Sam and Jessica go two-on-two this week to unpack the SpaceX IPO and whether a $2.5 trillion valuation is actually justified, exploring why “it’s valuable because it’s valuable” may be a legitimate investment thesis and why Cursor’s $60 billion acquisition looks cheap in that context. They also break down Anthropic’s clash with the U.S. government over Fable 5, with Sam arguing the crackdown could be the best marketing in AI history, before debating the risks of tying software access to nationality. The episode closes with Meta’s AI morale problem, OpenAI burning nearly $4 billion in Q1 on $5.7 billion in revenue, the case for a multi-model future where no single frontier model wins, and why Sam believes token economics may be one of the most overlooked opportunities in economics. In lieu of Pop Culture Corner, Jessica brings a Reed Hastings book recommendation, while Sam once again demonstrates that having conviction and acting on it are apparently two different skill sets. After eight months of pitching DigitalOcean, he still doesn’t own the stock.

00:00 - Teaser

01:47 - SpaceX IPO Analysis

09:17 - Narrative Assets and Retail Investing

12:09 - The Future of AI Models and Infrastructure

16:00 - Corporate Narratives, Employee Motivation, and Meta’s AI Challenges

22:58 - OpenAI’s Market Strategy and Impact

25:19 - Open Source Models and Market Share

27:01 - Economics of Tokens and Innovation

33:01 - Anthropic’s PR Strategy and Fable Model Release

35:24 - Government Stakes in AI Companies

39:04 - Reed Hasting's Book Recommendation

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1) Sam Lessin: https://x.com/lessin

2) Dave Morin: https://x.com/davemorin

3) Jessica Lessin: https://x.com/Jessicalessin

4) Brit Morin: https://x.com/brit