Tim Draper: Two rocket launches failed when investing in SpaceX, the real excess return comes from embracing uncertainty BlockBeats News: On July 6th, renowned venture capitalist Tim Draper stated that his investment philosophy has always been to bet on innovative projects that have not yet formed a consensus in the market. He recalled that Draper Associates was one of SpaceX's earliest external investors, and after investing, SpaceX's first two rocket launches ended in failure. However, with the success of the third launch, the company ultimately attracted a large number of customers with launch costs far lower than NASA's, and grew into a company with a market value of over $2 trillion. When it comes to AI, Draper stated that although xAI lags behind competitors such as OpenAI and Anthropic in terms of market share and enterprise adoption, he still prefers xAI, believing that it focuses more on providing real information rather than catering to users. He predicted that the AI industry would experience a similar shuffle after the Internet foam in the future, and that the real industry giant might be born after the next round of adjustment. Draper believes that innovation requires a free entrepreneurial environment, stating that the United States and Singapore are still the most attractive destinations for entrepreneurship at present.