← All six questions The Capital Stack

Who's actually holding the financial risk in this build-out?

You want to know who's actually holding the risk in this build-out, not the headline valuation.

What's here now

Above the Iceberg: Why Elon Musk's Orbital Data Centers Are the Most Audacious Answer to the AI Infrastructure Problem

SpaceX filed to launch a million compute satellites. Space is 3–4x more expensive than the ground today, and that may not be the point.

June 2026 · 10 min read

What's coming

The Token Breakeven Map: Where AI Business Models Actually Work

The four price thresholds that decide whether a freemium tier, an indie app, or an always-on agent pencils out.

Expected Dec 2026

Chatbot vs. Agent: The Token Cost Gap Nobody Budgets For

Agentic AI burns 5–50x more tokens than a chatbot, and the reason is context accumulation rather than the model.

Expected Feb 2027
  1. Jan 11, 2027The Capital Stack: who actually absorbs the loss
  2. Mar 24, 2027AI & The Financial System
  3. Also answersWho eats the loss if the depreciation schedules are wrong?
    How much of this build-out is circular vendor financing?

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