Hello there.

Every week, it seems Elon’s got himself tied up in another legal case. I’ve got a bad feeling about this.

In this issue:

On second thought, never tell me the odds. This fight’s far, far away from over.

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Remember when Elon Musk co-founded OpenAI as a nonprofit to save humanity from AI? Yeah, that relationship went about as well as his Twitter acquisition. Last week, Sam Altman took the stand in the Musk v. Altman trial and basically accused Elon of abandoning ship when things got hard. Altman's testimony painted a picture of Musk demanding total control of OpenAI, even suggesting it should pass to his children when he dies (because nothing says "democratizing AI" like a hereditary techno-monarchy).

As you may remember, Musk wanted to merge OpenAI with Tesla back in 2018, offering Altman a Tesla board seat as a sweetener. Altman declined, pointing out that Tesla is a car company and couldn't fulfill OpenAI's mission. Musk then peaced out, telling the remaining founders they had "0% chance, not 1%" of success without him. Fast forward to today: OpenAI is valued at $852 billion, and Musk is suing them for roughly $130 billion while claiming they "stole a charity."

But while Musk is fighting his ex-partners in court, he's racing to get Wall Street to adopt Grok, his xAI chatbot. Morgan Stanley and Apollo Global Management are already testing Grok internally, and the push comes ahead of SpaceX's looming IPO. Basically, Elon needs to prove xAI can generate actual revenue before his rocket company goes public, because having a money-losing AI subsidiary isn't exactly great optics for retail investors.

SpaceX's IPO could be massive, but its success partly depends on whether Grok can carve out enterprise market share against OpenAI, Anthropic, and Google. If you're bullish on SpaceX, you're also betting that Elon can turn his AI vendetta into a viable business model. Stranger things have happened with this dude. Time will tell.

While Musk has been busy reliving a 2018 breakup, Anthropic is reportedly in talks to raise $30 billion at a valuation exceeding $900 billion. If that closes, it would catapult past OpenAI's $852 billion valuation and make Anthropic one of the most valuable private companies on Earth. Eight of the Fortune 10 companies are already customers, which is either extremely impressive or a sign that everyone's panic-buying AI tools they don't know how to use yet. Could be both, honestly.

This round of capital is mostly about computing power. Anthropic needs massive infrastructure to train and deploy models like Mythos, its new AI that's supposedly so good at finding security vulnerabilities that it triggered a "cybersecurity reckoning." The company is partnering with SpaceX (yes, Elon again) for over 300 megawatts of capacity via the Colossus data center, plus existing commitments from Google and Amazon totaling up to $65 billion. In the end, whoever controls the most GPUs wins, and Anthropic is trying to buy its way to the top.

As of now, Anthropic is reportedly eyeing an IPO as early as October 2026. If the company can maintain its growth trajectory and actually go public, it would be one of the biggest tech IPOs in history. But remember, these valuations are based on annualized revenue run rates, which can swing wildly. Anyone who lived through WeWork knows that "potential" and "actual" are two very different words.

The broader takeaway is that the AI arms race is becoming an infrastructure war, and only companies with billions to burn on compute can compete. That means opportunities in cloud providers, chip makers, and eventually (maybe) the AI companies themselves if they ever go public. Just don't confuse hype with fundamentals, because when the music stops, not everyone gets a chair at the trillion-dollar table.

In this episode of The Best One Yet, the hosts unpack a week where scooter companies are trying to convince Wall Street they’ve finally cracked profitability, and fashion apps are turning wardrobes into investment portfolios.

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Till next time,
— Brandon and Blake