If you'd invested in SpaceX's first outside round in 2005 and never again, you would have only been diluted 43% over the past 19 years, good for a 679x return. 

Vertical Integrators can scale with a lot less dilution than most people think.

Numbers assuming that first round was at ~$150M (only number PitchBook didn't have data on), but the dilution point holds either way assuming the rest of the numbers are correct. 

Chart from Vertical Integrators: Part II

Numbers assuming that first round was at ~$150M (only number PitchBook didn't have data on), but the dilution point holds either way assuming the rest of the numbers are correct. 

Chart from Vertical Integrators: Part II

https://t.co/SRNhr8Wqd8

Fascinating insight into the power of vertical integration in scaling businesses like SpaceX. Understanding the dynamics of dilution and long-term investment strategies is key for success in the crypto market as well. Great food for thought!