00:00What do we know? Yeah, first quarter revenues for SpaceX, almost $5 billion. What they're claiming
00:05is that this is a company where Musk being in total control, and as we've just headlined,
00:11which will need voter approval, is going to work because it's vertically integrated. The rocket
00:16platform is giving them the best opportunity to dominate satellite-based broadband connection.
00:22They basically are making the claim that even as of now, they are the leading satellite broadband
00:28provider. We're going through it, and what we're trying to work out is, like, the structure of what's going on.
00:33In the calendar year, 25, company notched $11.4 billion of revenue, but clearly, if you look at, like,
00:40the jump from where they ended last year into the first quarter of this year, there's a really big acceleration
00:44here
00:45where, in the interim, Starlink and space-based internet accounts for so much of it, but they're clearly
00:51outlining the path forward here. That is space-based data center.
00:55All right. So, just walking through a couple of the headlines, walking through right now, Ed,
00:59on the Bloomberg terminal, Starlink has about 10.3 million subscribers, something that potential
01:05investors really did want to know here. The space segment revenue at about $619 million total revenue
01:12for the last full year for SpaceX as a whole, $11.4 billion here. And I'm also curious about this,
01:19Ed,
01:19this idea that it's entered into a compute pack with any sphere. And I want you to know if you
01:25could
01:26kind of, and you have to talk to me, you know, like I'm a five-year-old here, because this
01:28gets
01:28kind of complicated, about how Elon is sort of structuring this company and what he wants it to
01:33be, because clearly, he's not envisioning this as just a rocket launch company.
01:38No. Basically, why does SpaceX need to go public for the function of raising lots of money?
01:46What they're outlining in the document, and it's dense, right? I've been through as much of it as I
01:49can in six minutes, is a world where if they get their rocket launch system fully reusable and the
01:55cadence right, they build out a massive network of satellites that operate as data centers. But the
02:02point of the data centers is inference, running AI workloads on a dollar per token basis that would
02:10make them, if they can get the economics of it right, better and more competitive than a data
02:17center here on Earth, Terra Firma, that's a big tin can with lots of servers on it. And the money
02:22raised from this IPO, which we can get into in a sec, is used to buy GPUs. It's kind of
02:28a simple
02:28equation from that standpoint.
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