David Friedberg: It's not rich vs poor, it's makers vs takers.
@friedberg:
“ The great lie is that there are two sides to society, that is the rich and the poor.
And the great truth is that there are two sides that are the makers and the takers.
The lie is that the rich are unfairly rich and the poor are unfairly poor, and therefore, the poor must take from the rich.
But the truth is that it's the takers that tell you that lie, that the real truth is that artists, plumbers, electricians, woodworkers, computer scientists, people that build, people that make from all walks of life, all income levels, all wealth brackets, are the makers.
And the takers are what Sacks calls this intelligentsia, the analysts, the espousers, the armchair mechanics, the critics, the commentators, the politicians. They are the takers.
They are the people that watch the rest of society make stuff, build stuff, specifically doing things that create value for other people in society. That's what a maker is.”
Tesla and SpaceX over the next few months:
• June 18: CRSP index inclusion for SpaceX. Triggers an estimated $4-7B in forced buying by passive funds.
• June 18: FTSE Russell index inclusion for SpaceX. Triggers an estimated $6-9B in forced buying by passive funds.
• June 26: MSCI index inclusion for SpaceX. Triggers an estimated $3-5B in forced buying by passive funds.
• End of June: HW3 Tesla owners get FSD V14 Light. Expect possible delays.
• July 2: Tesla Q2 vehicle and energy storage delivery report.
• July 6: NASDAQ 100 index inclusion for SpaceX. Triggers an estimated $8-12B in forced buying by passive funds.
• Late July: Tesla Q2 earnings call.
• Early-mid August: SpaceX Q2 earnings call, their first earnings call as a public company.
• 2 trading days after SpaceX's Q2 earnings released: 30% of eligible insider shares unlock (equates to 12% of all outstanding shares).
NOTE: Since only about 40% of all outstanding shares are eligible for early release lockups, that 30% above equates to 12% of all outstanding shares. Elon's shares, board member shares, and some others, are subject to an extended lockup of 366 days. Together, the shares subject to these extended lockup restrictions represent 60% of SpaceX's outstanding shares.
• August 21: 7% of eligible insider shares unlock (equates to 2.8% of all outstanding shares).
• September 10: 7% of eligible insider shares unlock (equates to 2.8% of all outstanding shares).
• September 25: 7% of eligible insider shares unlock (equates to 2.8% of all outstanding shares).
• September: Indexes rebalance. SpaceX will then have a higher weighting in those indexes due to an increase in the public float from insider shares being unlocked. Passive funds would likely need to purchase billions of dollars worth of additional shares to bring their holdings in line with the new index weight.
• October 2: Tesla Q3 vehicle and energy storage delivery report.
• October 12: 7% of eligible insider shares unlock (equates to 2.8% of all outstanding shares).
• October 26: 7% of eligible insider shares unlock (equates to 2.8% of all outstanding shares).
• Late October: Tesla Q3 earnings call.
• Early-mid November: SpaceX Q3 earnings call.
• 2 trading days after SpaceX's Q3 earnings released: 28% of eligible insider shares unlock (equates to 11.2% of all outstanding shares).
• December 9: 7% of eligible insider shares unlock (equates to 2.8% of all outstanding shares).
• December: Indexes rebalance again. SpaceX will then have an even higher weighting in those indexes due to an increase in the public float from insider shares being unlocked. Passive funds would likely need to purchase billions of dollars worth of additional shares to bring their holdings in line with the new index weight.
(The Cursor acquisition will likely affect these lockup percentages slightly)
The US government, citing national security authorities, has issued an export control directive to suspend all access to Fable 5 and Mythos 5 by any foreign national, whether inside or outside the United States, including foreign national Anthropic employees.
The net effect of this order is that we must abruptly disable Fable 5 and Mythos 5 for all our customers to ensure compliance.
Access to all other Claude models is not affected.
We apologize for this disruption to our customers. We believe this is a misunderstanding and are working to restore access as soon as possible.
Read our full statement: https://t.co/bwn0sximKZ
A single Starship launch will deploy 60 next-gen @Starlink V3 satellites and add 61,000 Gbps of network capacity. By comparison, a Falcon 9 carrying 27 Starlink V2 satellites adds 2,600 Gbps.
In other words, one Starship launch will add as much capacity as 23 Falcon 9 launches combined.
Just 10 Starship launches carrying Starlink V3 satellites will add as much network capacity as the entire Starlink network has today. Absolutely wild.
Kevin O’Leary reveals the simple daily rule that made Steve Jobs and Elon Musk so successful.
