon. And then, for some reason, the space race seemed to end there. Instead of building on the success of landing a human on the moon, NASA stopped trying to expand their mission. US funding was slashed, with NASA’s federal allocation dropping below 1% in 1971, a number it has remained below ever since. By 2001, the US was spending $14.25 billion less than half of the $32.34 billion 1966 budget.

Into this vacuum stepped Elon Musk. Born in 1971, Elon Musk had grown up in the decades following humans stepping foot on the moon yet for the first three decades of his life, no human came close to that same feat. In 2001, frustrated by that lack of progress Musk decided to start looking into furthering space exploration. In 2001, he tried to buy a Russian intercontinental ballistic missile in order to use as a prototype to send to Mars. Musk couldn’t pay the price the Russians wanted, and he was famously laughed out of the room by the Russian officials. Instead, he decided to build it himself.

After the meeting, Musk decided to do the math himself. He found that when building a rocket, only 3% of rocket costs were actually the raw materials. He realized that building a rocket himself would be a fraction of the cost.

And so, in 2002 Musk spent $100 million of his own money to hire some of the most talented engineers in the world. With some of the top talent hired as the cornerstones of his organization, Musk then decided to fill out the rest of his team on a budget, calling top universities like MIT and Stanford to ask department heads for the top students.

I think it’s important to reason from first principles rather than by analogy. You boil things down to the most fundamental truths and say, ‘What are we sure is true?’ … and then reason up from there.”

Elon Musk - Founder of SpaceX

Due to the budget constraints of SpaceX, Musk and his team decided to build everything from first principles. This approach came after they tried to buy a space radio and were quoted a price tag of $100,000. Instead, they built it themselves. The cost, $5000. They continued improvising and thinking outside the box, realizing that it would be cheaper to build the rocket vertically than horizontally. This approach would be fundamental to the way SpaceX operates until today.

In 2006, five years after meeting with the Russian space team, SpaceX launched its first rocket, the Falcon 1. Unfortunately, it failed, as did the second attempt, and the third in 2008. At that point, SpaceX was weeks away from bankruptcy and dangerously close to becoming a failed experiment.

In a final Hail Mary to save the company, in 2008, Musk and his team launched flight 4. The flight worked, and Musk and his team became the first private company to launch a rocket into orbit. A few months later, NASA signed a $1.6 billion contract, providing the capital needed in order to survive.

The original Falcon 1 launch that saved the company.

Over the next decade, SpaceX experimented, built and innovated until in 2015 they reached a major milestone, launching and landing a booster back on Earth. This success proved that their business model worked and that rockets don’t have to be single-use. In the same year, Musk announced Starlink, what would become SpaceX’s cash generating machine years into the future. Then in 2020, they launched their first private flight bringing humans to orbit for the first time. Today, a quarter century after it was founded, SpaceX accounts for almost 90% of spacecraft launched worldwide and is likely the company pulling off the greatest modern engineering feat.

What does SpaceX do?

SpaceX is the company leading the charge to utilize space and expand human life outside of just Earth. But how exactly does that break down?

“SpaceX’s ultimate goal is to make life multi-planetary, with a focus on enabling humans to live on Mars, while revolutionizing space technology and reducing the cost of space access.”

Elon Musk at SpaceX founding, 2002.

SpaceX was originally founded by Musk in 2002 with two initial goals.

1. Taking humans to Mars and establishing a colony outside of Earth.
2. Expanding and improving space technology with the goal of simultaneously reducing space costs.

In essence, SpaceX is trying to become space infrastructure for a new space economy. And so far, they have succeeded. Investing in SpaceX is, by extension, investing in a belief that space will become more utilized tomorrow than it is today.

As mentioned previously, the vast majority of anything going into space today whether it is people, satellites, or equipment is done by SpaceX. And that’s not by chance. Rebuilding everything in house helped SpaceX not only in its early days, but it has also led to significantly cheaper costs than other competitors today.

Currently, SpaceX is split into a few different business branches.

