SpaceX IPO Exposed: Elon’s $28.5 Trillion AI Moonshot or Greatest Rug Pull in History?
In this episode of The Higher Standard, Chris and Saied dive headfirst into the wildest S-1 filing Wall Street may have ever seen: SpaceX, Starlink, XAI, Mars colonies, asteroid mining, lunar economies, data centers in space, and Elon Musk casually trying to justify a $28.5 trillion total addressable market like he’s ordering lunch. The guys break down whether this is a visionary master plan to make humanity multi-planetary or a beautifully packaged liquidity event with rockets, buzzwords, and enough “AI” mentions to make Nvidia blush. From the insane valuation math to the XAI gamble, the class structure, the retail investor risk, and the very real question of whether investors are buying a business or a sci-fi trilogy, this episode is classic THS: smart finance, sharp skepticism, and just enough chaos to make the moon feel underwritten.
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🔗 Resources:
Space Exploration Technologies - S-1 (SEC)
SpaceX IPO: Why the $2 Trillion Valuation Doesn't Add Up (Prof G Media)
Every is doing lazy SpaceX analysis (Atlas Berry via Instagram)
⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.
Transcript
The scuba.
Speaker B:Retro dance move.
Speaker A:Is it?
Speaker A:Yeah.
Speaker B:All right.
Speaker B:I don't know.
Speaker B:Okay.
Speaker A:Camp hop.
Speaker B:Old school camp hop.
Speaker B:Those light little petite Celsius.
Speaker A:Camp Celsius is.
Speaker B:The Celsius don't, like, make you feel weird?
Speaker A:What is that supposed to mean?
Speaker B:God damn it.
Speaker B:Look, it's not like the Celsius have, like.
Speaker A:Say what?
Speaker B:You know, they're called Celsius because they have a thermogenic effect.
Speaker B:Okay?
Speaker B:No.
Speaker A:Okay.
Speaker B:And for me, the thermogenic effect is not.
Speaker B:I'm making sure all the.
Speaker A:Red light, red light, red light, red light.
Speaker B:As long as these three are on, we're good.
Speaker B:Yeah?
Speaker A:Yeah.
Speaker B:Well, yeah.
Speaker A:So button out there, hit record.
Speaker B:Looks close enough.
Speaker B:All right, we'll find out after the show.
Speaker B:Welcome back to the number one financial.
Speaker A:Literacy podcast in the world, or ASMR podcast.
Speaker A:I'm your co host, Saeed Omar.
Speaker A:Sitting in front of me is my partner in crime, Chris Christopher Nahibi.
Speaker A:I'm just stealing it all.
Speaker A:I'm mixing it up.
Speaker A:You decide to mix it up on me?
Speaker A:Just so everyone knows, I have no idea what we're talking about tonight.
Speaker A:Zero.
Speaker B:That's not true.
Speaker B:You have an idea?
Speaker A:Well, you mean you literally told me 10 seconds ago.
Speaker B:Yeah.
Speaker B:Well, because I have a feeling that your natural reaction, given your financial history is going to be so meaningful.
Speaker B:Oh, wow.
Speaker B:That.
Speaker B:That I don't need to prep you for it because, you know, enough finance to go.
Speaker B:What the hell?
Speaker A:What in the actual.
Speaker B:Yeah, it's going to be.
Speaker B:It's going to be a little bit.
Speaker B:It's gonna be a little bit nutty.
Speaker A:Nice.
Speaker A:You got new Tom Ford eyeglasses?
Speaker B:No, I've had.
Speaker B:These are my oldest pair.
Speaker B:Oh, okay.
Speaker B:Yeah, just a.
Speaker B:Usually lopsided on my face.
Speaker A:I was gonna say they look clean.
Speaker B:Classic.
Speaker B:I actually wore these last show, too.
Speaker B:Do you not look at my face?
Speaker B:No.
Speaker B:The guy who doesn't like my face, my partner in time, the one and only Saeed Omar.
Speaker A:Thank you, my man.
Speaker A:And sitting behind the desk in the production suite.
Speaker B:Yeah.
Speaker A:Furloughed yet again.
Speaker B:For the record.
Speaker B:You furloughed this?
Speaker A:I wasn't able to make the accommodation.
Speaker A:Regil thought fighting Fijian Regio Slim.
Speaker A:I do love you.
Speaker A:I apologize.
Speaker B:Yeah, you should apologize.
Speaker A:I do.
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Speaker A:So you're welcome, by the way.
Speaker A:For the people that have gone over and actually tried it.
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Speaker B:I don't like this magnanimous version of you tonight.
Speaker B:Okay.
Speaker B:It's very, you know, you might want to pull it back a little bit.
Speaker B:Yeah, just a little.
Speaker B:Little sassy.
Speaker A:Sassy.
Speaker B:Yeah.
Speaker B:Just.
Speaker B:Just saying.
Speaker A:All right, fine.
Speaker B:Okay.
Speaker B:So we all know that Tesla is going public.
Speaker A:Tesla is already public.
Speaker B:I'm sorry.
Speaker A:SpaceX.
Speaker A:You're so excited.
Speaker B:Yeah, I've had a lot of caffeine.
Speaker B:So SpaceX is going public.
Speaker A:And.
Speaker B:And there's been some things that have led up to this that have been really interesting to follow.
Speaker B:Most notably that XAI was brought into the fold.
Speaker B:And xai, the AI platform that Elon Musk is associated with, is now part of this company, which is going public.
Speaker A:So how is he associated with xai?
Speaker B:It's his.
Speaker B:It's his AI company.
Speaker A:That's his AI company.
Speaker B:And so for the storied history.
Speaker B:And all of this is going to come together and kind of congeal as the story progresses.
Speaker B:So he brought XAI into the fold of SpaceX, which was originally supposed to go public on its own, as, you know, kind of throwing this in there.
Speaker B:But then you think about it in the context of.
Speaker B:Wait a minute, this is a rocket company.
Speaker B:That's what's sending up satellites presumptively for his own communications grid vis a vis.
Speaker B:What's the name of the company again?
Speaker B:I'm blanking again on that name.
Speaker A:SpaceX.
Speaker B:No, not the other one.
Speaker A:Xaa.
Speaker B:Starlink.
Speaker A:Starlink.
Speaker B:Oh, yeah.
Speaker B:There's a lot of companies in my head right now.
Speaker A:Yeah.
Speaker B:So presumptively to launch Starlink up there.
Speaker B:So Starlink in SpaceX.
Speaker B:And then now Xai is part of this.
Speaker B:And you go, okay, are all these companies together?
Speaker B:Especially the AI piece being thrown in there last minute.
Speaker B:Well, it all makes sense after reading the S1.
Speaker A:What is an S1?
Speaker B:The S1 is the initial filing before you go public for the initial public offering, the IPO.
Speaker B:And the S1 is publicly available.
Speaker B:They're typically available in HTML format as opposed to PDF, because you can kind of click through and see different things.
Speaker B:And I've read a lot of these over the years.
Speaker B:Every major IPO in the last couple of years I've read, none of which have been this long.
Speaker B:And we'll get into some of the characteristics here.
Speaker B:Professor G. On his podcast did cover some of this, but I went much deeper on some level than I like him.
Speaker A:Investing simplified show.
Speaker B:Yeah.
Speaker B:But his show has actually done pretty well as of late and it's, it's.
Speaker B:He's continuing to make a name for himself in this, in the space.
Speaker B:I hope that he continues to do so.
Speaker B:Yeah, you know, yeah, I like him.
Speaker B:I don't believe I'm, I don't know all of his views, but on this one it was really interesting to see his take on it.
Speaker B:Um, but more importantly, I also took an, an open minded approach to, to like, from a banker's perspective.
Speaker B:Does this make sense?
Speaker B:And one of the things that you had to know as kind of a primer leading into this is that Elon Musk was on the board of OpenAI and he left the board of OpenAI.
Speaker B:His, one of the, one of the, the mothers of his children is on the board of OpenAI during this time, which was supposed to be nonprofit and converted to a for profit company.
Speaker B:Elon Musk subsequently sued, didn't get his, didn't get his victory in court and that kind of went by the wayside.
Speaker B:But that is something to keep in mind as we go through this narrative.
Speaker B:There, there is a.
Speaker A:He's known to be a little petty.
Speaker B:I don't know that it was petty, but certainly there is a reason he did not want a meaningful competitor out there.
Speaker B:And I, I don't know if this is it and I don't know if it's really that he wanted it to be a nonprofit, but I will say for somebody who wanted OpenAI to be nonprofit in a relatively open architecture, he certainly plans to make a whole hell of a lot of money off of AI.
Speaker A:Oh yeah, yeah, yeah, of course.
Speaker B:So we've been covering a lot on this show in recent weeks.
Speaker B:AI and I had no intentions of this being an AI focused show, but.
Speaker B:Well, if you go through the S1 filing which I'm going to bring up here on the screen, this is what it looks like.
Speaker B:It's a form S1.
Speaker B:You can find this publicly.
Speaker B:Just look up Space Exploration technologies Corp. Or SpaceX Form S1.
Speaker B:It'll come up, it'll be the first link.
Speaker B:Click on it.
Speaker B:You'll get the SEC form first page and then you get into the SpaceX page.
Speaker B:It is not normally black like this.
Speaker B:It's pretty cool that it's black though.
Speaker A:Yeah.
Speaker B:But there are some interesting things to, to go over before I get into this.
Speaker B:Okay.
Speaker B:So normally you don't have a lot of pictures this is more like a.
Speaker B:Hey, here's our balance sheet.
Speaker B:Here's our income statement document.
Speaker B:On this one.
Speaker B:It's 277 pages long.
Speaker B:It is longer than the Great Gatsby.
Speaker B:It is longer than the Catcher in the Rye.
Speaker A:Wow.
Speaker B:It's long.
Speaker A:It's long.
Speaker B:And it's not long because, I mean,.
Speaker A:On average, how long would these be?
Speaker B:I mean, on average, I would say less than half.
Speaker A:Wow.
Speaker B:I mean, this is.
Speaker B:And it reads like a fiction novel.
Speaker A:Okay.
Speaker A:Do you think any of this is because this is like an aerospace company?
Speaker B:No, I think because of some of the ambitions that we're going to get into during this show are so lofty, you kind of need to explain yourself.
Speaker A:Okay.
Speaker B:I mean, it just.
Speaker B:Okay, okay, okay.
Speaker B:Yeah, it's a lot.
Speaker A:How did you get there?
Speaker A:Okay, got it.
Speaker B:So courtesy again, some of this, courtesy of Professor G's podcast, some of this courtesy some other places, and a lot.
Speaker B:A lot of this is from my reading.
Speaker B:So AI is mentioned 1,251 times in this document.
Speaker B:Okay.
Speaker B:And to give you an idea, that's more times than the word Jesus is mentioned in the Bible.
Speaker B:Okay.
Speaker B:Did you.
Speaker A:Did you come up with that?
Speaker A:Did you find that?
Speaker B:No, I think that's.
Speaker B:Professor G. I was gonna say that's pretty freaking good.
Speaker B:Yeah, that's good.
Speaker B:It's good.
Speaker B:First principles mentioned 27 times.
Speaker B:Light of consciousness mentioned 10 times.
Speaker B:These are big.
Speaker A:Yeah.
Speaker B:You know, never ending story.
Speaker B:Like.
Speaker B:Right.
Speaker B:You know, vocabulary.
Speaker B:Right.
Speaker B:So there's a whole stock structure here that nobody's really gotten into, that I'm gonna spend some time.
Speaker B:But I thought the best way to start this show off is to get into the mission statement.
Speaker A:Okay.
Speaker B:In order to get there, though.
Speaker B:Wow.
Speaker B:You've got to go through 18 pictures of rockets.
Speaker A:Because rockets are cool, man.
Speaker B:One,.
Speaker A:Two,.
Speaker B:Three.
Speaker B:I can go on.
Speaker A:I mean, I'll be honest.
Speaker B:I'm not mad.
Speaker B:These are pretty dope ass pictures.
Speaker B:I'm not mad at it.
Speaker B:If you're going through an S1, are you just reading a. Yeah.
Speaker B:And you get 18 pictures of cool shit before you get in the story.
Speaker B:It kind of hypes you up.
Speaker A:You gotta sell the story.
Speaker B:He's selling it.
Speaker A:Yeah.
Speaker B:There's a common theme.
Speaker A:He understands people need pictures.
Speaker B:This is an initial public offering.
Speaker B:Okay, kid?
Speaker B:This is supposed to be to offer stock, right?
Speaker B:Rockets and stars, baby.
Speaker A:That's it.
Speaker A:It's all you need to know.
Speaker B:And there's a little bit of highlight data in some of this stuff.
