SpaceX is the missing half of the Bitcoin thesis, and the two are more connected than most investors realize. This is not about Mars. It is not about moon missions. It is about control: who controls the money, who controls the network, and who controls the infrastructure that makes both possible.

In 10x What Matters (here), we have covered the space economy extensively because it matters for our future. The five pure-play space stock picks have returned an average of 351% over the past year. Now the biggest IPO in history is being priced, and the window to position ahead of it is three weeks.

SpaceX is targeting the largest IPO in history on June 12. Most investors will read the prospectus and see a rocket company and a satellite internet business. They will be looking at the wrong business.

The real thesis is what happens when launch costs hit $100 per kilogram, a 500x reduction from where the industry started. At that price, data centers move to orbit. Cooling becomes free. Power becomes abundant. Jurisdiction disappears. And Bitcoin, which has always had one remaining physical vulnerability, finally loses it.

SpaceX share price (LHS, pre-split) vs. SpaceX Market Cap (RHS, $trn)