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 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

The trick here is that investors are being asked to decide this Friday whether they think it's going to work.

And the engineers will know a little bit later.

Yeah, there's a long list of these really amazing long term projects.

And, you know, I would even give this company the benefit of the doubt in saying they're the best position to go after those, you know, and in a way that I think is the long term strategy here is to build the infrastructure and the supply chain for call it interstellar or interplanetary at the very least.

you know, business, you know, travel, factories on the moon, et cetera.

It all sounds far-fetched, but then totally reusable rockets sounded far-fetched 15 years ago.

So the point there is when you start looking at the, let's say, the building blocks of the valuation, and then what are you as an investor interested in or willing to pay to participate in those,

The metal framework I've been using that I think is useful here is options.

So if you think that SpaceX today is worth, let's say, exactly $135, which is the IPO offering price, and we value that as the sum of the rockets, Starlink, and a potential scenario for AI doing quite well, then you would say, all that other stuff, I'm getting it for free.

Another way to look at it is if you use our valuations, which is the weighted average and comes out to $63 a share, you're paying an incremental, whatever that is, with a difference of $235 for, let's say, call options on these other projects.

And maybe somewhere in between is the right answer in terms of what of those options are you getting for free?

And what are those options?

Are you being asked to pay, you know, 40, 50, $60 a share to participate in?

Yeah.

So fundamentally, we take a discounted cash flow view at Morningstar.

We really tend towards bottoms-up valuation.

We're not using a multiple or anything like that.

So what happens is we've modeled out three scenarios for the AI business.

Essentially, we think that the Starlink and the Rockets business is pretty solid, and those consistently come out at about a $611 billion enterprise value.

So then it's

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