If You’re Excited About a Trillion-Dollar SpaceX IPO, Wait Until You Understand the Infrastructure Behind It
Jason Dussault
Chief Executive Officer, Co-Founder
This Post is disseminated on behalf of Intellistake Technologies Corp.
Imagine opening the paper in 2026 and seeing a single headline across the business pages:
“SpaceX lists at a US$1.5 trillion valuation.”
That scenario is no longer science fiction. Multiple reports now suggest SpaceX is preparing a 2026 IPO1, aiming to raise more than US$30 billion at a valuation of around US$1.5 trillion – potentially the largest listing in market history. It is still based on filings and media leaks rather than a final prospectus, but you can feel the market adjusting to the idea.
But here’s the thing I can’t stop thinking about: a record-breaking IPO is not where this story starts, and it’s certainly not where it ends. It sits on top of a much larger story about AI, energy and infrastructure that has been building quietly underneath, and that’s exactly where Intellistake intends to live.
The part of the AI space race that doesn’t fit in a headline
SpaceX has been at this since 2002. In 2008, after its third failed Falcon 1 launch, Nature ran a blunt headline: “Falcon 1 blows it again.”2 Musk later admitted they had “virtually no money” left and that a fourth failure would have been “absolutely game over.”3
All of that risk, all of those sleepless nights, happened off-exchange. There was no way for an ordinary investor to log into a standard brokerage account and take a small position in that belief phase. If a trillion-dollar IPO happens, the public will finally be invited in—but at a very different point on the curve.
What has changed since those early years is the backdrop. SpaceX is no longer just a launch and satellite company. It sits at the center of a very real problem: how do we power and cool the world’s AI systems without running into hard physical limits?
Data centers already consume a meaningful share of global electricity, and studies from organizations like the International Energy Agency suggest that demand could roughly double within a few years, with AI responsible for most of that growth. On Earth, every new facility is fighting heat, water, land, and grid capacity. We respond with bigger buildings, colder water, more ambitious power deals. It works—for now—but you can hear the strain if you listen closely.
In orbit, the physics are different. Heat can dissipate into the cold vacuum. Solar power arrives almost continuously, with no clouds and no night. Elon Musk has talked about how, in space, you “actually do not need batteries because it is always sunny,” and how cooling becomes mainly a radiative problem. Jensen Huang at Nvidia has pointed out that almost the entire mass of today’s high-end AI racks is devoted to cooling rather than computation; remove that burden and the economics tilt.4
That’s why Google has launched Project Suncatcher5, exploring orbital AI infrastructure with its TPUs. It’s why Microsoft, Amazon and others are researching space-based processing. It’s why Starcloud, working with Nvidia, put an H100 chip into orbit. And it’s why forecasts now project the in-orbit data-center market could grow from about US$1.77 billion in 2029 to more than US$39 billion by 2035, with orbital infrastructure overall expanding from US$13.5 billion in 2024 to over US$21 billion by 2029.6
So when you hear “trillion-dollar IPO”, it’s really shorthand for something bigger: the cloud beginning to outgrow the planet.
How over thirty years of market cycles color my view
I’ve watched other inflection points up close. During the dot-com boom, the public met many internet infrastructure stories only after private investors had already taken the early gamble. In cannabis, the loudest consumer brands drew attention while more fundamental supply-chain work went almost unnoticed. In the lithium space, which I was involved in during the exploration days, early balance-sheet decisions quietly set the stage for what later became “the battery revolution.”
Each time, the same pattern emerged. The companies that ended up being essential were not always the ones with the brightest marketing. They were the ones solving structural problems—bandwidth, logistics, resource constraints—while everyone else argued about the latest price chart.
In this cycle, the structural questions are about where AI compute should live, who controls it, and how we trust it when it’s spread across the planet and, increasingly, beyond it.
That lens is what guided us when we built Intellistake. I did not want to chase the loudest narrative or the closest proxy to a celebrity founder. I wanted to stand where the infrastructure has to be built if this AI space race is going to be sustainable at all.
Where Intellistake actually sits in this picture
Intellistake is a small public company, and I think it’s better to say that plainly. We don’t have a fleet of rockets or a trillion-dollar valuation. What we do have is a very specific mandate: build and operate the trust layer for decentralized AI infrastructure, wherever that infrastructure lives—on Earth today, and increasingly, in orbit.
In practice, that means we run validator and node infrastructure on decentralized AI networks, including within the Artificial Superintelligence (ASI) Alliance ecosystem. Our systems help those networks agree on what has happened, in what order, and under whose authority, without relying on any single central operator.
