Descriptions:
Peter Singlehurst, head of private companies at Baillie Gifford, sits with Bloomberg Technology to explain the firm’s thesis on the SpaceX IPO and how it intersects with the broader AI infrastructure investment landscape.
Singlehurst frames the IPO — pricing SpaceX at roughly $1.8 trillion, approximately 900 times Tesla’s valuation at its own 2012 listing — as the capstone of a structural shift in which the most valuable growth-stage companies have stayed private far longer than previously expected. He argues that investors now need simultaneous exposure to private and public growth markets, since the bulk of compounding value often accrues before a public listing.
On AI, Singlehurst explains that SpaceX’s thesis has evolved beyond rockets and Starlink: the company’s orbital data center plans and its working relationship with Anthropic give it strategic optionality across multiple layers of the AI stack. He discusses where value ultimately accrues in AI — historically to chip manufacturers like Nvidia, increasingly to memory producers and foundation model providers — and why Baillie Gifford views SpaceX as capable of monetizing the AI transition through both its own Grok-related model infrastructure and by becoming a hyperscaler selling orbital compute. He acknowledges the orbital data center strategy widens the range of outcomes for SpaceX in both directions, increasing both upside potential and downside risk.
📺 Source: Bloomberg Technology · Published June 10, 2026
🏷️ Format: Interview
