SpaceX

2 teardowns of the decisions behind SpaceX. Covered from both sides — the engineering read and the boardroom read.

Both lenses

EP 05· Jun 16, 2026

SpaceX's Record IPO Price Was MANUFACTURED, Not Found

SpaceX filed to go public at the largest valuation ever put on a private company — and it hasn't raised primary capital since January 2023. That number wasn't discovered by a market. It was manufactured, twice a year, in company-run tender offers where SpaceX decides who sells and at what price.

Blue Origin's New Glenn FAILURE Just Handed SpaceX a Monopoly

Blue Origin's New Glenn FAILURE Just Handed SpaceX a Monopoly. New Glenn was lost during ascent yesterday.

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