[BEEPING] This episode is brought to you by TEMMA ETFs. You've heard us talk in the show about how fast markets are shifting. TEMMA builds thematic ETFs around structural trends. They believe have staying power. The kinds that are durable across market cycles not just driven by the headlines. The growth of the space economy, the search in electricity demand as AI and data centers push the grid to its limits. The shift back to US manufacturing as stretch supply chains and geopolitical tensions complicate trade. TEMMA has nine institutional quality funds, tracking these names and more. Learn about their lineup, read their insights, and stay up to date at temaetfs.com. Hello. What's up, bud? All right, advises of Earth. How are you? I am so excited to do this. We've been talking about the upcoming biggest IPO of my lifetime for a few weeks now and we've got the perfect guest to do this. All right, here we go. SpaceX just filed a public. And this isn't just another IPO. It's shaping up to be the biggest one in history. The company is targeting evaluation around $1.8 trillion, looking to raise as much as $75 billion, which would make it roughly three times the size of the largest US IPO on record. It's going to list on the NASDAQ, under ticker, SPCX, not SPCE, SPCX. And June 12th is cited as the expected listing date. And here's the part that matters most for advisors. A recorded 30% of the float is being earmarked for retail investors. That is about three times the normal allocation for a mega-capital, maybe even more than that. And that means that your clients are going to be asking about it's a lot of sure they already are. And a lot of them are actually going to be able to get shares. So this episode is where we break down everything you need to know, the valuation, the financials, the AI piece of striving billions and losses even as the legacy rocket and startling business, they're all really a bit dark, how the lockups and index inclusion are going to work, and whether the risk reward actually holds at this maybe crazy price. And to do that, I've got the perfect guest. I've known Aaron for a long time. Aaron is the perfect guest because he's in private markets now. He's believing in the pre IPO world, where names like Space Exchange Hints, long before they ever hit the exchange. But I know Aaron from his public side days with some of the massive index providers. So Aaron can speak to both sides of this thing, how a company gets this size, how it gets this big, before the IPO, and what exactly happens, the moment it lists and the index machinery kicks into high gear. Aaron Dylan, welcome to the show. - Thanks Michael, appreciate you having me. - Thank you. - All right man, I was telling you before we started that we've been talking about this for weeks, but it's such a big juicy topic that it's really hard to have a small conversation about this because there's so much to say, there's so much meat on the bone and so many different angles to attack this from. So let's start here first at the index side because I think this is what matters most for clients, whether they are curious about directly one of the company or more likely, like how does that impact me and index investor? And then we'll get into the business, the valuation, the crazy tam and all that fun stuff. Okay, right. So there have been rules in place, and each index, lister, whether it's the NASDAQ or S&P or Russell or whatever, they each have their different flavors of inclusion, S&P has a probability of requirement, NASDAQ has some different season requirements, but the rules that have been followed were for a different playbook, a different environment before trillion dollar companies, and people are up in arms that the rules are being changed to accommodate this, to leave the retail, index investors holding the bag, and I understand it is very easy in the cynical world that we live in to look at this and be like, yeah, the smells. And there are aspects of it that do smell, but again, I think a rule change is appropriate. So why don't we start here? What did the rules look like in the yesterday year, and what are we looking at today? - Yeah, so prior to, so first of all, all index companies had early inclusion rules on the books already, right? It's just now we're kind of accelerating or moving those even further into the spectrum. So what do you mean by that? They already had fast inclusion rules. - So like, Russell would have fast inclusion rules. It just wasn't five days after trading, the IPO and trading, right? So this is the difference. We're bringing things even closer to the IPO date than they were kind of prior, right? So, but just to give people context, stocks enter the indexes all the time. It's called reconstitution, like every index does this. It's a normal thing that happens. It's just usually depending on the index provider that happens maybe one time or a year or two times a year, right? That's like when things come in. And then there's a quarterly rebalance that happens. So that's normal business, right? If