SpaceX reported Q3 results and blew the doors off.

SpaceX reported Q3 results and blew the doors off. Revenue hit $14.6 billion, up 161% YoY, beating the $12.86 billion analysts expected.

The AI segment alone did $7.6 billion, up 830% YoY. Real numbers.

On the other side, Anthropic’s draft IPO prospectus showed an $80.7 billion net loss in H1. Sounds terrifying, but about $72 billion of that is an accounting charge tied to convertible notes whose value exploded as Anthropic’s valuation went parabolic. No cash left the building.

The real question is revenue quality. Ramp’s lead economist found that 80% of business spend on OpenAI and Anthropic comes from 1% of firms, and within that top 1%, 80% are venture-backed.

Chamath framed it well: he suspects 70-80% of revenues at AI companies come from other AI companies that raised venture money. “This is not a circular revenue problem but it is a revenue quality problem.”

A dollar from a manufacturer doing more with fewer people is worth more than a dollar from a startup burning through its Series B. Same line on the income statement. Very different quality.

Contrast this with bitcoin. Nobody gets to decide what it costs to borrow. Nobody can print more to bail out a bad bet. It keeps producing blocks and gives anyone who holds it a way to save that doesn’t depend on any of this going right.

Keep an eye on the quality of the revenue, freaks. Not just the size of it.

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