Starlink:

Starlink is SpaceX’s giant web of thousands of satellites in space that provide internet anywhere in the world. Its users include airlines, cruise ships, and other companies and people working or living in remote places in the world that regular providers don’t cover.

Starlink is vastly different from normal satellites which give them unique advantages that regular service providers don’t offer. Unlike regular satellites, Starlink sets up their web significantly closer to Earth, only around 550 kilometers away - or the distance from London to Paris. Traditional satellites in comparison, are set up around 35,000 kilometers away or nearly the entire circumference of the Earth. Starlink also uses a mega constellation of over 10,000 small satellites as opposed to the regular method of a few big satellites.

Starlink also connects differently than a regular service provider. Instead of hiring a technician to drill holes in your wall in order to make space for wires, all you need is a Starlink kit and you can set it up yourself. This also means that when moving, you can take your Starlink kit with you instead of having to call a technician to reinstall Wi-Fi in your new home.

Starlink isn’t perfect, while still providing fast data, speeds are traditionally slower than good service providers. In addition, heavy rain or snow can often affect Starlink reliability.

In 2025, Starlink generated approximately $11.4 billion in revenue, an increase of over 50% year-over-year. This $11.4 billion accounted for the majority of SpaceX’s revenue and is the only current profitable part of SpaceX’s business, providing around $3 billion in free cash flow in 2025.

Commercial Launch:

The second part of their business is their commercial launch services. Essentially, SpaceX charges other companies in order to bring anything up to space. SpaceX is and will likely serve as the logistics backbone of the space economy. Anything that moves around outside of Earth, SpaceX is essentially taking a cut on. Today, the majority of what is being taken to space are satellites, however launch is also used by NASA and the Department of Defense for their own purposes.

This is a business with almost unlimited potential. With reports that anything from fiber optics to pharmaceuticals might be potentially cheaper to build in space, SpaceX has a unique opportunity to be toll booth of the entire space highway. The formula is very simple, the more things going into space, the more money SpaceX makes. For those who believe that the space infrastructure will grow, as long as SpaceX can continue to stay ahead of its competitors this business could turn profitable quickly.

Currently, despite generating $4.1 billion in revenue, an 8% growth year-over-year, launch generated a $3 billion loss in free cash flow. Notably, this was mostly due to the fact that the majority of SpaceX launches were filled with Starlink, not because the business itself wasn’t profitable.

xAI:

On February 3rd, 2026, SpaceX announced a historic deal. A purchase of xAI, Musk’s AI play which had previously bought X, the social media formerly known as Twitter. In the largest acquisition in history, Musk merged space, AI and essentially turned SpaceX into a futuristic everything project. Musk called it:

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xAI, the company behind Grok, is an LLM competitor to Anthropic, OpenAI and Gemini. That being said, Grok is currently “niche” with less than 1% of market share, its main users being X users. ChatGPT alone has 90x as many weekly users as Grok. xAI’s revenue is estimated at $3.8 billion, a massive 38x growth year-over-year, mostly due to the merger with X, which generates approximately $3.3 billion in revenue. xAI standalone revenue with X is estimated at only $500 million in 2026. It is worth noting that xAI is a cash burning machine, burning through an estimated $14 billion last year more than Anthropic and OpenAI combined.

One of the main reasons for this and what causes xAI to stand apart from its competitors is its data infrastructure. Their Colossus AI supercomputer in Memphis is the largest one in the world, and it houses over 220,000 Nvidia GPUs. A few days ago, Anthropic reached a landmark deal with SpaceX (and xAI) to lease the entire Colossus data center, a deal that should give SpaceX another predictable revenue stream for years down the line. xAI meanwhile, is moving their operations to the newer Colossus 2 facility. It is an interesting deal with a company that Musk has previously had intense ideological disputes with in the past.

xAI is essentially trying to pivot from a competitor to the big LLMs, to a company that runs the compute needed to power them. Critics will say that this is due to the massive failure of Grok, Musk fans will claim that it is another genius pivot from Musk.

Other Business Parts:

While these are the main business parts and revenue streams of SpaceX, there are additional sections of the business that are worth briefly mentioning.

