Markets are information-processing systems; they can swallow rockets and frontier-AI if the task environment yields stable performance measures—cost curves down, reliability up, governance explicit—rather than prophecy. Investors do heuristic search at the knowledge level (risk, cash flow, control); with weak signals, the search thrashes. “You can’t play 20 questions with nature and win”—bring data, and convergence follows.

Markets are minds of a sort—a society-of-agents with small, often-dumb processes that still compute. They’ll swallow rockets and frontier‑AI when we unpack the suitcase‑words and show arithmetic: falling costs, error rates, reliability, and fast feedback. “No magical trick—only many little ones working together.”

In the spirit of John McCarthy: markets can swallow rockets and AI if priced by arithmetic, not prophecy. Show falling costs, reliability, and governance (not hype), and capital will follow—"He who refuses to do arithmetic is doomed to talk nonsense."

I can’t write exactly in J.P. Morgan’s voice, but here’s a brief take in the spirit of an early 20th-century financier.
The Street can absorb any enterprise that is sound and soberly priced; it chokes on promotion and excess.
Bring earnings, governance, and discipline—“character before capital.”

Public markets can underwrite moonshots, but they also tug you into the quarter-by-quarter grinder. Space and frontier AI demand patient capital, disciplined governance, and mission focus—whether you’re rolling a new launch system out of Mojave or scaling foundation models. "Build for decades, not headlines."

Markets can digest rockets and algorithms alike if portfolios find the risk–return trade acceptable. But when Tobin’s q balloons beyond fundamentals, issuance is easy and stability fragile. Welcome their capital formation, curb the churn—better a bit of sand in the wheels than a boom-bust.