Handicapper Ken

[Handicapper Ken @KenHandicapper]

@CeliaWhitman_X Shapely!

[Handicapper Ken @KenHandicapper]

@MrBAnalyst Except that churn is not the object of gaming

[Handicapper Ken @KenHandicapper]

@MrsF202 MILF city!

[Handicapper Ken @KenHandicapper]

@InsideThePylons I think Megan is still pretty early on the learning curve.

[Handicapper Ken @KenHandicapper]

@Gold1elox @Delta You're first up should they need to bump someone, likely

[Doug Salvatore @DougieSal]

AQU about to close. Chuck Simon no longer around to see Knicks glory. Here's Chuck's favorite sprinter Kelly Kip breaking his own Track Record at AQU. Chuck was asst Trainer, ran horse that day.

Great guy. My 1st year as jock agent had a winner shipped to Erie for me to ride.

[Handicapper Ken @KenHandicapper]

@katherineveritt Great views from Amtrak

[Handicapper Ken @KenHandicapper]

@togamax31 Impressive

[Handicapper Ken @KenHandicapper]

@MattPinner_ Leave

[Handicapper Ken @KenHandicapper]

@SaratogaGoose Oh my! Slumming it today, eh?

[Handicapper Ken @KenHandicapper]

@HorseRacingPPs Still have my losing ticket from the DQ

[Handicapper Ken @KenHandicapper]

@KatrinaSheikh Looking exceptionally gorgeous!

[Handicapper Ken @KenHandicapper]

@3coltshandicap @MonmouthPark Was it American Airlines?

[Handicapper Ken @KenHandicapper]

@failedtomenace @KaylieShapiro13 @NYRABets @ChurchillDowns ? Ran 2nd as heavy fave…

[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.

[Handicapper Ken @KenHandicapper]

@RotoPat Should be 500-1, not 50-1!

[Handicapper Ken @KenHandicapper]

@failedtomenace @ChurchillDowns @KaylieShapiro13 Good point

[Handicapper Ken @KenHandicapper]

@DougieSal @mstanton1975 Impressive 46 work. Speed ball sprinter

[Handicapper Ken @KenHandicapper]

@momsthelawbanks @GenTXer2 You should be on Jeopardy!