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Blockspace: AI & Bitcoin
SpaceX’s $2T IPO by the Numbers and Anthropic’s 1 GW Search for Capacity
01:13:49
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A
Foreign. What is going on, y'?
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B
All?
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A
Welcome back to Blockspace Live. Charlie Today is the day SpaceX IPO today, and I regret to inform any of you on the sidelines, it is already up 16 on the day. And Elon Musk also just became the world's first trillionaire based on his stake in SpaceX at current prices. So we will be covering the IPO including things to know like retail allocation, the current float of the stock which is very low, and some other financial metrics. Then we will have Brandon Bailey of Nakamoto on formerly of Second Gate and Galaxy talk about the ipo. Also an incredible Bloomberg s dashboard that he has built for the AI and HBC landscape and some of his thoughts on the current AI stock market and what that means for Bitcoin's outlook over the next few years. Following that, we will have another Follow up on SpaceX because some of you are probably wondering, how does SpaceX make any money and why are people valuing it so highly? Charlie's got some great details on this, including feasibility for some of its satellites. Following up with that, we have the information's breaking scoop. That Anthropic is seeking out a gigawatt plus of data center space, not GPU space. They're going to start buying the GPUs and they're looking for hosts to host them after that. Charlie's also got one more follow up, checking in on the culture war with the AI data center build out.
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C
That's right. Blockspace goes live every single weekday at 1:00pm Eastern featuring quick hits on data centers, AI, SpaceX, now Bitcoin mining and emerging tech. Make sure to hit subscribe. Push that notification bell on YouTube to get the notifications pushed to you as you speed along in your Tesla. Careening down I95 to Stargate USA. If you like this, it turns into a podcast. Make sure to subscribe to the Block Space feed podcast. If you're listening to Coindesk, you have days before we leave Coindesk. So stop what you're doing, go search Blockspace in the feed and subscribe there. This show is brought to you by Clean Spark NASDAQ listed ticker clsk. Let's kick it off. Colin Elon is the first trillionaire. He's gotten rich despite the fact that his company owns bitcoin.
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A
And if his company owns bitcoin, despite the fact that he's Hitler, man is defying odds left and right.
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C
Yeah, so I mean, you brought it up. I've got to. You brought it up. Here we go. Look how far we've come. Here's a picture of Elon Musk and Kanye west himself from 2011 in front of a very worn SpaceX cat and
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A
a very thin and young Elon Musk.
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C
I would also add, look, there's a direct correlation between the capitalist pig you are and the weight you accrue. So anyway, but this Elon becomes the first world's first trillionaire, as reported by Bloomberg. I believe this happened around somewhere around 150 bucks, like maybe 170 some odd dollars SpaceX share price, which by the way is having a ripper of an IPO this morning. Let's check in on the chart. Boom. It is going to the moon. We're at 174, barreling on $175 per SpaceX share.
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B
That's almost.
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A
Hang on, hang on. Got to get the trading view up. We're dropping in real time right now.
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C
Oh my God, look at this volatility.
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A
And this makes sense because we'll get into some of the numbers here in a second. But the float for this IPO is 4.3%, so only 4.3% of shares are currently trading. So you're going to see some wild volatility in the weeks to come, I would imagine. I'll get into the lockup schedule here in a second. But going back to what Charlie was saying about Elon being the first trillionaire from this, the vast majority of that liquid wealth or the vast majority of that wealth is not liquid. Right now Elon has a 366 day lockup for his shares. Now, you know he would not sell all of those anyway. He couldn't, because then he would just destroy the stock. But the other thing I think it's worth highlighting here is not only it does make him the world's first trillionaire on paper, it also makes him the first person to ever found $2 trillion companies.
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C
You joke like 4% of trading. That was this like a low float high FDV move. I mean direct from crypto. Look, SpaceX right out the gate, $174 per share. That makes the market cap as of right now, $2.2 trillion. Colin. So the poly market, which we're watching to see if SpaceX resolves above or under $2 trillion by the end of this first trading day, or I think it's any first trading day in the near future, so far that poly market is, yes, so doing pretty well. However, Colin, there are other markets out there. It's not just NASDAQ and S P Now you can go on CNBC and see not just Poly market, not just the S P or nasdaq. You can go and you can look at hyper liquid. Yes.
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A
Yeah. Wait, CNBC lists hyper liquid.
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C
CNBC showed a hyper liquid chart this morning. I wish I had the tweet ready to go, but yeah. So they were monitoring pre IPO shares just like us. Someone at TNBC is watching Blockspace live clearly, because I think this is one of the, this is like very much like whatever. This, this is like the market which tells us where SpaceX is going to go. And guess what? SpaceX immediately upon IPO ripped to parity with the hyper liquid market. So hyper liquid SpaceX is trading at 170 and we're roughly the same now on the bigger quotes. Real markets.
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A
Pretty incredible to see. It goes back to what we were saying on one of the streams earlier this week where the hyper liquid is now serving almost like a prediction market for pre IPO shares. And as you just pointed out, pretty accurate in terms of where it ended up landing. You can also go and look at key trades, the biggest P and L for winners and losers. And if you want a little bit of Schadenfraud or you want to feel really bad about being under allocated to the largest IPO in history, you can go ahead and do that. But going back to the float thing really quickly Charlie, because I do want to highlight this. This is the second lowest float of any large IPO in history. So to compare, Google's float was like 7 to 8% in its 2004 IPO. Facebook's was 18%, Alibaba's was 15%. And the prior largest IPO in history before SpaceX, Saudi Aramco was 1.5%. So at least it's better than the Saudi Aramco float. But when we look at that float, this is I think one of the things that's going to give a lot of people pause as they think about whether or not to pull the trigger sooner rather than later. On a stock like this, that float will obviously expand as shareholders have their unlocks. And those are as follows. After the first quarterly report, insiders can sell up to 20% of lock shares plus 10% if the stock trades 30% above the offer price. With time based tranches at 70, 90, 105, 120 and 135 days following, which will release 7% each. Another 28% after Q3 earnings and a full release after 180 days. And once again, Musk can't sell for 366 days until after the IPO. So you're going to see that float. You know, obviously the float's going to go up over the next year. 4.3% though, almost ensures that we're going to see some crazy volatility for this, because the order book right now is trading on a very thin slice of that overall equity. So last thing I'll say this is according to Quad, I did not fact check it as well as I should have. But take this with a grain of salt. Since 1980, all but one large US IPO that initially floated less than 5% of its stock underperformed the market over the subsequent years. And on that note, Charlie, I think this is worth pointing out. If we look at like one year trading of some of the most notable IPOs over the last few years,
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C
history
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A
is not in SpaceX's favor here. So I'm not going to compare SpaceX to a company like, I'm not going to compare it to a company like, you know, Snap or Spotify or Dropbox. But I think if you look at some of this, like let's look at Coinbase and Robinhood. Coinbase was down 75% max after it IPO'd. Robinhood down 90%. Core Weave, which is probably the best thing to compare it to from the AI angle, was down 65%. Now that being said, that doesn't mean necessarily that it won't do well over the coming months. Core weave one week after IPOing was up 20%. One month after IPOing, 5%. Three months up 300%, six months up 217%. So and then 12 months it was up 87%. So the max drawdown within that 12 month period though is 65%.
