Hey there,

While you were sleeping, the largest business deal in human history just went down.

Let that sink in. SpaceX is now worth $1T, xAI at $250B, and they're combining forces with one wild goal: scale AI compute so aggressively that future data centers could literally orbit the Earth.

Space and AI aren't separate industries anymore. They're one strategy.

And honestly? It's starting to make sense.

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The Part Everyone's Ignoring

Apple, Meta, and Microsoft just crushed earnings. Revenue's soaring. Investors are happy.

But here's what's happening underneath:

They're spending money like it's going out of style.

Meta and Microsoft alone are pouring hundreds of billions into AI infrastructure. And those numbers keep growing as we roll into 2026.

Here's the awkward truth: AI demand is absolutely real. People want it. Companies are buying it.

But profits? Still pretty fuzzy.

Big Tech is basically saying "we'd rather own the future than worry about margins right now." Which is fine they've played this game before.

But we've never seen bets this massive before anyone's proven the business model actually works.

Every earnings call, the same question comes up: How long can you actually keep this up?

Nobody has a great answer yet.

The Bottom Line

We're officially in "build everything, build it now, worry about the rest later" mode.

The companies that can keep spending the longest and control the most infrastructure are probably going to win.

SpaceX + xAI makes it clear: this isn't just about who builds the smartest AI. It's about who controls the hardware, the compute, maybe even the satellites.

Whoever can afford to keep building wins.

The only question is: what does the other side of all this spending actually look like?

Nobody knows yet. But we're about to find out.

Stay upgraded,

-The Daily Upgrade.

P.S. — What's your take on the SpaceX-xAI merger? Hit reply. I read everything.