@TheZvi 😭😂
Zvi Mowshowitz@TheZvi
Okay, look, there's some slight possibility there MIGHT be a bubble somewhere.
5:21 PM · Jun 16, 2026 · 431 Views
Bill Ackman argues SpaceX uses its high valuation to minimize dilution during acquisitions like Cursor
Carlos Perez says the moves reclaim talent lost to xAI
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Users endorse Ackman's explanation that SpaceX's high valuation enables accretive acquisitions with low dilution, calling the insight correct and genius-level.
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Daniel@growing_daniel
“One of the things that makes @SpaceX so valuable is how valuable it is.”
Bill Ackman@BillAckman
One of the things that makes @SpaceX so valuable is how valuable it is. The Cursor acquisition costs materially less in dilution because of SpaceX’s high valuation.
SpaceX’s ability to do economically, strategically, and technologically accretive acquisitions is an important component of its value.
There is enormous value inherent to a company with a high value particularly when it is controlled by an entrepreneur that the most talented people want to work for and partner with.
Value begets value.
Talent begets talent.
2hViews 30.7KLikes 1.1KBookmarks 25
sucks@powerbottomdad1
@growing_daniel @SpaceX only a genius could put it so plainly
2hViews 143Likes 8Bookmarks 1
james@midnightbobarun
@growing_daniel @SpaceX From the same rizz lord who gave us "may I meet you," truly Bill Ackman is the most skillful wordsmith of our time
1hViews 204Likes 15
Zvi Mowshowitz@TheZvi
@edwin_mccallum I am short in the sense that I am flat, but I'm not crazy enough to actually short.
5hViews 306Likes 7
shako@shakoistsLog
@TheZvi @DanielleFong i’m not betting either way, but access to cheap capital is def a competitive advantage!!!
6hViews 430Likes 10
EM@edwin_mccallum
@TheZvi are you shorting spaceX along with me?
5hViews 300Likes 2
@truthscrolling@truthscrolling
@TheZvi Ackman is correct. SpaceX is being hyperstitioned by Musk into a AI company
Surely a fmr js trader would understand reflexivity
5hViews 119Likes 2
Barely Legal LLC@CommodKing
@growing_daniel @SpaceX
1hViews 98Likes 2
chenpi@agedchenpi
@growing_daniel @SpaceX value begets value
bro is using bible mimicry for financial review 🧐
2hViews 143Likes 4
Bam.@bambu_818
@growing_daniel @SpaceX At least you know that wasn't written by AI.
1hViews 158Likes 3
No@Nox7hhsjj
A naked short would be pretty crazy given that:
1. EM hates shorts,
2. The float is so limited, and EM is so capital rich, that he could manipulate the market with extreme ease in ways that would be fatal to naked shorts, and
3. There is precisely a 0.00% chance the Trump SEC would punish him for any manipulation, however egregious.
The market cap for SPCX is laughably excessive relative to the underlying value of the businesses it includes (and it would probably be accretive if they discarded GrokAI and XAI like the capital-devouring black holes they are likely to continue to be), but if you short this, you genuinely hate money.
@BillAckman is obviously correct, and more extremely so than I’ve seen personally or read about. The worst excesses of the Tyco, ITT, and Teledyne days look tame in comparison to the prospect of taking stock in an all-but-valueless enterprise that nevertheless has a nominal value of $2.6 trillion (as of today) and using it as currency to buy productive businesses.
Add to that: EM has excellent optionally on cashing out of SPCX by having TSLA buy it — and he would ~~double his stake in the more valuable (but still grossly inflated) of the two in so doing. It’s a great double-up/exit strategy, should he ever want to employ it.
3hViews 47
@truthscrolling@truthscrolling
@Tylerkaerr @TheZvi SpaceX’s high valuation lets it acquire talent/companies more cheaply in dilution terms; those acquisitions increase its future value; that future value supports or raises the valuation; repeat.
5hViews 10Likes 1
Zachariah Schwab@ZachariahSchwab
@TheZvi Presumably if you value SpaceX at 2 trillion, the dilution is exactly as bad as if you value it at 1 trillion. You need to value SpaceX less than its market value for random acquisitions to pencil out (not true if they are undervalued or if there is some synergy going on).
6hViews 261Likes 2
Edmund Nelson@NelsonEdmundb
@TheZvi spacex is overvalued but the company itself is still worth ~300 billion from a fundamentals POV (mostly starlink) (so like 10x overvalued)
6hViews 217Likes 2
Tyler@Tylerkaerr
@truthscrolling @TheZvi You haven’t understood at all what Ackman said.
5hViews 18
@truthscrolling@truthscrolling
@Tylerkaerr @TheZvi Bill's tweet is a pretty straightforward argument that SpaceX's valuation is self justifying via reflexivity. https://www.investopedia.com/terms/r/reflexivity.asp
5hViews 14
Tyler@Tylerkaerr
@truthscrolling @TheZvi “There is enormous value inherent to a company with a high value particularly when it is controlled by an entrepreneur that the most talented people want to work for and partner with.”
This is also not reflexivity.
5hViews 9
Tyler@Tylerkaerr
@truthscrolling @TheZvi “SpaceX’s ability to do economically, strategically, and technologically accretive acquisitions is an important component of its value.”
This is not reflexivity.
5hViews 9
Tyler@Tylerkaerr
@truthscrolling @TheZvi Having enough capital or protection against dilution to be able to uniquely afford abnormally expensive and valuable things is not reflexivity.
5hViews 8
anndrrson@anndrrson
@growing_daniel @SpaceX you’re telling me a fiery hot man like daniel’s looking at my page 😩
1hViews 254Likes 1
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