20VC: SpaceX Completes Acquisition of xAI | The 2026 SaaS Massacre: Public Market Collapse | Microsoft's $360 Billion Market Cap Loss | NVIDIA's $100BN Investment Dispute with OpenAI | Waymo Raises $16 Billion at a $110 Billion Valuation

**Rory Scaringe** (0:00)
At the margin, would you prefer to be a SpaceX investor taking 20% dilution here, or a Twitter slash x.ai investor rolling into the largest market cap private company on the planet, maybe six months before it goes public? What you just saw is the rehabilitation of the IPO, and I'm gonna call it the end of stay private forever. Elon operates like the Marines, no investor left behind.

**Jason Lemkin** (0:25)
Compute and revenue have a one-to-one correlation. So as long as that holds, it makes sense to consume every single penny of capital on all of planet Earth. For simplistic folks, for founders, I say inference is the new sales and marketing.

**Rory Scaringe** (0:39)
The good news is I believe in a balanced scorecard. The bad news is revenue growth rate is 95% of the balance. You don't see a bottom until these things are at free cash flow multiples, net of dilution. And when that happens, that's your bottom. What a shitty time.

**Jason Lemkin** (0:54)
China is doing the same thing, so we have to do it.
We have to guarantee 0% financing for all data centers. It will get all our money back. We kept the airlines flying when things were tough during COVID. We'll keep the data centers flying as well.

**Rory Scaringe** (1:07)
We underwrite bigness and we underwrite growth, and this is bigly and grotely.

**Harry Stebbings** (1:12)
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**Rory Scaringe** (4:04)
You have now arrived at your destination.

**Harry Stebbings** (4:07)
Boys, my word, what a week. It feels like every week we move years. Last 24 hours, SpaceX has completed the acquisition of XAI, valuing the combined private company at $1.25 trillion, as Elon moves to pair the businesses together. It's big news. Twitter employees must be very happy. How should we read and interpret this seemingly pretty batshit crazy news?

**Jason Lemkin** (4:34)
You know, he's done it before. It's not the first time. He's been doing this for years. And when SolarCity needed more money and wasn't going to make it, he mashed that into Tesla. When different folks need loans from different folks, right? Loan cash, invest cash into XAI from Tesla. So it's hardly new load balancing his portfolio across the greater outcome and the greater good. We're just not, we don't all have this luxury.