Nicolas (Nick) Owens

speaker

86 appearances 1 recordings 1 series first heard Jun 2026 last heard 9 Jun

Nicolas (Nick) Owens’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.

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The Master Investor Podcast with Wilfred Frost · Should You Buy Space X? | IPO Special · 9 Jun 2026 podcast

That's absolutely right.

And I think while it's true that I'm the bear on the street, so to speak, in the name, that's really the result of what I would call mathematics more so than skepticism.

So we've actually run several scenarios, some of which exceed the asking price.

It really boils down to what you think is most probable in terms of what's going to happen.

You're right.

So I would say that the modiness, the competitiveness in AI for SpaceX, I would say it's indeterminate at this time, and it could go either way.

They could plow a bunch of money into trying to build out AI data centers, and if it doesn't work,

And I assume they would shut it down.

That could end up being a huge draw on corporate resources, potentially shareholder resources, with no payoff.

There's as much possibility that it's wildly successful that in the long term, we do see a potential case where satellite-based data centers have some incremental cost advantage because they have free solar and free cooling.

The name of the game is if you can get the capex and the amortization of the launch cost down, then it can be competitive with terrestrial data center cost-wise, let's say, in the long term.

So that's the scenario I think everyone's banking on.

And we place a 7%, let's say, cumulative probability on both Starship being reusable and scalable and data centers being highly commercially viable.

And that's what results in our lower net cost.

fair value.

Probably the lion's share.

I think the stated uses of capital, they always say stuff like in general corporate purposes, et cetera, et cetera.

But I think the big project here is to invest in the equipment and testing that they will need to do to basically put GPUs on some kind of a modified Starlink satellite and prove out, let's say, its operating system and

The test will be whether they can run it, you know, doing a bunch of, you know, crunching a bunch of tokens and whether they can keep it below 65 degrees Celsius or thereabouts.

And that, I think we'll know more about that in two or three years.

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