Blast off for SpaceX?

Elon Musk's SpaceX is on the verge of making history with what could be the world's first trillion-dollar IPO, targeting a staggering $1.8 trillion valuation. Yet, despite the hype, the company has no proven revenue stream—its value rests almost entirely on faith in Musk’s vision of space mining, Starlink satellite broadband, and a future where space infrastructure enables global connectivity. The episode unpacks the paradox: investors are pouring billions into a company that may not be profitable for years, driven by a cult-like following and the promise of revolutionary tech. But as the UK’s own tech ambitions hinge on reliable energy to power AI-driven data centers, and global markets jitter at Trump’s volatile oil rhetoric, the real question isn’t just about SpaceX’s success—it’s whether the world is ready to back such moonshot bets with real capital, or if we’re simply betting on the dream rather than the deliverable. Meanwhile, the UK’s defence sector is in crisis, with three top officials resigning over a lack of funding, revealing a stark gap between political promises and reality. Small defence tech firms like Cohort are being forced to look abroad for growth as UK spending stagnates, while economists warn that increasing defence budgets means choosing between welfare, green initiatives, or tax hikes.