Susanna Batley

And, you know, it's something that, you know, we're definitely deeply passionate about at Sharesies.

And I think that any ways that you can get broad ownership like that, where many people can win from those really great outcomes is...

truly fantastic.

A few stats that I found quite interesting is since 1989 the S&P 500 has gone up 22 times, wages have gone up 37% and capital markets have created enormous wealth but it is very easy for it to be shared by too few people and I love hearing stories about people that can get shares early on.

because they're investing early or because they're an early employee and what a life-changing outcome for those people.

And I think it goes to the point on capital intensity.

If you take on the flip side, a company like Stripe, Stripe was always expected to go public, but actually they've been able to generate cash flows and now they've got quarterly periods where they provide liquidity for early investors, early employees.

But these companies like SpaceX, Anthropic, OpenAI, they are capital hungry and they are really investing for growth.

And so in order to provide that liquidity,

liquidity for, say, early employees, that's really probably got to come outside of the company.

If we look at the 12-month period to September last year, S&P 500 companies issued around US$1.7 trillion of stock, which is just, you know, eye-watering.

And so while SpaceX's IPO of $75 billion is massive, that actually reflects about two weeks' worth of normal issuance.

And it just really reflects the scale of listed markets.

Yeah, I mean, I've heard that rumor as well.

And no question that convergence model is part of Elon Musk's playbook.

We've seen that even at Tesla in terms of vertical integration, build the robot that builds the part that makes the car.

And we've seen that within SpaceX where we're bringing rockets that can provide satellites that links with the Starlink business.

and then this idea and the prospectus around building data centres in space.

There's reports that actually the launch business could be, you know, much more, much higher revenue, but SpaceX has been prioritising its own launches and, you know,

them fitting together with the other parts of the business.