Susannah Batley

speaker

230 appearances 2 recordings 1 series first heard May 2026 last heard 22 Jul

Susannah Batley’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 2 in all, peaking in Jul 2026 with 1.

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Shared Lunch · The investor’s guide to the SpaceX IPO · 27 May 2026 podcast

So sometimes for a company that might be raising money for growth, there is a bit of a trade-off in terms of maximising the

the proceeds you get at the time or the valuation versus actually optimising for the longer term and making sure that you can access the capital markets in the future as you continue to grow and pursue different objectives.

take it back a couple of years, I saw a stat that nine out of 10 US companies with revenue over 100 million US per annum were private, which I found pretty shocking because definitely historically, a listing has been something that you achieve it when you reach a certain scale.

And it has been pretty phenomenal to see just the sheer size that private companies have grown to and been able to continue to access capital.

But

I think there are limits.

If you look at the SpaceX prospectus, I think they're not looking to get to cash flow break even until 2030.

A lot of capital that they're going to be raising between now and then.

And, you know, public markets do provide generally pretty ready access to capital potentially.

Well, I think it's quite interesting looking at the numbers and the prospectus.

I think it's around $18.7 billion in revenue over the last 12 months, $5 billion loss.

But if you look at within that, as you say, really the cash cow is the Starlink business.

I think it's generated around about 11.4 billion of that 18 billion or so revenue and actually provided 4.4 billion of cash contribution to the business.

So it's the part of the business that is making the money.

In saying that, though, I think the last 12 months, possibly not a good indicator of what's to come.

They just announced this huge partnership with Anthropic that's worth about US $15 billion per annum.

And really, they're positioning it as an AI company.

And it's all about compute and reselling compute assets.

and about ai enterprise uh applications you know definitely it's positioned as that wider play that elon musk is pretty famous for around vertical integration and um the convergence of various pieces of the puzzle together if we look i suppose a little bit back to what we started on here which was talking about the ipo structure and how we work this through is a period whereby the people that have had money in the company as a private company

And to Jackie's point, those supply and demand dynamics are pretty interesting because if we look at day one of the IPO or at the IPO, I think looking to raise around US$75 billion,

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