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C
Yeah, and this highlights the thing that we're seeing, which is companies are going to IPO later. The majority of the returns are happening privately in the private markets beforehand. Is SpaceX going to follow the same with the super low float and the unlocks? I mean these are SpaceX janitors of the rocket ship floor who are waiting to dump on your heads as well as the real engineers have been working there for forever. This is a tweet from Andrew Kang, former crypto, now robotics talking head. SpaceX is a historic liquidity transfer event from public market investors to private market investors. He makes no moral assessment there, but he says this will then flow to the next wave of frontier venture capital backed companies driving more funding and higher private market valuations. I could totally see this happening with the Abundance of wealth that's going to be generated from this. Everybody and their dog is going to have an extra 10 to 100 million to throw around after a few years working at SpaceX. And we also see second effects of this. Look at this. This is a tweet identifying the Texas Triangle. If you're not from the south, that's Dallas, San Antonio, Austin, Houston, and saying that we now may have a Texas diamond because SpaceX headquartered now in Starbase Texas at the very southernmost tip of Texas. If you think about this, this really represents the four points of, of capital and economic activity in the U.S. dallas with finance, Houston with energy, San Antonio, Austin with tech and Starbase with rockets. What do all those power behind the scenes data centers. So this really is a significant moment for markets. We'll have to see how the average person fares.
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A
Just to touch on the Texas thing. Texas going on a generational run here. If you look at, you just touched on it. You have oil and gas, you have finance, you have tech, you have space exploration. And if you think about the fact that they also are going to have a outsized share of the actual data footprint for all of these companies and you have the oil and gas element. Texas is setting itself up to be one of the wealthiest states in the nation over the next decade. And also, you know, so much as maybe some Texans listening to this won't like to hear it also means you are never going to secede and Lone Star is never coming back because now you're just way, way, way too important for national security.
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C
You know, I'm here in Oklahoma. We'll just ride on the coattails. We'll, we'll glean from whatever Texas accidentally sends over the Red river border. Okay, we have Brandon Bailey, Beezy in the wings. We're going to talk more about data centers, but this time some data center intelligence. So we're going to bring them up here in just a moment after a word from our sponsor, CleanSpark.
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We are CleanSpark, America's Bitcoin miner. A publicly traded company with the largest operating hash rate powered entirely by self operated infrastructure across four states. This is our proof of work and we are setting the standard for what's next. Learn more about the intersection of energy and bitcoin@cleanspark.com. Alrighty, let's get Brandon on the stage.
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C
Okay, Brandon Bailey, welcome to Blockspace Live.
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B
What's up guys? It's good to see you both.
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C
Likewise.
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A
Good to see you too man. Thank you for joining. All right, so we want to get into the DI Metrics dashboard here in a second. But first we got to get your initial thoughts on the SpaceX IPO. What is it, Brandon? Are we going to Valhalla or are we going to Goblin Town?
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B
That's a great question. I mean, it's absolutely a historic day. The price action has been pretty crazy. I mean, I think it's up. What is it up? About 20% now, trading around 175. So extremely successful IPO. I did not buy shares. I decided to wait this one out. I felt like it was sort of like that meme going around on X I saw, which is like, if I don't buy it, it goes up. If I buy it, it goes down. That's kind of how it felt for me. But I will say I'm really fundamentally bullish on SpaceX. I think that it's absolutely a great company, great business. There's a lot of business lines that look like monopolies to me, which in my opinion means there's a lot of opportunity for this thing to go even higher in terms of how you think about $2 trillion from a valuation perspective. You know, it's really like I, I think the, the classic argument that, you know, I've also seen a lot of this on X as well. But, you know, the spreadsheet will probably tell you that that's very rich. But, you know, you're, you're, you're betting on Elon. Ultimately, this is an Elon story. With his track record, it's really, really hard to bet against him, honestly. Like, his track record of the execution is, is incredible. And they really have all the fundamentally right pieces. Right. Like you can see the whole thing in terms of space exploration, the data center play, the AI play. And then there's always the wild card of him folding in Tesla and really looking at Tesla from a robotics play. And then the other wild card is honestly the boring company, which I think a lot of people kind of forget about. But that's another interesting component that he has out there that he could bring into the fold. You know, everybody's talking about, you know, space data centers. There's also a wild card question of underground data centers or who knows. But I mean, Elon really does just have all of the right pieces to truly build something that, you know, no one can really contend with.
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A
That's what I keep. Sorry, Charlie. I just want to piggyback on that for a second. That's what I keep coming back to. You know, my dad, it just his boomer mind can't comprehend the multiples we're seeing in the market right now. And he's just like, he's been saying for the last few years that everything's overvalued. And, you know, going back to being sidelined on this, I was the same way. It's like, I'm not going to get into this thing. I don't understand it enough. And I, there's the risk to me seems too high. And it really does seem to be. Do you want to be right or do you want to make money at least on the first few hours of this trade? Because like you said, when I look at SpaceX's stack, no one is building rockets like they are. Starlink, it has no competitors at all and it's the best Internet and you can get it anywhere in the world. And when you think about, like you said, Elon's ability to execute suddenly the price to sales on this thing, you understand why people are overvaluing it so much. Because ultimately you're betting on the future of a company that is building a tech stack that no one else could even design or dream of. And I'll get into the price to sales later on in the show for our listeners compared to other MAG7, but right now at 2 trillion, that puts SpaceX at 107x price to sales. The second hot the highest one in the MAG7 is Nvidia at like 2022% or sorry, 2022x but.