If your ratio falls below 70%, “you will fail.”
Steve Jobs woke up every day with 3 things he wanted to get done.
Anything that distracted him from his goals was noise. His rule was 80% signal (getting things done) and 20% noise.
“When somebody walks in the office and says, ‘Hey, I want to talk about the golf game or the football game or the cricket game,’ you say, ‘No, I’m busy,’” O’Leary explained.
“You’re finishing your three things. And you say, ‘No, I’m busy,’ until you finish the three things.”
“Now, if you do that, as you will find, you will become immensely successful.”
“And the only guy on earth that I’ve seen that has a higher signal-to-noise ratio is Elon Musk. I’ve only met him a few times, but he is 100% signal.”
“And so he’ll walk right away out of a conversation the minute you’re wasting his time. If he’s not getting any useful information towards his three things, he’s out of there. And look at how successful both these men are.”
“So if you’re listening to this, you better understand signal versus noise. It’s the most important thing in your life because you will fail if your ratio goes below 70%.”
“And when I look at people, and you ask me, why do so many fail? Because they can’t get past 70%.”
SCHWAB IS THE WORST POSSIBLE BROKERAGE
See what stands out in the chart below? Schwab is NOT honoring the Spirit of the SpaceX IPO and its 30% retail allocation.
While others companies have no minimum balance (E*trade & Robinhood) or $2000 (Fidelity) - Schwab has 50,000x that - a minimum $100,000 in an individual trading account with them. Money in other banks - even other types of Schwab accounts? Schwab ignores it!
Schwab is trying to block out retail when the ENTIRE REASON they got a SpaceX IPO allocation at all was FOR RETAIL INVESTORS.
E*TRADE is giving priority to long term Tesla investors. Schwab is not. I have continuously held Tesla in a Schwab account since 2010. But that doesn’t matter to Schwab, because Schwab doesn’t care what SpaceX wants, Schwab is giving access to the SpaceX given to just a select few of their wealthiest clients…
Schwab you need to do a search of how many Tesla investors you are shutting out from the SpaceX IPO. It will be a costly decision. Tesla investors are organized. Investors in Elon Musk: Consider this when you decide which brokerage to use. Schwab is the worst possible choice. I will be moving my money in the very near future. @spacex@elonmusk
@TeslaBoomerMama@TKFMGelp@TeslaBoomerMama - unfortunately, Charles Schwab has just advised that international retail investors on its platform, are NOT allowed to purchase Space X IPO shares!! Very unfair and Schwab should be reprimanded for this!!
Anthropic has just officially announced that its has filed its IPO prospectus with the SEC.
"Today, Anthropic confidentially submitted a draft registration statement on Form S-1 to the U.S. SEC for a proposed IPO of our common stock. The number of shares to be offered and the price have not yet been set."
I’ve been asked by many to create one comprehensive post explaining how to prepare for @SpaceX’s IPO if you use one of the brokerages listed in SpaceX’s S-1 filing to allocate IPO shares to retail investors. Here it is:
Fidelity:
1) $500,000 minimum account balance required to participate (including IRAs, individual, etc, but excluding 401k).
2) Enter an indication of interest. The indication of interest provides Fidelity with the maximum number of shares a customer is interested in purchasing.
3) Confirm your indication of interest shares on Fidelity's website after the registration statement has been declared effective and the offering has priced, which is typically after 7 PM ET on the night of pricing. Indications of interest may not be confirmed prior to the registration statement being declared effective and the offering pricing established. By confirming your indication of interest, you are placing an order to buy shares at the offering price. If you do not confirm your indication of interest, you will not be eligible for an allocation of shares.
4) Allocation of shares will occur on the morning following pricing and is usually complete before 9:30 AM ET. An alert will be sent once allocations are complete, and you can check your account to determine whether you were allocated shares. If you receive an allocation of shares, you must have adequate funds available to settle the purchase in the settlement date which is typically the trade date plus one business day.
5) You may increase your indication of interest up through the close of the indication of interest period. You may decrease or cancel an indication of interest until share allocation takes place. Once share allocation takes place, your indication may not be canceled or modified.
Charles Schwab:
1) $100,000 minimum account balance required to participate (including IRAs, individual, etc, but excluding 401k).
2) On Schwab's website, under the Trade tab, select the IPO page to view the Calendar of Offerings, a list of upcoming IPOs. Once the IPO offering window opens (expected first week of June), investors will have the ability to submit a Conditional Offer to Purchase (COTP), also known as an Indication of Interest, from this page.
