Rory Sutherland

So even on a revenue multiple basis, at the margin, you could skip it from a pure value-to-value perspective.

Now, that's people playing small ball, which is why you got to go back to the first comment and say, if these things obviously should be together and it makes a ton of sense for them to be together, then, you know, being wrong 5% on price doesn't matter at some level.

So now you actually are forced to talk seriously about data centers in space.

I mean, if you read Elon's note, which was wild, that's a good slug of where this is going.

And you now have to have a developed opinion on the economics of data centers in space.

Two answers.

One, he has unlimited cash.

The only person of whom you can truly say he has unlimited cash is, in fact, Elon.

But yeah, at the margin, it's probably going to be easier to raise money for the combined entity than it would have been for x.ai, even though they just raised 200-something billion pre.

To the extent that you're going to play the current game...

literally, pun intended, the ground game of data centers in Tennessee versus data centers in Austin, or data centers wherever the open AI ones are, you now have more capital to play that game, which is interesting at the margin.

But of course, his real comment would be, and again, I'm not commenting on the believability, I'm not commenting on the timeline of it,

But the real argument would be we're going to change the game because we can, quote unquote, do data centers in space.

And maybe that happens in the near term and maybe it doesn't.

But if it does in the near term, that would be the kind of big picture argument.

I want to commit, Jason, could not agree more.

In fact, talking about data centers in space beyond my pay grade, but I think the most significant terrestrial thing that's happened here is what you just saw is the rehabilitation of the IPO.

And I'm going to call it the end of stay private forever.

And one caveat vis-a-vis SpaceX versus OpenAI, right?

I think Jason nailed it exactly.