you have a big event where like there's a big IPO or a new stock that comes out or some type of merger or acquisition or some type of other corporate action, you could have an inclusion that would happen. I think what's different now or what's changing now is that they've really moved this forward pretty aggressively, really close to the IPO date. And that's what makes some people uncomfortable. But I will say this, having worked, so I worked at Futsi Russell, right? And all these index companies have governance committees. And I will say this, like the inside baseball on the governance committees, at least this is my, this is me talking, my experience, is it's more collaborative with investors that it is like a bunch of guys in a room like making a decision on their own. They're literally, they put out these things called consultation papers, okay? And it goes out to all the pensions and diamonds, foundations, the large asset managers, they all provide feedback. So if like nobody wants this to happen, doesn't happen. That's where everybody wants it to happen. It happens, right? It's really important. So it's not like Russell or Futsi MSCI, SAP, they're not jamming this down in investors' throats. They're okay. No, no. So think about this way. The last time that this happened where there was like kind of a big inclusion which China, like China A shares being included in the emerging market indexes, if you remember that stuff, huge consultation papers. A lot of people were like, don't like it, don't want it. So they kind of like walk back, walk back a little bit on this stuff or draw it out over multiple years. So nothing happens in this space with these index companies without, I'll call it the market, blessing it. I mean, why would you do it? If you're an index company, these are your customers or your clients, they're paying you for your data. So you wanna make sure that they're happy. You know what you just said a sort of like when people say that the NBA is rigged, for example. And you step back and say, well, why would they rig when Benyama, who's the most coveted asset of the last several decades, but you know, I guess since LeBron, why would they want them going to San Antonio? I love San Antonio, it's great. But it's a small market. Like if it were really rigged, I mean, there's so many examples of that. So I like the taking out the tinfoil hat off for this context. All right. The part of what's getting people frustrated is, hey, wait a minute. This company has been private for a long time. And they get to, I don't wanna say make up the market because investors are, but there's no price to cover, right? Like they're get, so okay. And then they get to decide how much of the shares they are going to distribute in the IPO. And in this case, it's a very small percentage, a very small percentage compared to traditional IPOs. I think it's like 3% or so. Most are in the 10 to 15% range. Is that about right? Okay. So the thing that's getting people frustrated is like, wait, now I have to pay $1.8 trillion or whatever it is 15 days later. I have to pay $1.8 trillion because they are limiting the supply. So I know that's not the case. But talk about the mechanics of the float, the inclusion of the index, the seasoning or lack of how does all of that work. - Yeah, so it is gonna be an interesting dynamic. This is the first time, like there's been an IPO this big. I mean, even though it's a small float, it's gonna be like twice the size of Saudi Aramco. So it's a huge dollar amount on the IPO, right? But also, there's two kind of groups that are coming through. There's the, what I would call like insiders, proper insiders, which are gonna be locked up for 366 days, okay, post IPO, that's the lock up. And then there's, and that's about 60% of the shares are gonna be subject to that lock up, like Elon Musk and his shares are in that group, right? As an example. And then the other 40% is gonna have like a more traditional 180 day lock up, but then there's this like early release schedule. So it's like multiple events that will release shares. And the reason that's important is because to your point, the index providers have this early inclusion. So each one of them kind of has their own rules, right? So inclusion will happen. But as these shares go through these early release waterfall, if you will, more shares become available. And when the index companies do their rebalancing, there's gonna be a higher allocation to SpaceX when those rebalances happen based on the free float share. So I think what's important, maybe the, the,
