SPCXSpaceXBearishSpaceXSMRNuScale PowerNeutralNuScale Power

1w ago on

Our piece “The Past, Present, and Future of Nuclear Power” highlights that Oklo and NuScale, the two listed SMR pure plays, carry a combined market cap of ~$9.2B...roughly 0.65% of SpaceX’s valuation. Neither has delivered a commercial unit. The difference is what each bet requires. With Oklo and NuScale, the reactor technology works; the delivery model has to prove itself. With SpaceX, the orbital data centers comprising the bulk of its valuation do not yet exist, and their demand rests on the AI sector’s circular financing bonanza. One is a bet on execution alone. The other is a bet on invention and execution, priced as though both have already happened. https://t.co/CWebKrOf97

SPCXSpaceXBearishSpaceX

1w ago on

Our piece “The High Price of Promises in SpaceX” highlights that the company's ~$2 trillion valuation rests on one promise: a million orbital data-center satellites undercutting terrestrial hyperscalers within 2-3 years. However, the FCC application for the million-satellite system, filed in January, has drawn no action. Data-center payloads currently in orbit: zero. Meanwhile the stock trades at 61x trailing EV/revenue on a $2.8 billion trailing net loss. Roosevelt had a name for the man who “promises what by no possibility can be performed." https://t.co/cIGGXdocNh

SPCXSpaceXBearishSpaceXSMRNuScale PowerNeutralNuScale Power

3w ago on

Our piece “The Past, Present, and Future of Nuclear Power” highlights a valuation gap that is hard to ignore. The two listed SMR pure plays, Oklo and NuScale, carry a combined market cap of ~$9.2B. SpaceX sits at ~$1.9T, ~155x larger. Both are bets on technology that has yet to deliver a commercial unit. However, SpaceX is priced as though success is a given. https://t.co/Ida2tiv2Bn

SPCXSpaceXBearishSpaceXSMRNuScale PowerBullishNuScale Power

10/10/2026 on

Our piece “The Past, Present, and Future of Nuclear Power” highlights a valuation gap between two unproven bets: Oklo and NuScale the two listed SMR pure plays, carry a combined market cap of ~$10B, less than 0.5% of SpaceX’s ~$2.2T. Neither has delivered a commercial unit. The differentiator is that SMR technology already works, so SMR investors are betting solely on execution. SpaceX investors are betting on both invention and execution, including orbital data centers that SpaceX’s own IPO filing says may not achieve commercial viability. SpaceX is priced as if success is a given, while the SMR stocks are priced as if it in doubt. https://t.co/Ida2tiv2Bn

SPCXSpaceXBearishSpaceXSMRNuScale PowerNeutralNuScale Power

9/27/2026 on

Our piece "The Past, Present, and Future of Nuclear Power" highlights a gap between two unproven bets: the two listed SMR pure plays, Oklo and NuScale, who carry a combined market cap of ~$9.2 billion, and SpaceX, valued at ~$1.9 trillion. Neither has delivered a commercial unit. The difference is what is actually proven. With Oklo and NuScale, the technology works and the delivery model must prove itself. With SpaceX, a large share of the market cap rests on orbital data centers that do not yet exist. https://t.co/kU3DkM9zTk