Speaker B:And, you know, you look at some of the pages, you're like, oh wow.
Speaker B:AI activated.
Speaker B:20, 23.
Speaker B:Woo.
Speaker B:Activated sounds key goes through some of the data here.
Speaker B:All this data is actually in the written, written report.
Speaker B:Our mission.
Speaker B:Don't worry, we'll get there.
Speaker B:More rockets.
Speaker B:Still scrolling through rockets.
Speaker B:For those of you not watching the video show here, lots of rockets.
Speaker B:More rockets.
Speaker B:Still scrolling.
Speaker A:Oh yeah, that looks like an everyday person.
Speaker B:Yeah, everyday person in with an iPhone, clearly.
Speaker B:Space station.
Speaker B:Yeah.
Speaker A:Shout out to the homies at Samsung.
Speaker B:Yeah.
Speaker B:Doing their thing.
Speaker B:More rockets.
Speaker B:Rockets on the ground.
Speaker B:Rockets in the sky.
Speaker B:Rockets from space.
Speaker B:Rocket above earth.
Speaker A:Is that a rocket?
Speaker A:That kind of looks like a data center or something.
Speaker B:Rock good, good eye.
Speaker B:There's going to be that conversation here as well.
Speaker B:Okay.
Speaker B:People looking at rockets going into space.
Speaker A:Yeah, yeah.
Speaker B:Bottom of a rocket.
Speaker B:Thrusters from a rocket.
Speaker B:Rocket in the clouds.
Speaker B:Rocket by itself in the sky.
Speaker B:Rocket lifting off from a platform.
Speaker B:We notice in common themes here.
Speaker A:Yeah, yeah, yeah, yeah.
Speaker B:It is based.
Speaker B:Oh hey, table of content.
Speaker B:18 Pages later.
Speaker A:Yeah, hopefully you're listening to us on Apple or Spotify where there's a video component so you could follow along.
Speaker A:But if you haven't, make your way over to the YouTube channel later.
Speaker B:Eighteen pages.
Speaker B:All right, so typically speaking, you get some general information, you get basis of presentation, all that fun stuff.
Speaker B:Some of this is boilerplate industry and market data.
Speaker B:They're going to give you a bunch of stuff.
Speaker B:But the meat and potatoes kids, comes after the table of contents, the trademarks, the glossary of terms, all that fun stuff.
Speaker B:You get into the mission statement.
Speaker B:And let me tell you right now, the mission statement, well it does not disappoint our satellite names.
Speaker B:They go through naming architecture.
Speaker B:Oh, hey, another photo of a rocket.
Speaker A:In case you missed the other ones.
Speaker B:Yeah.
Speaker B:Prospectus summary.
Speaker B:Our mission.
Speaker B:Are you ready?
Speaker B:I'm going to skip Elon Musk's opening statement.
Speaker B:This is their mission.
Speaker B:Our mission, if you're ready for it, is to build the systems and technologies necessary to make life multi planetary.
Speaker B:Yeah, raising eyebrows yet?
Speaker B:Oh, we haven't finished the first sentence.
Speaker A:Yeah, this is why he's always rocking that Mars T shirt.
Speaker A:Okay, here we go.
Speaker B:To understand the true nature of the universe and to extend the light of consciousness to the stars.
Speaker B:To do this, we have formed the most ambitious vertically integrated innovation engine on and off earth with unmatched capabilities to rapidly manufacture and launch space based communications that connect the world, to harness the sun to power a truth seeking artificial intelligence that advances scientific discovery and ultimately to build a base on the moon and cities on other planets.
Speaker A:Who's going to deny wanting that?
Speaker B:How?
Speaker A:I mean, that is.
Speaker A:That doesn't feel like that's going to happen tomorrow.
Speaker A:But he can.
Speaker B:He can.
Speaker A:He'll sell you a story and tell you how it'll happen within the next five to ten years.
Speaker B:Look, I. I am not saying that this is not something that he wants.
Speaker B:I am not saying that this is not something that humanity needs.
Speaker B:I am just saying this shit gets real weird real quick.
Speaker A:Yeah.
Speaker A:And how many or how much of our government dollars are going to be going towards this is what I want to know.
Speaker B:There isn't a whole lot about that in this, believe it or not.
Speaker A:Okay.
Speaker A:Like securing government contracts.
Speaker B:There isn't a whole lot about that.
Speaker B:So in order to get into the next portion of this, I need to talk to you about something called tam.
Speaker A:Okay.
Speaker B:Are you familiar with tam?
Speaker B:No, I'm not over the course in venture capital, there is always some type of metric that they're looking at that's usually du jour, or the sexy word of the year, if you will.
Speaker B:Right.
Speaker A:Okay.
Speaker B:And TAM is that venture capital word.
Speaker B:Now, in previous years, they were looking at, you know, other.
Speaker B:Other metrics to track you, but TAM is the one that everybody's using right now.
Speaker B:Total addressable market, or abbreviated tam.
Speaker B:Oh, I like that.
Speaker B:Okay.
Speaker B:Okay.
Speaker A:Which equals the total number of potential customers times the average annual revenue per customer.
Speaker B:You're trying to figure out how big your market is, Right?
Speaker B:Your total addressable market.
Speaker A:Like your market share.
Speaker B:Right.
Speaker B:Your market share is how many customers are out there who want your product and how much they're willing to spend for it.
Speaker B:Yep.
Speaker B:Very simple.
Speaker B:But inside, TAM is sam.
Speaker B:Oh, good, there you go.
Speaker B:Serviceable Available Market.
Speaker B:How many people can you service at all from the total market?
Speaker A:Valid question, because I can tell you right now, we weren't able to get Starlink here.
Speaker B:Not for a long time.
Speaker B:No, we didn't, because we got fiber off the cable.
Speaker B:Yeah, this bad boy never goes down.
Speaker A:Couldn't service us here.
Speaker A:So.
Speaker A:Yeah, valid question.
Speaker B:Okay, so just like tam, Serviceable Available Market, or sam, total number of potential customers times percentage of.
Speaker B:Percentage of customers that can be realistically served times average annual revenue per customer.
Speaker B:So it's basically your total addressable market times the percentage you can actually get.
Speaker A:So how.
Speaker A:Okay, and we'll go on to the next one.
Speaker B:From there is psalm some tam, sam, som Serviceable Obtainable Market.
Speaker B:So of the total addressable market of clients and customers out there that are willing to pay a certain dollar amount Right.
Speaker B:The percentage you were able to service, how many of them are you able to obtain?
Speaker B:Right, right, right.
Speaker B:That's a big difference.
Speaker B:Now, of course it's the same calculation, but you're going to multiply a percentage that you think you can actually capture.
Speaker A:Okay?
Speaker B:And that is the venture capital buzzword, TAM baby.
Speaker B:The top line, how big is that market?
Speaker B:Because everything else is a, is a percentage of that big ass number at the top.
Speaker B:The Tam Tam baby.
Speaker B:Right.
Speaker A:So who, who are SpaceX's customers?
Speaker B:That's right.
Speaker B:Now that's a simple question, but it leads to such a complex problem.
Speaker B:SpaceX's customers before when it was just a rocket company, were people who wanted to use rockets to get shit into space.
Speaker A:Yeah.
Speaker B:Pretty simple conversation.
Speaker A:That's a finite number of people.
Speaker B:But then you add in Starlink and you go, okay, people who want to shoot shit up in space and people who want to be able to download stuff on Earth.
Speaker A:Yeah, I need that, I need that.
Speaker A:Yeah, I need, I need to have access to the Internet from anywhere in the world.
Speaker B:So your TAM got bigger, but then in the last minute they go, wait a minute, we're gonna add xai, our AI platform, to this.
Speaker B:And what do you think that does to uncle tam?
Speaker A:Multiplies it.
Speaker A:Uncle TAM multiplies it.
Speaker B:Yeah, it multiplies it a lot.
Speaker B:By a lot.
Speaker B:Yeah, and I'm glad, I'm glad you think it's a lot said because I'm about to show you how much TAM money we're talking about.
Speaker A:How much TAM money.
Speaker A:Yeah.
Speaker B:This is actually a chart from their document.
Speaker A:Now S1.
Speaker B:Yeah, their S1.
Speaker B:Okay.
Speaker B:Space.
Speaker B:Okay, well here, let me back it up here.
Speaker B:Their total addressable market, their TAM is $28.5 trillion.
Speaker B:That's the biggest TAM in the room, kids.
Speaker B:That's.
Speaker A:Yeah, yeah, you're not finding bigger tam.
Speaker B:Now, unfortunately, that number breaks down a little weird.
Speaker B:Okay, so according to their own presentation, this is a chart from their.
Speaker B:And by the way, if you, if you're claiming to have one of the best AIs in the world.
Speaker B:Okay.
Speaker B:You can't just shoehorn 18 pictures to the top of your S1.
Speaker B:And this black and white, really simple looking chart, you got to sex it up a little bit.
Speaker A:Yeah, there's.
Speaker A:Yeah, because I'll tell you right now, there's looks like to be a major drop off.
Speaker B:Yeah, no, no, this is actually not what you think it is.
Speaker A:Okay.
Speaker B:Yeah.
Speaker B:Okay, Think of this as well, it's gonna be a little bit unsatisfying at the end.
Speaker A:Okay.
Speaker B:All right, so space, space enabled solutions represent $370 billion.
Speaker B:A big number, but not when you consider it against $28.5 trillion.
Speaker B:So space enabled solutions shooting shit up in space is about $370 billion of the TAM market.
Speaker B:Right.
Speaker B:Connectivity, Starlink Broadband and Starlink Mobile combined to form $1.6 trillion.
Speaker B:Together the two of these are about $2 trillion of TAM total addressable market.
Speaker B:Right.
Speaker B:Wait a minute.
Speaker B:AI infrastructure, consumer subscriptions, digital advertising, and then enterprise applications, all under the AI umbrella represent $26.5 trillion of TAM.
Speaker B:God damn it.
Speaker B:Damn.
Speaker B:So I've got a whole bunch of cliche TAM comments.
Speaker B:They're all coming.
Speaker B:I prepped hard for this.
Speaker A:Yeah, Right.
Speaker B:But more Importantly, of the $28.5 trillion of total addressable market, which is the sexy thing that all these VCs are looking at, 26.5 trillion comes from Xai.
Speaker B:It isn't even one of the leading AI platforms out there.
Speaker B:It's not anthropic, it's not open AI.
Speaker B:You can see why he has beef with OpenAI.
Speaker B:Right.
Speaker B:If OpenAI is a for profit company, that means hit $26.5 trillion of his $28.5 trillion TAM.
Speaker A:Yeah.
Speaker B:Is significantly impacted.
Speaker B:Yep.
Speaker A:By.
Speaker A:By their operations.
Speaker A:Yeah.
Speaker A:Does it go into at all?
Speaker A:Why so many other enterprises are going to need to rely on them.
Speaker B:And you've caught on to a very important detail here.
Speaker B:Now, under the $26.5 trillion of AI total accessible market, 22.7 is enterprise applications.
Speaker B:Yeah.
Speaker B:Companies.
Speaker A:Yeah.
Speaker B:Other companies accessing X's AI that are.
Speaker A:Going to need this to rely on whatever it is that they want to do.
Speaker B:Now, we all seen the ancestral nature of how AI companies are saying, if you give me this, I'll give you that, and so on and so forth.
Speaker B:We've done shows, we've talked about Nvidia and Microsoft and everybody having all got.
Speaker A:Money, invest in one another, propping each other up.
Speaker B:Yeah.
Speaker B:There's a lot of hands in a lot of people's cookie jars.
Speaker A:A lot of reach rounds.
Speaker B:Basically polygamy for AI.
Speaker B:Right?
Speaker B:Right.
Speaker A:Yeah.
Speaker B:Everybody's got pineapples in their doors.
Speaker B:Nobody knows what's going on anymore.
Speaker B:Everybody.
Speaker B:Who are you?
Speaker B:What is this?
Speaker B:Okay, who touch this, touch that, Grab this.
Speaker B:Right.
Speaker B:Cookies everywhere.
Speaker A:Everyone.
Speaker B:Nobody knows.
Speaker A:No do not disturb signs.
Speaker B:But you know what?
Speaker B:Everybody looks happy.
Speaker B:Right.
Speaker B:Until one person gets the std.
Speaker A:And then who's gonna get that std?
Speaker B:I don't know.
Speaker B:But let me tell you, the whole group Gets it too.
Speaker A:Why do I feel like it's going to be Oracle?
Speaker B:It might be Oracle.
Speaker A:Something tells me you horse.
Speaker A:It feels like it.
Speaker B:Cloud horse.
Speaker B:So that being said, this proposes a big problem, but it clearly, if you were to just to cut out just the X a piece of this, you have a $2 trillion TAM, literally 1/10 the size and your valuation would probably be about 1/10 the size.
