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Q treasury, and FDIC protection into one powerful account. You can send and receive money globally at lightning speeds, get 20 times the standard FDIC coverage through their partner banks, and even high yield from day one. With same day and even same hour liquidity, access your funds So of, of those things, I also want to talk about Starlink. Could you break down that business for people who don't know?

A Starlink is an incredible business. You know, it's right now, Kind of the first wave of Starlink was providing consumer internet from space, primarily in rural areas. So the way it works in simple terms is you launch a rocket. The rocket, like the initial V-one had about 60 Starlink satellites per launch. So you have these satellites in the sky that, you know, we've now kind of gone to two or three generations past that. So you have, we now have about 9000 satellites in space. These satellites can talk to each other using laser links, so they're passing huge amounts of data, you know, terribus per second, back and forth in the constellation, and then you have this giant space infrastructure, and then on the ground people have user terminals, which is just a little dish that's 10 inches wide or 12 inches wide or so, that It's what's called a phased ray antenna, and it's basically a bunch of radio waves that you can steer to, um, basically lock onto a satellite and move from one satellite to the next as, you know, every 20 seconds or so as a satellite is moving out of view. Um, all right, and So basically all it takes is these ground stations, sorry, these ground terminals at your house, or on your car, or whatever, or on an airplane now. You have these satellites in the sky. Data is moving from satellites to the ground, and in space, and we kind of built the equivalent of all th…

AI assessment note: “Kind of the first wave of Starlink was providing consumer internet from space”

Q Which of the other companies do you think is most underrated?

A Honestly, I think they're all severely underrated right now. Like, I, I think that XAI is, like, severely underrated, and it, and it makes sense, like the, it's revenue scale compared to, Open Eye, Anthropic, Google is obviously like much smaller, but it just kind of blows my mind that people don't understand how fast the company is moving. And like, you just have to look at the, the derivatives of progress. Um, and then also just like look the bottlenecks I believe the bottleneck at least for inference is going to be like power. And even if you have the best model in the world, you know, if you can only like deliver it to one percent of the market or two percent of the market demands, like you're heavily limited in your kind of growth rate and expansion opportunities. I just, I think XAI is going to Elon's the best in the world at atoms, and I think atoms are going to be a decisive factor in the AI race. And it just, the way Elon builds companies is different than other people. He builds, the way I describe it is he builds up potential energy, and then he converts up potential energy into kinetic energy. Whereas a lot of other companies, like they're kind of, whenever they have potential energy, they're just immediately converting it into kinetic energy. Elon builds gigafactories that are not producing any cars or revenue for, like, five years, and then immediately start makin…

AI assessment note: “I think that XAI is, like, severely underrated”

Q In Texas as well. But since we're in LA and like you're an investor in a lot of companies here as well, One, um, what do you think the unintended consequences of that would be on productivity here? I've talked to some founders, and they're a little worried because some of their employees have, like, 70 cents, you know?

A I don't, I think that in most companies, it's kind of destroyed the culture. I don't think that's going to be the case at SpaceX because SpaceX is such a mission-oriented company, and as I was saying before, the next five years and then five years after that have, like, the coolest freaking milestones ever, And a lot of this team has been working towards this. I mean, some for 20 years, you know, many for the last five or 10 years. And it's like, why would you slow down or retire when we're about to put people like humans on the moon and Mars? And I think it's just There's something like the, the reason to work hard at SpaceX transcends the mission of most companies, and I think it's insulating from a lot of the bad behavior that comes from like, if you are, if you're working for a social media app company and now you're rich, it's like, okay, I can go keep, you know, giving AI slop to children or, you know, like, or Go hang out on my mega yacht. Um, you know, or in this case, it's, and I'm sorry, that's not a dig at any one company. Like, I, it's, it's just a general statement. It's really just a value statement that, like, the SpaceX mission is one of the coolest and most pure missions of any company in history, and so it's, it kind of transcends just the typical incentive system.

AI assessment note: “in most companies, it's kind of destroyed the culture. I don't think that's going to be the case”

Q included. And before you invest, you can even backtest your idea against the S&P. So you're making decisions with real context, not just guessing. And beyond generated assets, public lets you invest in stocks, bonds, options, crypto, all in one place. They'll even give you an uncapped What was the process to first get into SpaceX? Because I can't imagine that environment was at all as enthusiastic as this environment.