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C
Okay, Mike, I gotta interject here and throw this question to you, Brandon, which is SpaceX was a rocket company six months ago, and I wonder if it would have hit anywhere near a $2 trillion valuation right out the gate if they didn't roll in the data center component. I mean, are you looking at a lot of the value thesis in the SpaceX marketing that they're really trying to communicate that the value is in their date or orbital data center. Do you think that the data center is actually the key unlock here? Data center angle is like the key unlock here for like valuing SpaceX because, you know, the world data centers, we're all trying to figure out what rockets are worth.
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B
I think, I think that's a massive component. Like the way that I kind of think about it, Starlink, you know, that's the, that's the bread and butter, right? Like that's clearly worth at least, probably 50% of the value, if not more. And I think it's pretty clear when you look at the Runway for Starlink and what it could ultimately achieve, I think that that's a very viable story. Rockets are really the moonshot, obviously, pun unintended, but it really is the moonshot if they're able to continue to build that business. But the data center piece I think is another significant anchor. And when you look at one, just the sheer constraint that we're all facing with respect to power availability, getting power capacity, when you just look at the outright demand for compute, the demand for tokens and the physical infrastructure associated with it, there's tremendous value that's being ascribed to that component. So I absolutely agree that the data center piece is another strong anchor. I also feel like XAI has been a little bit of an afterthought. A lot of the conversation really centers around Claude and Anthropic and really OpenAI. But I think XAI is in a super unique and interesting position now inside of SpaceX and just thinking about all the resources and potential that XAI is going to now have access to, I think that they have a really strong chance to actually catch up with Anthropic and maybe even surpass them. Especially when we talk about the next wave of this, right? You build the intelligence and then once you start talking about the robotics component and XAI powering Tesla's robot, I'm blanking on the name. But the other things that they plan to build, that Runway is just really incredible for them.
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A
And going back to the XAI component, I think one thing that's missed with this is it's not just the fact that they have grok, which as you said, has really kind of fallen out of the conversation in terms of frontier.
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C
It's not a frontier. It's, it's, you know, the, it's a, it's a good tier 2.
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But if you look at what they're doing with their capacity, like with the anthropic deal at Colossus and their ability to build that thing, it was like 122 days from, from breaking ground to the first phase, which is almost impossible to even imagine that, that, that's just breakneck speed. And it just goes back to what you were saying about like betting against Elon to typically has not been a very good trade. But Charlie, if you don't have any other questions about this, maybe we can
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C
go on get into actually talking about data center intelligence, because we're just speculating about it right now. Let's figure out what the data centers in the world actually are. And that's why we have you on Brandon. Talk about DI metrics. What's the TLDR on This product?
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A
Yeah.
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B
So, you know, honestly, Digital Infrastructure Metrics is just a hobby project that had started many months back. It actually started as an Excel spreadsheet. And then as I had been working with AI tools, I was like, maybe I can turn this into something like a real dashboard, a real platform. And, you know, being a person that had worked in bitcoin mining, knowing that composite of companies, the Ciphers, the Terra Wolfs, the Hut Eights, clean sparks of the world, I've always been bullish on those companies, even when they were bitcoin miners. But I've been extra bullish on them since they started converting a lot of their power capacity into tier 3 data centers for high performance compute. I had been spending a lot of time just trying to track all of the individual details about these companies, their sites, the opportunity, as it relates to their ability to execute on that trajectory, as well as just tracking what's happening with the debt market, what's happening with the leases. And so this platform is sort of a creation of everything that I kind of normally like to track on a daily basis and just try to build. It was really a tool that I was using to try to stay on top of everything as it relates to bitcoin mining, as it relates to these compute markets, and as it relates to the overall AI bottleneck thesis trade. And as I'd been building this out, I got to a point where I'd like to be able to share it with other people. And so that's effectively who it's for. It's really for the individual analyst that is super interested in data centers that would consider themselves an AI bottleneck thesis trader or investor and is wanting sort of a dashboard that is actively sort of tracking a lot of the stats and metrics as it relates to those companies.
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A
I want to highlight one of the things that we talked about on our call yesterday, Brandon, because to me, I mean, the whole dashboard is great and there are fantastic financial metrics and GPU rental prices, everything that you need to kind of really start grappling with this industry and understand where the dollars are landing. But one of the most impressive things to me is this political risk map, because this is something we've been covering a lot recently. And this is one of the intangibles and qualitative pieces of data that I think will be actually crucial when you're evaluating the strength of these companies, AI strategies, where are they based, and is there a chance that they could just run up against mob rule and have their plans totally derailed? Can you Speak to this map a little bit and your methodology for building it out and kind of like what went into formulating all of this?
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B
Yeah, absolutely. So, you know, as. As you guys have been seeing there, the. There's been a significant increase in the number of moratoriums as it relates to, you know, data center build outs. And there's been sort of a public cry against allowing data centers to be built in various counties and communities around the country. And this is becoming, you know, an increasingly large issue. It's something that the bitcoin miners also experienced when they were trying to build their facilities in certain jurisdictions. And so what I really wanted to try to uncover with this is is there some sort of predictive element to, you know, behind these counties that are ultimately strongly against data centers? Like, what are the factors? What are, are there any sort of like, you know, related variables that have kind of come across where we've seen these moratoriums? And so I took a combination, I took a lot of just publicly available data to ultimately create this map. So it includes like income data. It includes like, if a state or county is red or blue based on past voting history, things like that. So I really wanted to see, you know, what's the predictive nature of a county being red or blue as it relates to these moratoriums? How does educational attainment factor into these moratoriums? How does income level factor in or even deficits as it relates to power availability? So if there's a county or jurisdiction that is projecting a significant deficit of power availability, does that lead to increased cries from, you know, the constituents of a county? And so overlaying all of those data sets together and then doing some back testing with known or identified moratoriums, the conclusion that I was able to derive is that what predicts the likelihood of a moratorium is really the education attainment level and the income level. So it's very much a NIMBY problem. It's very much your more affluent sort of counties or townships that have high educational levels that do not want these data centers. I actually thought that it was going to be more of like a red state, blue state kind of thing. And that actually has a very low sort of predictive element to it, which I thought was pretty interesting.
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A
I just want to highlight that one for a second because you can see here, the green states are the ones that are more favorable or leaning towards more favorable. But even within those, you can see across the south and the Midwest, for instance, multiple moratoriums in effect, across a bunch of counties. I'LL just go to my home state of Tennessee. You know, you've got 1, 2, 3, 4, 5, 6, 7 counties that have proposed moratoriums. And this is a firmly red state. Like it's not even close to being purple at this point. And you can see the same thing in Georgia and in South Carolina, in North Carolina, which is kind of a little more purple. But then you go into Missouri and Kansas and it's the same thing. Look all across the Midwest. Michigan's got a bunch of them. And the other thing that I really like about this is when you click on the county, you can see, like you said, you can see where the county leans. And it also kind of gives you an idea using the state by as a proxy, like the likelihood that data centers would be more or less accepted in those areas. So.
