Gavin Baker owned 15% of Nvidia and 10% of Tesla sub-$2 billion. His biggest regret won't be either. It'll be the price you'll pay for SpaceX after the IPO.

"A company like this comes once in your career. Thank God I took it. Plenty of people didn't."

His analog: British East India Company. Empire scale, not tech scale.

The setup:

- 10,000 SpaceX employees could have sold every 6 months for a decade
- Almost nobody did
- Secondary pricing is a decade underpriced

Baker on the Elon-Anthropic partnership: "Four months ago it didn't exist. Then it made sense. Everyone has a price."

Incumbents realign around SpaceX gravity when it moves.

The IPO doesn't price the company. It prices the last window.