Speaker B:Right, Right.
Speaker B:So this is where everyone's going to look at the market.
Speaker B:I'm going to give you a positive spin on all this at the end.
Speaker B:Okay.
Speaker B:So I don't want you to think this is all Chris talking all the smack.
Speaker B:There's going to be a positive spin at the end.
Speaker B:I don't necessarily buy the positivity and I'm an Elon Musk fan, like I support.
Speaker B:But this, this, this is a bit on the extreme side.
Speaker A:Yeah.
Speaker A:Because where I'm going with this, and maybe we can get into it later right now is he's got all these companies that are all successful on their own, right.
Speaker A:By, by anyone else's measure of success, they're successful.
Speaker B:Yeah.
Speaker A:But for him, not enough.
Speaker A:Clearly doing this and painting a picture why all of them are gonna, are going to be coming together.
Speaker B:Right.
Speaker A:And if it doesn't and if it flops, does that hurt, hurt any of the, any of them individually?
Speaker B:Well, I would argue that SpaceX and Starlink have already operating together.
Speaker B:Right.
Speaker B:So really you only took Xai and you rolled it in here.
Speaker A:Yeah.
Speaker B:But is X AI profitable?
Speaker B:Well, we're going to get into that.
Speaker B:So I think there are some fundamental challenges with this that we probably should talk about.
Speaker B:But before we do that, I am going to read some interesting pieces to you that I think are valuable.
Speaker B:Right, okay.
Speaker B:Of course they go into unparalleled launch capabilities.
Speaker B:Why this matters now, and all sorts of fun stuff here.
Speaker A:That's really them selling you on the story.
Speaker B:Yeah.
Speaker B:There's an overview.
Speaker B:Right.
Speaker B:They go into space connectivity.
Speaker B: t imagine, is long, hence the: Speaker B:Now, you ready for this?
Speaker A:I love this.
Speaker A:I already started reading it.
Speaker B:For the entirety of its existence, human civilization has lived on a single celestial body.
Speaker B:Earth.
Speaker B:Yeah.
Speaker B:The current paradigm in which human civilization is confined to one planet, exposes humanity to existential threats that are unpredictable and uncontrollable on a planetary scale.
Speaker B:By moving beyond the only home we have ever known, we ensure species level redundancy.
Speaker B:And that the light of consciousness there it is Again will not be tied to a single planet subject to the inevitable hazards of, of a harsh and vast universe.
Speaker B:We do not want humans to have the same fate as dinosaurs.
Speaker B:We want to give them a reason to look ahead with excitement, with the prospect that we are entering an age of abundance, with an endless prosper, endlessly prosperous and exciting future.
Speaker B:Wow.
Speaker B:Damn.
Speaker A:Yeah, you're really selling me there, chief.
Speaker B:I mean it get, it gets in here.
Speaker B:It talks about tantalizing stuff, it talks about unparalleled launch capabilities and it goes on and on about the rockets.
Speaker B:Falcon 9, Falcon Heavy, Dragon Starship.
Speaker B:Now look, it is pretty clear that they've made significant improvements.
Speaker B:If you look at the stars, their, their starship engines and some of the stuff that the rockets from where they started to where they got.
Speaker B:And there's actually a picture in this that I think is really fascinating.
Speaker B:Let me see if I can find it real quick here.
Speaker B:Actually the page six is when I want to read it here, but there, there's some interesting stuff here about what they plan to do.
Speaker B:So.
Speaker B:Enterprise solutions.
Speaker B:You asked question on earlier.
Speaker B:Here it is.
Speaker B:Right.
Speaker B:SpaceX is a critical partner to a wide array of, of enterprises.
Speaker B:We offer Starlink's high speed, low latency, reliable Internet services to enterprise customers across industries including construction, agriculture, retail, telecom, hospitality, aviation, maritime and land mobility.
Speaker B:Starlink's unique capabilities are well suited for deployment across field offices.
Speaker B:So I think they're going to take that Starlink capability and cross it over as a cross sell opportunity with their AI to a lot of these government agencies that are relying on them.
Speaker B:Right?
Speaker B:Hey, you want our AI because you're using our satellite?
Speaker A:Yeah, yeah, exactly.
Speaker B:And there's probably going to be some like, efficiency play as part of that narrative.
Speaker B:And they clearly have the, the only satellite system in the world.
Speaker B:Right.
Speaker B:So I think, I think that's where a lot of this AI infrastructure argument comes from.
Speaker B:But it gets, it gets pretty, pretty crazy as you go down this page here.
Speaker B:So our engineering first culture is documented here and you start going through and start reading all the stuff here and it goes into our strengths, our growth strategies and how they're going to grow this stuff.
Speaker B:Ready?
Speaker A:I'm locked in.
Speaker B:I'm locked in.
Speaker A:All right.
Speaker B:Locked in.
Speaker B:Global leadership in orbital launch services.
Speaker B:I think that's a fair statement, that's a strength.
Speaker B:Okay.
Speaker B:We're going to start off in fair and reasonable and measured.
Speaker B:We're going to go to actually what the fuck at the end, okay.
Speaker B:Unrivaled satellite connectivity platform across design, manufacturing, deployment and Operations.
Speaker B:I can't argue with that.
Speaker B:Right.
Speaker B:The next ones were, I'm like, okay, wait a minute.
Speaker B:Truth seeking AI model enhanced by real time data.
Speaker B:Okay, what is a truth seeking AI model?
Speaker A:Right.
Speaker A:Exactly.
Speaker A:What do you think it means?
Speaker B:I mean, I get that he wants this truth and openness to communications and that's what X is supposed to be about.
Speaker B:At least that portion of this.
Speaker A:Okay.
Speaker B:And XAI is, I'm assuming is like some kind of tangent like offshoot of.
Speaker B:I want the same transparency in communication, but at the same time.
Speaker B:Like what part of what you're doing makes it truth seeking?
Speaker A:Right, that's my whole point.
Speaker A:I don't know anyone that's using an AI model for truth.
Speaker A:They're using it as a tool to help build but not seeking truth.
Speaker B:Right.
Speaker B:It just seems like, almost like a biblical like, like.
Speaker A:Right, right, you know.
Speaker A:Yeah, yeah.
Speaker B:I'm not, I'm not, I'm not dissing it.
Speaker B:I'm just saying I don't fully understand it.
Speaker B:Right.
Speaker B:And if you're using words that I don't understand, I'm taking it as an insult, dog.
Speaker A:I'm taking as disrespect.
Speaker A:Watch your mouth and help me with the sale.
Speaker A:In case somebody caught on.
Speaker B:All right, so extreme vertical integration enabling high velocity and superior cost efficiency at scale.
Speaker B:Okay, that's a lot of buzzwords.
Speaker B:Unique ability to scale new trillion dollar markets across space, connectivity and AI.
Speaker B:Okay, well I would say unique ability to scale multi trillion dollar markets is remains to be seen.
Speaker B:But certainly in the billion dollar markets we could have left with a billion, but you had.
Speaker B:Why stop?
Speaker B:Why stop there?
Speaker A:Unique ability.
Speaker A:Yeah, I mean, speak your truth, dog.
Speaker B:You know what I mean?
Speaker B:Like I'm not here to disrespect anybody.
Speaker B:Business models that are incredibly difficult to replicate.
Speaker B:Okay.
Speaker A:Facts.
Speaker A:Yeah.
Speaker A:Nobody else can do this, right?
Speaker B:Yeah, I don't, Pretty sure no one's.
Speaker A:Nobody's vibe coding their way to do this.
Speaker B:Yeah, we're way out to the vibe.
Speaker B:Mission driven culture and world class talent.
Speaker B:Okay.
Speaker B:I'll give you that one too.
Speaker B:And he, Elon Musk does have an incredible ability, innate ability to attract some of the best talent in the world.
Speaker B:Right.
Speaker B:You go work for Elon Musk in a high enough position.
Speaker A:Feels.
Speaker A:It feels a little cult like.
Speaker A:But people, people have bought into the.
Speaker B:If you're the mission, if you're going to be doing this kind of work, you've got to have cult like buy in.
Speaker B:I don't, I don't, I don't hate that.
Speaker B:Right.
Speaker B:Like, you got to have people who believe in you.
Speaker B:Almost like a Maasai in order to be interplanetary.
Speaker B:Bro, like, I'm just.
Speaker B:That's what it is, right?
Speaker B:Okay, again, I'm not.
Speaker B:I don't.
Speaker B:I'm not like, co signing him.
Speaker B:I'm just saying, like, that doesn't surprise me, given the way we are tribal as a species.
Speaker B:Okay, so other growth strategies.
Speaker B:You ready?
Speaker A:Increase launch payload capacity.
Speaker B:Fair.
Speaker B:Fair requirement.
Speaker B:And they've done that rocket after rocket.
Speaker B:Right.
Speaker B:Okay, that seems reasonable.
Speaker B:That's a fair statement.
Speaker B:That's something you put into a prospectus.
Speaker B:Maybe a little more specificity, but okay.
Speaker A:Yeah.
Speaker A:We're going to be launching way more than we have been at a much faster cadence.
Speaker B:Okay, ready for number two?
Speaker B:Go for it.
Speaker A:Establish a lunar economy, including cargo, transport, manufacturing, and energy production on the moon.
Speaker B:I'm sorry, what?
Speaker B:Doc, why?
Speaker B:Because there is a.
Speaker B:There is a scale.
Speaker A:It didn't say they wanted to build a city on the moon, but what did it say that it wants?
Speaker B:No, no, it goes to that eventually.
Speaker B:You're not there yet.
Speaker B:Pace yourself.
Speaker B:Dog yourself, bro.
Speaker B:We're going.
Speaker B:Why?
Speaker B:Huh?
Speaker B:You want the theory?
Speaker A:Yeah, I want to know the theory.
Speaker B:Why?
Speaker A:Why do we need this?
Speaker B:The theory is that 98 of the sun, a star, our closest stars, energy is not being used by humanity right now.
Speaker B:It's being wasted because we cannot harness it.
Speaker A:Yeah.
Speaker B:And the most efficient and renewable resource that we have currently is the star's energy.
Speaker B:And that once you can power your society with stars, you've reached the next level of civilization, a type 2 civilization.
Speaker B:Okay.
Speaker B:Which enables interstellar travel and all that stuff.
Speaker B:So there's a whole paradox here of things to think about that, that are.
Speaker B:That are important to.
Speaker B:To give here, but it comes down to something called the Kardashev type 2 status.
Speaker B:You ever heard of this?
Speaker A:No, I haven't.
Speaker B:All right.
Speaker B:To establish as the company plans to advance humanity to Kardashev type 2 status, which is defined in the documents as a civilization civilization that harnesses the full energy output of its local star.
Speaker B:Wow.
Speaker B:Yeah.
Speaker B:So you have.
Speaker B:In order for him to be there.
Speaker B:And this is the stuff of, like, Star Trek and Star Wars.
Speaker B:I mean, this is all that theoretical stuff, right?
Speaker B:Okay, so he's suggesting step one is to get to the moon and step two is to get to Mars.
Speaker B:And little spoiler alert here.
Speaker B:In order for Elon Musk to get the $7.5 trillion pay package, everyone's like, oh, my God.
Speaker B:Oh my.
Speaker B:You know what?
Speaker A:He's got to do what he got to do.
Speaker B:He has got to get 100 humans to volunteer.
Speaker B:I'm sorry.
Speaker B:I'm sorry.
Speaker B:No, that's.
Speaker B:That's a lie.
Speaker B:A million humans to volunteer.
Speaker B:That's right.
Speaker B:A million to volunteer to establish a colony on Mars and then put them on Mars and then actually go through with it.
Speaker B:Yeah.
Speaker B:Then you're entitled to your $7.5 trillion pay package.
Speaker A:And he thinks he could do that.
Speaker B:And people were upset that he was gonna get a $7.5 trillion pay package.
Speaker A:Yeah, I'm be honest.
Speaker B:If you could do that.
Speaker B:If you could do that, you kind of.
Speaker A:You kind of deserves 7.5.
Speaker A:Right, right.
Speaker A:Yeah, exactly.
Speaker B:Have not been there ever.
Speaker B:No human has ever touched one of those people.
Speaker A:Going to be Matt David.
Speaker B:Yeah, might be.
Speaker B:So this goes into connectivity, AI future markets is where it gets fun, though.
Speaker B:You ready?
Speaker B:Point to point terrestrial travel.
Speaker B:Because why not aim high, kids.
Speaker B:We're going to go from here to another terrestrial body presumptively, the moon.
Speaker B:Point to point.
Speaker B:Yeah.
Speaker A:You know what?
Speaker A:This kind of feels like this.
