Aidan Donnelly

But it's a bet on Elon, really.

It's a bet on Elon, yeah.

And ultimately, because of the governance structure, it is absolutely a bet on Elon because he can't be removed from his position, right?

So, you know, you're buying the man at the valuation rather than, you know, the company.

As I said, something like Starlink, really good business,

It's making good revenue.

It's making good profit.

Yeah, but there's no way he'd have gotten the valuation that he got, you know?

And if you think about it, the other thing too is all of the other assets that he has in there, like Twitter and Grok and all that type of stuff, right?

There's no way you could IPO them on their own because there's absolutely nothing to do with it, right?

So, you know, it kind of is happy that you can wrap them around something that is a core business.

And if you can sell it at a sky-high multiple, well then, great, you know?

Yeah, we've heard a few people.

Again, you know, a lot of retail investors, it'll be all retail investors that'll be looking at this and saying, oh, you know, they won't, you know, unless they're very lucky, they won't be able to get into the IPO.

But that's not to say they won't buy it on the day that it starts trading.

Exposure to it.

But the thing you've got to remember with the funds that have an exposure, you know, the market is efficient.

The market knows how much of that fund is in SpaceX.

They know what the value is and you can kind of imply what the thing is.

And a lot of those have seen substantial rises in their fund values over that on the basis of marking to market, if you will, what the value of the underlying assets are.