final thought and there's like, you're going to have this kind of supply demand push and pull. That's going to be next six months. It's going to be weird. But also to Michael, like, traditionally what happens is you just, you locked up for 180 days and then like 40% of the shares would all become available. Yeah. Is that better? I don't know. Like, that sounds kind of weird too. Well, you have to imagine with that much supply coming in all at one time that there's going to be like some violent price action, right? Where, you know, with this kind of more gradual step out, there might be a more orderly market for the price, right? So shares are coming available and then index providers are buying. Other market participants are buying. So in here, Aaron, walk us through what we're looking at. Yeah. So these are each of the respective index providers, right? It shows the amount of AS sets that are benchmarked to each of the index companies. So you can see there's some huge numbers in here. So that's both active and passive, right? And then the early inclusion rule. So like NASDAQs doing 15 days after the IPO, Futsi Russell's at five, right? S&P looks like they're going to do six months. They're actually meeting in June, like in a couple days time, to decide if they're going to do six months. And then MSCI already has like early inclusion rules baked in. They don't need to make any changes. That's going to pick it up in the quarterly rebalancing, right? But ultimately, this is the pull through kind of on the day one item, right? You can see the numbers on the far right. That's for each of the respective index companies with the estimate. That's my estimate, right? All right. So, and that could be. So Aaron, what I've seen is estimates like there's going to be $75 billion that gets unlocked in early trading and that the forced buying part of it is going to be like 20, 25 billion, like who knows somewhere in that range. That's right. So, part of the concern is there's going to be like really weird shit between now and then. In terms of trading, what hedge funds are doing in the warehousing, which is like above my pay grade. But it just might be some funky stuff. So, are you expecting, like what are you expecting in the first 15 days? And are you expecting that the index is going to get squeezed and have to be forced by higher? Like, how do you think, and I know we're speculating, nobody knows. But how would you guess this goes? Okay. So, I would offer this. So, last week, and through Hopper Grace $65 billion, we're talking about $75 billion for SpaceX. It was like a blip on the radar screen, right? And Q1 opened AI raised $122 billion, and like 90 days, okay? It was like a blip on the radar screen. So, the amount of, like just in the last six months, there's been tens of billions of dollars being raised, right, from these companies. And no, like, I don't notice a bull impact, at least for me, right, on these guys. But, it sounds like you're talking about at the macro level. So, what we can get there in terms of what this money is going to do at the overall market level, and for selling whatever, I just mean for the shares of SpaceX. Like, because I think I'm with you. Like, I do believe the market will be able to absorb this. I don't know if there's a break, a tipping point, I mean, I'm sure there is, event somewhere. But like, what do you think is going to happen? Because it seems like you're right, $75 billion, like, I don't know, in today's market, it kind of seems like that's not enough shares. And you could see the market, though you could see the shares of SpaceX, you know, go up 30% in the first 15 days. And in anticipation of more buying, I have, who knows? Yeah, it's, I would not be surprised if the $75 billion is massively over subscribed, right, which means that there's a ton of institutional demand, right, for the IPO, more than they're willing to sell. So, you know, if those institutions are going to come in in size, kind of early on, as well, that's interesting to consider. But then of course, like, Mike, you got all the retail stuff. So yeah, I do think that, I think the stock's going to be up, right? You know, pretty, pretty violently here, right out of the gates for the IPO. It's what we talked about before, which is going to be interesting to see what happens. Like, as these, as these early releases come, like, what does that do to the price of the stock and the volatility of the stock, right? So, let's use the S&P because that is, you know, that's the big one. Yeah. Again, there was a difference between the market cap and the flow to just in market cap and where SpaceX will sit. So according to our calculations, SpaceX is likely to be around the $195 largest stock at inclusion. I'm not talking about habits in six months in a year, but like at inclusion. And it's easy to see this and be like, who cares? Yeah. Yeah, yeah. Well, so this would be at the six month mark. So this would be like in December when S&P would add it, right? That's the rule that they were looking at. So that I guess I'm assuming like where it is today. So that's a, that's a big assumption because who knows where it's going to be in six months. Yeah. And also too, like, the S&P guys have like a committee. It's very discretionary, right? So it's, it's like those guys can really decide to do whatever they like. You know what I mean? So it versus like a rustler and NASDAQ or an MSCI where it's like very much rules based. Like you know exactly what's going to