Ed Cornies

Farm boy. City planner. Political scientist. Art, music and dog lover. Enjoying retirement.

[Shanaka Anslem Perera ⚡ @shanaka86]

The world just paid $2 trillion for a rocket company that lost $4.9 billion last year. And the rockets are not why it lost the money. They are the only part making any.

SpaceX went public Friday, the largest IPO in history. Up 19%, a $2 trillion valuation, Elon Musk the first trillionaire. Then you open the filing.

Three businesses sit inside it. Starlink, the satellites, brought in $11.4 billion, 61% of all revenue, and $4.4 billion in profit. It is the only piece that earns a dollar. The rockets that land themselves run a small loss reinvesting in Starship. And the AI arm, Grok plus the app once called Twitter, folded in this February, lost $6.4 billion in a single year on $12.7 billion of spending.

Read that again. The satellites pay for everything. The AI loses more than the satellites make. And the AI is the part the market fell in love with.

It gets bolder. The prospectus claims a total market of $28.5 trillion, the largest any company has ever put in a filing. Larger than the GDP of the United States. That is the number underwriting a $2 trillion price tag built on a division bleeding $6 billion a year.

Now the structure. About 4% of the company trades. That sliver sets the price for all of it. Musk is locked up for 366 days and holds roughly 80% of the votes. The public bought a company they cannot steer, priced on the one segment losing the most.

This is the whole year in one ticker. The profit is satellites. The story is AI. The market bought the story.

The rockets were never the risk. The risk is a $2 trillion price resting on the one bet that has yet to make a cent.

[The Best @TheBestqueenx]

If this bird filed a paternity lawsuit against President Trump, it would win 100%. 🤣🤣

[Ed Cornies @ecornies]

great video.

[Tomos Doran 🏴󠁧󠁢󠁷󠁬󠁳󠁿 🇬🇧 🇺🇦 🇮🇱🕊️ 🇵🇸 @portraitinflesh]

I'm sorry, but this is simply lovely, and I've no time for those who'll inevitably sneer at it as "Paddingtonism", or whatever. Like it or not, this is the version of Britain most British people identify with. Good on his M the K for participating, too.

[Ed Cornies @ecornies]

wonderful

[Tomos Doran 🏴󠁧󠁢󠁷󠁬󠁳󠁿 🇬🇧 🇺🇦 🇮🇱🕊️ 🇵🇸 @portraitinflesh]

I'm sorry, but this is simply lovely, and I've no time for those who'll inevitably sneer at it as "Paddingtonism", or whatever. Like it or not, this is the version of Britain most British people identify with. Good on his M the K for participating, too.

[Ed Cornies @ecornies]

@RobynUrback Most votes are based on vibes. This is why PP is destined for the dustbin of history no matter what he puts forward as policies proposals.

[David Carr @davidcarr333]

The government won’t allow advertisements for cigarettes and you can barely promote alcohol. Why the hell can I not watch five minutes of a sports event without being inundated with gambling ads. This is killing our society. Destroying young men. Time to reframe this.

[Daily Dose of Philosophy @PhilosophyDose_]

"The only thing I know is that I know nothing."

– Socrates

[Ed Cornies @ecornies]

@jm_mcgrath @PlannerSean another planning hero bites the dust but then planning is an art rather than science so it doesn’t really matter.

[Ed Cornies @ecornies]

@BobRae48 Thank you for your lifetime of public service.

[Ed Cornies @ecornies]

@GailVazOxlade @MarkJCarney You don’t have to. Essex and Kent Counties already have it covered. More greenhouses already than the Netherlands and double the existing square footage to be built in the next years.

[Ed Cornies @ecornies]

@MarkBourrie How can Canada pass judgement without any of the background intelligence?

[Ed Cornies @ecornies]

@dieworkwear @ker_ton lots of uric acid which leads to gout.

[Joshua Reed Eakle 🗽 @JoshEakle]

This morning, MAGA is trying to rewrite history—claiming Reagan was anti-immigrant and pro-protectionism.

But the truth is, Reagan stood for almost everything Trump opposes.

It’d be a real shame if this went viral.

[Ed Cornies @ecornies]

@jm_mcgrath @avilewis Public grocery stores operate through the Middle East and Turkey. They are barebones and don’t offer a very pleasant shopping experience but the prices are 25 to 30% lower and attract larger numbers of lower income customers.

[Ed Cornies @ecornies]

@BrentToderian I worked on the Kingston plan in the late 90s. The problem—lots of enthusiasm at the outset but no political will or money to carry through with implementation and enforcement.

[Ed Cornies @ecornies]

@towhey A business owned by conservatives which serves almost exclusively conservatives.

[Ed Cornies @ecornies]

@JohnOBrennan2 madness

[Jennifer Keesmaat @jen_keesmaat]

I know this may sound niche, but the reality is that our Building Code has become one of the biggest barriers to delivering the kind of housing our city urgently needs: smaller mid-rise buildings.

These are the buildings most of us love since they are human-scaled, easily woven into any Main Street, with larger units at lower rents because they don’t rely on costly private amenities. In these neighbourhoods, the city itself is the amenity.

For years we’ve pursued sites for this kind of housing, only to find them rendered unviable by our restrictive building code…rules that are, by global standards, needlessly prohibitive.

This isn’t a complex problem. With the stroke of a pen, government could unlock an entirely new category of housing, perfectly suited to the fabric of our neighbourhoods.

Instead, the code incentivizes builders to assemble multiple lots and build towers. Towers belong in some places, but not everywhere.

This is not an urban planning issue. It’s a regulatory one. Without changes to the Building Code, delivering the liveable, human-scaled city we all want will continue to be very, very slow going.

https://t.co/iUpxntDLil

[Josh Matlow @JoshMatlow]

There are so many people who rely on the small fruit markets at Yonge and Davisville- really good prices for what you get there. We’ve made a point of reaching out to them directly to support their ability to remain in our community.
The focus is often solely on height and…

[Ed Cornies @ecornies]

@donnelly_b @nickrmanes metro Detroit has a population of 4.4 million. The previous commenter is correct. There is very little traffic congestion in the city and region.