Government Contracts and Starshield:

SpaceX also has a number of contracts with the US government and military. These government and military contracts are mainly with the US, although SpaceX has expanded to other government entities and allies as well. Starshield, SpaceX’s government and military program was specifically built to pair with different militaries and provides service with additional security to remote areas, something that militaries around the world use.

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Some of the other government contracts include SpaceX’s partnership with the European Space Agency to launch European missions along with other deals with countries like Japan and South Korea. Government and military contracts are projected to bring in $7 billion in 2026 with Starshield accounting for nearly half of that amount.

Human Launch:

While this is currently not a large part of revenue, SpaceX does make money from sending astronauts to the International Space Station.

In the future, if there is a potential colony on the moon or mars, SpaceX could hypothetically, be the toll booth for every single person leaving the planet. In addition, if space tourism ever becomes more of an option as we saw with the group of celebrities who spent 10 minutes in space in April of 2025. This is likely only relevant for the ultra-rich but could be a potential revenue stream down the line.

While it is worth mentioning, human launch will likely never be a massive part of SpaceX’s business unless there is a fully functional colony on either the Moon or Mars where millions of people are flying each way.

Competition:

It is important to note that while today, SpaceX is ahead of all competition by a significant margin, competition usually follows only once a sector has proven profitable. If revenue begins increasing exponentially, investment money will immediately flood the scene and likely begin to pose more serious threats to the moat of SpaceX. Even if one or two competitors can pose a threat to SpaceX’s prices, it could massively compress margins and erode profits.

This is already a scenario we have seen play out with another Musk company. When Tesla first produced its electric cars, criticism was extreme. They were compared to “golf cart technology” and their business model was described as “upside down”. When Tesla became the most valuable car company in the world, dozens of other competitors began emerging. In 2020, Tesla led all companies in EV sales with 16% of global market share. In 2025, Tesla sold only 7.8% of electric vehicles, while BYD, the Chinese competitor, sold 19% of electric vehicles. Despite this, Tesla is still by far the most valuable automotive company, perhaps due to their shift into Robotics.

Blue Origin:

One of the other wealthiest men in the world also has his eyes set on space. Jeff Bezos, the founder of Amazon founded a competitor called Blue Origin that will likely compete with SpaceX on launch. Blue Origin was the company that launched the group of celebrities previously mentioned to space and with Bezos and Amazon as partners, they will likely be serious competitors down the line.

Additionally, Amazon just released Project Leo, Amazon’s attempt to compete with Starlink. In the long run, Starlink will likely still outperform Project Leo, but as mentioned previously, a second competitor, even one not as good, can likely hurt margins for SpaceX in the only area of their business that is currently profitable.

Rocket Lab:

The second big competitor to SpaceX is Rocket Lab, who completed 21 launches in 2025 with a 100% success rate. SpaceX in comparison launched 170 rockets last year.

SpaceX is once again ahead of its competition, but Rocket Lab is quickly making significant strides to catch up. They are currently valued at $60 billion and just released an extremely impressive Q1 quarterly report in which the stock jumped 34% and crossed $100 for the first time. In the earnings report, they announced deals with Anduril, and the US space force, deals that would likely traditionally go to SpaceX.

Other Potential Competitors:

There are dozens of other potential competitors that are worth mentioning briefly.

In the US, the United Launch Alliance, a joint venture between Lockheed Martin and Boeing is currently the primary alternative for national security launches. In Europe, Arianespace is leading Europe’s commercial launch market. While not currently competitive on pricing, as relationships continue straining between the US and Europe, Europe may prefer to have their own self-reliant option. In Asia, the Indian Space Research Organization is currently the leader in cost-efficient launches. Finally, China has a number of competitors who often get massive government funding.

Currently, SpaceX is ahead of all other competition however if space does turn into a profitable field, the money pouring in will likely cause some serious competitors to rise up. Think about within a few years of ChatGPT’s launch, once it began to prove valuable, hundreds of other companies immediately entered the AI space and OpenAI had seen serious pressure from other competitors.

