The weekend is here! Pour yourself a mug of Danish Blend  coffee, grab a seat outside, and get ready for our longer-form weekend reads: • SpaceX: The AI IPO : SpaceX’s revenue in 2025 was $18.7 billion, which works out to a potential price-to-sales (P/S) ratio of 93x.  The highly-anticipated Form S-1 filing document arrives as SpaceX officially unveils financials for the space rocket startup founded by Elon Musk in 2002. Trung Phan’s notes reframes the SpaceX IPO as an AI infrastructure play more than a launch business. The valuation barely makes sense, even if you accept the reframe. ( SatPost by Trung Phan ) • Ukraine is turning the tables : The FT on the cumulative weight of Ukrainian deep strikes, drone economics, and Russian logistics rot. The war isn’t over but the trajectory just shifted. ( Financial Times ) see also All non-drone militaries are obsolete : Noah Smith on the Ukraine lesson: a $300 drone burning a $3M tank is not an edge case, it is the new mean.…