Baillie Gifford's investment thesis for SpaceX will increasingly have to rely on AI and AI data center buildouts.

SpaceX is making a bet on both the foundational model level and the infrastructure level of the AI stack with its acquisition of Groq.

SpaceX's Orbital Data Center initiative is an unproven hypothesis that widens the range of outcomes for the company, increasing both potential upside and downside risk.

Baillie Gifford funds that have owned SpaceX since 2018, when it was a $30 billion company, may start selling down their large positions post-lockup to ensure diversification for clients.

SpaceX's IPO valuation is 900 times larger than Tesla's valuation when it went public in 2012.

Peter Singelhurst believes it is mathematically very difficult for SpaceX to deliver the same kind of post-IPO returns as a public company as Tesla did.

SpaceX is going public at an approximate valuation of $1.8 trillion.

SpaceX's recent deal with Anthropic gives it options to monetize the AI transition through both its own models and through providing infrastructure.