Speaker A:It's also starting to feel like that he's putting all this down on paper as like even if this is impossible, but down the road, hundreds and hundreds and thousands of years from now, it'll be documented that he was the first one to put it down as the leading mind in this field.
Speaker B:Right.
Speaker A:But again, he saw the vision.
Speaker B:But here's my problem with that, okay?
Speaker B:You are taking this public now, okay?
Speaker B:And you're taking 30% retail money on an IPO.
Speaker B:Typically it's around 10%.
Speaker B:So you got a lot of retail involved here, all right?
Speaker B:And 26, $27 trillion of what you're saying, your total addressable market is, is related to AI, but your future markets, point one is point to point terrestrial travel.
Speaker B:That's not AI.
Speaker B:Maybe I helps you get there.
Speaker B:Maybe it's the infrastructure.
Speaker B:Okay, fine.
Speaker B:Right.
Speaker B:But again, not your biggest selling point right now.
Speaker A:Right.
Speaker B:This is your smallest market.
Speaker A:Exactly right, yeah.
Speaker B:Number two, because why wouldn't you want space tourism?
Speaker B:Space tourism.
Speaker B:That.
Speaker B:That's your future market.
Speaker B:Space tourism.
Speaker B:These are future total addressable markets.
Speaker A:Do you think any of this feels like, given where we are in the economy right now with just the market as a whole and where things could be going with a potential AI bubble bursting, that he feels that this time is of the essence to get this.
Speaker B:Out now, A hundred percent if you.
Speaker B:If you want the not.
Speaker A:It doesn't feel like to me that Xai is where it should be.
Speaker A:In order to incorporate it into this.
Speaker B:Not at all.
Speaker A:Right, so it does feel like a bit rushed.
Speaker A:Well, that makes sense.
Speaker B:I'll give you a great example.
Speaker B:When Uber and Lyft went to market, there was two different things that happened.
Speaker B:Uber did not have a, a peer that went public like that.
Speaker B:So the sky was the limit for your potential because nobody knew where to cap you.
Speaker B:There wasn't a, A similarly situated company that took another rideshare service.
Speaker B:There wasn't a comp.
Speaker B:There wasn't a comparable trade.
Speaker A:Yeah, yeah.
Speaker B:If he gets to market before OpenAI, before Anthropic, he can in theory set the comparable trade.
Speaker B:Right.
Speaker A:And if you, and if you feel as an investor, and if you feel like he has the wherewithal to see this thing through, no matter, no matter if, even if a bubble pops and he can continue pushing along, then you could see a light at the end of this tunnel 10, 15, 20 years from now.
Speaker B:Yeah, but again, what I would say to that is the valuation you're trying to get.
Speaker B:Now, granted, he has rockets and Starlink.
Speaker B:These are not something that OpenAI and Anthropic are going to be able to bring to the table.
Speaker B:So these are not true comps.
Speaker B:But he's using the bulk of the AI valuation to drive.
Speaker B:To drive the Oprah's.
Speaker A:Yeah, yeah.
Speaker B:And to me, that almost feels like a rug pull.
Speaker B:Yeah.
Speaker B:Because these things, as sexy as they are number three in orbit manufacturing.
Speaker A:That sounds great.
Speaker B:Who doesn't want in orbit manufacturing?
Speaker B:I want to build shit in space.
Speaker B:Yeah, that's cool.
Speaker A:Yeah.
Speaker B:But I mean, this is like selling the bitcoin dream, right?
Speaker A:I mean, he's also saying that with this dude, you'll be able to put data.
Speaker A:Data centers in space.
Speaker B:Well, passenger and cargo transport to the moon and Mars.
Speaker B:Why are you laughing, bro?
Speaker B:Why are you taking this seriously?
Speaker B:This is an IPO.
Speaker A:Is the S1 asteroid mining?
Speaker B:Yeah, that was the last one.
Speaker B:You went to the ascent first on a second energy production on the moon and Mars.
Speaker B:Okay, so you want to produce energy on the moon and Mars, but we haven't been to Mars yet.
Speaker B:Yeah, and there's a lot of.
Speaker B:I don't believe we've been to the moon yet either, for that matter.
Speaker B:Okay, so I'm not getting, I'm not pressing.
Speaker B:I'm just saying baby steps, dog.
Speaker A:Baby steps.
Speaker B:Better use a lot of urban lingo today.
Speaker B:I was in the hood all day.
Speaker A:Yeah, yeah, I can tell.
Speaker A:With the LA hat too.
Speaker B:Manufacturing capabilities on the Moon and Mars.
Speaker B:And of course to your Point asteroid mining.
Speaker B:So basically.
Speaker B:Yeah.
Speaker B:You ever see.
Speaker B:Don't look up.
Speaker A:Yes.
Speaker B:This is essentially that.
Speaker A:That's what this is.
Speaker B:Yeah.
Speaker A:The problem is too, with anything that he does over there, who's going to be around to check to make sure that it's progressing well?
Speaker B:I mean, it's a stock.
Speaker B:Stock market.
Speaker B:So it's publicly traded company.
Speaker B:No, but.
Speaker A:I know, but it's like, okay, we're launching things over to the moon and Mars to, you know, begin, you know, building out the infrastructure there.
Speaker A:But I mean, who's really going to be tracking it?
Speaker B:Well, and then, so now we're off planet.
Speaker A:How are you.
Speaker A:How are you going to test it?
Speaker B:Like, whose country's rules apply?
Speaker A:That's my point.
Speaker A:Yeah.
Speaker A:Yeah.
Speaker B:I mean, there we don't have a symmetry on.
Speaker B:On morals and ethics.
Speaker A:Right.
Speaker B:I mean, like.
Speaker B:Yeah, it's just like, does he own it at that point?
Speaker B:Like, who owns the moon?
Speaker B:Like, who claims it?
Speaker A:Exactly.
Speaker B:You know that we're gonna have some kind of like, interstellar accord agreement.
Speaker B:Is he wrong to be welcome to that party?
Speaker B:I don't think so.
Speaker B:Too soon.
Speaker A:Watch you go.
Speaker B:Go there.
Speaker A:There's already a China flag there.
Speaker B:Yeah.
Speaker B:I'm just saying.
Speaker B:Dang.
Speaker B:Right?
Speaker B:Buzz.
Speaker B:Buzz Aldrin peed somewhere.
Speaker B:We didn't know.
Speaker B:This is mine.
Speaker A:Right.
Speaker B:So this is the point in their presentation on page 11 where they finally get into the TAM.
Speaker B:And they, they do talk about a challenges section here where they get into the.
Speaker B:The number of challenges they're going to have with space connectivity and AI.
Speaker B:And these are repeated over and over throughout the document.
Speaker B:And, and some of the structure challenges that they may.
Speaker B:They have a summary of risk factors.
Speaker B:All this stuff is standard S1 material.
Speaker B:The offering is where this gets interesting.
Speaker B:So on page 17, they talk about the class A Class B.
Speaker B:And a Class C stock is buried in here.
Speaker B:Look, I'm showing this to you right here.
Speaker B:This page 17, right.
Speaker B:You see Class C anywhere in the left hand column here it's just class A and class B, Right?
Speaker A:Yeah.
Speaker B:Okay, dividends, all this stuff here.
Speaker B:But buried in this document is in fact a class C. Now, would you like to know what the classes are?
Speaker A:Yes, please do.
Speaker B:Glad you asked.
Speaker A:Yeah.
Speaker B:All right, so unfortunately, whether people realize it or not, there is a difference.
Speaker B:And this is very common to have Class A, Class B, but this is not normally how it plays out.
Speaker B:You can only purchase class A stock which provides you with one vote for corporate matters.
Speaker B:That's how you buy corporate stock.
Speaker B:You want to vote.
Speaker A:Okay.
Speaker B:That's how most companies work.
Speaker A:Okay.
Speaker B:Unfortunately, you would need never bother casting a vote because it has no actual value.
Speaker B:You may be asking me why.
Speaker B:Well, let me explain why.
Speaker B:Elon Musk will possess class B stock with 10 votes per share issuing, ensuring that his whims can never be outvoted.
Speaker B:Right.
Speaker B:And this is a common structure with tech companies.
Speaker B:Yeah.
Speaker B:Like for example, this is why you can't vote someone like a Mark Zuckerberg out of office.
Speaker B:Is he actually in Meta.
Speaker A:He structured it in place to make sure that you couldn't.
Speaker A:Yeah, he wouldn't.
Speaker B:He has a similar controlling vote and because of that he can never be overthrown from his own company.
Speaker B:And that's.
Speaker B:But see, this is my biggest beef.
Speaker B:My biggest beef is the class C. Okay.
Speaker A:What does the class C get?
Speaker B:There's also a class C stock which Musk will be entitled to gobs of shares should certain events transpire.
Speaker B:Now.
Speaker B:Not to worry.
Speaker B:Okay.
Speaker B:It clearly states in the documents that these events are very unlikely to occur.
Speaker B:The effect of that clause is such that if they were likely to come to pass, the full value would have to be expensed immediately upon going public.
Speaker B:But in that these events are just declared unlikely, they won't have to be accounted for until they actually occur.
Speaker B:So why even issue the stock at all if you have this paradigm, if they're unlikely to occur?
Speaker B:So you can't get tax from.
Speaker A:Does it help his overall net worth?
Speaker B:Kinda.
Speaker B:Musk can still borrow against those shares as if they were real.
Speaker B:Yeah.
Speaker B:So he can borrow against the value of those shares which have no voting rights and technically don't exist unless these things, the future happen that are very, very, very unlikely to occur.
Speaker B:And thus you won't have any accounting hit for it.
Speaker B:Right.
Speaker B:Dirty pool, baby.
Speaker A:Dirty pool.
Speaker A:Yeah, this is, this became really popular with a lot of like, like influencers in this space.
Speaker A:So they were thinking that, oh, this is how the rich get rich.
Speaker A:They don't pay taxes because all they do is get loans against the shares of their companies and they really never have to ever really pay it back.
Speaker A:And they just get more, they just get more loans against it because the shares continue.
Speaker B:No, you have to pay it back.
Speaker B:You have, you get charged interest.
Speaker A:Right?
Speaker A:You get charged interest, but you're, you're paying with the own money that you got loans from.
Speaker A:And it that.
Speaker B:I think people romanticize the, they romanticize that idea.
Speaker B:Not that sexy.
Speaker B:I mean, if you take out the loan, you've got to have the debt service, you got to put your money into something that's going to make you money to pay off the interest on whatever loan you got.
Speaker B:Now if you're, you know, collateralized by something that's really highly valuable, then maybe your interest rates a little bit lower and you can put in something a little more risky and then if it pays off, then great, you're covering your debt.
Speaker B:But it's not as sexy as an elusive as people make it.
Speaker B:Now if you're Elon Musk and you can create a class sea of stock that you can borrow against, well, that's a different type of wealth creation.
Speaker B:Yeah, you're literally, you know, fabricating it out of air.
Speaker B:I mean, but again these are not uncommon vehicles.
Speaker B:But this is also arguably the world's greatest IPO to date.
Speaker B:Yeah.
Speaker B:And we're going to get into some why, the reasons why some of that is nuts.
Speaker B:But so.
Speaker B:Oh, and anecdotally I should probably point this out because I've got a lot of experience with, with Texas.
Speaker B:No stockholder action can ever really take legal action against SpaceX or Elon Musk because it's, it's incorporated in Texas.
Speaker A:Oh, okay.
Speaker B:And Texas really prevents, I mean, rather.
Speaker A:Than like no activist shareholders, you mean?
Speaker B:Yeah.
Speaker B:So it used to be Delaware where everybody's going where now Texas is.
Speaker B:You really can't sue the company or Elon Musk personally.
Speaker B:It's really difficult there because they protect the company so much in Texas.
Speaker B:That's why there's like a Texas stock exchange is coming about and I'm a huge fan of Texas.
Speaker B:This is not a knock on them.
Speaker B:Yeah, but they are like the new Delaware for like shelters and companies and this, that's where this is incorporated.
Speaker A:Got it, got it.
Speaker B:So yeah, I think that that's going to be an interesting thing going on here.
Speaker B:So.
Speaker B:Well, SpaceX is burning money faster than one the one profitable part of its company, Starlink.
Speaker B:Right.
Speaker B:So Starlink is the only part of this that actually makes money.
Speaker B:XAI is a huge money drain and the Rockets, as nice as they are, aren't profitable yet.
Speaker B:Right.
Speaker B:Every other aspect of the company is completely dependent on a lot of science fiction that we talked about already.
Speaker B:Right.
Speaker A:On a, on a pipe dream.
Speaker B:I don't know.
Speaker B:It's a pipe dream, but it's a far off dream.
