00:00We've been over this. This is likely to be the biggest IPO of all time, either on a dollar raised
00:07perspective or on a valuation perspective.
00:11Let's talk about the latest, Kyle.
00:13Indeed. The more recent reporting suggests that they are on target for a June IPO, which, as you correctly point
00:21out, would be the largest IPO by both valuation and by amount of capital raised.
00:26The current record was held by Saudi Arabia's Aramco. They raised around $29 billion.
00:32This would be, according to recent reports, at least double that.
00:36So you've got to look at a huge range of institutional and retail mix to get this sort of an
00:41IPO done.
00:43And real demand at a time of real market volatility and big deals being done.
00:49Is that still buttoned up? Of course, it was only recently that SpaceX consumed XAI.
00:55Indeed, it wasn't only very recently.
00:57And, you know, that's a business that has a huge cash burn attached to it.
01:00But it doesn't seem to have dented any enthusiasm for this IPO.
01:04You've really got a situation where institutions are looking at SpaceX as a monopoly and the retail component are looking
01:12at it as, you know, master Elon strikes again.
01:15Of course, they're going to want to get into this.
01:16He's made spectacular returns for his investors over the past 20 years.
01:19We were just showing a chart, Kyle, that is the kind of anticipated IPOs and the valuation of SpaceX like
01:27$1.75 trillion.
01:28It's worth reminding the audience that post-merger SpaceX XAI, that private market transaction, valued the company, the combined entity
01:37at $1.25 trillion.
01:39This is big.
01:41There's a lot at stake here, right?
01:42Like, there's a reason that all of these space and SpaceX adjacent stocks are pushing higher.
01:48This is one that the world wants to get in on.
01:50And there are a long list of creme de la creme investors that are already on the cap table.
01:55Just go over the basics of what we know of the existing backing that SpaceX has.
02:00I mean, the existing backing includes people, blue chip funds like the likes of Fidelity.
02:07You have dedicated space infrastructure or telecom infrastructure like Echo Star is in there.
02:14Google is in there.
02:15Bank of America is in there.
02:17Given the amount of fundraising that's happened and how long SpaceX has been public, there's been a very – private,
02:23sorry.
02:23There's been a very long tail of people who've wanted to get into this.
02:25And that's going to raise real questions over how they go get out of it.
02:30Typically, an IPO doesn't allow much in the way of individual investors to sell their shares.
02:37Given how long some of these people have been locked up, there may be more of a push to do
02:41that sooner than the typical 12-month lockup period.
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