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B
That's right. Oh, go ahead, Charlie. Charlie.
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C
I'm sorry, I will just interject that we actually have. I know this is still an early product, but Tulsa county has a moratorium.
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B
Oh, one ad.
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C
Yeah, but I mean, this is really difficult to track because these things are happening everywhere simultaneously. A lot of this is like logged in local news. There's not exactly an MCP server for local moratoriums. But on that note, you're kind of building one. And I actually think that might be an interesting angle here, which is you've been a long time seasoned analyst, you're not really a dev, and yet here you kind of, as far as I'm aware, kind of solo built this. Tell me about how you think of building a platform like this where it seems to me the beating heart is this MCP server. I'm curious about your like, design philosophy as we kind of, as we, as we go through the age of AI and agentic interfaces.
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B
Yeah. So like I said, this really just started as a hobby project using a lot of basically just using CLAUDE to build everything out. My design philosophy has gone through numerous iterations since I started this project. Like you said, I'm not a developer at all. I've never coded a day in my life. And so there was a lot of learning about the. It's like you don't know what you don't know when it comes to doing this. So there was just a lot of reading, a lot of researching, a lot of trial and error as I was kind of building out this platform and at least really thinking through the back end and the database that supports the product. But the direction I really wanted to go with this, the website itself is great. I think it gives great visuals But I think the real core product is the MCP offering that you talked about. At the end of the day, I've been spending a lot of time working with LLMs. Like Claude, code for Excel is excellent. It absolutely can accelerate your level of productivity ultimately and how quickly you can build out some of these different kinds of analysis and different things like that. So what I really wanted to do was to allow people to access information. Like if you want to pull the entire power portfolio of a company, let's say, like Cypher. So if you wanted to understand what are all of the sites that Cypher owns of those sites, what's the current energized megawatt capacity, what's the pipeline capacity, where have they signed leases, those kinds of very specific granular details. All of those things you can pull directly with the MCP server. That for me has been what's been most beneficial for me just using the tool and doing my own analysis is just being able to go to Claude and directly ask a question and have it pull directly from the database. And that's something that I think we could provide to others as well, other analysts that want to use this, which I think is great for a couple reasons. One, it kind of provides some guardrails around hallucination. So all of the information is being pulled from investor presentations and SEC filings, all public information, but categorized and vetted and audited. And then it also helps you save on token burn because you're not having to ask Claude to go search through the Internet and all of these filings to find that information and then maybe give you a wrong answer. It helps on the token spend, it helps with some of the guardrails, but then it also allows you to be able to do things like say, hey, build me a quick model, pull the data directly through the MCP and then boom, there you have it in a matter of minutes. There's a lot of other things we can add to that. I think the political risk map or the moratorium is something interesting that we could add to the the MCP server where people can pull that. And this is information where you can't go to a fact set. They're not going to give you this level of granular information. It is a very targeted product, but I think it's something that people that are really interested in investing in this space will find very useful.
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A
The MCP angle to me was just eye opening because like you said, you can go through the actual dashboard and pull all this stuff super manual. But the fact that you can Pull it and then, you know, kind of avoid those. You're right to push back on that. You know, it's like this company earned 10 billion in revenue last year, not 100 million. I mean, I can't tell you how many times in the last few weeks and I've been doing analysis, I had to scratch my head and be like, I don't think Claude's totally right here. So last kind of note on this, Brandon, before we hop to a closing segment on just, you know, thoughts on the current AI sector and also bitcoin. What other features are you excited to add to this? And I know it's going to be a work in progress, took a long time, but what else would you like to have add to this to enrich the data set?
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B
So right now it's currently pulling all of the debt financing details as it relates to the leases that most of the bitcoin mining companies have signed as well as the NEO cloud. So like a core weave, Nebius, Iris Energy, et cetera, it has their entire power portfolio. So all of their sites with the megawatt capacity, et cetera, all of the HPC deals as well. Something I would like to add is I want to get to private companies as well. So you have the N scales, the crusos of the world. It's going to be harder to get the information, but I'd like to expand beyond just the current public company subset. And then also like you mentioned, I think the political risk sort of element is another angle. I'm kind of back testing this in the background. But that political risk map basically provides a score for every bitcoin miner site that just say like how much risk or exposure does this particular data center location have given the level of risk or other moratoriums we've seen? I think that that's something that could be a helpful indicator. I think there's a lot of other qualitative data items that I could add or expose to the MCP to just help give people a well rounded assessment for each company. So that's where I would go now. And I think there's more opportunities with compute, GPU rental prices and then also bitcoin mining related economics to the extent people are interested in that.
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C
And you so go into bitcoin mining because we're basically an AI show now, as is everybody else you've chosen to include here alongside the compute markets, GPU markets, a pickaxe with my trusty bitcoin mining information dashboard. I'm familiar those are our stomping grounds. But I'm curious about your thoughts of the future of Bitcoin mining and these two different types of compute markets that you show on DI metrics here. What kind of interaction between secular compute, AI compute and Bitcoin mining do you think we're going to see in the near term?
- [35:50]
B
Very interesting. That's a good question. So the reason why I still wanted to include bitcoin mining is because one, I'm just thinking about the overall development of compute markets holistically. So you already have some early examples of gpu, I guess, compute markets or derivatives as it relates to those things. We have our good friends at Luxor who have their hash rate derivatives product. Big fan. I just think that you're going to continue to see the build out and proliferation of those style markets. And while bitcoin mining will be certainly I don't think will be as large as the compute market for GPUs, it is still sort of a vertical within that broader subset, which I find interesting. And then the other reason why I still think bitcoin mining is fundamentally interesting is because we have so much power capacity that is now leaving the bitcoin mining space or that is being allocated towards high performance computing. I could be wrong here, but I think that in the medium term we could see a situation in which mining economics actually do appreciate materially. Just because you have so much power capacity that is tied to a different use, Bitcoin starts to recover in price, you can't easily pivot that power capacity and you end up in a situation where you see rising hash price and also ASIC prices are incredibly cheap right now. So that's kind of been my medium term thought and trade and why I still pay attention to it.
