Susannah Batley

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,

Sounds like an enormous number, and it is in my mind.

But in the context of a $1.75 trillion valuation, actually, that's a very small portion.

I think it's about 4% or 5%.

And there is a huge amount of demand for this investment around the world.

And actually, interestingly, they are allocating around 30% to retail, which is pretty high in the context of this sort of

And so we could get a lot more demand than that supply of 75 billion.

However, then exactly as Jackie has pointed out, there's these other windows where a lot of supply could be on the market.

And so the question is, how do those supply and demand dynamics change over time?

There can be short sellers in the market as well that are trying to anticipate some of these supply, demand imbalances.

And that can also put further pressure sort of up or down on the price.