Rob Armstrong

And we've seen some of the big tech companies get their valuations marked down.

So in a sense, Musk is a day late, which actually leads us.

to the dirty tricks part of the podcast, where if he's gonna raise the amount of money he wants to raise, he needs to generate a huge amount of retail demand.

And it seems like there might be some jiggery-pokery in terms of listing rules and IPO rules to help him do that.

Because passive investors buy the whole index.

Because they love it.

So you want to be in the index and the index funds as quickly as possible.

So just to back up for our listeners slightly, the lockup means there's going to be all these people who work in the SpaceX empire who have been granted stock as part of their pay packages.

And at some point, they're going to be allowed to turn that stock into cash by selling it into the stock market.

That's selling pressure, right?

That affects the stock.

And who's going to be there when that lockup ends and all that stock comes rushing on the market?

What they're worried about is who's going to be there to pick up all those shares.

There's something self-reinforcing about it, in other words.

Richard, do you think there is a world in which the SpaceX story really does live up to the hype?

I mean, can you imagine a world where the commercial space business grows like crazy and there's data centers in space brought up by these rockets?

and those data centers support a lower cost artificial intelligence network and et cetera.

Is all of this within the realm of being conceivable or are we in total fairy land here?

I do love the idea of an investment pitch that starts with, nothing here violates the laws of physics.

I think we do have examples of fanboy companies that have made good.