Igor Pejic, an indpendent tech investing strategist and author, believes pension funds are uniquely positioned for this kind of strategy because they have the capital to diversify, the long-term investment horizon to ride out failures and the liquidity profile to wait for explosive growth curves. But he also acknowledged a sharp distinction between the opportunity that existed in 2019 and the one investors face today. Back then, SpaceX had a clear commercial path built around reusable rockets, government contracts and satellite internet. The merger with xAI, he argues, has changed the calculus entirely.