Futures
Access hundreds of perpetual contracts
CFD
Gold
One platform for global traditional assets
Options
Hot
Trade European-style vanilla options
Unified Account
Maximize your capital efficiency
Demo Trading
Introduction to Futures Trading
Learn the basics of futures trading
Futures Events
Join events to earn rewards
Demo Trading
Use virtual funds to practice risk-free trading
Launch
CandyDrop
Collect candies to earn airdrops
Launchpool
Quick staking, earn potential new tokens
HODLer Airdrop
Hold GT and get massive airdrops for free
Pre-IPOs
Unlock full access to global stock IPOs
Alpha Points
Trade on-chain assets and earn airdrops
Futures Points
Earn futures points and claim airdrop rewards
Promotions
AI
Gate AI
Your all-in-one conversational AI partner
Gate AI Bot
Use Gate AI directly in your social App
GateClaw
Gate Blue Lobster, ready to go
Gate for AI Agent
AI infrastructure, Gate MCP, Skills, and CLI
Gate Skills Hub
10K+ Skills
From office tasks to trading, the all-in-one skill hub makes AI even more useful.
GateRouter
Smartly choose from 40+ AI models, with 0% extra fees
The original "Big Short" figure Steve is cautious about the SpaceX IPO, saying it is overly betting on AI and has excessive capital expenditures.
Eisman pointed out that SpaceX's capital expenditure is expanding rapidly. Data shows that the company's capital spending as a percentage of revenue has increased from 42% in fiscal year 2023 to 215% in the first quarter of 2026. He believes this is mainly due to SpaceX accelerating its transformation into an AI services and infrastructure company, rather than a pure aerospace technology firm.
Eisman said that currently, AI large models and intelligent agent products lack clear differentiation, and industry competition is becoming homogenized, making it difficult to establish a long-term moat. "The huge investments made are essentially more like a commodity," he stated.
Although he admits that Musk has the ability for continuous innovation and to cycle through periods, Eisman still believes that SpaceX's future growth logic overly depends on AI, rather than space business or Starlink. "The entire company's future is betting on AI, not space business or Starlink," he said.