Speaker B:Okay, so now we're going to cover some of the charts that Prof. G Media brought in here.
Speaker B:I've already really covered this one, but this is actually a good visual mentions of the words and phrases in SpaceX S1 6 times age of abundance 10 times light of consciousness, 11 times human augmentation.
Speaker B:And yeah, human augmentation is in there.
Speaker B:That is a statement that's in this document over and over again.
Speaker B:And this is where he's roping in all of his other businesses.
Speaker B:Neuralink.
Speaker A:Uh huh.
Speaker A:Yeah, yeah, yeah, yeah.
Speaker B:He's, he's bringing in Neuralink with XAI and this ability to code and engineer faster and have more growth.
Speaker B: first principles,: Speaker B:Yeah, but when you look at it from a 30,000 foot elevation, you can kind of see their act.
Speaker B:It, it sounded crazy that he was into Neuralink, he was into Starlink, he, you know, he's doing the rockets, he's doing all this other stuff, Tesla.
Speaker B:And you go, wait a minute, this is all in the solar power company that he has, right?
Speaker B:Solar power, harnessing the engine, the power of the sun.
Speaker B:Right, right, right.
Speaker B:It was all part of the same thesis, like that this underlying like I'm going to get does feel like it's.
Speaker A:All part of the plan.
Speaker B:Yeah.
Speaker B:And I'm not saying that, that it makes sense.
Speaker B:I'm just saying that is what it is.
Speaker B:So TAM versus national GDP, we covered it earlier in the show TAM by SpaceX, 28.5 trillion is only second to the US national GDP of $32.4 trillion, falling behind SpaceX's TAM.
Speaker B:$28.5 Trillion is 20.9 trillion.
Speaker B:The national GDP of China, Germany, Japan, UK, France, all have less than 5 trillion or less than $6 trillion of, of GDP behind that.
Speaker B:So when we're talking total addressable market, bro, you're talking a big ass number.
Speaker B:A number so large it outweighs national gdp.
Speaker B:And maybe that's, maybe that makes sense.
Speaker B:If you're going interplanetary, you're going beyond.
Speaker A:How would you justify it?
Speaker A:Right?
Speaker B:But again, if your total addressable market is so big that it's effectively all of humanity.
Speaker A:Yeah, that's what I'm saying.
Speaker A:His addressable market is the entire world.
Speaker B:So.
Speaker B:But again, here's where I look at that and I'm like, huh?
Speaker B:And I'll show you exactly where.
Speaker B:Where.
Speaker B:I don't understand that.
Speaker B:And I'll go right up here to the same chart that you just saw here.
Speaker B:This one, I'll put it on my desktop, actually, we'll just.
Speaker B:Boom.
Speaker B:Look at that.
Speaker B:In the same show.
Speaker B:Baby.
Speaker B:Can I drag this over?
Speaker B:It's on the other desktop.
Speaker B:My bad.
Speaker B:There it is.
Speaker B:Okay.
Speaker B:All right, so what I'll do is I'll show this here.
Speaker B:So if $22.7 trillion is enterprise applications from AI.
Speaker B:So you're saying that the entire world.
Speaker A:Is going to use your AI eventually, at some point.
Speaker A:That's the goal.
Speaker A:Yeah.
Speaker B:Or the equivalent of effectively China is going to use your AI versus anthropic or open.
Speaker B:You can see where OpenAI is a bigger threat maybe to this in trillions of dollars of market creation.
Speaker B:Because outside of that, the rest of this is just hopes for growth.
Speaker B:Right?
Speaker B:Like, it doesn't make any sense outside of that.
Speaker B:So you start looking at the numbers here and you're like, wait a minute.
Speaker B:Okay, well, let's look at the price to sales multipliers versus prior year revenue growth at IPO.
Speaker B:Okay, this assumes a $2 trillion, and it's probably about 1.75 to $2 trillion SpaceX valuation at IPO.
Speaker B: % for Saudi Aramco in: Speaker A:Okay, yeah.
Speaker B: who went public and IPO'd in: Speaker A:10X.
Speaker B:Yeah.
Speaker B:Right.
Speaker B: Apple: Speaker B: X meta: Speaker B:Grew 88 from the prior year.
Speaker B:28X huge IPO.
Speaker A:Right.
Speaker B:Okay.
Speaker B: SpaceX: Speaker B:This is actually less than the year before.
Speaker B:Right.
Speaker B:Decelerating growth.
Speaker B:Not profitable.
Speaker A:107X.
Speaker B:107X times.
Speaker B:Times.
Speaker B:Yeah, that.
Speaker B:That's a.
Speaker B:That's a.
Speaker A:That's a.
Speaker A:That's a tough sell, chief.
Speaker B:That's a very tough sell when you start thinking about the math here.
Speaker B:Of course, this goes to show you the SpaceX segment.
Speaker B: : Speaker B:The shooting rockets into space.
Speaker B: of: Speaker B: of: Speaker B:And this is supposed to be their biggest market share.
Speaker A:Right.
Speaker A:And it makes way more sense why it was such a big part for them to show that we're.
Speaker A:We're sending the rockets into space and we're able to successfully have them come back and land right now it plays more even, even more into this.
Speaker B:And like, I'm not saying that they're not doing innovative and cool things.
Speaker B:More pictures of rockets in the S1.
Speaker B:Look at that.
Speaker B:And then the rocket picture.
Speaker B:Beautiful, beautiful, beautiful, beautiful.
Speaker B:Like so look at all this rocket.
Speaker A:Stuff that could look.
Speaker A:Those could be pictures from their xai.
Speaker B:And again, you don't know.
Speaker B:And these are hundreds of pages that I'm skipping over and there's 277.
Speaker B:But it's crazy, right?
Speaker B:You start looking at this document, you're like, what is all this?
Speaker B:And so you get capitalization, you start getting to some of the numbers, and the numbers just don't make sense.
Speaker B:Elon Musk, more photos.
Speaker B:But I wanted to show you one photo in particular, which I guess this shows you their, their key milestones.
Speaker B:And if you're watching this on video, it's gonna be really hard to see it's a small print, no matter how big I show it.
Speaker B: , shows you AI being added in: Speaker A:Yeah, yeah, yeah.
Speaker B:Okay, so you've seen, I guess, a decent growth pattern here, but it also shows you how steep the curve of growth has been.
Speaker B:Right, right, right.
Speaker B:Now, his argument, I'm sure, would be something to the effect of technology is only going to be innovative, faster.
Speaker A:Yeah, it's only going to grow exponentially.
Speaker B:And as it grows exponentially, this is going to go vertical.
Speaker B:But at some point, if you go vertical, there's only one way to go that's backward.
Speaker B:Right.
Speaker B:So I don't know that we can continue at this cadence and not something is going to have to slow the pace down.
Speaker B:Right.
Speaker B:Sure, your AI might grow exponentially, sure your rocket capabilities may grow exponentially, but at what point in time is there something that says, you know what, what.
Speaker A:Kind of disruption is really going to cause us to slow down?
Speaker B:Maybe it's the science, maybe we don't have the science to travel at the speed of light.
Speaker B:Seems like a pretty reasonable assumption, at least anytime soon.
Speaker B:Right, Right.
Speaker B:So how do you get a million people to Mars?
Speaker B:Well, you might put them in cryo states or something like that.
Speaker B:Okay, so then what good are all these valuations if I have to wait a generation to figure out.
Speaker B:Yeah, you know what I mean?
Speaker B:So, again, right, the duration of human interest is going to wane way before you get there, unless you could figure out a faster way to get this done.
Speaker A:Valid.
Speaker B:Yeah.
Speaker B:And I don't know the answer to some of these questions, but what I do know is that data centers in space play a big part of this role, he starts talking about a lot of esoteric things in the future that he hopes to accomplish.
Speaker B:There's lots of quarterly data in here, and I don't mean to knock all the things that SpaceX is doing.
Speaker B:If you go through this report and there's again, lots of ambitious goals and lofty expectations, there are some accomplishments that are visually impressive, and I'm gonna see if I can find one.
Speaker B:I'm here.
Speaker A:But, I mean, it doesn't scare.
Speaker A:Okay, so like the data centers that get put in space and orbit the Earth, like, there you go.
Speaker A:How do we ensure that they're protected from asteroids flying around?
Speaker B:Well, look, first of all, you're not.
Speaker B:There's always gonna be things that collide in space.
Speaker B:If you looked at the space traffic, and there are plenty of websites that show you this, there's just gonna be a lot of that.
Speaker B:But here's a great picture.
Speaker B:This is deep, deep into the middle of this entire S1.
Speaker B:The left is the original engines on rockets.
Speaker B:The middle was their first evolution, and the last is their last evolution.
Speaker B:Here, completely simplified unit.
Speaker B:I mean, they're doing good things, Right?
Speaker B:But again, this is from a unit that is not profitable, it's not making money yet.
Speaker B:Yeah, like shouldn't.
Speaker A:But it does feel like a component that will.
Speaker A:It's a necessary.
Speaker A:It's a.
Speaker B:But then shouldn't you go public later?
Speaker A:I agree.
Speaker A:I.
Speaker A:Like I said in the beginning, right away, it doesn't pass the smell test.
Speaker A:It feels like time is of the essence and we need to IPO this thing now.
Speaker A:And I don't.
Speaker B:It.
Speaker A:It makes me not want to trust it.
Speaker B:So let's go over some of the numbers.
Speaker B:We're about 48 minutes in.
Speaker A:Damn.
Speaker B:Anybody listening at this point is going to go, where's the numbers?
Speaker B:Okay, they're not sexy.
Speaker B: of: Speaker B:Very low for an AI company.
Speaker B:It also lost 4.3 billion, up 700% from the year before.
Speaker B:That means the company is spending roughly twice as much as it makes and on pace to explode those losses even more, while growing its top line six times slower than Nvidia is.
Speaker B:And Nvidia is one of the most viable companies in the world.
Speaker B:Yeah, yeah.
Speaker B: % in: Speaker B:Meaning the business actually started to decelerate, which is uncommon for a company going public.
Speaker B:Meaning that the business Actually had a net loss that came in at about 4.9 billion.
Speaker B:The company's on track to lose four times more money than it did last year.
Speaker B:Right.
Speaker B:It lost, I think, 7.7 billion in AI last year.
Speaker B:On track to lose about 10 this.
Speaker A:Year with no explanation.
Speaker B:Yeah, so you got slowing revenue and skyrocketing expenses.
Speaker A:Right.
Speaker B:For a company that's going public again near term, like, it doesn't look good.
Speaker A:But VC eats that up, dude, if there's a story to sell.
Speaker B:Yeah, but VC's exiting.
Speaker B:That's what people miss here, okay?
Speaker B:30 Retail investors.
Speaker B:VC is creating a liquidity event.
Speaker B:Right.
Speaker A:So maybe that's the reason why.
Speaker A:So maybe that's the reason why they're ipoing because they need VC is like, we need to get, we need to get our cut now.
Speaker B:Maybe.
Speaker B:I mean, there's a lot of hands in this cookie jar again.
Speaker B:Everybody's all over Rhodia.
Speaker B:The pineapples are all upside down.
Speaker B:Everybody's sleeping.
Speaker B:Everybody here.
Speaker B:It's very ancestral.
Speaker B:Everybody's got money in this pie.
Speaker A:What was the whole reason why the, the, the bullet train never successfully was built out?
Speaker B:The, you mean the, the SpaceX, like tunneling?
Speaker A:No, the train, yeah, the train from here LA to sf.
Speaker B:I just think they were.
Speaker B:The logistics were not worth it.
Speaker A:I mean, yeah, that was, that was a hard sell too, that it was going to be this amazing thing that.
Speaker B:Was going to be able to create.
Speaker A:So many more jobs and get people to.
Speaker B:I can see the interest there.
Speaker B:If you're, if you're trying to figure out, like Mars and how to colonize Mars, underground seems like the place to be.
Speaker B:Yeah, is my guess.
Speaker B:Or maybe underground on the moon or something.
Speaker B:I don't know.
Speaker B:I don't really have the backstory to that.
Speaker B:Both SpaceX and open air are still relatively small companies.
Speaker B:Justify the market capitalizations here.
Speaker B: billion in revenue in: Speaker B:That would put both around the middle of the S P500.
Speaker B:In terms of revenue size, the 11 companies in the index currently carrying the market caps above 1 trillion average a little over 260 billion in annual revenue, according to data from the S and P global market.
Speaker B:So big, big difference.
Speaker B:I mean, you're talking like more than 10x, almost close to 20x in some cases.
Speaker B:So the stock price being at 107 times sell, which would make it one of the most expensive stocks in History.
Speaker B:And to give somebody a proxy for this.
Speaker B:Palantir is the most expensive stock currently in the s and P500.
