Matt Gialich

I think this is something we get wrong a lot when we look at companies and we look at markets, which is the market cap.

It's my same problem with rare earth metals as we go into it, right?

The market cap for helium-3 is extremely low.

So helium-3 in 2023 had a total market cap of $5.8 million.

So yeah, it might be worth $100 million a kilogram or $20 million a kilogram or whatever the number is, but that's not how economics work, right?

It's supply and demand.

And if you increase the supply, you lower the demand, thus the cost goes down.

There's all these people that study this, but again, basic business isn't that hard.

And sometimes we try to convolute it, it's pretty straightforward.

Helium-3 has a really small market cap.

Now, it may grow, and one of the ways we think Helium-3 may grow is with nuclear.

We've talked about fission reactors being able to use off Helium-3, and there's this whole philosophy how to get there.

The big problem with that is that nuclear reactors make helium-3.

It's one of the byproducts of them.

So we know how to make helium-3 on Earth.

Really?

Yeah.

I don't think there's going to be a supply problem as we go into the future.

But the cool thing at startups is we all get to make these different theses and bets on what's going to happen.

And maybe I'm wrong, right?