Garth Bray

How much information can an investor gain just from looking through one of these IPOs for themselves?

Is there information perhaps that retail investors aren't going to be getting ready access to in the next little while that others might be getting about this in the lead up?

Jackie, is that common in listings that you've seen in Australia to have so much concentration in the management and control of the company and effectively the governance of the company as well?

Companies here would tend to have to have a certain number of independent directors on the board to satisfy listing rules under the NZX.

Presumably you can have an independent director on the SpaceX board, but whether they'll actually have that much say is another question, really?

And certainly given the pension funds, I notice three of the big ones in the States wrote apparently to them, to Gwynne Shotwell, that SpaceX president you mentioned, basically saying that this would constitute the most management favourable governance structure ever brought to the US public markets at this scale.

They are clearly just a little concerned that too much is in the hands of one person there.

Are they getting any sort of special treatment?

I think I understood that the NASDAQ was basically changing some of its rules.

Typically would want to see like four quarters worth of generally accepted accounting principle standard kind of accounts before they would consider including them in the index there.

But that SpaceX is likely to get early entry into that NASDAQ index.

Before we get to that we've got to ring the bell on the exchange though and actually listen when is the right timing for an IPO how does the company decide where is the right place to do it what is the right time timing around that?

This is a company that's been, I think, around for 24 years, I think I read in the filing, effectively.

it's a long time before you're taking it public, right?

A lot of other companies would have, if they were going to grow much bigger, would have made that decision earlier in the past.

Is this a trend that we are seeing more and more, both in Australia and here and in the States, Jackie, around companies taking longer and longer to decide whether or not to list?

In that time, those next sort of four or five years before they say they're going to sort of get to cash flow, I mean, you've got basically the company is Starlink at the moment, isn't it?

And you've got a lot of competition starting to emerge into that space.

These are all risks that investors need to keep in mind when they're taking a look at that full prospectus and trying to work out what the path for this exceptional company might be, right?

have kind of a cooling off period or a ban period when they cannot sell their shares.