It also means we’re extending that same capability into the physical frontier that SpaceX and others are opening up. Our collaboration with Orbit AI7, for example, is not about chasing headlines. It’s about wiring the Orbital Cloud—a satellite network that combines AI compute, connectivity and blockchain—so that data processed in space can be independently verified. Intellistake intends to provide the validator and node infrastructure that forms the blockchain backbone of that system, and we’ve taken a strategic equity stake to align our future with its success.
Genesis-1, Orbit AI’s first satellite with on-board Ethereum wallet and node capabilities, is targeted for full deployment in low-Earth orbit, with additional satellites planned from 2026 onward. Intellistake is working toward including a dedicated blockchain-verification payload on a follow-on mission, subject to engineering, financing and regulatory approvals.
Layered on top of that, we’re in the process of acquiring Singularity Venture Hub, which deepens our abilities in tokenization, treasury management and incubation for AI-native assets. Combined with our IntelliScope enterprise AI suite that is in beta testing, the aim is straightforward, even if the execution is not: give institutions and public-market investors a way to interact with this emerging infrastructure through a regulated, listed company rather than a patchwork of private vehicles.
That’s the part I care about. Not just that the AI space race happens, but that there is at least one access point where the work of building its underlying trust systems is visible, accountable and investable through ordinary channels.
Thinking past IPO day
I’m not blind to the risks. Intellistake is still early. We rely on launch partners, hardware providers, and regulators who are also feeling their way through this new landscape. Some things will go right faster than we expect; others will take longer. That’s just how frontier infrastructure works.
But if you zoom out and ask a simple question—who will investors look to when AI starts depending on infrastructure that lives beyond Earth?—I don’t think the list is very long. Rockets will dominate the headlines. Chipmakers will dominate the earnings calls. Yet the systems that quietly verify, coordinate and financialize all of that activity will be just as critical, and probably far less crowded.
That is the niche we are building Intellistake for. Not as a side project, not as a marketing angle, but as the core reason we exist: to be a publicly listed trust layer for decentralized AI and, increasingly, for the space-based infrastructure that AI is going to lean on. When I commit my time and capital, that is the thesis I’m backing.
This is not a recommendation to buy or sell our stock; you have to make your own decisions. What I can say, honestly, is that I would rather be standing here—close to the foundations of the next compute cycle—than waiting a few years to debate whether a trillion-dollar IPO is fairly priced.
When the bell finally rings for SpaceX, most people will be staring at a single number on a screen. I’ll be thinking about the rails underneath that number—and about the fact that, for once, those rails are being built in a company that anyone can already own, long before the countdown reaches zero.
Disclaimer
There has been significant volatility in digital assets and their value can decline rapidly, which in turn would lead to a decline in the stock price of companies holding digital assets. Intellistake is a start-up that does not have the same access to capital as other larger more established companies.
Intellistake has just commenced operating its business and is at an early stage of development. Intellistake is entering this space by acquiring and operating blockchain validator hardware that supports AI networks and investing in AI-related digital tokens to primarily operate validator hardware.
Intellistake is reliant on Orbit AI for the financing and technical execution of the planned satellite launches. Intellistake’s involvement is limited to providing the validator and node infrastructure. The amount of any future revenues or benefits that may accrue to Intellistake has not yet been determined.
Intellistake is presently evaluating the regulatory framework for tokenization. Any tokenization will be subject to it being completed in compliance with applicable law, regulatory requirements and terms of any underlying agreements associated with the underlying assets. The actual structure of such tokenization, the assets that would be subject to tokenization, and the associated timeline, have not yet been determined. Intellistake will provide further updates as material developments related to this tokenization strategy occur.
Intellistake is developing custom AI software systems called "AI Agents" for businesses. It recently announced the development of IntelliScope, a newly designed enterprise artificial-intelligence (AI) suite that applies decentralized AI technologies to deliver transparent and verifiable corporate intelligence. IntelliScope, which is in testing, is being publicly introduced as Intellistake's enterprise AI suite, reflecting the Company's focus on advancing practical applications of decentralized AI technologies.
The IntelliScope suite is being developed as a collection of modular AI agents, each intended to address specific enterprise challenges. Development has advanced through internal closed testing, where functionality is being refined and validated. Built to leverage decentralized AI technologies developed within the ASI Alliance FET token ecosystem, IntelliScope is now preparing to move into closed beta testing with an enterprise client, a phase focused on gathering feedback to shape premium features and expand real-world use cases.