Speaker B:It trades at 64 times.
Speaker B:This is.
Speaker B:Yeah, almost double.
Speaker B:Right, right.
Speaker B:That's insane.
Speaker B:That's, let's see here, approximately twice as valuable as Walmart.
Speaker B:Generating less revenue than Macy's.
Speaker B:That's a problem.
Speaker A:Yeah.
Speaker A:A company that's potentially going out of business.
Speaker B:That's, that's not good, dude.
Speaker B:That's not good.
Speaker B:So I'm gonna put the positive spin on this a little bit.
Speaker A:Please do.
Speaker A:Because right now I'm not feeling it.
Speaker B:Yeah, I get it.
Speaker B:And we're gonna go back to your boy Atlas.
Speaker B:Not our Atlas.
Speaker B:Atlas Barry.
Speaker B:Okay.
Speaker B:He's been on the show before.
Speaker B:We've used his clips before.
Speaker B:I think they're, they're valuable and I think that in this case it's an interesting play here.
Speaker B:So what I'm gonna do is I'm gonna copy and paste this in for us to take a listen to.
Speaker B:Now Atlas Barry is in the VC sector.
Speaker B:He's very much into the tech space.
Speaker B:So I'm not knocking him, I'm just giving you full caveat.
Speaker B:This is, this is the area that he plays in.
Speaker B:There he is.
Speaker A:Oh, yeah.
Speaker B:All right, you ready?
Speaker B:Okay, here we go.
Speaker B:Let's.
Speaker B:Whoa.
Speaker B:Loud.
Speaker C:I'm getting kind of tired of all this lazy analysis on the SpaceX S1.
Speaker C:The lockup periods, the steep losses, whether XAI is a drag on the business, all this is just short sighted.
Speaker C:Let me show you the three things a venture investor actually looks at here.
Speaker C:One is the Tam.
Speaker C:The S1 did a great job of breaking out SpaceX into all of its segments.
Speaker C:And this is the chart that really matters here.
Speaker C:Space $370 billion.
Speaker C:Starlink connectivity 1.6 trillion.
Speaker C:AI, 26.5 trillion.
Speaker C:With enterprise apps alone at $22.7 trillion.
Speaker C:Therefore the total addressable market, 28, $8.5 trillion.
Speaker C:The largest in human history.
Speaker C:So you don't evaluate it on today's losses.
Speaker C:You go segment by segment and you ask yourself whether or not you believe the following.
Speaker C:Do you believe humans will be multi planetary?
Speaker C:Do you believe that AI is a step change in technology and that XAI will get a piece of that?
Speaker C:Do you believe that enterprise applications are exploding?
Speaker C:Do you believe that the space economy, or really the terrestrial economy even for that matter, needs connectivity for edge computing and communication?
Speaker C:The second thing a VC is thinking about, forget about the revenue, really, that's a lagging indicator.
Speaker C:What we'd be measuring is the rate of iteration.
Speaker C:I mean, SpaceX went from scrap metal on the factory floor to now being one of the most advanced space rocket companies to ever exist.
Speaker C:Even looking at Starship Flight 10, 11 and 12, each one showed a leap, even in terms of like the heat shield.
Speaker C:Because what we really should be focused on are the inputs and the outputs take care of themselves.
Speaker C:And that's a gem for how you should think about your life.
Speaker C:But I digress.
Speaker C:And number three is the Elon factor.
Speaker C:Hate him or love him, he does three things that no one else can do.
Speaker C:The first thing he does is he attracts top tier talent like a magnet.
Speaker C:The second is that he's able to get the capital markets to believe in his vision before it exists.
Speaker C:And the last thing is that he has that whole Steve Jobs one more thing allure that has everyone waiting on his baited breath every time he opens his mouth.
Speaker C:That's the X factor.
Speaker C:And you're not going to see that calculated on the balance sheet, but it makes everything else possible.
Speaker C:I get it.
Speaker C:SpaceX is about to IPO, but it's really an early stage investment in comparison to what it's actually going to become.
Speaker C:All the fighting and arguing about these current metrics are really a distraction.
Speaker C:The trajectory, that's the trade.
Speaker C:And again, if you like this sort of thing and want to stay.
Speaker B:So here's what I'll say about all that.
Speaker B:I don't disagree, except I have one big ass problem with that.
Speaker B:I don't think that XAI is going to be the enterprise vehicle for delivery and that is over 2/3 of his TAM.
Speaker B:Yeah, yeah, yeah.
Speaker B:So the total addressable market in this case is massive.
Speaker B:I still think that rockets in Starlink and SpaceX in general is going to do phenomenally well.
Speaker B:But I personally have a tough time based on what we're looking at today, seeing now, if you were to tell me that he was buying anthropic.
Speaker B:Anthropic was being folded, folded into this, I could be like, okay, wait a.
Speaker A:Minute, a completely different story.
Speaker B:They're already ingratiated in a lot of enterprise delivery.
Speaker B:Right?
Speaker B:Make me believe.
Speaker B:And that's why I look at this going, okay, to your point, you're clearly trying to get in early on the XAI play because.
Speaker B: And again,: Speaker B:I mean, it's not even close.
Speaker A:We know better than, better than most how hard it is to get people to convert, to go from one to.
Speaker A:When you trust a platform to get you to cross over into another platform, that essentially does the same thing.
Speaker A:For instance, you know, most of our listens and downloads come from Apple and Spotify.
Speaker A:You know, we've told our listeners that to get people to come over and listen to the podcast on YouTube.
Speaker A:That's very, very difficult.
Speaker B:Right?
Speaker B:It seems more difficult than that when you talk about the AI play.
Speaker B:So we have.
Speaker B:It's not saying we have our own agentic AI here in the studio, ironically named Atlas as well.
Speaker B:And that being said, it is wired.
Speaker B:It is fully functional on anthropics systems.
Speaker B:Actually, 4.8 came out today and it would be incredibly difficult for me to plug in somebody else's AI and have to go through the iteration again on some portions of it.
Speaker B:Right.
Speaker B:Plus I'm training this now with no disrespect to Xai and I.
Speaker B:Look, I think there's some incredible value there.
Speaker B:And he's going to have government contracts.
Speaker B:Clearly he's got some political ties there and he's got constituents and everybody in the venture capital world is going to push his product because they want to see themselves make money on the IPO as well, and they're not going to sell out of their positions entirely.
Speaker B:So I think he's going to do well.
Speaker B:Now, do I think that he's going to be one of the leading AIs in the world?
Speaker B:Based on what I see right now?
Speaker B:No.
Speaker B:Yeah.
Speaker B:And I get it.
Speaker B:Open AI shouldn't be what they are, but they are where they are.
Speaker B:Yeah, right.
Speaker B:I get it.
Speaker B:Anthropic, up until a couple months ago wasn't a big deal.
Speaker B:I think that's why they're going IPO now.
Speaker B:It's not because of OpenAI, it's because of anthropic.
Speaker B:Anthropic was a big, A big out of nowhere.
Speaker B:You're like, wait, wait, what?
Speaker A:Yeah, yeah, yeah.
Speaker A:I've heard the people that have bought into learning this and willing to, I guess, teach themselves how to, how to like, learn these models and how to use these agents to their advantage.
Speaker A:Everyone that I know is using Claude Anthropic.
Speaker B:Yeah, right.
Speaker B:Yeah.
Speaker A:They're not, they're not using any other source.
Speaker B: ,: Speaker B:You're still heavy in the development, it sounds like.
Speaker B:Yeah, again, I'm not.
Speaker B:I mean, maybe that's some data centers, who knows?
Speaker B:But again, I don't know a single person and I've been, I've Been in this space for hyper.
Speaker B:Focused on it for a long time.
Speaker B:That.
Speaker B:That is using that as their preferred delivery vehicle for air.
Speaker B:Right, Right.
Speaker B:And it's not a knock.
Speaker B:I mean, I clearly get.
Speaker B:So I look at this, and I think to myself that it is overvalued at IPO.
Speaker B:I think buying it at a 2 trillion or even $1.75 trillion IPO valuation is insane.
Speaker B:Yeah.
Speaker B:And I think that they've got a long way to go to now.
Speaker B:I do think you're gonna get interplanetary.
Speaker B:I think all these things are going to happen, whether it's my lifetime or somebody else's lifetime.
Speaker B:I am not an investment.
Speaker B:Okay, let me make sure I phrase this right.
Speaker B:I am not of the mindset that in order to realize my investment, it has to be held until my son's a grandfather.
Speaker A:Okay.
Speaker B:And that's the problem here.
Speaker A:Yeah.
Speaker B:Unlike any other IPO in history, I don't see the horizon.
Speaker B:I don't see the end game.
Speaker B:Too far out.
Speaker B:It's so far remote.
Speaker B:While I believe everything that he's saying is important to humanity's evolution, it is so far out.
Speaker A:Yeah.
Speaker B:In evolution.
Speaker B:That I just don't think that I'm ever going to reap the benefits of that ipo.
Speaker B:So me owning it now doesn't do anything for me and likely for my son's generation.
Speaker A:Yeah, yeah, yeah, I agree.
Speaker A:I'm in or out.
Speaker B:God damn it.
Speaker B:God damn it.
Speaker A:I'm into that thought process.
Speaker A:I'm out on the valuation.
Speaker A:Well, listen, I. I don't take Elon as a rug pull guy.
Speaker B:No, I think he believes in this.
Speaker A:Yeah.
Speaker B:I think he genuinely.
Speaker A:I definitely, genuinely believe that this is going to be his life's mission.
Speaker B:Right.
Speaker B:Yeah.
Speaker B:I think that's fair.
Speaker A:I think.
Speaker A:Yes, but.
Speaker B:And look, that's why.
Speaker B:That's why he's easy to.
Speaker A:How soon could the valuation adjust?
Speaker A:Oh.
Speaker B:I mean, after ipo.
Speaker A:Yeah.
Speaker B:So let's walk this through.
Speaker B:Okay.
Speaker B:After you go public, you've got earnings calls now.
Speaker B:We've had to do some lax reporting on earnings, and who knows how his frequent cadence is going to be.
Speaker B:Let's just say quarterly right now.
Speaker A:Okay.
Speaker B:Okay.
Speaker B:And the size of scale we're talking, it's probably going to be quarterly.
Speaker A:It better be.
Speaker B:Yeah.
Speaker B:Your quarterly earnings are likely not going to materially improve.
Speaker B:I mean, what's going to improve them?
Speaker B:Right.
Speaker B:So you're going to have more satellite distribution.
Speaker B:All right.
Speaker B:Okay.
Speaker A:Government contracts.
Speaker B:Government contracts, sure.
Speaker B:That'll help billions, but not trillions.
Speaker B:Your rockets are not making money as of right now, you're going to have to figure that out.
Speaker B:And all like that really aspirational stuff like the moon and all, I mean, mining in space and data centers in space and harnessing the energy of the nearest star, great stuff.
Speaker A:But a company like this, right?
Speaker A:I mean, they're strategic.
Speaker A:They have to have some positive news in their back pocket for after when they ipo.
Speaker B:No, no, no.
Speaker B:You have to.
Speaker B:If there was something meaningfully like valuable there rather than it.
Speaker B:You're not supposed to make forward looking statements about what you're going to do.
Speaker B:But if you had something meaningful there, then there would be enough data publicly available for people to have something to latch on to.
Speaker B:And you'd probably make use of it in your ipo.
Speaker B:Like, hey, so what do you, what.
Speaker A:Do you feel like he's risking by doing this?
Speaker B:Ah, wow.
Speaker A:There has to be some kind of risk.
Speaker B:Humans as a general population are very.
Speaker A:Tribal because at the end of the day, what he could also just say is like, y' all just don't see the vision.
Speaker B:Yeah, no, his fans will always be his fans.
Speaker B:Yeah, but his fans will be his fans and his supporters will be his supporters until it's economically not viable for them anymore.
Speaker B:And I think that what he's risking is, is the image of the.
Speaker B:He believes in this.
Speaker B:I don't doubt that.
Speaker B:And I think he really wants this to be that.
Speaker B:And I think that it probably will.
Speaker B:And whether that's XAI or some other vehicle that gets him there, I think that he's overestimating the tam.
Speaker B:I think that it's preliminary.
Speaker B:I think he's taking advantage of a very unique moment in time.
Speaker B:I think a lot of people are talking about a bubble in the economy.
Speaker B:You've got consumer sentiment at an all time low.
Speaker B:You've got the market at all time highs.
Speaker B:You've got the savings rate at the second lowest it's been post pandemic.
Speaker B:2.2% Post pandemic was the lowest.
Speaker B:It's at 2.8% today.
Speaker B:Lowest on record is 1.4% personal savings rate.