3) During an IPO's open COTP window, select Start COTP to review offering details and the preliminary prospectus. Then select the green button to proceed to the Eligibility Questionnaire, which is required to confirm investors meet eligibility criteria and are not restricted (per FINRA rules) from participating. After completing the questionnaire, you'll be able to indicate how many shares you're interested in purchasing based on the price range provided. Select Confirm to submit the COTP.
4) After the COTP has been submitted, regularly monitor the IPO page, which will indicate the Status of Your Conditional Offers to Purchase (COTPs), the expected pricing date, and current pricing status, plus any changes in the prospectus. When the IPO has been priced, you will affirm your COTP. You must affirm your COTP once the effective price is established in order to be eligible to purchase shares. To do so, select Affirm Now to review and finalize the share quantity.
Robinhood:
1) There's no minimum account size requirement, but you must have enough buying power to cover your requested shares if you are allocated any. You must have an individual brokerage account. Retirement, custodial, and multiple investing accounts are not eligible for IPO Access.
2) Make sure IPO Access is enabled in your Robinhood app. Turn on your IPO notifications so that Robinhood notifies you when the SpaceX IPO comes online.
3) Request Shares: Once the IPO is announced and available, you can request shares through the app or website. This is a request for IPO shares. By placing a conditional offer to buy (COB), you’re asking for the opportunity to purchase a quantity of shares at the IPO price. An investor may place, edit, or cancel a COB after the initial price range is published and before the confirmation period ends.
4) Allocation is random and not guaranteed. The number of shares you request factors into how many you actually get, but it doesn’t affect the likelihood that you’ll get any allocation. You may get all, some, or none of the IPO shares you request.
E*Trade:
1) E*TRADE does not publicly list a specific minimum account size required to participate in IPOs, but contact them to double check. That said, allocation priority for “hot” IPOs may still favor larger or more active accounts in practice, even if there’s no official minimum balance requirement.
2) Be a U.S. resident, have an active E*TRADE account (Individual, Joint and IRAs are all eligible) and complete the investor profile questionnaire.
3) Sign up for IPO alerts.
4) Submit a conditional offer to buy ("COB"). As part of this submission, you specify the number of shares and the maximum price you are willing to pay per share. COBs can only be submitted via the New Issue Center. A COB may be submitted once an offering is listed as "open" up until the status is changed to "closed." COBs that have already been submitted may be amended or cancelled after an offering is "closed" up until the status is changed to "allocate." At this point, no further changes may be made to a COB and you are bound by the terms of your COB. If there is no material change in an offering, customers will not need to reconfirm their COBs. If you have submitted a conditional offer, you must have available buying power to cover the full amount of your conditional offer in the account through which you submitted the conditional offer.
5) Shares are allocated to eligible accounts as a proportion, or percentage, of the size of their COB. The percentage is based primarily on the number of shares provided to E*TRADE for sale to its customers and the size of the overall demand for shares from E*TRADE's customers. Given the expected high demand for this offering and the limited availability of shares available for sale to E*TRADE customers, many COBs may not be allocated shares (according to E*Trade). Additionally, in many instances, allocations will be significantly smaller than the size of shares requested in a customer's COB.
6) E*TRADE makes its allocations after the pricing of the overall offering but before the stock begins trading. E*TRADE will inform customers via alert or email whether they have been allocated shares. Any allocation should be reflected in the relevant customer account once that allocation has been processed by E*TRADE.
Sofi:
1) There is no minimum account balance/size requirement. Have an active Self-Directed Invest account.
2) Go to the “IPO Investing” section in the app or website
3) Select the IPO
4) Complete the IPO suitability questionnaire
5) Submit an “Indication of Interest” (IOI), which is basically a non-binding request for shares.
6) When the IPO is officially priced, SoFi will notify you to confirm your order.
NOTE: Don’t be surprised if you receive fewer IPO shares than you requested, or none at all. Demand for the limited number of IPO shares available to retail investors will likely be extremely high, and each participating brokerage will only receive a limited allocation of shares to distribute to retail investors.
For our international friends, keep in mind that @SpaceX said in their S-1 filing that allocations will also be made to retail investors by the underwriters, which include:
• Goldman Sachs
• Morgan Stanley
• Bank of America
• Citigroup
• J.P. Morgan
• Barclays
• Deutsche Bank Securities
• RBC Capital Markets
• UBS Investment Bank
• Wells Fargo Securities
• Allen & Company
• Cantor
• Needham & Company
• Raymond James
• Societe Generale
• Stifel
• William Blair
• BTG Pactual
• ING
• Macquarie Capital
• Mirae Asset Securities
• Mizuho
• Santander
so you can try reaching out to one of these places if you have assets with them and you may be able to request an allocation of some shares. I've already seen that happen with some Goldman Sachs clients.
