Ed Elson

And so you're working at school, at lunch breaks, the guy's letting you use the metalworks.

And then at what point do you start to really operationalize this?

At what point does this go from a kid using the DT workshop at lunchtime to actually building a company?

We'll be right back.

We're back with Peter Beck.

So what does it take to actually build a company at that point that is actually building rockets?

What does the recruitment process look like?

What does the fundraising process look like?

How do you convince an investor that they're going to get their money back by giving you money to build rockets into space?

When you make that pitch to these Silicon Valley investors, I mean, obviously, they're trying to figure out how this becomes profitable.

What does that pitch look like?

Are you kind of describing the need for space equipment today?

Or is it more of a pitch about something, you know, hundreds of years in the future?

Like, what does that pitch at that point actually look like?

You mentioned some of these insane valuations and these Series A rounds, $2.2 billion valuation for a company that hasn't actually built anything.

Yeah, it's crazy.

Just crazy.

But then also you look at

the valuations and the pricing on the companies that actually are building things, and the valuations are pretty stunning, the multiples are pretty stunning, including on your company.

And one thing that is...