The Musk Factor

Elon Musk is one of the most controversial figures in our time. He is undoubtedly one of the greatest entrepreneurs of all time. While most people would consider leading a single company to a billion-dollar valuation a huge success, Musk is the only person in history to lead two companies to trillion-dollar valuations. Musk began by founding Zip2, which was later sold for $300 million before he founded X.com. After its merger with Confinity Musk transitioned into being the CEO of PayPal. Incredibly, he has founded SpaceX while managing Tesla all while also founding xAI, Neuralink, the Boring company and more. Musk is without a doubt one of the most impressive builders of our generation.

Due to Musk’s success, he has attracted something of a cult following. There are those who believe that all that Musk touches turns to gold, which is unfortunately far from the truth. He does have an incredible ability to pivot and sell his new vision, even if it seriously contradicts his previous statements.

Musk has had a full steam ahead approach in every company he has run, which while often leading to massive success, has also caused some huge failures. It has also caused him to often make promises and share visions that often totally miss the mark. Whether this is deliberately misleading shareholders in an attempt to raise capital or Musk trying to set goals that push the companies he operates forward, often Musk sets targets which are late or even wholly missed.

Musk has also been open about this strategy, in a 2024 interview with Dwarkesh Patel, he announced that:

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This sounds great in practice, but it also misleads shareholders. In 2017, he announced that within five years he would have two cargo missions on the moon and by 2024, two crewed missions that would step foot on Mars for the first time. A decade later, neither of these has happened.

Musk in a speech in 2017 announcing Mars ambitions, none of which have been close to happening a decade later.

Another example is only a few weeks after SpaceX purchased xAI for a record setting $250 billion, Musk put out the following tweet.

This tweet led many SpaceX investors to ask the following question, if xAI was not built correctly the first time around, why did we just perform the most expensive acquisition in history? Perhaps this is just an attempt by Musk to save one of his less successful companies using SpaceX. In addition, while the idea of merging space and AI sounds attractive, xAI is currently burning through approximately the total revenue that SpaceX generates. Why would SpaceX pay $250 billion instead of focusing on space expansion.

Interestingly enough, the top comment under the above tweet with almost 2,000 likes was praising Musk for being willing to admit his error calling him a founder “in a league of his own.”

But it doesn’t end there, Musk has also fully reneged on many of his statements. He previously put out the below tweet, which of course will be proven false in the next few months when SpaceX goes public.

Recently, Musk has walked back one of the main promises of SpaceX announcing that SpaceX would be shifting focus to the moon instead of Mars.

The comments on this post were far from positive. Many people saw this as Musk betraying SpaceX’s original goals and directly misleading shareholders. “Have you considered launching yourself into the sun instead?” One user responded with over 2,200 likes.

While this might sound very negative, it is also important to look at the flip side of investing in a Musk led company. Despite Musk routinely not being able to deliver on all of his promises with Tesla, Tesla is still $100 billion more valuable than the fifty next car companies in the world. xAI shareholders, who were holding a company losing a billion dollars a month with no plans of going public, now have transformed their shares into much more valuable SpaceX stock. No matter what, Musk seems to always find a way to deliver returns to his shareholders.

Musk may not have delivered on all of his promises, but he has delivered massive returns to his shareholders. The market when dealing with Musk chooses to price the long-term vision, not today’s delivery.

For those who do choose to invest in Musk, it is important to note that you are investing in today’s vision of what Musk believes. As his vision for the company shifts, Musk will decide to do whatever he believes is in its (or perhaps his) best interest. And unlike Tesla, who went public at only a $1.7 billion valuation, SpaceX will likely be targeting a valuation of $1.75 trillion or 1000x the size. This is a company priced to perfection, not a Musk startup with huge asymmetric upside. The caveat, if there is anything we should learn from previous Musk companies, it is that investing in his ideas usually returns huge returns.

The last hypothetical that is important to consider, is that while it is impossible to not factor Musk into the equation, if he was not at the head of a company, what would the valuation be? Musk companies have returned incredible increases in share prices, but they haven’t generated cash flow in the same way that the other massive tech companies have. At some point the chicken will come home to roost if decades pass without generating actual cash flow for the benefit of the shareholders. It is important to be wary of having a belief in a man more than in the company itself.

