Ilya Fushman

This is likely to be the biggest IPO of all time, either on a dollar-raised perspective or on a valuation perspective.

Let's talk about the latest, Kyle.

Indeed.

The more recent reporting suggests that they are on target for a June IPO, which, as you correctly point out, would be the largest IPO by both valuation and by amount of capital raised.

The current record was held by Saudi Arabia's Aramco.

They raised around $29 billion.

This would be, according to recent reports, at least double that.

So, you've got to look at a huge range of institutional and retail mix to get this sort of an IPO done.

Indeed, it wasn't only very recently.

And that's a business that has a huge cash burn attached to it, but it doesn't seem to have dented any enthusiasm for this IPO.

You've really got a situation where institutions are looking at SpaceX as a monopoly and the retail component are looking at it as master Elon strikes again.

Of course, they're going to want to get into this.

He's made spectacular returns for his investors over the past 20 years.

We're just showing a chart, Kyle, that is the kind of anticipated IPOs, and the valuation of SpaceX is like 1.75 trillion.

It's worth reminding the audience that post-merger SpaceX XAI, that private market transaction valued the company, the combined entity, at 1.25 trillion.

This is big.

There's a lot at stake here, right?

There's a reason that all of these space and SpaceX adjacent stocks are pushing higher.

This is one that the world wants to get in on, and there are a long list of creme de la creme investors that are already on the cap table.

Just go over the basics of what we know of the existing backing that SpaceX has.