On June 12, Space Exploration Technologies Corp. lists on the Nasdaq under the ticker SPCX. The offering is already oversubscribed. It is priced at a fixed $135 per share with no bookbuilding range — a deliberate break from convention that tells you the company believes demand exceeds anything price discovery would surface. SpaceX is selling roughly 555.6 million shares to raise $75 billion at a $1.75 trillion valuation, more than twice Saudi Aramco’s 2019 record and the largest IPO in market history by a wide margin. Morningstar’s independent fair value estimate is $780 billion. The 55% gap between those two numbers is not a footnote. It is the entire question, and on June 12 it stops being theoretical for everyone holding a Nasdaq index fund.

Google controls approximately 25 percent of global AI compute capacity through 3.8 million TPUs and 1.3 million GPUs deployed across its data center footprint. Google Cloud CEO Thomas Kurian argues that demand and revenue margins justify the infrastructure spend, signaling that the company sees AI as a durable advantage rather than a cyclical investment.

The arithmetic is compelling and terrifying in equal measure. The barriers to entry in AI are no longer talent or algorithms—those are commoditized, available on GitHub. The barriers are energy, fabrication capacity, and the capital to acquire both. ASML controls the only machines that make cutting-edge semiconductors. Google controls one quarter of the capacity those chips deliver. Microsoft, Amazon, and Meta split the remainder, with the inevitable consolidation toward duopoly.