Lastly, and I stated this in a previous post, @SpaceX specifically stated in their S-1 filing that any purchase of their Class A common stock in this offering through these platforms will be at the same IPO price, and at the same time, as any other purchases in this offering, including purchases by institutions and other large investors, which means any retail investors that are lucky enough to get allocated some SpaceX IPO shares will pay the same price as the big guys. This will likely be the largest retail IPO share allocation in history, by far.
If you have more questions, reach out directly to your brokerage and/or bank. And no, this post wasn't written by AI lol.
Not financial advice.
SpaceX successfully simulated the deployment of 20 Starlink V3 satellites during Starship V3’s first flight.
Starship V3 can hold up to 60 of these satellites. Each Starlink V3 satellite offers 1 Tbps of downlink capacity. That means a single Starship launch can add up to 60 Tbps of total downlink capacity to the network, more than 20x what a Falcon 9 delivers today with V2 satellites. Insane scale.
V3 will also enable 5G high-bandwidth direct-to-cell connectivity anywhere in the world.
This would only be possible with Starship. 🦾
The Demis Hassabis HUGE* Conversation (in full)
00:00 What is the hardest problem AI has already solved?
12:30 What is the cutting edge of drug discovery with AI?
21:53 Why did Demis say he “would have left AI in the lab longer”?
43:09 How should militaries use AI?
50:13 What can humans do that AI won't?
58:17 What does Demis Hassabis want his legacy to be?
(And 1:04:40 Can I beat Demis at Jenga?)
Recorded March 5, 2026 in London.
I just spoke with Charles Schwab about the @SpaceX IPO. Schwab is one of a handful of brokerages selected by SpaceX to allocate IPO shares to retail investors.
If you have an account with Schwab, here’s how to prepare for the SpaceX IPO:
1) You first need to opt into IPOs from the Trade > IPOs page on Schwab's website.
2) After you've opted in and the IPO shows on the page, you can submit an Indication of Interest. The indication of interest will be able to be submitted when the Roadshow period begins for the stock. This is currently expected to be early June.
3) You need to have minimum $100,000 in total balance to be eligible to participate in the SpaceX IPO share allocation.
Schwab still doesn't know how many shares will be allocated to their brokerage at this point since SpaceX will be the one to decide that in the coming weeks. Just be prepared to check back on the IPO section of Schwab's website. Additional info will come later.
Lastly, don’t be surprised if you receive fewer IPO shares than you requested (if any at all). Demand for the limited number of available IPO shares will almost certainly be extremely high, and these participating brokerages will only get a certain sized allocation of shares to offer to retail investors, so it'll likely be tough to accommodate everyone. The best thing you can do is to just be prepared.
Note: SpaceX specifically stated in their S-1 filing that any purchase of their Class A common stock in this offering through these platforms will be at the same IPO price, and at the same time, as any other purchases in this offering, including purchases by institutions and other large investors, which means any retail investors that are lucky enough to get allocated some SpaceX IPO shares will pay the same price as the big guys.
SpaceX is such a bad ass company. In their IPO filing, they wrote this:
• The first private company to develop and launch a liquid-fuel rocket to reach orbit (2008)
• The first private company to successfully dock a private spacecraft with the International Space Station (2012)
• The first to successfully propulsively land (2015) and refly orbital-class rocket boosters (2017)
• The first to begin deploying a large-scale LEO broadband satellite constellation (2019);
• The first private company to transport astronauts to orbit, returning America's ability to fly astronauts to and from the International Space Station (2020)
• The first to manufacture consumer-grade phased-array user terminals at scale (2022);
The first to deploy a large-scale LEO satellite-to-mobile constellation (2025)
• The first to build a gigawatt-scale Al training cluster and largest coherent supercomputer (2026)
• The first gigawatt-scale Megapack battery installation (2026); and
• The only company capable of building orbital AI compute at scale.
BOOM.
Great news, retail investors will officially be offered @SpaceX IPO shares!
SpaceX shares will be offered to retail investors through the brokerages of Charles Schwab, Fidelity, Robinhood, SoFi and E*Trade.
"Any purchase of our Class A common stock in this offering through these platforms will be at the same IPO price, and at the same time, as any other purchases in this offering, including purchases by institutions and other large investors." - SpaceX