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C
It's like if bitcoin goes up and everybody's pivoted to AI and they are locked into multi year decade long contracts with hyperscalers who are very good at enforcing those contracts. It's like you can go from bitcoin to AI, but it's way harder to go from AI to Bitcoin. Not because of infrastructure, because of agreements and contracts. Yeah, interesting perspective here.
- [37:52]
A
Yeah. And especially considering to your point, Brandon, we're probably on track for a negative year of hash rate growth or at least flat or negligent to the upside, if anything at all. So we had Jamie from Corman on recently and he was making kind of the argument you are now is probably the best time to be investing in infrastructure if that's your play in the compute market. Speaking of the wider compute Market kind of. Two final closing questions. I'll ask this the AI one first. I think a lot of people are looking at SpaceX's IPO and thinking that this screams market top. Things are way too frothy. Things have been running super hot for the last few years. Where do you fall on that divide? Are you bullish at this point? The AI trade? Are you bearish? Where do you think we go over the next year?
- [38:44]
B
I think we're past the early innings of it. I wouldn't call it a top yet. I think we, you know, knock on wood here. But I think we've got another 12 months roughly of Runway. I think that you're going to continue to see more demand for compute overall. I still think that, you know, I think that Fable 5 mythos is kind of a, it's a step change in the models. I think that, you know, we're, we're kind of at another juncture on that point where people are going to start to realize or recognize, hey, like this whole, this is becoming more real. When you talk about AGI, we're actually making some strides towards that. Just seeing the sheer amount of investment from all of the hyperscalers, Google especially is pretty remarkable. So I still think that the capex cycle has ways to go. I think we're going to be like. When I think about near term market action, I could foresee us chopping around here a little bit. I mean, we've recovered, which is great. I think a lot of that has to do with some of the news with Iran, but I think that we're going to get another quarter of solid earnings and some raises from a CapEx investment perspective after Q2, which I think keeps the dream alive, the narrative going, the frenzy. I could see that running into Q1, Q2 of 2027, where we're just kind of still on this uptren. As long as the earnings and demand start to show up, that can kind of keep things chugging along. But I do think that the election really will start to throw a wrench in things. It's just so much uncertainty as it relates to the 2028 election. Obviously data centers and AI are going to be one of the biggest talking points for all candidates. And ultimately all of them are going to be bringing some idea of how they want to regulate this space, which could be really, really bearish for all of these companies. I think that the election really is probably what slows things down. But I think that we should continue to run here, at least for the next six to 12 months, knock on wood.
- [41:00]
A
Our bags are counting on it. All right, last question. Brandon, what does all this mean for bitcoin? Everyone has been very disappointed if they've been overallocated to bitcoin over the last year. Seems like everything else is winning except for gold and silver. We can at least commiserate with the boomer rocks.
- [41:17]
C
Any allocation of bitcoin's been overallocated, unfortunately. Yeah.
- [41:21]
A
I mean, as I joked in a newsletter a while back, a bum panhandling in any major city outperformed bitcoin last year. Right. So what do you see as the outlook over the next year? To me, I can see two in me, there is a bear and there's a bull.
- [41:40]
C
With this, there are two bears inside
- [41:42]
A
you, there's two bears. One of them is wearing a bull head, you know, and so the bear that is wearing the bull head says, this is setting bitcoin up for a countercyclical trade, or rather a, you know, a contrarian trade where it seems to be pretty aggressively oversold right now. And all it takes is a little bit of capital rotation back into that, enough conviction to think that it will bounce for it to have a good year over the next year. And then the bear in me says the four year cycle is probably realer than any of us really want to admit. And if all of the money in the market right now from retail is flowing to stocks and institutions, and then for institutions flowing into funding for these capex builds, why would it go up? Where do you fall?
- [42:33]
B
Yeah, it's tough. I think near term and medium term, I lean more bearish. And the reason why I feel that way is just, I think ultimately bitcoin competes for attention and it has to compete for attention with the AI narrative, with the upcoming robotics narrative, with the space narrative. And I just think that it's no longer the most interesting or sexiest thing in tech. Right. Which is tough. And what makes it even worse is that most retail investors, a lot of investors out there, they're looking for the fastest horse. And just right now, bitcoin is no longer that fastest horse. So when you look at these memory stocks, a lot of other stocks along the AI bottleneck Thesis or trade idea, people have made 2, 3, 4, 5, 10x on many of these things. So it's hard to imagine bitcoin having similar returns at least in the next two to three years. And then when you look at it on a risk adjusted basis, I could have bought Google or Nvidia or some of these other tech companies over the last three to five years significantly outperform bitcoin and done that on what would have been a much better risk adjusted basis. And I think that the Sharpe ratio, the Sorrentino ratio, those types of metrics that many more institutional investors look at, especially when they originally were justifying having bitcoin as a part of their portfolio, those things have all flipped negative and I think make it a much harder story or narrative to formulate as to why you should probably have bitcoin in your portfolio relative to these other baskets right now. So I just think it's a hard story to get the next marginal buyer to buy bitcoin. But I think from a macro perspective, it's super interesting because I still think that if you're thinking about this solely from the digital gold narrative, what's happening on the technology front should be very deflationary. So we should see rising inflation, which we kind of already do have. It's kind of like the Jeff Booth thesis, if you've read his book, which I do think is actually kind of playing out and on track, which should be structurally or fundamentally bullish for bitcoin. So I think that that's kind of the one saving grace for the bull case. But it's just a matter of on what timeline are we talking about, right? Like, bitcoin underperforms for five years and these names, these AI names continue to go up. That opportunity cost is just too great. And I think, like, that's what people are wrestling with right now.
- [45:31]
A
Yeah, I think that sums it up pretty well. Well, Brandon, we kept you for a while here. Really appreciate it, man. And best of luck building out data center or DI metrics. Excuse me. And really great work on the dashboard, man. This is a boon to all the analysts and researchers in the space.
- [45:48]
B
Appreciate it. Thanks for having me on, guys. Always love chatting with you.
- [45:52]
C
You bet. Get Tulsa county updated. See you around.
- [45:57]
B
See?
- [45:57]
C
Yep. Love that guy. From analyst to dev, now talking head, everyone eventually becomes a podcaster, including Brandon Bailey. We're going to keep rolling. We have a couple more things first, though. We got to talk hash rate index column. Yes to you.
