SpaceX Is the New Netscape

I’ve seen this movie before.

Not SpaceX. Not rockets. Not artificial intelligence.

I mean the feeling.

The excitement. The disbelief. The sense that something much bigger is happening beneath the surface than most people realize.

Because more than three decades ago, another company stepped onto Wall Street and changed everything.

Its name was Netscape.

And on August 9, 1995, the modern internet age was born. And so was the IPO bonanza that was to follow.

Most investors today remember the dot-com boom. They remember the stories of overnight millionaires. They remember the wild speculation, the Super Bowl commercials, and eventually the crash.

What many have forgotten is that the entire frenzy began with a single event.

A single IPO.

Netscape was expected to price at $14 per share. Demand became so overwhelming that the offering price was doubled before trading even began. Then, once shares hit the market, they exploded higher.

Wall Street suddenly realized something profound.

The internet wasn’t a hobby for computer nerds.

It wasn’t a science project. Nor was it a niche technology.

It was going to become an economic force that would literally reshape the world.

Once investors reached that conclusion, the floodgates opened.

The internet had a couple of other names: the “World Wide Web” and the “information superhighway.” Remember those?

But whatever you called it, it was here to stay.

Over the next several years, capital poured into virtually anything connected to the internet. Venture capital firms couldn’t write checks fast enough. Investment bankers rushed companies to market. Entrepreneurs quit their jobs to launch startups. Institutional investors scrambled to gain exposure.

A feeding frenzy emerged unlike anything most investors had ever witnessed.

Companies with little more than a website and a business plan suddenly commanded billion-dollar valuations. Initial public offerings became front-page news. The public wasn’t merely interested in the internet.

They demanded ownership of it.

The result was one of the greatest wealth-creation cycles in modern financial history.

Today, I believe we’re witnessing the beginning of something remarkably similar.

Only this time the catalyst isn’t Netscape.

It’s SpaceX.

And if you’re focused solely on the rockets, you’re missing the point entirely.

SpaceX’s historic public debut wasn’t important because it launched satellites, built spacecraft, or dreamt about Mars.

It was important because it served as proof of concept.

Just as Netscape symbolized the commercialization of the internet, SpaceX symbolizes the commercialization of the future itself.

And this is huge. We are at one of those historic inflection points in civilization.

You see, the market isn’t buying yesterday’s earnings.

It’s buying tomorrow’s possibilities.

That’s a very important distinction.

Because history shows that once investors receive a successful proof-of-concept IPO, they immediately begin searching for the next opportunity. Then the one after that. Then the one after that.

Momentum builds.

Capital flows accelerate.

Risk appetites expand.

Suddenly private companies that had been content to remain on the sidelines start preparing their own public offerings.

Sound familiar?

It should.

Because that’s exactly what happened after Netscape.

You see, Netscape didn’t create the dot-com boom by itself.

It simply gave investors permission to believe.

And belief is often the spark that ignites great financial manias.

The years that followed produced an extraordinary parade of technology IPOs. Amazon. Yahoo. eBay. Priceline. Juniper Networks. BroadVision. VeriSign. Hundreds of others.

Some became giants.

Some disappeared entirely.

But investors who understood the broader trend didn’t need to identify every winner.

They simply needed to recognize that the internet was transforming the global economy.

That insight alone was worth a fortune.

Today, SpaceX appears to be playing the same role for artificial intelligence and next-generation technologies.

The IPO has effectively opened the gate.

And standing behind that gate is a conga line of private companies waiting for their turn.

• OpenAI
• Anthropic
• Databricks
• Scale AI
• Perplexity AI
• Cerebras

A growing list of AI infrastructure, software, robotics, autonomous systems, and data-platform companies.

For years, investors have watched these firms create enormous private-market valuations while remaining inaccessible to the average investor.

That era is rapidly coming to an end.

Wall Street now smells opportunity.

Investment banks smell fees.

Private investors want liquidity.

Founders want access to public capital.

And the public wants ownership.

The ingredients are all there.

That’s why I believe the SpaceX IPO will eventually be viewed as one of those rare historical moments that marked the beginning of a much larger trend.

Just as Netscape opened the internet age, SpaceX may have officially opened the AI age.

You see, during the internet boom, investors didn’t need to identify every future winner.

Very few people bought Amazon at the beginning. Even fewer understood what Amazon would eventually become. Most investors had never heard of companies like Akamai, Juniper Networks, Verisign, or Salesforce before they emerged as major beneficiaries of the digital revolution.

What mattered wasn’t identifying every winner.

What mattered was understanding the trend.