Speaker B:You've got a lot of things that are showing mixed messaging in the economy and people are going, okay, wait a minute, lots of bubble talk.
Speaker B:Even with the all time high still going on, we have these conversations back and forth whether the market is resilient or not.
Speaker B:There's a growing chorus of people that are questioning things and a growing chorus of people who, saying, you just don't understand the market.
Speaker B:It's going to be A full on bear market.
Speaker B:You get people that are talking about the income earning potential of Americans being devalued against the assets owning Americans, where that's the key value, the dollar is going to be effectively devalued intentionally in some level to decrease the national debt and all sorts of games play going on there.
Speaker B:And nobody has the answers.
Speaker B:It's all speculative, it's all conjecture, it's all theory and it's becoming more divided because of it.
Speaker B:So to answer your question, I think that the problem for everybody is that he's taking the smart CEO play and IPOing at probably the best possible moment and leveraging the vehicles like he has, I. E. AI yeah.
Speaker B: You're not mentioning: Speaker A:Right, right, right, right.
Speaker B:You didn't rope that in for no reason.
Speaker B:This was all masterfully done.
Speaker B:Whether you believe in him or the mission or not, he's doing what his job.
Speaker B:Remember we talked about the last show?
Speaker B:You know, Zuckerberg has a fiduciary responsibility, you know, to look at some of the things that he's doing and do them.
Speaker A:Yep.
Speaker B:Well, Elon Musk has the same fiduciary responsibility to his investors and shareholders.
Speaker B:He's got to return their investments.
Speaker B:And you know what, if he makes them really rich off this, maybe they'll continue to believe in his mission and fund it and maybe that's his real goal is here.
Speaker B:But if you think it's going to be to make you rich, sure, but it might have to be over the course of two lifetimes, not one.
Speaker B:You know, I don't know how.
Speaker B:I mean, think about what do you have to, you have to manufacture stuff in space.
Speaker B:Okay, maybe you'd have to have some type of energy.
Speaker A:Wasn't there some, wasn't there some data centers in the Middle east that were re.
Speaker A:That were damaged by the recent geopolitical conflicts?
Speaker B:There were, but again, none of this really resolves the X. AI issue.
Speaker A:But it's like, okay, our data centers can never be damage because they're in outer space.
Speaker B:Well, so in theory, I guess if you want to go down this path, if he had the data centers in space, he would have the only thread with which it got to here.
Speaker B:Yeah.
Speaker B:Because he owns the satellites.
Speaker A:Yes.
Speaker B:Which distribute that data.
Speaker B:So you'd have to go through his pipelines to get to data centers.
Speaker B:Right.
Speaker B:So under that theory, he would be using the equivalent of Tesla's solar panel on his satellites.
Speaker B:Free power.
Speaker B:Right.
Speaker B:To power his satellites that you were paying for his pipeline to Funnel you data center information back and forth to his satellites where he's not paying for any of the power there.
Speaker B:That in and of itself with free power, makes that hugely profitable.
Speaker A:Right.
Speaker A:Because he, I mean, he could charge.
Speaker B:Much less, but then he also has a monopoly.
Speaker B:Who cares about charging less?
Speaker B:You own the grid.
Speaker A:You do own the grid, but.
Speaker A:And I actually wanted to get your take on this part of it all.
Speaker A:What I've seen in the headlines this past week has been certain companies are moving away from implementing AI because the tokens have become too expensive.
Speaker B:Yeah, I've been reading a lot about that.
Speaker A:Yeah.
Speaker A:So this is a real problem, right?
Speaker B:Yeah.
Speaker B:And look, the problem is when you vibe code with something, you're speaking to it colloquially and asking it to make changes.
Speaker B:But if you think about this in the context of a real working environment, let's say you're in front of your computer and you're typing in what looks like a DOS prompt.
Speaker B:Terminal.
Speaker B:Or you're using a vehicle like I use.
Speaker B:I use iMessage, but you can use WhatsApp, you can use Signal, you can use whatever your, your, you know, your, your preferred metric is.
Speaker B:Or you can use, you know, Apple and you can buy code that way or you can do it in terminal.
Speaker B:It's very easy to have conversations with something that is sycophantic and it appeals to your inner, like, wants.
Speaker B:Okay, I want this.
Speaker B:Here you go.
Speaker B:Yeah, I want this.
Speaker B:Okay.
Speaker B:Do you want it this way or that way?
Speaker B:Here.
Speaker B:Okay, I want it that way.
Speaker B:Great.
Speaker B:Here you go.
Speaker B:It's easy to get lost in that token spend.
Speaker A:Yeah.
Speaker B:And do stuff that just spends tokens.
Speaker B:And you're spending tokens.
Speaker B:Like when you go to an arcade, they give you like a shit ton of those coins.
Speaker B:You don't really know how much dollars you're spending.
Speaker B:Right.
Speaker B:It's the same thing.
Speaker B:You don't know.
Speaker B:Yeah.
Speaker B:Now, just recently, in like last couple of weeks, Anthropic let you tap into their API so you can build a dashboard which shows you how much tokens you're spending.
Speaker B:Otherwise you to go to their website, log in, do the whole thing.
Speaker B:Okay.
Speaker B:Okay.
Speaker B:So now you can actually the websites on your desktop or like there's even some hardware pieces that come out, see.
Speaker A:It in real time.
Speaker B:But even myself, like, I've had to stop communicating with our AI and back off.
Speaker B:Like, I stopped him doing certain tasks because the AI spenders get.
Speaker B:I'm spending a thousand dollars a month on API calls and I'm not even developing at this point.
Speaker B:Right.
Speaker B:Right.
Speaker B:So I'm just like, okay, I'm backing off.
Speaker A:So.
Speaker A:And is that just how much it's going to cost month over month just to keep everything running?
Speaker B:No, my, my current theory on this is that AI token costs are really like the current roaming charges for cellular Networks in the 90s.
Speaker B:Right.
Speaker B:Like it gets to a point where you're like, why am I paying for this?
Speaker B:Make makeup, make believe, like stress in the network.
Speaker B:It's not real.
Speaker A:Yeah, yeah.
Speaker B:You're just charging me because you can and I'm naive to it.
Speaker B:I think that's what tokens are going to be.
Speaker B:You're going to pay a flat fee and get access to the system.
Speaker B:Unless you're like enterprise delivery or you hit certain thresholds and you're going to pay more.
Speaker A:Right.
Speaker B:I mean this whole like, hey man, so great example of this.
Speaker B:If I wanted data from.
Speaker A:Yeah, you're right.
Speaker A:Back in the day you would only get like 200 text messages a month.
Speaker B:Yeah.
Speaker A:And then anything over that, you're getting charged so.
Speaker B:Exactly.
Speaker B:Right.
Speaker B:So then if I, if I were like, if I wanted to access somebody's API, if someone's charging you per call, like that's not a high volume API.
Speaker B:Right.
Speaker B:You're, you're not, you're not getting a ton of data from it.
Speaker B:Because if you, if your API is tapping like a real time, like a stock news or news ticker feed or something like that, you're getting, you're constantly pinging their API and it's constantly giving you information.
Speaker B:Right.
Speaker B:So they basically use this as like, okay, hey, if you want enterprise delivery and you're going to pay this flat fee and then you get access in real time.
Speaker B:That's the way this is all going to work out.
Speaker A:Yeah.
Speaker A:Okay, right.
Speaker A:Eventually.
Speaker A:But it's going to take time to get there.
Speaker B:Yeah.
Speaker B:And so for me, like I've tried to do as much.
Speaker B:So like I use like whisper model for transcription now.
Speaker B:So that's which is local.
Speaker B:It doesn't charge me any API fees.
Speaker B:Most of the API costs that I have are like pennies on the dollar now.
Speaker B:So like, hey, make this chart with this data.
Speaker B:The API pulls the data, makes a chart and there's really not a whole lot of analytics.
Speaker B:So I'm using haiku for that, which is the cheapest anthropic model.
Speaker B:But I mean, and it's, it's stunning to me how many people don't want to learn this.
Speaker B:Like I posted on, on social media like an idiot that I, I built a, a AI platform for my law firm, which does not release HIPAA information, does not release client proprietary information and confidentiality stuff.
Speaker B:Uses AI models locally to check, you know, check information against one another and stops hallucinations.
Speaker B:And it's.
Speaker B:It took, you know, three, four months of iteration to get there, but I couldn't build that for somebody else.
Speaker B:You got to understand your own infrastructure.
Speaker B:Yeah, yeah, right, right.
Speaker B:But people are like, oh, build it for me.
Speaker B:I'll pay you.
Speaker B:And it's like, yeah, dog.
Speaker B:The people who tell you they can do that, they're selling you a black box that adjusts over time.
Speaker B:Like the AI adjusts.
Speaker B:Yeah, it changes.
Speaker B:You're going to call me in like a month and be like, hey, man, it don't work.
Speaker A:Yeah.
Speaker B:Then.
Speaker B:Then everybody else is gonna be like, predatories.
Speaker B:And be like, all right, pay me like five grand.
Speaker B:I'll fix it for you.
Speaker B:Yeah.
Speaker B:You know what I mean?
Speaker B:And even then, I don't know if I can fix it for you, bro.
Speaker B:These things have a mind of their own, Literally.
Speaker A:Yeah, yeah, yeah, right?
Speaker B:They hallucinate.
Speaker B:Yeah, yeah.
Speaker B:So I don't know, man.
Speaker B:Wow.
Speaker B:There's a lot.
Speaker A:That is a lot.
Speaker B:We are in true.
Speaker B:Look, so before we.
Speaker B:In the show, we are in truly unique times, and it's hard for me to articulate to people how, like, from my perspective, I'm.
Speaker B:I'm plugged in from a data perspective, and you've probably seen, following us in the show, that I put out charts, I put out a lot of data, and I don't know what to think anymore.
Speaker B:Like, I really.
Speaker B:I used to have a pretty good hold and feeling on how the markets were moving.
Speaker A:Do you still feel like it's not going to replace jobs?
Speaker B:It's.
Speaker A:The people who know how to use it are.
Speaker A:Are the ones that are going to be taking jobs.
Speaker B:I think there's a combination of.
Speaker B:Are you getting the whole throat scratchy thing?
Speaker A:I am, yeah, yeah, yeah.
Speaker A:Why is that?
Speaker A:I think it's some post nasal drip.
Speaker B:I'm worried that you're gonna have a throat clearing issue that I have, man.
Speaker B:Like, it's not.
Speaker B:It's not pleasant at all.
Speaker B:I know, I know.
Speaker B:I mean, I'm telling you, I control it on the show, on the mics, but it's.
Speaker B:Is it getting old?
Speaker B:Are we old?
Speaker A:I think, yeah.
Speaker A:Look at the great beards.
Speaker B:Yeah.
Speaker B:I ordered a bunch of.
Speaker B:I have the trimmers, I have the.
Speaker A:Have you started using them?
Speaker B:Oh, yeah, bro.
Speaker B:First of all, I don't know what I was thinking.
Speaker B:Not Getting an electric shaver before.
Speaker B:Holy.
Speaker A:Really?
Speaker B:So I had a bunch of stubble underneath my neck.
Speaker A:Yeah, Right.
Speaker B:And I had the little.
Speaker B:I got the.
Speaker B:The pissed off barber.
Speaker B:The tpob ones.
Speaker B:Yeah, yeah.
Speaker B:44 For this.
Speaker B:Like, mini, like, cleans it up nice.
Speaker B:Oh, my God.
Speaker A:Why didn't we do this sooner?
Speaker B:What am I doing in my life?
Speaker B:Right?
Speaker B:I'm 45, almost 46.
Speaker A:Right.
Speaker A:And I just figured this out and you've been going.
Speaker A:You were going like every two weeks.
Speaker A:You saw it happening in real time.
Speaker B:I just thought that you had to be sophisticated like this dude in order to cut.
Speaker B:Cut hair.
Speaker A:He knew which one to order.
Speaker B:Yeah.
Speaker B:Now I got.
Speaker B:Dude, I got barber shears.
Speaker B:I got the whole thing at the house.
Speaker B:I will convince you I'm not.
Speaker B:I don't care if I have to wait until Elon Musk gets some people on Mars or whatever.
Speaker A:Yeah.
Speaker B:I will convince you to let me cut your hair.
Speaker A:No, no, no.
Speaker A:I'm gonna do it myself, too.
Speaker A:Once I go buzz cut.
Speaker A:Buzz cut.
Speaker B:And then I'm going buzz cut again soon too.
Speaker B:Are you?
Speaker A:Yeah, yeah.
Speaker A:It's just.
Speaker A:Yeah.
Speaker A:At that age.
Speaker B:I'm gonna do a bald taper up.
Speaker B:Yeah.
Speaker B:And then just buzz the top.
Speaker B:There you go.
