Ed Ludlow

Well, there's a couple other things to think about, which is that a 23-year-old company has had a lot of employees come, stay, leave, right?

And so you have a wide swath of shareholders, kind of like a long tail of ownership.

And so, sure, there's some concentration in some of their biggest investors and in the founders' shares.

But this thing is pretty widely held.

I'd go so far as to say that an IPO might also be a solve for the fact that the company is a private entity and can only have 2,000 shareholders.

That is a requirement before they have to start filing financials.

That may actually be a bit of a driver here as well.

But as far as what the IPO is gonna look like,

This is uncharted waters, right?

Saudi Aramco, Alibaba, those would actually be smaller than these IPOs, right?

And we don't know, or than this IPO, and we don't know if it's going to be primarily secondary liquidity to existing, if it's going to be new capital, though I would posit it's probably going to be new capital based on a lot of your reporting as well, because there's going to need to be investment from SpaceX into new computing and processing power.

So to a big portion of the Bloomberg tech audience that work in the world of technology, tenders and the secondary market is something they'll be familiar with.

Loads of people will not be familiar with that.

And so what usually happens with a big IPO is in late stage growth primary rounds where the company raises money, issues new equity, you get these kind of anchor investors.

that come in ahead of an IPO.

It might be a year in advance.

In this case, what we're reporting is the tender is confirmed, $800 billion valuation, $421 share price.

Could you explain that dynamic ahead of a big IPO, how there isn't any new primary round, not raising new money, which, as you know, Elon Musk has been at pains to point out on X?

Sure.

In its simplest form, if you're a business that's profitable and you don't need new capital to continue growing, why dilute yourself by taking a new investment injection through a primary?