Sam Dickie

That's right.

That's right.

That's exactly right.

And think about the scale of that.

So you've got thousands of software engineers and space engineers who –

Five, 10 years ago, we're probably making $100,000 a year.

And now those people are worth $100,000, $200,000, $300,000 million on paper.

So they'll be looking forward to some of them, I'm sure, even regardless of how bullish they are in the long-term picture, an opportunity for their lockup to come off and to realize some of that capital.

That's right.

And insiders, they're called insiders because they have the most information.

They work there.

They might be the CEO, the CFO.

And typically you have a window.

The SpaceX one, it's called a dribble window, whereby after 70 days you can start selling stock and the maximum unlock period will be after about 135 days.

So sometime in the autumn of 2026, you'll see maximum supply coming into the market of insiders selling.

That's right.

And you mentioned at the start, exciting times, exciting times and exciting valuations.

So typical metrics like price to earnings multiples, where you take the price or the market capitalisation and divide it by the bottom line profit of the company.

are not relevant here or not required because they don't make profit.

So I think what's important is you look at things like the margin trajectory or the profit margins of these companies.