- [46:18]
A
Yeah, we've got to get our bitcoin mining update by hash rate index up here. Yeah. So this is coming at us fresh from Luxor's hash rate index dashboard. Bitcoin price is at 63,810. Very sad. Very, very sad. But that is a good thing for miners in the sense that hash rate continues to drop. We're at about 882exahashes a second on the seven day average and you really have a double whammy going on right now for hash rate. Charlie, as you well know as a former miner yourself, Bitcoin's price is plummeting, which means that hash price itself is at like $29 per PETA hash per day, near all time lows. But we're also entering 4 CP season in Texas. We're entering the hottest months of the year across the rest of the US So we should expect to see significant curtailment, especially if the forecast for record heat continue across the U.S. that being said, on that note, we are 92% into the current epoch and we've got a 10% negative.
- [47:25]
C
Yeah, another big adjustment down. That'll be big. That'll put us back in the 30Low 30s/ price and that happens tomorrow. So some relief coming.
- [47:36]
A
It was a little bit of relief coming and you can see it here on the hash rate chart. Going back to what I said, it really is looking like we are on pace for negative hash rate growth throughout the year if this trend continues. We entered the year just above a zeta hash at about 1066 exahashes, Charlie. It's really hard for me to see a world in which we are meaningfully above that come the end.
- [48:00]
C
No, I don't think we're meaningfully above it this year. This is a 2027 story. If we add hash rate to the network. I mean this is what Juan from Luxor was telling us just earlier this week, which is that hash rates trading in Contango because of Texas 4cp/sh rate coming offline, hash rate a month from now is more valuable than hash rate today. So the market is pricing in hash rate going down over the next few weeks and we're seeing that already.
- [48:30]
A
Also I think this might be, at least in the modern ASIC era, historic stat. Over the last year, out of 16 difficulty adjustments, 12 have been to the downside, 14% or 14 have been to the upside. You have near parity for bitcoin's difficulty over the last year. I, I have not seen this in, you know, the what at this point? Six years that I've covered bitcoin mining, I've never seen a stat like this. Usually when you have major disruptions, like with the China mining ban, it snaps back pretty quick as it did in 2021. After all that hash rate migrated to other jurisdictions. But no one's mining bitcoin anymore apparently, Charlie. All the big boys are moving towards AI. So some bad news because we're near all time low hash price, but some good news for what BZ was saying in that last segment. This is setting up an environment for the miners who do have power and can operate within cockroach mode and can expand right now with ASIC prices so cheap, when Bitcoin's price bounces back, they'll be, they'll be doing pretty well. I would imagine so. But that's all I got for that.
- [49:45]
C
Yeah, I think let's keep rolling, but not before a word from our sponsor, Luxor.
- [49:57]
A
This episode of Blockspace Live is brought to you by Luxor's Commander Bitcoin miner management software for enterprise operations. Commander gives you real time fleet monitoring, bulk remote controls across your fleet and intelligent miner, that's an automated profitability engine that runs every five minutes and tests your settings against live power and hash rate markets. ERCOT back tests show 10% improved profitability with intelligent mining versus old fashioned binary mining. Commander Pro is $100 per megawatt or a 25 basis point pool fee adder, roughly half the price of competition and you can try it for free for 60 days. So if you'd like to get started, go to Luxor. Tech forward slash Commander. All right, Charlie, we're running it back with SpaceX. Yeah, complimentary information.
- [50:45]
C
SpaceX 2 electric boogaloo. So a lot of this question is we know that SpaceX stock price, I mean right now SpaceX is what? Let me refresh the chart.
- [50:59]
A
173.
- [51:01]
C
173. Up 30%. 28% on the day. Pretty incredible, especially as there's only a couple hours left in the markets. But a lot of the question is around how do they make money? Do these satellites, which purport to put a constellation of data center in space, do they work? And I think this might be an opportunity to reflect on a lot of people doubting Elon. I'm going to sound like a huge Elon synth, but today I think we kind of all are because he's the first trillionaire. So here we have a great post on Reddit from eight years ago. Only eight years ago. I mean that was 2017. 2018 actually. 2018 on why Starlink is impossible. They did the math. It's a few paragraphs saying it doesn't make sense. There's not enough Falcon nines. They're not, you know, they're expendable. We, this is a ton of, you know, there's not enough satellites. We can't have satellites on these rockets. Nobody, including Elon, quote, has done the back of the envelope calculations and quote, maybe Elon was a little bit too ambitious. And yet here we are. Space Starlink is highly commercialized. You can get it pretty much anywhere in the world. And it's even a backbone of formerly unserved regions in remote parts of the world. And this is only eight years ago that this was actually, I'm not just pulling like a thread. This was a common criticism of Elon. And now we have satellites in space that we use to do the Internet.
- [52:48]
A
And the great irony of this post is Starlink was the bulk of SpaceX's revenue in 2025. So in 2025, SpaceX pulled in. Let me get my stats here. 18.7 billion for a net loss of 4.9 billion. Loss from operations of 2.6 billion and an adjusted EBITDA of 6.6 billion. Of that 18.7 billion, Starlink was 11.4. And it was also the only leader in terms of actual operating income. It earned the company net 4.4 billion and at 7 billion of adjusted EBITDA. Now compare that to some of the other revenue metrics. SpaceX, the launch portion, so it's rockets was about 4.1 billion and its AI segment 3.2 billion. And if we look at Q1 consolidated revenue of 4.7 billion for the three months with a net loss of 4.3 billion of that Q1 revenue, Starlink was 3.26 billion. So it's the most, it is the, it's, it's the backbone of the company currently. I think in a lot of cases it will be, if you look at the moonshot, probably the future of the company. But I think in the near term future the thing, like to your point, to your question for Brandon, I think a lot of what we're seeing in terms of the valuation now is also predicated on its AI segment because the AI segment's not making, it's the, it's the lowest revenue portion of their business currently. But if we look at forward projections, they've got roughly 70 to $75 billion in contracts between Anthropic and AI over the next few years. So that's going to be a meaningful chunk of revenue going forward, especially if they continue to expand.
