You don't know in advance what is going to make you money. Investments are risky.

In 2026, we know that SpaceX is a huge success. In 2002, it was just one of very many space startups, the vast majority of which ended up bankrupt, and before the last Falcon 1 flight, it was already on the brink of bankruptcy. They were incredibly lucky that the last rocket they had money for actually reached orbit.

During the same time, John Carmack invested into Armadillo Aerospace, and lost money.

Was he less "greedy" than Musk only because in retrospect we know that one didn't pan out and the other did? Or were they both simply risk takers in an uncertain field, motivated by a mix of incentives?