happen. So, so you're right. The S&P's though, that's the big Kahuna, right? So it would be interesting to see where it goes in at and where they put it. I do anticipate at that time though, I mean, just think about it like qualitatively. You got, you got a stock that's now out there for six months. And then we'll, you know, space, like SpaceX being public will not be new news. And so like it, you know, if you're, you're probably going to have a lot of, it's going to be in multiple other indexes. I could see that committee just being like, let's just put it in at a proper waiting. It's got to be in the index. It's going to be a top-concest stock. Like, of course, it has to be. The question is, why didn't wearing how much? So you mentioned that at proper waiting. Let's look at chart three. So our funds at Bloomberg Intelligence made this awesome infographic that shows the index timeline and the portion of early release, allowable shares that are unlocked. And then ultimately the cumulative unlock of early release shares. And there's, there's, you know, there's a lot going on here. This is, that's right. This is different. So what are we looking at? Yeah. So this is, so just to put like a, like a stake in the, in the ground here at 180 day mark, which would be like early December, called December 8, 9, 10, right, depending on the day that it actually goes, then that's the 40% number. So 40% of the shares would be full flow. Okay. Then again, those other 60% of the shares, which is like where must shares are and all that, those guys have 360 day, 66 day lock up, right? So this chart here talks about that 40% and when that 40% is going to be free. So in December, all 40% will be free and then you can see on the right hand side, that's the number I like to look at it. The numbers on the right. That's, that's the percentage of, of that 40% that's going to be free flow at those respective dates, right? But obviously this is like complicated, right? Michael, this is not easy to understand, but that's, that's what's happening. That's what I'm talking about. And that's why I'm so glad to have you on because I know advices are getting a lot of questions like, I came up if I told you or before, you know, on this pot or before, but my dad is asking me, I have a friend who's asking me, and these are, these are not market people. So it is on everybody's radar. And it's everywhere like James Cypher tweeted, how big is the ecosystem of ETFs around SpaceX going to be? There are already at least 21 ETPs filed by 12 different issuers insane for a company that hasn't even IPO yet. So this is going as big as the AI talk is, the SpaceX IPO is going to suck up all the oxygen on every financial media outlet for at least the first 30 days after trading. 100%. I mean, it's an I kind of company too, right? I mean, you know, it's not just like these guys don't make candy bars. So even what they do is interesting. So all right, enough on the index stuff. I'm glad you pivoted to the business because one question that would be top of mind for investors is, all right, all right, fine, I got it, I got it. So it's a real company. They're doing real things, but like $1.8 trillion. So you're telling me that I've been an index fund based investor for a long time. I have had the ability to witness companies come in and go up and move around, but now I am being, I am having a tube shut down my throat and you're pouring SpaceX down it. So the $1.8 trillion valuation or wherever it shakes out in six months from now or year from now, that is going to be a legitimate top ex-weighting in the index. So let's talk about that valuation because I think a lot of the people see the headlines, they see the money losing and they're like, give me a, and they see Elon Musk and he's a lightning rod and some people love him, some people hate him. And it just, it doesn't feel good to a lot of investors. So what would you say, let's talk about the business? Yeah. So what I've been telling my clients, my investors, is that this company, I think this company is a $5 trillion plus company in like five to 10 years time, right? That's like my base case. So if it does better than that, I think it's higher. So I've been like trying to lock people in on that. We're like, it's an equity. It's stock. It's a long-term investor. You own these things for five plus years, right? Or at least I think you should if you're going to invest in a company like this. So, you know, it's going into one index to your point. Everyone's getting it shut down the throat. It's like, all right, well, where is it going to be in three to five years time? It's going to be higher than it is today. Higher than the IPO price, there's going to be lower. I think it's going to be higher. And I'm recommending to my clients that, you know, you should hold on to your shares for the duration. It's an iconic company and I think it's going to really, it's really going to go. So that's been my recommendation to folks. It's, I think we're going to have multiples from here from evaluation perspective.
