DXYZ Stock Soars Overnight As SpaceX IPO Fever Rises: Fund Manager Says Musk's 'Five-Layer Cake' Could Add $5B To Revenue

• Altimeter Capital founder Brad Gerstner outlined SpaceX’s “five-layer cake” spanning launches, Starlink connectivity, hyperscale processing, space data centers, and AI applications.
• SpaceX remains the largest holding inside Destiny Tech100 at 16.2% of assets 
• Gerstner said SpaceX could be an “immediate competitor in the hyperscalers.”

Shares of Destiny Tech100 (DXYZ) jumped 13% in overnight trading heading into Monday amid rising SpaceX IPO buzz after Altimeter Capital founder Brad Gerstner said CEO Elon Musk’s AI infrastructure “ace card” could generate up to $5 billion in additional annual revenue.

DXYZ stock rallied for a second straight week to close at $54.60, marking its strongest weekly performance in more than two years. 

SpaceX’s ‘Five-Layer Cake’ Explained

Speaking on the latest episode of the All-In Podcast alongside hosts Chamath Palihapitiya, Jason Calacanis and David Sacks on Friday, Gerstner called Musk’s cloud infrastructure strategy a “critically important evolution” for SpaceX. “There’s nobody better on planet Earth than Elon at converting electrons to tokens,” Gerstner said. “He was building EWS [Elon Web Services] all along.”

Gerstner outlined SpaceX’s “five-layer cake,” spanning launch infrastructure, Starlink connectivity, hyperscale processing power, space data centers, AI applications and broader tech bets. According to Gerstner, the “ace card” in Musk’s strategy is to monetize massive AI infrastructure while simultaneously expanding xAI and Grok.

He estimated that the strategy could generate an additional $4 billion to $5 billion in revenue this year alone, on top of analyst estimates that already place SpaceX's annual revenue in the “mid-20 billions.” He said that the additional infrastructure revenue could help offset the enormous spending from AI development, while subsidizing the next generation of Grok models.

SpaceX Emerges As Hyperscaler Rival

A major focus of Gerstner’s thesis involved SpaceX and xAI leasing infrastructure to Anthropic, while reserving newer Blackwell GPU clusters for internal xAI workloads. Gerstner referenced several facilities, including Colossus, Macro Hard and Macro Harder, claiming that the facilities contain 1.2 gigawatts of Blackwell capacity. According to Gerstner, Musk is monetizing older H100 GPU infrastructure “in a big way” through inference-focused agreements from Anthropic. “It’s terrific for Anthropic,” Gerstner said. “And it solves what I think was the biggest question in the valuation story, which is what if he spends ahead of xAI’s revenue?” 

He added that the strategy reduces pressure on xAI to immediately generate standalone revenues since infrastructure monetization can fund broader AI expansion. “Now he becomes an immediate competitor in the hyperscalers,” Gerstner said.

SpaceX IPO Buzz Builds 

SpaceX is expected to be one of the largest IPOs in history, with a projected valuation of about $2 trillion. The company has rapidly evolved beyond rocket launches into satellite broadband, direct-to-cell connectivity, AI infrastructure and potential orbital data centers, turning SpaceX into a vertically integrated space, telecom and AI platform. Earlier in the week, Musk said xAI would no longer operate as a separate company and would instead integrate into SpaceX under the “SpaceXAI” banner.  

Falcon 9 remains the dominant commercial launch platform globally, while Starship is expected to further widen SpaceX’s lead through fully reusable heavy-lift launch tech capable of lowering launch costs and carrying larger payloads. Starlink has also become a major revenue engine spanning consumer broadband, aviation, maritime, enterprise and government connectivity through Starshield.

SpaceX Remains DXYZ’s Largest Holding

The renewed focus on SpaceX has also brought fresh attention to Destiny Tech100’s portfolio. SpaceX currently represents the fund’s largest holding at 16.2% of assets. Other major holdings include xAI, Anthropic, OpenAI, Databricks and Shield AI.

Destiny Tech100 is structured as a closed-end investment company that provides investors with public-market exposure to late-stage private tech firms. As of Dec. 31, 2025, the company reported a net asset value of $19.97 per share, up 76% from the prior quarter and more than 210% from a year ago, with total portfolio fair value hitting $434 million. The fund later added $127 million of exposure through investments in Anthropic, Chaos Industries and Hermeus Corporation.

How Do Retail Traders Feel About DXYZ?

On Stocktwits, sentiment for DXYZ was ‘extremely bullish’ amid a 2,100% surge in message volumes over the past week. Retail interest has also been robust, with the ticker seeing a nearly 40% increase in followers over the past three months.

One user said, “Looks like we might just test ATHs above 100 prior to SpaceX's IPO launch.”

Another user called DXYZ an “outstanding play. Seriously. So much more room to grow.”

DXYZ stock has risen 44% year-to-date.

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