Tom Schmidt

The unlocked schedule for SpaceX is insane.

I like this Bill Ackman tweet today or yesterday.

The thing that makes SpaceX so valuable is that it's so valuable.

I think referring to their ability to do all these acquisitions of X and XAI and now Cursor just using this extremely high share price.

And so it's...

this really interesting instrument where, you know, you can almost say it's sort of a, you know, micro strategy like in that way where it's, you're trading at some huge premium to maybe where these assets would normally otherwise be trading, which allows you to sort of suck it up into this vehicle.

And maybe there's some synergies, maybe there's, you know, so the Elon Musk, you know, aura around it.

But I think on the other hand, it is like this unique,

one-of-one instrument, right?

People love Starlink.

And, you know, obviously, you know, I think Amazon has their own competitor, but everyone knows Starlink, the brand, and they're the real ones everywhere.

And not many other companies, if any, you know, have the kind of ability to get, you know, large payloads in flight that SpaceX has.

The fact that it has all these other things wrapped up into it may be more of a kind of rounding error.

It's kind of like, you know, Square buying a title or something.

But I don't know.

I think I was also surprised by...

how warm the market was to it post-IPO, where for a while it seemed like, you know, this thing was getting shopped around everywhere.

Fidelity lowered the minimum assets on platform required to participate from like, you know, 100,000 to like 2,000.

And it just felt like, okay, this thing's getting super shopped around.

Is it even going to get, you know, filled?