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Elon Musk is speaking at an ASML technology conference just one day before the $SPCX IPO. According to Dutch media reports, he will discuss his vision for AI, robotics, space exploration, and in particular the Terafab project. Terafab is Musk’s planned mega-facility for the development and production of AI chips for his companies, including SpaceX, Tesla, and xAI. To turn this vision into reality, he would need access to ASML’s cutting-edge lithography systems. With Terafab, Musk aims to control the entire AI value chain. His thesis is simple: the world is not producing enough chips to support the future of AI, robotics, and autonomous vehicles. So instead of relying on others, he wants to build his own chip industry. As of today, Terafab remains a vision. Bringing it to life would require an initial investment of roughly $55 billion. The facility is planned for Texas and is expected to create around 1,800 jobs. The timing is interesting. Just before the IPO, Musk appears to be highlighting the long-term vision for SpaceX. Every additional piece of the puzzle expands the potential TAM and helps support a higher valuation. At a reported target valuation of around $1.75 trillion, the future opportunity may matter more than current earnings. Interestingly, SpaceX disclosed in its IPO prospectus that securing enough AI chips to support its long-term ambitions could become a constraint. Terafab appears to be an attempt to solve that problem internally. As an $ASML shareholder, I find the vision exciting, but it is not part of my investment thesis. ASML's outlook remains extremely attractive even without Terafab. At the very least, Musk's vision is another indication that the AI buildout is likely to be a long-lasting supercycle.