Jain: SpaceX generates $18B in revenue but loses $5B
Rajiv Jain · Contrarian Quality at GQG Partners – Rajiv Jain (EP.505) · Jun 8, 2026 · at 1:02:45
Rajiv Jain of GQG Partners evaluates late-stage private market valuations and profitability while speaking with Ted Seides.
0:00 / 0:03exact quote · 3.9s
720p mp4 · rendered on demand · StarZero watermark
“SpaceX is wonderful, but eighteen billion revenue and five billion loss.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Rajiv Jain
Jain: Semiconductor barriers to entry are declining as China ramps capacity
“Semiconductor industry, the barriers to entry are getting lower, not higher. Chinese are coming in a very aggressive way, including into semi-cap site, equipment site, memory site, the ramping up capacity. That's a far lower barrier to entry business than what…”
Jain: If Chinese firms compete in an industry, they will overproduce
“One of the big lessons investing is if Chinese are a competitor, be very careful because they will overproduce and kill you.”
Jain: Google's operating margin would be single digits without depreciation changes
“If you look at Google, if they had not changed the depreciation policy, the margin would be high single digits, operating margin.”
Jain: AI is powerful, but infrastructure economics are structurally bad
“Our view is that this is a powerful technology, but the economics are really bad. And time is not a friend. So if you're trading here, different matter. But the economics are not good economics.”
Jain: Over half of hyperscaler backlog stems from OpenAI and Anthropic
“Now we're getting more clarity that more than half of the backlog, hence probably the revenue too,
Is coming from basically anthropic slash open AI.
If you look at Google and Microsoft is more than half open AI.
Amazon is more than half.
So they invest with op…”
Jain: CoreWeave and GPU cloud providers are bleeding heavily from underpricing
“When you're underpricing everything, if you look at CoreWeave and EBS, they're bleeding heavily.
That means they're not covering the cost.
The real test of shortage is when you're priced appropriately.
It's a capitalistic system, so when you subsidize somethin…”