perspective or market cap perspective for the business. - So I wanna get more into the satellites and the AI and the opportunity. I haven't given you an opportunity yet to talk about AG Dillon. So you've, we say your clients, you've delivered shares of SpaceX to investors for, I don't know the last, how many years? Like what's your story? And where do you fit in this ecosystem? - Yeah, so we've been doing this for three and a half years, right? So we're not on the cap table at SpaceX, right? But we work with like 45 RAA partners. We help those like investment committees and CIOs like get access to this asset class with like institutional rigor. That's the tagline, right? And, but we'll go out and kind of, we frankly, we kind of look for secondary market opportunities just like you would trade public stocks. We do that in the private markets. We get like 10 to 16 offers per trade. And usually that's, we're buying what's called LP interest, right? So it's a entity that's on the cap table at SpaceX. And then we're buying LP interest from those folks. There's somebody who wants to sell. So a hedge fund that is outside of their asset allocation guidelines and they have to sell a portion of their share to get back in balance, right? That type of stuff. So what buy shares there? - So what happens on IPO day? Your clients will get shares delivered to them and they can redistribute it based on whatever the pro-rout of their clients is into their branch accounts. - Well, it's all, so everyone's talked about these SPVs that own SpaceX, right? So really, but you gotta remember, that's a fund, right? And in all the mutual funds and ETFs that you own too, like I used to be ETF portfolio manager, right? Back in the day. So like, you know, it's a fund. There's a corporate action in the fund, the stock was public. Okay? You don't have to distribute that right away to your clients. Like you could hold on to the shares, the publicly traded shares inside the fund. So it will be interesting to see like, with this early release schedule, what all the, these SPV portfolio managers, general partners decide to do. Some of them may decide to distribute right away. Some of them may decide, you know, like in theory, every time there's a release period, you could distribute. Right? We're not doing that. We're holding, we're gonna hold on to the shares until first quarter, because the nature of the way that works plus I think the stock price is gonna go up. Also, you know, like just operationally from my advisor partners, having like nine different distributions is very confusing, right? For them and their clients. So we're just gonna hold on and do one distribution in Q1 of next year, and that's when folks will get shares in their brokerage accounts. Okay. You know, probably for the best, because it's like just too much like flashing lights. Like you're out of casino, you see the price of day, it's like, you're probably not gonna do the right thing, right? Like, all right. So I think limiting some of that inside is probably for the best. - Well, but Michael, for what it's worth, like I'm telling folks to hold on to this for five to 10 years. So it's kinda like, what's the difference? You're gonna get it three months earlier or three months later? It's like, you know, if they take my advice, right? That's my opinion, my advice, but you know, like it's not that material of the difference. I understand. So my understanding of SpaceX, the business is Starlink. Starlink are these low orbit satellites. I think there's 10,000 of them all around Earth that provide broadband access for maritime vessels, for airplanes, and most recently, and the growing part of it at lower prices is for consumers, right? So hard to reach places, it provides internet service, which is phenomenal. - Right. - And that's not an insignificant amount of revenue. Is it 10 billion? I came up with the number was. - It's 11.4 billion. - Okay. - You got it. - But the way that they're positioning the market opportunity, and listen, we all know that Elon's a showman. It's sort of silly, but he has a 20 trillion? - Yeah. - 28 trillion, I was gonna say, really 20 trillion dollar tam for the artificial intelligence enterprise applications, whatever. So XAI is a critical piece to this. I'm pretty ignorant into what that business is. I know there's partnerships with OpenAI, and there's so many of them for parts, but if that's a crown jewel, all right, can you help us understand what's going on there? - Yes. So first of all, I would say this, if you think about, if you want to own the stock for the long term, you got to think about where it's going to be in five or 10 years time, right? So like, I'll bring you back to Amazon, like circa 1997, when it went public. If you read the S1, they sold books online. Okay, that was the IPO doc. So now look at what they're doing. Like a hyper-scaler. What do you think SpaceX is gonna be in five or 10 years? What new revenue streams will present themselves, right? For this company, it's not just going to