WOLF (@WOLF_Financial)

TOMORROW SPACEX GOES PUBLIC AT A $1.77T VALUATION. THE LAST TIME ELON MUSK TOOK A COMPANY PUBLIC, A REPORTER LISTED EVERY REASON THE DEAL WAS A "LEAP OF FAITH." The company was not making a profit. No mass production. No distribution. Just a prototype. Here was Musk's response, on Tesla IPO day, June 29, 2010: "The smartest money in the world is betting on Tesla. They must have a reason for doing so because obviously, to go public and increase the range and increase the price in this market is not easy, and these are very well-informed people." Then the reporter pressed him on the losses. Musk fired back: "If Tesla were just making the sports car and doing our powertrain supply business, we would be profitable as a company. We're expanding by 3,000% in the space of 2 to 3 years. It's just not possible for the company as a whole to be profitable with that rate of expansion. It's not some fundamental flaw in the Tesla business." Tesla $TSLA priced at $17, opened at $19, and closed at $23.89. Up 41% on day one. The deal raised $226M. At the time, Musk himself had just $650,000 in liquid assets per public filings and was taking loans from friends to cover personal expenses. Almost everything he had was tied up in Tesla. A $10,000 investment in Tesla at the IPO would be worth ~$3.41 million today. BlackRock alone just ordered at least $5B worth of SpaceX shares.

Elon Musk is about to be in control of TWO of the top 10 largest companies in the world SpaceX is going public in a different way that anyone else ever has before and retail is getting in at the same price as institutions.

JENSEN HUANG WAS ASKED WHO IS USING AI BETTER THAN ANYONE ELSE IN THE WORLD His answer wasn't OpenAI. It wasn't Google. It wasn't even Nvidia itself. Here's what he said on CNBC: "Nobody uses AI better than Meta." He explained that Meta went from a classical recommender system running on CPUs to a generative AI agentic system making recommendations across the entire platform. "Everything from the way social media works and the way they recommend ads and help advertisers create content has fundamentally been changed. And their earnings show it." "That's the reason why they're investing so hard. They see a much larger future potential for it." Mark Zuckerberg $META is spending $70B+ on AI this year.

CHARLIE MUNGER ONCE CALLED HIMSELF A HORSE'S ASS FOR MISSING GOOGLE Buffett backed him up. Geico was paying $10 a click for ads with zero marginal cost. They watched it working. Did nothing. Munger: "We just sat there sucking our thumbs." Today, Berkshire invested $10 billion in Google. Munger on making peace with the miss: "Maybe Apple was atonement." Today's $10B might be something else entirely.

JUST IN: BERKSHIRE HATHAWAY IS INVESTING $10B IN GOOGLE Google $GOOGL just announced an $80B equity raise to fund AI infrastructure. Berkshire has been quietly building this position since Q3 2025. Here's the full breakdown: • $30B: Underwritten public offerings (stock + mandatory convertible preferred) • $40B: At-the-market program, starting Q3 2026 • $10B: Berkshire Hathaway private placement Use of proceeds: AI compute and infrastructure build-out Q1 2026 backdrop: • Revenue: $110B (+22% YoY) • Google Cloud: +63% YoY, backlog $460B+ • 2026 capex plan: $180B-$190B Underwriters: Goldman Sachs, JPMorgan, Morgan Stanley