Speaker B:But I got to get better at the taper stuff, so I'm going to practice on the sides of my head.
Speaker A:You could do that.
Speaker A:You're here all day.
Speaker A:No one sees it.
Speaker A:Practice now.
Speaker B:You know, I used to think that.
Speaker A:Yeah.
Speaker B:And now, like, people like, hey, man, what happened?
Speaker B:You give up?
Speaker A:I don't see you anymore.
Speaker B:You seem to only wear cotton sweatpants with a stretchy band.
Speaker B:Yeah.
Speaker B:Are you okay?
Speaker B:Yeah, it's bad.
Speaker B:So now I'm trying to get dressed.
Speaker A:I see.
Speaker B:Oh, this is you getting dressed?
Speaker B:Well, this.
Speaker B:I was in a very urban area today.
Speaker B:I didn't think wearing a suit would be a good a call.
Speaker A:You weren't.
Speaker A:You're not wearing suits again.
Speaker A:Stop it.
Speaker A:Why are you lying?
Speaker B:I'm always in an urban area, dog.
Speaker B:Yeah, but to your broader question.
Speaker B:Yeah, look, I do think AI is going to take meaningful jobs.
Speaker B:Not because it, you know, it should happen or it's the right thing to do, but because corporations needed to need to justify this capital expenditures.
Speaker B:But I also think there'll be a overstep in the beginning.
Speaker B:Lean heavy into AI, people will lose jobs and there'll be like a bounce back where people be brought back in because the AI just didn't get the job done.
Speaker B:I don't know that call centers and customer Service will ever really be AI dependent, but I think that there's going to be some type of equilibrium will reach and we're not there yet.
Speaker B:Do I come.
Speaker A:Do you think it's coming for the finance jobs?
Speaker B:Yeah.
Speaker B:I think if you're an analyst, I think you can get a lot more work done as an anal.
Speaker B:I'll give you a great example.
Speaker B:I have Claude on my PowerPoint presentations on my Excel for my home use, right.
Speaker B:And it literally is an add on.
Speaker B:And now Claude is literally in the right side of my window in these apps.
Speaker B:Copilot is dog shit.
Speaker B:Okay?
Speaker B:Anybody who's used Microsoft Copilot, you're like, why the fuck is this here?
Speaker B:This is a way people, companies doing.
Speaker B:We're going to go training everybody on Microsoft Copilot today.
Speaker B:It's going to be our internal AI that is approved by our IT department for distribution amongst work.
Speaker B:And you use it once, you're like, man, fuck, this AI ain't doing shit for me.
Speaker B:It's the worst.
Speaker A:Yeah, yeah, yeah.
Speaker B:Now if you have access to Claude and anthropic, oh my God, the AI experience is night and day.
Speaker B:Yeah, it's wow.
Speaker B:I mean, it's really cool.
Speaker B:Hey, now you're vi instead of vibe coding your vibe Excel querying.
Speaker B:So now this is where I look at analysts and go, okay, you're going to be required to put out a tremendous amount of volume that you probably could not have done before, that you can quite easily do now if you know how to do this right.
Speaker B:So it's a different kind of analyst, but you're not going to need an analyst pool of three or four.
Speaker B:You're probably going to need one or two.
Speaker B:Yeah.
Speaker B:So I do think jobs we lost there, I think that people aren't Googling.
Speaker B:My favorite thing is when people get sick, they used to go to Google and be like, all right, I've got a rash, it's a pink, it's on my forearm.
Speaker A:Yeah.
Speaker B:It's got a spot on it.
Speaker B:And Google would be like, you're dying.
Speaker B:Cancer.
Speaker B:It always did, right?
Speaker A:Yeah.
Speaker B:And now people are going to AI going, all right, listen, listen up, chatgpt.
Speaker B:I've got a polyp.
Speaker A:Yeah.
Speaker B:On my tongue.
Speaker A:Yeah.
Speaker B:And it's pink.
Speaker B:And it's going, well, here's all the options.
Speaker B:It's probably not cancer, but you should probably see a qualified specialist.
Speaker B:And it gives you like an idea where to look.
Speaker B:And people are like, oh.
Speaker B:So I think with the amount of data that we all have on our wrists and that we all have on our rings or rings and our sleep data and all that stuff that we're constantly.
Speaker B:Data feedback loop.
Speaker B:I think that medical careers are going to be highly impacted by AI.
Speaker B:It's going to make some doctor's job super easy.
Speaker B:Right.
Speaker B:You come in.
Speaker B:I already have all your data.
Speaker B:Yep.
Speaker B:I know how hot you've been and how cold you've been and how you've been sleeping.
Speaker B:I know you know if you've been drinking alcohol.
Speaker B:Like, I can tell all of that from your data that you provide me.
Speaker B:I know if you're working out or not.
Speaker B:You know all of that's there right now.
Speaker B:Your blood work, your labs.
Speaker B:Like, I don't know about you, but all my stuff.
Speaker B:Like, I have all my lab worker centralized on my iPhone now.
Speaker A:Oh, okay.
Speaker B:Yeah, I have all, all of my labs.
Speaker B:Like, I have all of my data in my Apple health kit.
Speaker A:Okay.
Speaker B:Everything.
Speaker B:And it's freaky, freaking nasty, freaky plugged in.
Speaker B:But it's getting.
Speaker B:It's getting to the point where like data is there.
Speaker B:So I do think the medical field will be disrupted heavily.
Speaker B:Right.
Speaker B:Do I, do I want in a robotic AI looking at stuff?
Speaker B:Yeah.
Speaker B:If I have cancer and I want to know that all the cancer cells are taken out.
Speaker B:Yeah.
Speaker B:I want that robotic AI in the operating room.
Speaker B:And I wanted to look at the scans and tell me if a cancer cell is left.
Speaker B:Definitely.
Speaker A:At least for a secondary opinion as an AI opinion.
Speaker B:Yeah.
Speaker B:So look, I think all this becomes much more efficient.
Speaker B:I think that there is something to be said for a productivity boom over time.
Speaker B:I think the companies will continue to do well, but I think that there will be this kind of like lean forward in AI and a pullback.
Speaker B:And I don't know what the pullback will wind up.
Speaker B:It's kind of like work from home, work from remote.
Speaker B:We went from everybody working in the office to everybody working remote to now everybody's like all over the place.
Speaker B:And it's kind of like a hodgepodge.
Speaker B:You do what works best for you.
Speaker A:Yeah.
Speaker B:I think that's where we're going to wind up.
Speaker B:Yeah.
Speaker A:Hope so.
Speaker B:I know so, baby.
Speaker A:I really feel bad for the people that are being forced to pick majors right now.
Speaker A:Well, dude.
Speaker B:And this is probably a broader conversation and I think about.
Speaker B:Because we cover a lot of companies in the show and I talk a lot about different individuals who made a lot of money.
Speaker B:Name me one person.
Speaker B:So banking is.
Speaker B:We can't.
Speaker B:We come from banking.
Speaker B:Banking.
Speaker B:CEOs and executives typically went to college.
Speaker B:They got Degrees, pedigrees.
Speaker B:And I think that's why the thinking is so outdated.
Speaker B:Yeah.
Speaker B:Is because they're just stuck in this ecosystem of outdated logic.
Speaker B:But then the tech guys.
Speaker B:Yeah.
Speaker B:Who frankly all these banking guys want.
Speaker A:To be like, it's not even the.
Speaker A:Yeah, it's not even the tech guys, like the engineers.
Speaker A:It's just anybody that has a job in tech.
Speaker A:Yeah.
Speaker B:Like a lot like the CEOs, most of them are college dropouts.
Speaker B:Yeah.
Speaker B:Harvard, Stanford, great schools, Ivy League smart people.
Speaker B:But they're like, I'm not going to finish this.
Speaker B:I'm going to make money doing this.
Speaker B:And they just went and they did it.
Speaker B:Right.
Speaker B:Like in them.
Speaker B:And I'm looking at this stuff thinking to myself, like, okay, you know, we had a system that was built for the employees, but the people who rebuked the system and said, I'm gonna go do this because I'm passionate about it, they got paid.
Speaker B:So I see people like these students booing Eric Schmidt, you know, on stage because he mentioned AI, you know, this Google co founder, you know, and you know, he's got, he's got a history, he's very wealthy.
Speaker B:And I looked at myself and I think to myself, okay, I get it, I get it.
Speaker B:Not everybody can't be self employed.
Speaker B:But at the same time, don't boo him for saying the quiet part out loud.
Speaker B:Like, challenge yourself to do something with those facts.
Speaker A:Right, right.
Speaker B:Like, I mean, most people, you finished college, good for you.
Speaker B:Right.
Speaker B:You feel like you deserve something.
Speaker B:That's the problem.
Speaker B:You shouldn't be booing him because you feel like it's going to take something that you, you had an opportunity for.
Speaker B:No one gives you anything in this world.
Speaker B:It just doesn't work that way.
Speaker B:You need to go into the world expecting not to get anything because most people aren't going to look out for you.
Speaker B:We're tribal, but that also means we're competitive.
Speaker B:Sometimes it's your family, sometimes it's your friends, sometimes people around you want you to do well.
Speaker B:Just as well as them, but not an ounce or a penny more.
Speaker A:Yeah, yeah.
Speaker B:And the second you do better than them, they want you to fail.
Speaker B:They want.
Speaker B:They want.
Speaker B:They're the ops.
Speaker B:Yeah, don't laugh, I'm hip.
Speaker A:The ops.
Speaker B:I don't know they use that word anymore, do they?
Speaker B:No, they do.
Speaker A:Okay.
Speaker A:No, they do.
Speaker B:They're the ops.
Speaker B:And that's the way it goes.
Speaker B:So right now AI is one challenge.
Speaker B:I mean, but there's going to be more challenges after that.
Speaker B:Maybe it's going to be.
Speaker B:Do you work on the moon or do you work here?
Speaker B:Oh, you work on the Earth plane.
Speaker B:I remember that.
Speaker B:How's that feel like?
Speaker A:Well, yeah.
Speaker A:What do you do over there?
Speaker B:Probably weigh like 200 pounds, right?
Speaker B:Yeah.
Speaker B:Come on, Beefy.
Speaker A:You're not trying to go to Mars?
Speaker A:Yeah.
Speaker B:What are you reading?
Speaker A:I'm building a the whole City.
Speaker B:Do the Crips get to go to the red planet that they are not allowed to go?
Speaker B:Is it Bloods only?
Speaker B:It's.
Speaker A:Yeah.
Speaker B:Or does Earth become kryptown?
Speaker A:Now you're getting somewhere.
Speaker B:And does the moon become Bloods and getting somewhere?
Speaker B:Ease and bees, Right?
Speaker B:Right.
Speaker A:E's and B's.
Speaker B:Yeah.
Speaker B:Earth and Bloods.
Speaker B:Right.
Speaker B:Earth, Blood.
Speaker B:Earth.
Speaker B:Crypts.
Speaker A:And that's it.
Speaker A:That's it.
Speaker A:That was it.
Speaker B:Mars Bloods.
Speaker B:That's it.
Speaker A:You're thinking this because of where you went.
Speaker B:Today we talk about.
Speaker A:Exactly.
Speaker B:LA was cool, man.
Speaker B:We had a good time.
Speaker A:Yeah.
Speaker A:All right.
Speaker A:If you're listening to the show and you haven't done so yet, please go over and leave us an honest 5 star review on Apple.
Speaker A:Or you can even leave us an honest 5 star review on Spotify.
Speaker A:Does a lot for the show.
Speaker A:And if it's on Apple, we'll actually read it here.
Speaker A:If you're watching us on YouTube, please make sure you subscribe.
Speaker A:Hit that, like button, ring that notification bell.
Speaker A:Do all the moist goody good stuff.
Speaker A:And as a big thank you to us, and if you want to say thank you to us, you can refer this show out to a friend, a family member, a fellow colleague.
Speaker A:It would do great wonders for the show.
Speaker B:What he's trying to say is increase our goddamn tam.
Speaker B:We need total adjustable market.
Speaker B:Let's go.
Speaker A:Yeah.
Speaker A:Increase the tam.
Speaker A:Way to circle it back.
Speaker B:We're gonna take you to the moon.
Speaker A:Yeah.
Speaker B:And back.
Speaker B:Yeah.
Speaker A:Shout out to my guy, Bob.
Speaker A:File.
Speaker A:Bob.
Speaker B:What a stud.
Speaker A:Stud.
Speaker B:Yeah.
Speaker B:OG Listener.
Speaker A:OG Listener, Day one.
Speaker A:All right, all right.
Speaker A:Anything else?
Speaker B:You know, I'm.
Speaker B:I'm out of luck.
Speaker B:Good night, everybody.
Speaker B:Bye.
