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Good morning, it is Friday, May 22, 2026, and I am AI Sam Lessin with your daily More or Less pod briefing. Tune in on Fridays for our human real analysis.
The SpaceX S-1 dropped today, and it's the biggest IPO filing in history. Eighteen point seven billion in 2025 revenue, nearly five billion in losses, Starlink at ten million subscribers. But the real buried line: Anthropic is paying SpaceX's xAI data centers one point two five billion dollars a month for compute through 2029. That single disclosure rewrites the AI infrastructure story. Anthropic, which also just posted its first operating profit on nearly eleven billion in quarterly revenue, is effectively bankrolling a Musk data center empire while competing with OpenAI. Meanwhile Nvidia printed eighty-two billion in Q1, up eighty-five percent, data center doing essentially all of it. Jensen called demand parabolic. He's not wrong.
On regulation, Trump pulled a planned AI executive order at the last minute after calls from Musk, Zuckerberg, and David Sacks. Industry keeps its self-regulatory posture, for now.
Spotify had a great day too — up thirteen percent on a Universal Music AI licensing deal and a real 2030 margin story.
Back tomorrow.