be Starlink and their AI business. There is gonna be 10 different revenue streams that will be material and size. - I want point eight trillion, they're better by Aaron. - Yeah, but this is my point. So this is, I think, what people are reading into it. You know what I'm saying, Michael? It's like, where's the growth potential, right? And then what can, you know, like the launch platform, the rockets, you can deliver space. Well, what revenue opportunities are there in space? - Right. - And that's, you know, there's mining, there's manufacturing. Some of this stuff hasn't even hit the radar screen yet, but this is what's, I think, this is what's coming down the pipe, right? So really what I would say is, you know, they have, they have two businesses the way that I see it right now. They have like a space business and then they have a terrestrial business or an on-earth business, right? The space business is facilitated by the launch platform. That's the rockets, okay? The Falcon 9 rocket and the Starship rocket that they're hopefully gonna put in a reduction. What falls out of that in the immediate term is like Starlink, which you just discussed, right? Manufacturing, they just announced they got FAA approval to start testing their new solution called Starfall. Send it up in the rocket, make stuff in space, at zero gravity, bring it back down to Earth, okay? Mining, so mining, this is the literal sci-fi shit. This is like aliens, the movie. For sure, but what would, do you think anybody be landing rockets back on Earth five years ago? See, no, I'm not saying that it's not gonna happen. I'm just saying, like that's, it's hard to wrap your brain around like what they're trying to do. A hundred percent, man. And like you start to throw the mining in there, okay? And then you're like, you know, you're mining iron ore from an asteroid, okay? You can build things in space. It's zero gravity. You can build massive infrastructure in space and never have to bring stuff back to Earth. A year ago, we were laughing about the idea of data centers in space, but I don't know why not. Well, I mean, the Starlink satellites already have, have computer components in it already today, and they're running that. So, I mean, look, there are some challenges that need to get solved to do like a proper data center in space, but you're not talking about like a Pentagon-size data center like we have on Earth. There's gonna be, you know, thousands, tens of thousands of these small, you know, kind of, server stacks and they'll communicate through laser at zero vacuum, which is actually better than wiring up here on Earth, too. So, if you kind of did like Gavin Baker, you know this guy Gavin Baker? Yes, true. Yeah, I mean, he's amazing. So, like if you hear this guy talk about it, he's like, if you actually did like blank sheet of paper and how you want to build a data center, you'd actually want to build it in space because it's much more efficient. Because the servers can communicate without cables. They can do it with lasers and zero in a vacuum, which is more efficient, right? So, there's some really interesting applications there. So, yeah, but what's the thing that, sorry, sorry, cut you off. What about like the compute aspect of it and the AI build out? Where, what is that business and what can it become? Yeah, so that business is huge. So, to that point, just because this is I think is really important and a lot of people are missing this, like this Morningstar report just came out today and they're like, we have the business at $780 billion valuation. But it doesn't even talk about the AI compute business at all, which they just announced a $15 billion annual revenue deal with Anthropic. Okay, so just to put a five point on it, 2025 financials, 18.7 billion. Okay, and they had a $4.9 billion loss. That's 2025. If you put the Anthropic deal in there, which is all incremental revenue that drops right to the bottom line, it's 33.7 billion revenue and a $12.3 billion gain. They already have the data center. It's there. They built it already, right? So, to your point, Michael, they have a huge AI compute business. They're buying GPUs from Nvidia. They're standing up data centers and then they have that compute and now they've elected to start to sell that compute. Like AWS would do, or Google Cloud, or Microsoft, or the Shore. It's the same type of business, right? And then Musk is talking about putting data centers in space. That's just an extension on this business that they're already doing within Anthropic today, right? So, my numbers is, is if they expanded that to the full data center, they have this Colossus 1 and Colossus 2 in Nashville. That's like 30 billion in annual revenue. If they least all of it out to third parties, right? Like a core weave type business, right? That's 30 billion in annual revenue. That they already have built right now. So, they get to make the decision like, do we lease out this AI compute to third parties or do we use it ourselves for like XAI and to build our own models with GROC, which one generates more revenue for us? How is GROC doing? So, GROC is struggling, right? I would say, I think it's a fair assessment, but they're about to buy cursor. Do you know this company cursor? So, wait, hold on, who is purchasing the entity? Is it GROC or it does not really matter? Space X is gonna buy cursor, yeah, 60 billion. And that's gonna happen, the buzz is that's gonna happen 30 days after the IPO. So, GROC is what? So, GROC is an AI coding assistant for software developers. It's the equivalent to a cloud code or code X. Yes, right? So, that's literally like cursor is right up there, I would say on level with those two solutions. So, this is immediately gonna catapult XAI and Space X into a top two, top three positions.