- [54:46]
C
Yeah, and so I think it's not super clear to people. I think if you're into data centers, you have to imagine now we have a very, very different form factor for data centers, that is of orbital constellations. So no longer a big, you know, big box store looking thing plopped down in the Middle of you know, some rural county. This is a bunch of you know, 150 kilogram satellites in like low earth orbit, all kind of in like a grid traveling together. And they are communicating with lasers. So they're linked together with lasers both to each other in a web and pointing down to the ground and vice versa. And so this is where I pull up this interesting story on how Starlink is actually now manufacturing lasers for other orbital data center type startups. And if you think about this from like where does this fit into the overall data center economy? Right now you have Edge Compute, which has really been unlocked with Starlink. A lot of bitcoin miners out in the field would put Starlink on their remote data centers. It's a good backup, it's a good failover and it can also be like a good primary networking application. I think this continues to be underrated and underpriced. I also think that if hearkening back to that one Starling critique post on Reddit on the account Reddit Lives on X this post was reposted and then a person who viewed this got a Starlink advertisement below this post. Which is incredibly ironic that eight years ago you have a pretty commonly held belief which is Elon is full of bs and now just eight short years later if you mention this topic you get auto served ads for the product which is not just live but functional and cheap pretty much anywhere you go. I think the other thing on this topic is that as relates to SpaceX and data centers is that if you're as we reported, Anthropic signed a deal with SpaceX to use their Colossus 1 site in Memphis, Tennessee. And buried in this press release was this line here, quote, as part of this agreement we have also expressed interest in partnering with SpaceX to develop multiple gigawatts of orbital AI compute capacity. So it's pretty interesting that a lot of these companies are interlinked in their dealings and in their like long term potential corporate strategy to build data centers in space. Maybe this is a bit of selection bias because I want to see data centers, data centers in space. So of course we want to talk about it. So of course we're going to like accrue news that supports that exciting trajectory. But I will say it's very surreal that now we're talking about the actual how of doing it and not the potential of does this ever become a thing that's not in the sci fi novel?
- [58:17]
A
Yeah, as Elon Musk said at the Starlink hq, I think this morning Our whole goal as a company is to take the fiction out of science fiction. And that to me is the. I think you could take that statement and it crystallizes why this IPO is so overvalued to some people. I just want to hit on those price to sales ratios again. At 2 trillion SpaceX is 107x their revenue from 2025. Amazon is 4x. Meta is 8x. Google Alphabet is 8 to 9x. Apple is 9 to 10x. Microsoft 12 to the 13x Tesla 14 to 15x. Nvidia somewhere like 22 24x that that's just an insane ratio. When you think about all the other Mag 7 companies, I guess we're going to call them the Mag 8 now because SpaceX is included in there too. But people are valuing this company based on, based, based on the hope that Elon will continue to do the impossible. And I think that's the one thing that's the intangible about investing in this company right now that I think guys like my dad miss where like the ratios just don't make sense. This is kind of craps in the face of all value investing right from the Munger and, and Warren Buffett types.
- [59:46]
C
I mean you, you mentioned Munger. I have to read this while we're still on this topic. This is from one of my favorite AI automated like aggregator and news sites. So this is an AI written analysis which I think are becoming pretty insightful where it analyzes SpaceX from the perspective of Charlie Munger which is. And Here is the 2 paragraph abbreviated version quote we have spent our lives looking forward for wonderful businesses run by able and honest managers available at sensible prices. SpaceX presents us with something we have rarely encountered. A genuinely extraordinary engineering enterprise. Perhaps the greatest industrial achievement of this generation. Wrapped inside a corporate structure, a capital allocation program and a price tag that failed nearly every test we applied before committing our partners money. Charlie Munger used to say that the first rule of fishing is to fish where the fish are. And the second rule is to remember where the first rule there are real fish in this pond. The Falcon 9 launch Monopoly and Starlink subscription machine are franchises of genuine quality. But the public shareholder, 135 bucks per share, is not buying those businesses. He is buying a $177 trillion conglomerate that lost 4.9 billion last year. Burns prodigious cash on a money losing AI laboratory merged in the controlling shareholders own portfolio four months before the IPO grants the shareholder 82.4% of the votes with shares the public network cannot touch and conditions the CEOs thousand million share pay package not on returns to owners, but on the colonization of Mars. We admire the Rockets. We will not be partners on these terms at this price. So it's a banger executive. It is a banger.
- [61:34]
A
It is a banger. And I do think that looking at, to put a cap on what I was saying earlier, a lot of the valuation is based on literally the future about this company doing things that no one else can do about capitalizing on those moats and those monopolies. But I think in the near term it's also going to be based on that AI segment. And the fact of the matter is it's seeming like to me that perhaps their best play since GROK is falling behind the other models is to basically just rank capacity. And why not? I mean that's still really good business and it's going to be something that investors view favorably if this bubble continues to inflate at the rate it has.
- [62:13]
C
So.
- [62:15]
A
All right, I think we've talked enough about.
- [62:16]
C
Yeah, we've talked enough about SpaceX. Okay Elon, your sideline for the weekend. Let's go to our sponsor Lygos.
- [62:29]
A
Hedge funds are getting liquidated. Is your Bitcoin safe? It's not just Elon Musk sucking up all the liquidity from Bitcoin. Kidding, kidding. Big whales, hedge funds and lending desks are going under after the 10, 10 and 25 liquidation events. It's more important than ever to know who controls your Bitcoin. If you are dealing in Bitcoin backed lending and with Lygos Finance that is always yourself. Don't be the next FTX or Celsius victim. Lygos is Block Space's preferred Bitcoin backed lender. They use Bitcoin native smart contracts to ensure that you always self custody your funds and no one else has control of your keys. No bridging, no rehypothecation, just competitive rates as low as 10% APR. Go to Lygos Finance to learn more. All right, two more. Yeah, two more stories to wrap up the day and I'm going to be sharing the Reuters backwash reporting here but I've got quotes from the information. Anthropic pursues data center leases, Seeks financial backing from Google. The information reports. This one came as a shocker to a lot of people because so far Anthropic has not been, has, has only rented GPU space. They have not committed to operating their own GPUs but it looks like that's about to change and it's about to change pretty quickly. So in the, in the recent months, according to a source that spoke to the information, Anthropic has entered into dozen initial agreements, non binding agreements, nothing has been signed yet. Letters of intent to lease data center facilities across the U.S. anthropic plans to partner with Google on these arrangements for a backstop as a financial guarantee for the lease payments. Now this is super critical for them because Anthropic is still a private company. They don't have the credit rating to ensure potentially that they will get favorable deals for financing for these or even make a host comfortable with their credit rating to take on these leases. We've seen these backstops from Google with a number of companies we cover. You know, the first one I believe was with Terra Wolf, then we also had one with Cypher and then with HUD 8. And so this backstop will be critical, I would assume for Anthropic to secure some favorable deals here and it will make accessing credit for these, the CapEx for these GPU purchases much easier for Anthropic. Again, non binding. And also Google is going to invest 40 billion in anthropic. least Anthropic said as much back in April. And again, what's interesting about this to me, Charlie, is Anthropic is kind of mirroring OpenAI strategy here. OpenAI is gunning to build a 10 gigawatt data center as we covered on the POD earlier this week in Ohio. That's going to be GPUs that they own and operate and they've done this with a number of other facilities across the country as well. Anthropic in its own right is eyeing 10 gigawatts of capacity over the coming years. And this point from the information really stunned me. I didn't have time to fact check it before we got on, But Anthropic and AI have already committed to more than 1 trillion of spending to rent AI servers for major cloud providers over the next five to seven years. One trillion, Charlie.