The investors who recognized that the internet would fundamentally reshape how people communicated, consumed information, conducted business, and spent money had already won half the battle. Once they grasped the magnitude of the shift underway, the investment opportunities seemed to appear everywhere.

Today, we’re standing in a remarkably similar moment.

The debate is no longer whether artificial intelligence will change the world. That question has already been answered. The real question is how large the transformation will become and how quickly it will unfold.

Artificial intelligence is rapidly becoming the foundational layer beneath nearly every major industry. The technology is reshaping software development, accelerating scientific research, streamlining logistics, improving manufacturing efficiency, transforming healthcare diagnostics, and fundamentally changing how businesses operate. Every advancement creates a ripple effect that extends far beyond Silicon Valley.

And that’s where most analysts lose the plot.

They’re focused on the companies creating the technology.

I’m focused on everything the technology requires to exist.

Every AI breakthrough demands more computing power. More computing power requires more data centers. More data centers require more electricity. More electricity requires expanded generation capacity, upgraded transmission infrastructure, additional natural gas supplies, nuclear power, critical minerals, copper, silver, rare earths, and billions of dollars of new construction.

The further you trace the chain, the bigger the opportunity becomes.

That’s why I’ve spent years arguing that AI was never simply a technology story. It’s an infrastructure story. It’s a resource story. It’s an energy story. And ultimately, it’s a capital allocation story.

The same thing happened during the internet boom.

People remember the websites.

They forget the fiber-optic networks.

They remember the dot-com startups.

They forget the companies that built the routers, switches, semiconductors, and telecommunications infrastructure that made the entire ecosystem possible.

Today’s AI boom is following a remarkably similar script, only on a much larger scale.

And that’s precisely why the MoneyQuake framework has been so important.

While much of Wall Street continues to analyze these developments as separate themes, we’ve recognized them as interconnected forces converging at the same moment. Artificial intelligence, digital assets, critical minerals, energy infrastructure, monetary reformation, and the reindustrialization of America aren’t isolated trends competing for attention.

They’re all feeding the same economic supercycle.

The SpaceX IPO simply provided the catalyst that brought the entire story into focus.

And to give you some scale and scope of the coming wealth explosion, some analysts now estimate that the coming wave of AI-related public offerings could eventually create an additional $6 trillion–$7 trillion in market value across the economy.

Frankly, that estimate may prove conservative.

The internet economy created tens of trillions of dollars in wealth over time. The companies that emerged from that revolution reshaped commerce, media, communications, entertainment, finance, and nearly every aspect of modern life.

Artificial intelligence has the potential to be even more transformative.

Unlike the internet, which primarily connects people and information, AI is capable of enhancing productivity itself. It has the potential to become the operating system beneath nearly every economic activity we engage in.

That’s why this moment matters.

Not because of one IPO…

But because we may be witnessing the early stages of a generational capital cycle.

And those cycles are where fortunes are made.

I’ve often said that the greatest profits don’t go to the people who arrive first.

They go to the people who recognize what’s happening before everyone else does.

That’s exactly what we’ve attempted to do with the MoneyQuake.

Long before AI became fashionable, we were discussing the infrastructure required to support it.

Long before energy became the market’s focus, we were highlighting the coming power shortage.

Long before critical minerals became a national security issue, we were identifying the companies positioned to benefit.

Long before gold reemerged as a strategic reserve asset, we were pounding the table on the monetary transformation underway.

The pattern has remained remarkably consistent.

We identify the trend. Then we follow the money.

And after that, we position ourselves before the crowd arrives.

Then we let time do the heavy lifting.

That’s why I remain so optimistic about the next 4–5 years.

Not because every AI company will succeed.

Many won’t.

Not because every IPO will soar.

Some will disappoint.

But because history suggests that when transformational technologies emerge, the opportunities extend far beyond the headlines.

The winners won’t just be the companies building the technology.

The winners will also include those supplying the energy, materials, infrastructure, financing, and resources necessary to support the revolution.

That’s the lesson most investors missed during the internet boom.

And it’s the lesson many are missing again today.

The Netscape IPO opened the door to the internet age.

The SpaceX IPO may have just opened the door to the AI age.

If that’s true, then we’re not witnessing the end of a rally.

We’re witnessing the beginning of an era.

And if my read on the MoneyQuake is correct, the real wealth creation hasn’t even started yet.

The first tremors are already here.

The quake itself is still ahead.

And just as we’ve done with gold, energy, digital assets, critical minerals, and infrastructure, I intend to keep us positioned where the crowd isn’t looking yet.

Because history has a funny way of rewarding those willing to see around corners.

And right now, the corner ahead looks an awful lot like August 1995.

Get to the good, green grass first…

The Prophet of Profit,