00:00But I mean, look, we're talking about three of the core foundational pieces of the AI revolution.
00:05Anthropic, OpenAI, of course, SpaceX.
00:07But look, first to market, there's an advantage.
00:10It's important.
00:11And that's why this is going to be a continued sort of battle arms race between OpenAI and Anthropic.
00:18And that's essentially what investors are watching.
00:20Obviously, SpaceX, you know, very important, it's a watershed moment for the overall markets this week.
00:26But to get the popcorn out, I mean, let's just start.
00:30For our viewers on YouTube, I always try to figure out where in the world is Dan's eyes when we
00:34have him on via Zoom?
00:35Because it could be anywhere literally on the planet.
00:38He's joined us from Asia.
00:39I know.
00:39Everywhere.
00:40I don't know.
00:40In the middle of his night.
00:41Today, I can't figure it out.
00:42I think he's in a bunker somewhere like in the Pentagon.
00:45But Dan, talk to us about what's the feedback?
00:47Just got off the right eye.
00:49But I know what a better place to be than with you.
00:52Exactly.
00:53Appreciate that.
00:54Dan, we're day three of the roadshow for SpaceX.
00:57What's some of the feedback you're hearing from your institutional investor clients?
01:01Look, I think the big focus is just, is it a space play?
01:05Is it a data play?
01:07Right?
01:07I mean, I think that's really how investors overall are focused on SpaceX.
01:11Look, and I continue to believe, like, when it comes to SpaceX, it's much more around data and AI and
01:19the ecosystem.
01:20Then maybe just when you think about space and its first sort of phase.
01:25But what we're talking about, what's going to be a decade build out of space?
01:28And it's not just about SpaceX.
01:30It's about the broader sector that now investors are really starting to focus.
01:35You're now going to have a lot of institutional funds, not just tech retail.
01:40You're going to have a space analyst.
01:42Very well said.
01:44And I guess the question is, how do people value it going forward?
01:48Because there's different explanations for whether this is a rocket company, a data company, as you put it, or kind
01:54of a vertically integrated new technology company, which is kind of what Elon Musk is envisioning here.
02:00In the same way that Tesla started off as an electric vehicle company and has become a lot more.
02:06How are you anticipating Elon to kind of set the benchmark for how he's going to talk about the kinds
02:14of numbers that SpaceX can achieve?
02:16We got a sense of it through the IPO prospectus.
02:18But, you know, he's going to have to manage expectations quarter after quarter here.
02:23Yeah, no doubt.
02:24As well as what's on the horizon.
02:26Look, I think Tesla is a good blueprint because, look, if you go back, right, I mean, you know, when
02:33we came up here, many bet against Musk, Tesla, the numbers in terms of the near term, and then ultimately
02:38what's proven out to be novices that's really changed the world.
02:42I think to some extent, if you're buying SpaceX, you're buying Musk.
02:47I mean, you're buying into the Musk ecosystem.
02:49Now, the challenge and the opportunity is building that out, execution, step by step.
02:54But it's also our view, like in a year, has some merger, we've said over 80% chance between SpaceX
03:02and Tesla.
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