Susanna Batley

It is interesting looking at the governance of SpaceX and Elon Musk is in total control of the company, you know, elects any director on the board, majority voting rights.

The company's moved from being incorporated from Delaware into Texas, which again is, you know,

uh i'd say maybe less shareholder or less minority shareholder friendly so um you know elon musk absolutely has control of spacex and um and so it will be interesting to see sort of how he thinks about that in relation to um his other companies as well there seems to have been i think from what we're talking about today some pretty fundamental shifts in in capital markets is this a one and done or are we going to see more of this now

I think we're in a different era.

And it's not just SpaceX that makes me think that.

I mean, if you look at Meta, so the parent company of Facebook, when they IPO-ed in 2012, I think it was, they raised around $16 billion.

They've spent over $100 billion in share buybacks.

And that really does reflect this capital lightness, this lack of capital intensity that we've had over the last couple of decades.

And that's all changing.

So now Meta is expected to potentially raise equity.

It's just raised a huge amount in the bond market.

Alphabet, the parent company of Google that I mentioned, they raised $85 billion this year.

And that's the first capital raise they've done, I think, in two decades.

But it feels different to where we've been over the last, I'd say, 10 to 20 years.