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Spacex

by Kudzai Kutukwa

Capital Destruction Is The New Business Model

Today's $1.75 trillion SpaceX IPO isn't just the largest in history, but it may be the clearest signal yet that American capital markets have become completely detached from the profit-and-loss system that's supposed to govern them. So before you pile your savings or pension into this IPO, ask yourself: if AI is a "national security priority" and your subscription doesn't cover the real cost, who's actually footing the bill and who's the real customer being served?

Cover image for Capital Destruction Is The New Business Model
by Kudzai Kutukwa · Edited

The Fiat Casino: How Stock Markets Serve as Nodes in the Monetary Control System

As SpaceX, OpenAI, and Anthropic prepare to dump nearly $4 trillion in combined valuation onto public markets, the question is no longer whether these companies are "good investments," but whether the entire concept of stock ownership, as currently constructed, still means what you think it means. What if the real choice on the table isn't between AI and Bitcoin, growth and value, or risk-on and risk-off; but between holding a security entitlement that evaporates the moment the system convulses, and holding the only asset in human history that no central bank, broker, or bankruptcy court can ever take from you?

Cover image for The Fiat Casino: How Stock Markets Serve as Nodes in the Monetary Control System