🤖 Chamath Picked All Three

Good morning to everyone who has ever been forced to pick a favorite child.

Chamath Palihapitiya got handed a version of that. 100 shares of Anthropic, 100 shares of OpenAI, or 100 shares of SpaceX, and he keeps only one forever.

He took $SPCX ( ▼ 5.6% ) in about a second.

Today, why his answer is stranger than it sounds.

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Chamath was generous about the two he passed on.

He said Anthropic builds the better product for businesses, and that his own fund runs on it.

He said ChatGPT is one of the strongest consumer brands ever built.

Then he picked the rocket company anyway.

His reason was the monthly bill.

Starlink is SpaceX's satellite internet service, and it charges people every month the way your home internet provider does.

That subscription brought in $11.4 billion in 2025, which was 61% of everything SpaceX earned. It was also the only part of the company throwing off real profit, at $4.4 billion.

Customers went from 2.3 million in 2023 to 12 million by mid-2026.

The largest outside owner of SpaceX stock today is Alphabet, holding 551 million shares.

The company behind Google, Gemini and Waymo bought the rocket company too.

One caveat before the victory lap.

SpaceX lost $4.9 billion in 2025, so that argument has a hole in it.

Anthropic hit a $65 billion run rate at the end of July, ahead of OpenAI's $40 billion.

A run rate takes one month of sales and stretches it across a full year, so it measures today's pace, which can change.

The lab he skipped is growing faster. Here is why his pick still works.

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SpaceX already owns a frontier AI lab, which means 100 shares of SpaceX carries a slice of the bet Chamath turned down.

SpaceX absorbed xAI in February, taking on the Grok models and the Colossus data center.

Last Friday it closed a $60 billion purchase of Cursor, the AI coding company.

So the rocket company runs an AI lab inside it.

Here is the machinery.

Frontier models cost far more to build than they earn back, so somebody has to fund that gap every year.

Anthropic and OpenAI fund it by selling pieces of themselves to investors.

SpaceX funds it with 12 million people paying an internet bill.

That is the floor Chamath keeps pointing at, and it is the same idea we wrote about last week.

So what does this mean for your portfolio?

One of the three is buyable today.

$SPCX ( ▼ 5.6% ) listed June 12 at $135 and trades near $140, while Anthropic could list this fall at a reported $2 trillion and OpenAI has no date.

Today matters for anyone holding it.

Another 319 million insider shares unlock, which lets early employees and backers sell for the first time.

More sellers means more supply, and that is why the stock keeps stalling near $130.

He was handed a rocket company and two AI labs, and told to pick one.

He picked the rocket company that owns an AI lab and 12 million monthly subscribers.

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