On June 16th, in the latest episode of the BG2 podcast, Brad Gerstner described SpaceX as an "essential buy and hold" asset for institutional investors, reasoning that the company is positioned along two main lines: the space economy and the expansion of artificial intelligence computing power.

BG2 is a Silicon Valley investment podcast focused on technology, markets, investing, and capitalism, hosted by Altimeter founder and CEO Brad Gerstner and former Benchmark general partner Bill Gurley. Gerstner himself is an investor in growth tech stocks, with a long-term focus on cloud computing, AI, and high-growth technology companies.

Gerstner stated that if investors believe in the development trajectory of AGI, they must accept a premise: the scale of computing power needed globally will far exceed current market expectations, and the economic value created by large models in the future will surpass most people's imaginations. In his view, combining this judgment with SpaceX's core business makes it difficult to find another company or entrepreneur that can offer a more direct future bet.

Regarding valuation disputes around a potential IPO, Gerstner said that skeptics focus on SpaceX's revenue last year and investment banks' forecasts of significant revenue growth over the next three years, questioning how few companies can achieve multiple expansions within three to four years.

But he believes that, by breaking down the business using first principles, the potential growth path can be supported by Starlink, ground AI computing power, and the model business after Cursor's acquisition. Gerstner also mentioned that after signing new deals, SpaceX's valuation multiple has dropped from about 100 times past revenue to approximately 39 times, and he noted that the company added about $29 billion in orders within a month, which he considers extremely rare. #我的Gate交易时刻