A No, look, I know this sounds crazy, but SpaceX in 2019 was a highly contrarian investment. Um, And it was very hard. It was a very hard investment to convince people to do. And I didn't even really believe in it, you know, the year prior. Um, and so the, like the rough, the re and I know it sounds crazy today, but a few things, one, SpaceX in 2019 was just a launch company. In 2019 they did 13 launches. The total global launch market, it depends how you count it, it depends how you count China, some of the government launches, but I would say in 2019 it's probably like a five, six billion dollar market, like addressable market. And the, like, at the time, the way people thought about, like, the theoretical maximum EBITDA margin you'd have on a launch is, like, 40%, so it's about two billion of EBITDA as a, if you captured a hundred percent of the market, it's like two billion of EBITDA as a potential, you know, thing, and so then you're, it's an industry that requires a lot of capex investment and, you know, depreciating assets, and so, Probably have, like, a billion of profit if you capture a hundred percent of the market then. And the company's valued at thirty six billion in 2019. And, and so, like, investing at 36 times the, like, 36 times the theoretical maximum earnings where you wouldn't be growing very much if you didn't find another market was, like, people just though…

AI assessment note: “SpaceX in 2019 was a highly contrarian investment. Um, And it was very hard.”

Q Okay. So let's start with SpaceX's upcoming IPO. I think a lot of people would love to have exposure to it, would love to know the inner workings of what's going on. The latest is that there's going to be data centers in space. So like, what is the update on SpaceX that people should know?

A Great question. Um, I'm, I'm very privileged to be a major investor in the company. And I'm just gonna start with the caveat that I take that as a huge responsibility. And so I try not to share anything that I don't think is already like public, but I'm pretty good at packaging what's public, uh, cause I follow it very, very closely. Um, Look, I personally believe SpaceX is the greatest company of all time. I think the company is just getting started. I, and I have many other great portfolio companies, but I'm willing to say SpaceX is on a different level of every company. Um, it's also just so fun to work on, like launching rockets into space. Uh, one thing for me that's kind of been a lesson of watching how Elon builds companies is he, I, I think he focuses on, like, the bottlenecks and the most important thing, and then once that starts to clear up, then he starts to focus on, kind of, like, what you can do with the thing. Examples are, you know, the company didn't really start working on Starlink until Like, really it became a serious issue in November, 2018, which was out two years after they'd been doing reusable Falcon nine flights. So like my, my impression was he intuitively understood and the company understood that Falcon nine, they'd passed through this giant kind of Um, like, challenging phase of getting Falcon nine to be reusable, and they knew they were gonna hav…

AI assessment note: “I think that a few things happened around data centers in space”

Q Turing is training the next generation of AI with tasks that require real expertise and real world judgment. That's why companies like NVIDIA, Anthropic, Salesforce, and Gemini partner with Turing. Turing builds realistic reinforcement learning environments and data systems based on real operational traces. The kind of infrastructure Frontier Labs need Well, what do you think the unintended consequences of, like, all this access would be?

A Yeah, I call this internet everywhere. Um, look, I, I think that, I think it's gonna be insane, and I think it's gonna feed into a lot of the other Elon companies. Like, I, when you have a self-driving Tesla, now you pair that with, you know, Starlink, And whether it's direct to sell or whether it's, you know, they put a, like a dish on the roof of the car, which someday I don't know why they wouldn't embed, you know, like a dish directly in the car. Cause then you just hit, you have a bigger, you know, an optimized radio. Um, I like imagine you're in your car and you have Starlink and your car is driving yourself and you have perfect internet everywhere and your car starts to become, you know, your living room and you're doing your zoom calls or, uh, you know, Watching Sporty Match, or talking to your grandkids, or whatever, it's just like, we're going to go to where we have internet everywhere, Optimus is going to use this, like, you know, military drones are going to use this, um, like, kids in Africa are going to use this. We're already, I mean, something that I think SpaceX has been very good about is whenever there's been a major natural disaster anywhere in the world, they're basically offering Starlink for free to, you know, because all the terrestrial, usually both power and cellular communications get knocked out, and so, Anyways, like, it's just, this is an incredibl…

AI assessment note: “I think it's gonna feed into a lot of the other Elon companies.”