Writing
Musings & analysis.
Musings by Thinking Studios’ founder, Kim Jeong Ha.
Featured essay · June 8, 2026
The Trillion Dollar Failure
“It’s not supposed to work, it’s supposed to make me rich.”
I ran my own analysis on the OpenAI and SpaceX IPOs. The numbers don’t work — and the circular financing beneath them looks a lot like 2008. Here’s who gets hurt when it breaks.
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