Musk merged xAI into SpaceX, boosting its valuation to $1.25 trillion and creating the world's most expensive private company. He attracted investors with science fiction narratives like "orbital AI," essentially using "future imagination" to replace fundamental financial analysis for financing. This "financialization of science fiction" and "atmospheric valuation" transforms investment from accounting to social psychology. When capital revolves around beliefs rather than cash flow, who will bear the social cost of a failed grand vision?

FTX led a $500 million investment in Anthropic and now holds shares worth approximately $27.44 billion.