Nicolas Owens

And in the long term, we believe that stocks tend to arrive at those fair values.

Obviously, we will have new information over time as well.

I'm not really in the business of trying to guess what the market will pay in the next minute or hour or day.

That's gonna be where these multiples and the Elon premium and all those factors will come in.

I will say this though, I tried to reflect some of that in these percentages,

And then I would say I would give any other company lower probability of success for these projects.

Right.

I mean, again, I'm trying to.

So it is built in essentially in your analysis because of the historical president.

To be honest, like not to pick on any one competitor or another, but another rocket company that said the same stuff, I would say maybe zero percent probability of that upside scenario.

See what I'm saying?

Yeah, I hadn't thought about the, you know, no pun intended space being an overrated space.

I looked at this company, particularly with its AI venture, but then also the longer term goals, you know, putting a city on Mars or a mine on the moon.

Those are, let's say, debatable value propositions.

But again, I think this is the company best position to go after that.

And the way I really modeled it is essentially as an infrastructure play, almost like building the railroads 130 years ago, putting that infrastructure and the supply chain in place to be able to do that.

And it very much hinges on Starship being able to go there and back again many times, etc.,

It's a, it's a, it's a very kind of ambitious and, you know, fantastical project.

But here it's happening, you know, 15 years ago, did we think there'd be reusable rockets with posters landing, you know, two minutes after launch?

No, but there they are.