Nick Martell

All right, so that's the first division that's pretty exciting, space.

But the second is the profit puppy.

And that division is Starlink.

They call it the connectivity division because they have 9,600 satellites orbiting Earth that send internet down to us Earthlings who pay a hundred bucks a month.

Full disclosure, this Airbnb in Santa Barbara, where I'm recording from right now.

Go ahead and say to you.

Yeah.

So they use Starlink.

If the power goes out during our recording, that's not a good sign.

So Starlink is a consumer business, but also like United Airlines uses it on their airplanes.

And it is a profit puppy.

Yeah, $1.2 billion in profit last quarter, 10 million users.

That's a double from last year.

The dream for Starlink is to eat up T-Mobile, eat up Verizon, and eat up AT&T and become the one wireless provider for all coming from space.

So space, Wi-Fi, colonizing Mars, that's the bull case upside for SpaceX.

But Jack, what's the bear case downside?

The bear case downside is the division they just bought that loses tons of money.

Elon's pitching this as an upside bull case thing, but that division is shockingly

the AI division.

The AI division of SpaceX includes Grok and X, formerly known as Twitter.