Rob Armstrong

So it's a capital-intensive business, is what you're saying.

But just for the record, $11.4 billion in revenue.

2025 up almost 50 percent from the year what is that the starlink bit starlink bit income from operations 4.4 billion so as of right now it looks like a darn nice little business i don't know that i'm gonna pay for uh 1.3 one and three quarters trillion us dollars for it but moving on isn't there a third business in here somewhere yes well the third bit is the ai bit that's grok

It is a huge pile of burning cash.

So that is $3.2 billion in revenue in 2025.

A loss of $6.4 billion.

So the first amazing fact that we need to flag here is not the dinosaurs.

It's the fact that people are lining up to pay $1.75 trillion, which would make this, I don't know, one of the 10 biggest stocks on Wall Street, right?

Yes.

Number seven or something like that.

For a seriously loss-making business.

To scale that, world GDP is about $125 trillion.

So the addressable market is a fifth of GDP, right?

John, Katie, let's ask a simple question.

Is it mad to pay one and three quarters trillion dollars for this loss making business?

Is it just is that just insane on its face, John?

Yes.

Before I choke on the cynicism of you two Brits.

I would like to say that it is important to separate the carnival barker, Elon Musk, and the business builder, Elon Musk.

And I agree with you.