- [65:53]
C
Un. Unreal.
- [65:56]
A
It really is unreal. That's all I have to say about this. But I think it was worth highlighting because it does signal a shift of strategy for Anthropic and it really positions Anthropic and OpenAI, they were already frontier model competitors, but they're adopting the same business model and in the information, in terms of the ownership structure and the information also cited a Microsoft executive at one point saying look, eventually they're probably going to own all of this Stuff anyway, right now we're just in a capex race where there is, there's not nearly enough capacity to go around. So they're trying to get it any way that they can.
- [66:34]
C
Let's go on to our last story and I had a bunch of things prepped for this, but in the interest kind of keeping this tight thing, I'm only going to show one thing. So this is the first iteration of Charlie's Corner of Curios where I open up the Pandora's box of the different social media besides Twitter that I get on mainly Facebook and nextdoor. And I show you briefly with guardrails some of the wild stuff that is being posted on those platforms. One thing we talk about talking about multiple times today and this week is that people don't like data centers. And this is inside the world of a Facebook anti data center group. I have here to show you this incredible Facebook short real TikTok style vertical video which if you're not dialed into Oklahoma, we have three corporation commissioners who do things such as like manage the business environment in the state. One of those corporation commissioners, Brad Bowles, has kind of been amenable and opening the door for a lot of day centers which people do not like. So they have a competitor, Justin Hornback, who people support because he's supposedly anti data center and so they want to put him on the corporation commission to prevent this stuff. But here's a short and I want you to listen to this short in the music for about 20 seconds and let me know what you see or hear.
- [68:16]
B
This country love this Lambo we spiral Gotta give her back to God and the Bible Need a red, white and blue revival Make America great again
- [68:28]
A
Dirty
- [68:29]
B
politics will put you on trial Try to take our free speech and our rivals Turn a red wave to a title Make America great again Make America great again Inflation's wrecking our pay the border's wide open and our vets need help but we turning them away so wait, hang on.
- [68:53]
A
They're trying to take our free speech and our rifles. I didn't realize that the AI Cabal was trying to repeal the first and the second Amendment, bro.
- [69:02]
C
This is, this is a maga. This is a maga movement. Anti data center video for a comparatively small like role. A corporation commissioner on a panel of three in Oklahoma, which is the reddest state in the union, I might add.
- [69:22]
A
I don't think that's true. Oklahoma, the reddest state in the union, dude.
- [69:26]
C
Okay, besides the point. This is besides the point. This. So what we're seeing here is a MAGA movement for local. Local elections. Regional elections which are anti data center. And I'll note if you listen to the song closely, it might sound a little formulaic to you or a little bit rote, if you will.
- [69:48]
A
I thought it was Luke Grimes. Was that, was that not.
- [69:53]
C
No, no. This song does not exist. This song is AI.
- [70:02]
A
So I mean that to me is just this. So first of all, Maga Malthusianism has a good ring to it.
- [70:09]
C
Maga Malthusianism. Oh my God, we need to write an article about this.
- [70:12]
A
I mean, and so what blows my mind about this? I'll cover this first. The absolute gall and bald face unashamed bullshitism of running an anti data center campaign, but literally using the commodity to fear monger people in that campaign. These people are preaching against data centers, but they're still using them. They're using the AI models to produce swap country music, which has nothing to do with any of the actual problems that they want to talk about with data centers. I mean that whole thing was just one straw man after one straw man. Like saying what? That the data center people want. Want to let illegal people in to build the data centers or to operate them. Like they're going to have a flood of Hispanics coming in from the southern border and like running on treadmills to power the data center.
- [71:10]
C
On the data center.
- [71:12]
A
Honestly we kind of talking about here.
- [71:14]
C
Honestly, we need skilled, skilled labor to come out build the data centers. Yeah, we definitely actually. Yeah, okay, maybe that. Maybe I'm making an argument.
- [71:23]
A
Well, but, but the other thing is too. I just want to highlight that again. Like they want to take away our first amendment and our rifles. Like, but people fall for this stuff. And honestly seeing something like this makes me think that the whole China is astroturfing part of this narrative makes total sense because this is just the most brain dead low IQ framing of this issue I have ever seen.
- [71:49]
C
Me how you really feel, Colin? Tell me.
- [71:51]
A
What makes me mad is it's calling Colin.
- [71:54]
C
This is why I go on to Facebook. I basically go on an adventure out into the wild. I'm like the Jane Goodall of Facebook, data center, anti data center group groups. And eventually if this clip gets popular enough, these types of get popular enough, they'll hunt me down and I'll be kicked out and I'll no longer master
- [72:16]
A
in disguise on them. You have to. Which you do fit the part. You're a musician, you kind of guy.
- [72:23]
C
I need to put a little like open to work, like, make sure you get all your shots, like, thing around my avatar.
- [72:30]
A
I mean, we both kind of do. Look, we fit the profile of a guy who would go to an under construction data center and like, chain ourselves to the bottom. Bulldozer.
- [72:38]
C
Yeah. You know. Yeah. I. Yeah. In another life, if I'd been dropped on my head on a different angle, I'd be there.
- [72:44]
B
So.
- [72:46]
C
Okay, we gotta wrap this up. We gotta wrap this up. We're falling apart. It's Friday. Hope you all.
- [72:52]
A
It's Friday and we ended SpaceX week. I think we covered SpaceX on every single show this week.
- [72:57]
C
We did. I. And honestly, there's a good chance we'll talk about it for a lot of next week if the price is ripping or dipping. I mean, it's always more fun to be a bull than a bear, but I don't get to control the markets. I only get to control how I respond to the markets. But on that note, thank you for listening to Blockspace Live. If you are listening on CoinDesk, we are leaving Coindesk. Search Blockspace in the RSS or podcast feed you're using and subscribe there because we will no longer be available on CoinDesk by the end of next week. This show is brought to you by CleanSpark. Nasdaq listed ticker CLSK. See you on Monday. I'm Charlie.
- [73:39]
A
I'm Colin. Have fun staying poor, my friends.
- [73:42]
C
Have fun staying poor.