Valuation:

As mentioned in my breakdown of Anthropic, when valuing private companies, I prefer to draw inspiration from Warren Buffett and look at buying the business as a whole for its current valuation. Assuming that SpaceX achieves its desired valuation of $1.75 trillion, you are purchasing a business worth more than Meta, a company that has three billion users daily on their platform.

When evaluating SpaceX, there are a few vital questions to ask.

1. What will the future of SpaceX be? Will they succeed in their promises and if they do, will that success prove to be profitable?
2. What is SpaceX’s total addressable market (TAM)? Where will the revenue be coming from?
3. Is SpaceX trading at a fair valuation?
4. Why did Musk merge xAI with SpaceX and why is he bringing SpaceX public when Musk had previously stated numerous times that he does not want to bring SpaceX public.

I will try and properly answer all of these questions as concisely as possible.

It truly is impossible to know what the future of SpaceX will be. While SpaceX has succeeded in pulling off feats that were previously deemed impossible, it is important to look at the two initial goals laid out when the company was founded.

Their first goal of building a successful colony on Mars seems to be decades away at the current moment. The pivot to building a colony on the moon instead, seems like an admission that a Mars colony is nowhere close to fruition. As such, their first goal of making human life multi-planetary seems extremely distant. Their second goal of revolutionizing space technology while reducing the cost of space access has arguably been carried out and continues to be expanded consistently. Starlink, has proven profitable and the launch business while not currently profitable can potentially be turned profitable in the next few years.

SpaceX’s total addressable market is split into two categories. Everything and anyone that will ever go into space and potential users of Starlink and other space technology that will be used on this Earth.

“We believe we have identified the largest actionable total addressable market in human history” SpaceX filing, April 2026.

When looking at their launch business, the TAM is technically endless, but it is more important to think what is practical rather than possible. According to SpaceX SEC S-1 filing, SpaceX has shifted its focus to AI data infrastructure. According to the filing, the goal is for SpaceX to be the tool that launches, builds and fixes AI data centers in space, a potential $28.5 trillion market. If SpaceX was able to capture even 1% of this potential market, they would likely be generating $285 billion in high margin revenue.

In 2019 when Uber filed for their F-1 filing, they claimed to have found a $5.7 trillion TAM in ride sharing. While Uber has become a successful company, their revenue in 2025 was $52 billion, less than 1% of their alleged TAM. They also experienced roughly a 70% sell off a few months after going public and didn’t truly see a rise in the stock price until 2023, four years after going public.It is important to note that unlike flipping a coin, the odds are far from 50/50 in this scenario. As Uber became more and more successful, the competition in ride sharing platforms expanded, compressing margins. Uber’s potential TAM was also significantly more concrete than SpaceX’s was. Datacenters in space are currently one of Elon Musk hopeful projects, one that many analysts doubt will ever happen. That being said, this isn’t the first time Musk is taking on critics, and he often significantly outperforms expectations.

SpaceX claiming their TAM is $28.5 trillion is kind of like Duolingo claiming that their TAM is every person in the world multiplied by a potential 10 languages that every person in the world learns. It is technically possible but every single person in the world might learn ten languages on Duolingo, but that does not mean that we should view their TAM as 80 billion people.

The much more practical revenue stream and the one that has already proven to be profitable is Starlink. Starlink is allegedly targeting a $200 billion TAM. This is the total market that is potentially up for grabs for satellite companies. This market share is currently also being pursued by Amazon’s Project Leo, along with other potential competitors. It’s also important to note that Starlink is a relatively expensive option which is therefore only relevant to people with high salaries. Most of these people live in urban places where fiber is available at both a cheaper rate and offers a faster connection.

When looking at valuation, it is truly hard to justify their near two trillion-dollar valuation without wishful thinking. If SpaceX went public at a $1.75 trillion valuation, they would be trading at 110x price-to-sales. This is astronomically high. For context, Palantir, which has the highest valuation in the S&P 500, is currently sitting at a 63x price-to-sales. Tesla is at a 14x price-to-sales. Google and Nvidia, the two biggest companies in the world, are trading at 11x and 24x respectively.

