Susannah Batley

Having said that, the value of a company is really the future cash flows discounted back at its most basic level.

And we don't know the future.

And if anything, it feels more unpredictable and volatile as it ever has been.

And if you look at SpaceX in particular, there are some pretty big moonshots that it's taking.

There's a lot of information around things like total addressable market.

I think it's been put at 28.5 trillion US dollars in the prospectus.

That's about the size of the US total GDP, just to put it into perspective.

Is that really realistic for SpaceX to be able to grab?

And then what is the pathway to getting that?

And is that plan believable?

So yes, there's a lot of information, but it's also working out what parts do you think are credible, given that a lot of it is really based on the future.

Really, to Jackie's point around meeting management, this is particularly, I think, relevant for the SpaceX IPO.

There's two individuals in particular that I think are very important to be looking at.

So firstly, Elon Musk, post-IPO, given the different tranches of shares that have different voting rights attached, he's going to have around 85% of the voting rights.

And he will also control the entire board, so all members of the board.

And so you think about a large institutional investor being able to meet with that person and really trying to get confidence around that person because for investors investing in SpaceX,

If you suddenly are concerned with, say, the trajectory that Elon Musk might be taking, really the only alternative is to vote with your feet and sell your shares.

And then also Gwynne Shortwell, who's the president and chief operating officer who really runs SpaceX on a day-to-day basis,

has since, I think, 2002.

So really been there right from the beginning of the journey.