Travis Hoium

Of course, aren't they all between Musk?

But no, there is some sort of flywheel, right?

Between the hardware, the distribution, the connectivity, the interference, whatever it may be between the businesses that feeds demand for one another.

But I think more realistically, in my opinion, this is really just going back to what business is funding another.

And you could argue that it's a little bit of a money grab ahead of an IPO to justify its valuation, right?

The more opaque a narrative is for, say, SpaceX.

If

If there is a merger between XAI and SpaceX going into SpaceX's IPO, the more optionality that's built into the business, the harder it is to value that company.

So maybe the more likely it is that they are able to generate revenue.

But realistically speaking, I don't actually see any actual mergers happening here.

Because to your point, Travis, those typically get a lot of recourse from investors.

Those typically need...

to be arm's length transactions.

They have a lot of third parties that start to get involved.

Whereas what we're seeing right now is just an exchange of resources and capital between the businesses.

That is a lot easier to do if you're somebody like Elon Musk, who has a financial interest in all these companies.

It's a lot easier to just move money and resources around as they're doing right now, using Tesla almost as a cash cow to some extent to help fund these other companies in the interim.

And that really kind of delays the need for an IPO.

So while I agree with Lou's take that the IPO for whether it be OpenAI or SpaceX or others, maybe the best time to do it was yesterday because the market valuations right now obviously are still relatively strong.

At the same time, they have a lot of access to capital.