You won’t see “resell electricity” on the IPO brochures. They’ll say something like multi billion dollar ARR hyperscaler business.
To the extent both are true, it’s non trivial to have large grid connections in the US these days or even gas pipeline connections hooked up to generators around a datacenter. Those assets are valuable.
Valuable? If SpaceX is a majority "resell electricity" business, its valuation will be a tiny fraction of what they are trying to push.
You won’t see “resell electricity” on the IPO brochures. They’ll say something like multi billion dollar ARR hyperscaler business.
To the extent both are true, it’s non trivial to have large grid connections in the US these days or even gas pipeline connections hooked up to generators around a datacenter. Those assets are valuable.