The Company intends to deliver these solutions either as one-time projects or ongoing subscription services. Revenue is expected to come from implementation fees and monthly subscription payments. The Company does not presently have any customers. Intellistake is just commencing operations. It is targeting significant growth but its business is subject to several risks related to general business, economic and social uncertainties; the sufficiency of cash to meet liquidity needs; legislative, political and competitive developments; the inherent risks involved in the digital currency and general securities markets; the volatility of digital currency prices and the additional risks identified in the "Risk Factors" section of the Company’s filings with applicable securities regulators. Intellistake has not yet developed or commercialized its AI solutions.
Completion of the SVH acquisition remains subject to completion of satisfactory due diligence, the negotiation, and execution of a definitive agreement ("Definitive Agreement") that will include representations, warranties, covenants, indemnities, termination rights, and other provisions customary for a transaction of this nature, no objection from the Canadian Securities Exchange, and shareholder approval of SVH, if required.
This report contains "forward-looking information" concerning anticipated developments and events related to the Company that may occur in the future. Forward looking information contained in this report includes, but is not limited to, all statements in respect of the Company's growth and development, the operations and business segments of the Company, support for decentralized AI and blockchain networks, the details of the collaboration with Orbit AI and its expected benefits; the Company’s contributions towards the collaboration with Orbit AI; the timelines for Orbit AI’s operation; and Intellistake’s strategy to support tokenized, decentralized AI infrastructure.
In certain cases, forward-looking information can be identified by the use of words such as "expects", "intends", "anticipates" or variations of such words and phrases or state that certain actions, events or results "may", "would", or "might" suggesting future outcomes, or other expectations, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this report is based on certain assumptions regarding, among other things, the Company and Singularity Venture Hub (“SVH”) are satisfied with their respective due diligence; the Company and SVH enter into a definitive agreement for the transaction; the Company and SVH satisfy all conditions necessary to close the proposed transaction; the Company will continue to have access to financing until it achieves profitability; the Company is able to raise sufficient financing to complete the announced investment into Orbit AI; obtaining the necessary regulatory approvals; the technology and blockchain industries in which the Company intends to focus its business in will grow at the rate and in the manner expected; the ability to attract qualified personnel; the success of market initiatives and the ability to grow brand awareness; the ability to distribute Company's services; the Company creates strategies to mitigate risks associated with cryptocurrency price fluctuations; the Company and SVH remain compliant with all applicable laws and securities regulations and applicable licensing requirements; the Company engages and collaborates with local experts, as necessary, to address jurisdiction-specific matters and ensures compliance with foreign regulations to avoid penalties; the Company addresses any potential cybersecurity threats promptly and effectively; the ability of the Company to develop its technology, acquire customers and have revenue; the ability to successfully deploy the new business strategy as a result of the change of business. While the Company considers these assumptions to be reasonable, they may be incorrect.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed by the forward-looking information. Such factors include risks related to general business, economic and social uncertainties; the Company fails to raise sufficient financing to complete the announced investment into Orbit AI; Orbit AI is unable to raise sufficient financing to complete its launch of satellites on the timelines proposed or at all; technical risks associated with Orbit AI’s planned operations; failure of the Company and SVH enter into a definitive agreement for the transaction; failure of the Company and SVH to satisfy all conditions necessary to close the proposed transaction; failure to raise the capital necessary to fund its operations; inability to create strategies to mitigate the risks associated with cryptocurrency price fluctuations; the costs of regulation in the digital asset industries increase to the extent that the Company is no longer generating sufficient returns for shareholders; failure to promptly and effectively address cybersecurity threats; insufficient resources to maintain its operations on a competitive basis; and the actual costs, timing and future plans differs expectations; legislative, environmental and other judicial, regulatory, political and competitive developments; the inherent risks involved in the cryptocurrency and general securities markets; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company's operations; the Company's success may depend on the continued involvement of key personnel, including advisors, whose involvement cannot be guaranteed; institutional adoption of decentralized AI infrastructure remains uncertain and may not occur at the pace or scale anticipated; evolving regulatory frameworks, including those related to AI (such as Canada's proposed Artificial Intelligence and Data Act), may impose additional compliance burdens or restrict certain business activities; valuation figures are based on publicly available market data and internal assessments at the time of the referenced transactions and may not reflect current or future valuations; the volatility of digital currency prices; the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and other related risks and uncertainties; delay or failure to receive regulatory approvals; failure to attract qualified personnel, labour disputes; and the additional risks identified in the "Risk Factors" section of the Company's filings with applicable Canadian securities regulators.
Although the Company has attempted to identify factors that could cause actual results to differ materially from those described in forward-looking information, there may be other factors that cause results not to be as anticipated. Readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this report. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update forward-looking information.