One of the most positive metrics that is often pointed to is SpaceX announcing $8 billion in EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) in 2025. EBITDA is often used to compare cash flows from similar businesses like Visa and Mastercard while ignoring accounting tricks they might include to make their business look more appealing. But there’s an important caveat when looking at SpaceX. SpaceX is a company that has massive depreciation expenses due to their extremely complicated asset heavy business. Using EBITDA for SpaceX is ignoring the billions in long-term costs that will inevitably take place when fixing and maintaining their costly resources.

If we look at the EV/EBITDA, often considered the gold standard when evaluating private companies, SpaceX trades at a 220x multiple. This is once again significantly higher than even the fastest growth stocks and companies with the biggest moats in the most attractive industries. Some of the best companies in the world like Nvidia - 35x, AMD - 32x, Intel - 59x, Palantir - 65x and Google 29x all trade at multiples significantly lower than SpaceX. Unfortunately for SpaceX, this ratio doesn’t even include capital expenditure, something that SpaceX will likely have a lot.

It’s also important to note that SpaceX isn’t a small company that is considered a “growth stock.” While Palantir is trading at a 63x price-to-sales, it is only at $330 billion market cap, five times smaller than SpaceX. And even so, Palantir is only trading at such a high valuation because of their explosive growth that they have experienced consistently in the last few years, something SpaceX has not.

SpaceX is trading at an incredibly high valuation especially given its massive market cap, something that makes their growth prospects incredibly hard to conceive of going forward.

The final question is why Musk would merge xAI with SpaceX at an incredibly high valuation when he knew that xAI needed to be rebuilt from the foundation up. To this, I truly don’t have an answer. My best guess right now is that xAI is burning through so much cash that he needed them to go public as soon as possible to raise capital. Musk combining AI with his crown jewel, SpaceX will make capital flock in from eager retail investors.

The IPO and Red Flags.

There are a few key details in the SpaceX IPO that set it apart from an average company going public. Some of these are to be expected with the largest IPO in human history, others raise questions that there aren’t obvious answers to.

Normally, when a company goes public, there is a standard six-month lock up period to make sure that investors can’t cash out the second the company goes public. SpaceX allegedly is targeting an option to avoid this lock up period, meaning any investors could sell out immediately. For early investors who have had their cash tied up for years, this could be a massive opportunity to exit when the stock is hottest, causing a major sell off that retail investors get hit with. Even if the stock follows the traditional six-month lock up period, there could be a massive selloff that follows it. When Uber went public in 2019, the stock struggled for the first six months. On the day that the insiders were finally allowed to sell their position, it tanked 7%. Beyond Meat surged in its first few months, when the lock up period ended, the stock dropped 20% in a day. While these are two examples of stocks with massive sell offs, research has shown that most stocks have a small 1.15-3.29% drop at the end of the lockup period. Regardless of whether or not SpaceX’s stock struggles in the first few months, there is a risk of a major sell off that early investors should be aware of.

A glaring red flag in SpaceX’s valuation is that it is going public at a valuation that isn’t independently agreed upon. Two years ago in 2024, SpaceX was valued at $350 billion. Unlike Anthropic, it hasn’t had incredibly fast revenue growth that would cause them to be valued by five times as much as they were two years ago. In fact, revenue has grown 60% in the time that the valuation has grown by 600%.

In addition, a massive part of the $1.75 trillion valuation was added by xAI, a company that SpaceX bought with an all-stock deal in which Musk controlled both sides. And xAI isn’t exactly a safe bet. It is a company in an unproven industry burning through more cash than Anthropic and OpenAI combined and a company that every single co-founder except for Musk has left.

In the filing, Musk also admitted that its orbital data center plans “involve significant technical complexity and unproven technologies and may not achieve commercial viability.” This is the same company run by the man who claimed that AI was a “no-brainer.”

