🚨SpaceX Will Print Millionaires (but most will be investing wrong)

Tom Nash•Jun 5, 2026

Summary

Tom's main thesis is that SpaceX is destined to become the largest company in the world by 2055, but the path there requires decades of technological development. He cautions that the anticipated IPO price of $135 (a $2 trillion valuation) reflects a massive 100x price-to-sales ratio, which he considers expensive for a company with $18 billion in revenue and $5 billion in annual losses. Tom's market outlook is one of caution regarding 'hype cycles'; he prefers a disciplined system of dollar-cost averaging (DCA) over 10 years rather than lump-sum investing during an IPO spike.

Tom recommends five alternative 'picks and shovels' plays that he believes are currently misunderstood or ignored by the market:

Amazon (AMZN): Tom highlights that Amazon is trading at less than 4 times sales and a 25 forward PE. He views them as the 'AI landlord' through AWS and notes their vertical integration with proprietary chips.

Microsoft (MSFT): Despite the market's strength, Microsoft is down 7% recently, which Tom sees as a buying opportunity. He emphasizes their dominant B2B software ecosystem, Azure's growth, and their partnership with OpenAI.

Alphabet (GOOGL): Tom points out that Google is significantly cheaper than SpaceX on a price-to-sales basis despite having $400 billion in annual sales. He likes their vertical integration with TPUs and their massive distribution network via YouTube and Search.

Constellation Energy (CEG): This nuclear energy provider is described as a 'zero hype' play for AI's massive energy needs. It trades at 3x sales and Tom considers it a critical infrastructure play for data centers.

Snowflake (SNOW): Tom notes that while sales grew from $600 million to $4.7 billion over five years, the stock price remained flat. He views it as an essential database infrastructure play for the AI era.