Ed Ludlow

However, should S&P decide to change its rules, its committee, it would be absolutely momentous.

It would, you know, excuse the pun, put rocket fuel on the trading of SpaceX as a new company.

You and I did a story together yesterday.

It was complicated, in part based on regulatory filing, in part the people we spoke to.

But in short, SpaceX's acquisition of XAI has closed, and there is some ownership mechanics that took place.

Explain it to our audience.

Well, I wish we had half an hour.

But in short, it's effectively tidying up the balance sheet, putting different pieces of equity into different boxes.

Tesla's investment in XAI has been rolled over into SpaceX.

Some of the early investors who've been with Elon for a long time across different companies, those like Valor and DFJ, have also had their stakes in SpaceX slightly increased as part of these changes.

It's all designed to make your equity term sheet look a little bit more normal as you approach the IPO process, which we still expect to happen this summer or into the autumn.

Okay, Bloomberg's Karl Porter, part of the team that's done a lot of reporting on, I guess, mechanics of what's happening with SpaceX ahead of an anticipated public market debut.

Let's get an investor's perspective on all of it.

Peter Singlehurst leads the private companies team at Bailey Gifford, an investor in SpaceX, but other names that I guess we've talked in the context of being potential blockbuster IPOs down the line.

Anthropic is another example.

Peter, welcome back to the show.

I think it's the first time we've had the opportunity to speak since SpaceX acquired XAI.

And I guess just what's your reaction to that?

How you guys felt about it, the interpretation of the rationale behind it?

I think when you step back and you consider what has made SpaceX such an incredible business over the last 10 years, it's their ability to drive down the cost of launch.