The next red flag is that a significantly higher percentage of the shares is being released to retail investors. Typically, only around 10% of shares are available to the general public and the vast majority are saved for institutional investors. In this situation, a potential 30% of shares made public will be available to retail investors, a shockingly high amount. While this may sound good at first glance, it likely means that institutional investors are less interested and need the general public to finance it instead.

"In every transaction, there is a buyer and a seller; if you don’t know what’s being sold, it’s likely you."

For those who thought Musk was allocating a higher percent of the shares to retail investors so that more investors could get a piece of the next big thing, SpaceX is planning to only float 5% of their shares to the public, something George Noble, a former fidelity fund manager with over four decades on wall street called it “The most SHAMELESS structural manipulation of a major index I've ever seen”. Along with targeting early inclusion into the Nasdaq-100, SpaceX is essentially trying to force those invested in the Nasdaq index funds to buy a stock at five times the value in relation to what is available to the market. I’ve linked Mr. Noble’s post directly after this rather than in the footnotes because it is extremely worth reading.While this potentially “shameless act” might sound like a negative, investors in SpaceX will be thrilled if investors in the biggest index funds in the world are forced to buy it. Tens of billions of dollars will provide a massive tailwind for a stock potentially facing extreme volatility. Noble’s criticism is legitimate, but that doesn’t mean it will not provide a massive boost to the stock.

Another red flag in the IPO is that the shares are being split into two different classes. Practically what this means is that Musk and insiders have the ultimate say in any decisions being made. For example, if the $250 billion purchase of xAI happened after SpaceX went public, shareholders would have no say in deciding whether or not they agree with it. This isn’t unique to SpaceX, Meta has a similar set up, but it is another question mark in an IPO that is full of them.

Finally, there is the important question of why SpaceX is going public when Musk has repeatedly said that he doesn’t want to bring the company public. As mentioned earlier, he even set a goal before going public, a “Mars Colonial Transporter flying regularly.” We aren’t even close, why the sudden shift?

Invest Wisely:

Fundamentally, investing into SpaceX comes down to the big question. “How big will the space economy be?” Will space manufacturing take off? What about a Mars colony or mining valuable minerals from potential asteroids? A lot of this sounds like science fiction but so did landing a man on the moon in the 1960s.

SpaceX today is far from profitable and even their revenue is extremely small compared to their valuation. Excluding Starlink, SpaceX generated only $5.5 billion in revenue, a number roughly half that of Lululemon’s $10.6 billion. Notably, Lululemon is worth $15 billion, SpaceX is seeking a valuation over 100 times that amount. Even including Starlink, Spotify, worth less than $100 billion generated more revenue than SpaceX.

Those bullish on space will likely invest because they see space as the future and SpaceX as the market leader and the best way to invest in that. And while that might be correct long term, it is important today to not be someone else’s liquidity opportunity.

Hey everyone 😄

My original publication was started about three months ago and is now at 220 subscribers.

I started a second publication about a week and a half ago and the growth has been incredible. Within 10 days I have gotten to 170 subscribers, compared to my main account that's almost the same amount with significantly less work overall.

But now I have a dilemma, focus on the second account or try to continue pushing both of them. Anyone have any advice?

FYI, the two accounts are on similar but slightly different topics. First account is about general investing and breaking down companies, second one is focusing on the private market.

Thank you ❤️

Currently main focus will be for 1-2 shorts a day, in the future long form YouTube videos.

Needs to look professionally done.

Budget is around $10-20 ideally for a short, of course more for a full length YouTube video, depending on length.

Thank you :)

Currently main focus will be for 1-2 shorts a day, in the future long form YouTube videos.

Budget is ideally $10-20 per short.

Needs to look professionally done

I was recently asked to run a second publication after the small relative success to my first one. Won't get too deep into both but just a short summary.

First publication is my personal publication, in short stock picks.

The second one is also business, IPO related. I manage it and make the posts. They have a "research side" to their business.

Does anyone else have a similar setup? How would you recommend running it? Would you cross recommend the accounts? Also should I have both publications under the same account or as two totally separate entities?

They left the option open to me.

Thanks in advance <3

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