in that space, which is, I could talk to you all afternoon about these AI coding solutions and everything, but that's gonna be pretty material for their business. - I am very excited to hear the first earnings call. What do you think are gonna be some of the biggest questions from analysts on that call? I mean, there's so many different areas. There's so many different technicals to this business. - Yeah, I mean, I would anticipate, this is gonna be like Tesla-like, I think, where analysts are gonna be like super focused on the practical, but Musk is always gonna be talking about like, you know, the future. - We're gonna mine resources off the moon or something, and they're gonna be like, wait, what are you talking about? Right, silly, I think that's probably in general how these earnings calls will go, but I do think the questions to answer your question, I think the questions will focus more on like, you know, how many subscribers do you have for Starlink, right? What other customers do you have in the pipeline, you know, for your AI compute like Anthropic? Also, too, they're building additional AI data centers, and SpaceX has an XAI. They have a unique competitive advantage. They're standing up these data centers faster than anybody else, right? They stood up one data center in 19 days, Jensen Wang, this CEO in a video, was like, they're doing things in 19 days that it takes other companies one year. - How is Elon uniquely able to do that? Across all of his companies, how is he able to move at a faster pace? And obviously, he's not the one building it, but it's his companies. He is the one outlier in whatever he's doing. He's just moving faster than everybody else. - Yeah, it's funny. You read the books and you hear the interviews right about the way that the guy operates. It just seems like he's in the weeds, which is amazing. So he's like talking with the actual people on the ground building out the data center, and then his whole day, multiple people have said this. His whole day just consists of finding the bottleneck and inserting himself and solving that bottleneck issue and unleashing it. So it seems like pretty flat organizations, and he's kind of a no-nonsense guy and just gets it done. And that's obviously proving good results 'cause it's consistent across the board on all his companies. They just deliver operational results. - I think people remember a lot of the failed IPOs. They think about meta basically bombing out the gate, just going straight down. Who knows what's gonna happen with SpaceX? I would have preferred for it to be public at a $500 billion valuation. We don't get to make a decision. It is what it is. But I think that it's worth paying attention to, obviously, it's a massive, massive story. I would suspect in this might age poorly, but I would be moderately surprised if this thing came public at whatever $400, and it was 158 years later. That would surprise me. - Yeah, I think time will tell what will happen with this early release schedule and whatnot, right, Michael? But I'm there with you. If anything, I think this, the dynamic of the early inclusion on the index and the early release schedule is gonna create, I think, a more orderly market. - I hope so. - Kind of post IPOs. So my thought is that my hope is that people kind of take a look at the company for what it is. To your point around the earnings reports, like it'll be the first time Musk will be able to get out there for the public markets and articulate what his vision is for the future and what other businesses might be coming down the pipe, right? And I think that will ultimately, people will look to that. I mean, anything that they do in spaces effectively and monopoly. - Aaron, this is great for advisors that want to find you and learn about your services. How can they do that? - Yes, so I would email me,
[email protected], right? You can also, we have YouTube page there. It's this week in pre-IPOs stocks, right? If you want to subscribe to the YouTube page. - All right, great stuff, man. I'm so excited to see what happens, how this shakes out. So I know you'll be there with us. Appreciate it coming out. - Appreciate you, man. Thank you for having me. Very good of you. Thank you. [BLANK_AUDIO]
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