Billionaire investor Ron Baron reveals that he has no plans to sell his $SPCX IPO shares for his entire life. He has been one of the biggest SpaceX bulls for years and has placed a $1B order buy order. His framework: SpaceX isn't one business. It's five stacked on top of each other: 1. Launch 2. Starlink connectivity 3. Compute hyperscaler 4. Space data centers 5. Other applications and models The market has been pricing SpaceX mostly on Launch and Starlink while the compute layer was the question mark. Baron's read: Elon has been building EWS, Elon's AWS, the whole time. The xAI infrastructure play giving Anthropic access to the H100 cluster at Colossus while building out Macro Hard and Macro Harder at 1.2 gigawatts of Blackwell capacity turns SpaceX into a hyperscaler. Baron estimates this generates $4-5 billion in incremental revenue this year on top of analyst estimates already in the mid-$20 billions. The bigger thing it solves: the valuation overhang. The bear case on SpaceX was always what happens if xAI spends ahead of its revenue trajectory. If SpaceX is also a hyperscaler selling compute to Anthropic and others, that pressure goes away.