36氪首发 | 钠电正极材料厂商完成数千万元融资,千吨级产能将进一步扩展

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The first: These are the ultimate in capital-intensive enterprises. Musk announced SpaceX’s intention to build 10,000 fully reusable rockets, each over 400 feet tall. At a cost that Payload Research estimates at $35 million each, that’s $350 billion in cash for the likes of krypton-gas burners, solar arrays, and stainless steel alloy. xAI is a major builder of high-cost data centers than run such products as its Grok chatbot. In 2025, it reportedly burned through $8 billion in cash, primarily to fund such behemoths as its $20 billion “MACROHARDRR” facility in Mississippi. The upshot: These aren’t low investment software plays that if successful, could easily post 35% net GAAP margins. In general, it’s extremely rare for “manufacturers,” whether it’s in aircraft or data generators, to achieve such lofty levels of profitability.

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