Nicolas Owens

In the next year, you'll have potential dilution as the lockups expire.

You'll also have index funds buying it because it's a big piece of the market now.

And so we'll see.

Sure.

And I think it's really, I really want to emphasize that it's, I'm not like disagreeing with the market about the potential for this company to do amazing things.

And, you know, even let's say unprecedented things, looking at the rocket business and Starlink, you know, the way they've developed the Falcon rocket and its reusability is incredible.

And they literally changed the math on what you'd even consider to be feasible to launch into space or, you know, the dollars per kilogram to launch is incredible.

radically come down because of SpaceX.

The way we do it is I valued, let's say the unknown here really is the AI piece of the business that they acquired.

You had a rocket company and satellite company that acquired the AI

business from Elon Musk in February.

And they're heavily investing in that, which is part of kind of the wider AI theme, people investing tens of billions of dollars in infrastructure and servers and stuff.

And basically, we look at that as unknown outcome, right?

So will they succeed?

The biggest project on the books is putting data centers in space.

There's a whole debate about whether that's even possible from an engineering point of view.

People talk about the radiation or cooling.

I've actually become convinced that on an engineering basis, it's doable.

I think SpaceX has a video showing kind of like a mock-up or a prototype, and they can leverage some of the same tech that, let's say, that they've developed for Starlink.

What is unknown to me and where we modeled a handful of different outcomes is how commercially viable or competitive will a data center in space be compared to a terrestrial data center.