Tim Draper: Both rocket launches failed when investing in SpaceX, real excess returns come from embracing uncertainty.

BlockBeats News, July 6th, renowned venture capitalist Tim Draper stated that his investment philosophy has always been to bet on innovative projects where the market has not yet reached a consensus. He recalled that Draper Associates was one of the earliest external investors in SpaceX. After the investment, SpaceX's first two rocket launches ended in failure, but with the success of the third launch, the company ultimately attracted a large number of customers with its launch costs far lower than NASA's, and grew into an enterprise with a market value of over $2 trillion.

Discussing AI, Draper said that although xAI lags behind competitors such as OpenAI and Anthropic in terms of market share and enterprise adoption, he still favors xAI, believing it focuses more on providing real information rather than catering to users. He predicts that the AI industry will undergo a similar reshuffling after the internet bubble, and the true industry giants may emerge after the next adjustment.

Draper believes that innovation requires a free entrepreneurial environment, stating that the United States and Singapore are still the most attractive destinations for entrepreneurship.