Patrick Boyle

I don't know if you noticed that Elon Musk will get, I think, 85% of the voting shares.

He doesn't like, as we know, shareholder lawsuits.

And so that has to go to arbitration.

So essentially, if you're buying like this, this is very much an IPO for the Elon Musk fan.

Like you're not necessarily that worried about profitability.

You know, it's sort of, you know, it's what it used to be sort of rockets.

Now it's rockets, Twitter, AI in space, you know, space manufacturing, transportation by rockets and asteroid mining.

Not all of these businesses are functioning at the moment.

Even if you look at the Starship thing, the Starship, they're talking about, what is it?

Sorry, I've got the numbers down here.

Basically, they're talking about hourly launches of starships in order to get, I think, something like a million tons of stuff into space per year.

At the moment, you know, I think the next starship test is tomorrow.

It's never gone into orbit.

It's never carried any cargo.

I think it's going to carry some dummy SpaceX satellites tomorrow.

But this is very much a vibes-based IPO.

It's for people who are excited about Elon Musk.

It's not really for people who are going to scrub through the numbers and ask questions about profitability.

And I think that's per quarter, isn't it, that loss?

That's the quarterly number.