Andrew Fox
Investor at Atreides Management
aka Foxy
“We're talking about going from $1,500 per kilogram on Falcon, somewhere in that range to 250 per kilogram, something lower. And the more that you can reuse the rocket, the more that price comes down because you're just depreciating the cost of the launch.”
“But the math you get to is it's about $5 billion per gigawatt of capex to put these in space.”
“The implied monetization rate on that number is something like $14 billion per gigawatt per year for the AI business. They just signed Anthropic at 22 to 23. They just signed Google at 50.”
“you want to own asset heavy businesses in inflationary environments”
“everyone expected token pricing, the price of compute. It's all deflationary”
Andrew Fox
One-line summary: Investor at Atreides Management (with Gavin Baker); models SpaceX launch economics and orbital-compute capex.
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Speaker-attributed claims extracted from diarized sources. Each bullet mirrors one entry in quotes: frontmatter — keep them in sync.
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On rapid-reusability-to-orbital-compute-capex-arbitrage:
"We're talking about going from $1,500 per kilogram on Falcon, somewhere in that range to 250 per kilogram, something lower. And the more that you can reuse the rocket, the more that price comes down because you're just depreciating the cost of the launch." — 2026-06-11-podcast-bg2-pod-the-spacex-ipo-fable-5-ai-capex-update-market (2026-06-11)
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On rapid-reusability-to-orbital-compute-capex-arbitrage:
"But the math you get to is it's about $5 billion per gigawatt of capex to put these in space." — 2026-06-11-podcast-bg2-pod-the-spacex-ipo-fable-5-ai-capex-update-market (2026-06-11)
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On operating-profit-per-gigawatt:
"The implied monetization rate on that number is something like $14 billion per gigawatt per year for the AI business. They just signed Anthropic at 22 to 23. They just signed Google at 50." — 2026-06-11-podcast-bg2-pod-the-spacex-ipo-fable-5-ai-capex-update-market (2026-06-11)
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On token-price-inflation-favors-asset-heavy-compute:
"you want to own asset heavy businesses in inflationary environments" — 2026-06-11-podcast-bg2-pod-the-spacex-ipo-fable-5-ai-capex-update-market (2026-06-11)
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On token-price-inflation-favors-asset-heavy-compute:
"everyone expected token pricing, the price of compute. It's all deflationary" — 2026-06-11-podcast-bg2-pod-the-spacex-ipo-fable-5-ai-capex-update-market (2026-06-11)
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