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Buried in the risk disclosures of what is shaping up to be the biggest initial public offering (IPO) in history sits a line no securities lawyer ever typed before. SpaceX tells prospective shareholders, in effect, that it exists so humanity can avoid the fate of the dinosaurs.
SpaceX is offering 555,555,555 shares at $135 apiece, valuing Elon Musk’s rocket company near $1.75 trillion… more than 90 times last year’s revenue. Morningstar ran its own numbers and landed nearly a trillion dollars short of that figure.
Steve Eisman, the money manager who famously shorted subprime, called the offering “a sci-fi story tailor-made for a sci-fi cult.” And Goldman Sachs, the lead underwriter, reportedly expects SpaceX’s AI revenue to grow a hundredfold within five years…
Even Musk hasn’t promised that.
The economist Burton Malkiel once sorted all of investing into two camps: stocks that rest on firm foundations of profits and cash flow, and stocks built as castles in the air, held aloft by belief. SpaceX may be the grandest castle ever floated. And the argument over whether it can stay aloft knocked the entire tech tape lower last week.
But while everyone stares up at the castle, the foundations went on sale.
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The SpaceX AI Buildout
The AI buildout that SpaceX is selling – the data centers, the fiber, the orbital compute – runs through companies posting record revenue with bookings stacked to the ceiling. On this week’s episode of Being Exponential, we argue the selling pressure is castle anxiety, while the foundations underneath keep getting stronger.
The numbers keep going up and to the right. That gap between fear and fundamentals is where we see a tactical buying opportunity in four stocks: Corning Inc. (GLW), Ciena Corp. (CIEN), Broadcom Inc. (AVGO), and Redwire Corp. (RDW). A fifth name, Strategy Inc. (MSTR), gets a very different verdict.
Corning (GLW)
Start with Corning itself. Every Blackwell GPU cluster needs fiber… a lot of it. Nvidia’s (NVDA) 72-GPU Blackwell nodes require 16 times more fiber than traditional cloud switch racks, and Corning dominates that supply.
The deals keep stacking up: $6 billion with Meta (META), a new multibillion-dollar partnership with Amazon (AMZN), a spot in Nvidia’s orbit. We peg Corning as a roughly 20% compounded top-line grower for the next four to five years, with EBITDA compounding 30% to 40% as margins expand. At 26 times forward EBITDA, we call the $150 to $170 range an accumulation zone.
Ciena (CIEN)
Ciena runs on the same logic, supercharged. Decades of operator underinvestment in global networks are colliding with explosive AI demand… the same supply-demand imbalance that broke the housing market after 2008, now playing out in optics.
We see a potential 40% to 50% compounded EBITDA grower trading at 34 times, with the stock sitting right on its 100-day moving average near $420 and RSI approaching oversold territory. Bounce time, in our view.
Broadcom (AVGO)
Then there’s Broadcom, the stock that arguably kicked off the whole selloff. The market nitpicked a slightly soft AI revenue guide and ignored everything else: total revenue up 48% to a record $22.2 billion, semiconductor revenue up 79%, AI semiconductor revenue up 143% to $10.8 billion, and more than $30 billion in AI bookings – nearly triple what the company shipped in the quarter. Luke calls that a demand tsunami and views the $340 to $370 zone, hugging the 200-day moving average, as accumulation territory.
Redwire (RDW)
Redwire is the smaller, . The company is the big dog in outer-space solar panels (it powers the International Space Station), which makes it a pure play on orbital compute, where energy costs approach zero.
That thesis just got a boost from the SpaceX filings themselves, with Anthropic signaling interest in gigawatts of orbital AI compute capacity. We told viewers not to chase the stock when it went vertical. The pullback we wanted has finally arrived at $15, a level that has acted as the stock’s flip line for nearly two years.
Strategy (MSTR)
And Strategy? The world’s largest Bitcoin (BTC/USD) treasury company is, by design, a leveraged bet on Bitcoin – and we believe Bitcoin keeps falling through this inter-halving dead zone, with MSTR potentially breaking below $100 before bottoming.
Our timeline for the crypto reawakening: late 2026 into early 2027, once the IPO wave passes and the next halving cycle approaches. Until then, our guidance is blunt. Own AI. Wait on crypto.
We’re in the later innings of this bull market, and the music is still playing. The walks through every chart, every support level, and the complete bull case on all five names.
Be sure to watch and for more of his insights!
