What do you make of this whole process?

The idea that it they set it at 1:35 and

that was it. Um, and what are you

expecting from the stock today and in

the coming weeks?

>> Sure.

Great to see you Julie again.

Um, a couple things, right? There's a

lot of things that at play here, right?

And so the big X factor is is Elon's uh,

you know, army of retail supporters,

right? And so

largely speaking they've been obviously

boxed out of the out of the stock,

right? There's there's really been no

way to play it. My hope or my belief is

I'm I'm hoping that a chunk of them were

able to

you know, participate today via

Robinhood, via E-Trade, you know, a lot

of those sorts of of platforms. Uh, I

can attest to the offering was very,

very over subscribed through all

channels. So I think whatever anybody

was trying to get today was you know,

significantly reduced, even ourselves

included. And so you know, it's it's a

really interesting setup, right? So what

what I what I don't want to see is let's

start with that. What I don't want to

see this thing just totally skyrocket to

some, you know, crazy valuation of

three, four, five trillion dollars or or

something very heavy and then it's got

to really do the price discovery, right?

And you've got all the different nuanced

things. You've got a long-term, you

know, you've got lockup for earlier

shareholders. You've got the inclusion

of the NASDAQ and then potential other

ETFs. So

again, there's a hundred different kind

of moving parts, but what I would love

to see is some sort of normal price

discovery and stability and hopefully it

can work off of that base moving

forward.

>> Justice, did you guys request more

shares on the IPO?

>> We did request more shares on the IPO.

That's right.

Uh, I got a portion of them. Um, you

know, we we deal with a you know, a

couple of the banks who were kind of,

you know, going a couple different

avenues given that there was a lot of

a lot of banks on the file. Um, but

yeah, so we we did get an allocation. It

wasn't, you know, you know how they say,

right? You you never get enough of what

you want. So that was kind of the

situation, but regardless we're we're

extremely happy.

>> Um, Justice, what do you, you know, as

you look at the business model, which I

I think, I mean,

I can speak for one, I was somewhat

surprised at the size of the AI business

and how much is riding on that business

that we learned about in the S1. So, as

you look at the various businesses, you

know, where do you think the biggest

opportunity lies and where is the

biggest risk in those businesses?

>> That's a great question and it's also

quite unique given that three companies

have have essentially merged in the

last, you know, 6 months or so and so.

A couple of things, right? So, the AI

business, I hear it both ways, I see it

both ways. You know, he gets, you know,

I would say he

sometimes gets short changed on the AI

business and the only reason I say that

is,

you know, there's a lot of comparisons

thrown around with, you know, Open AI,

Anthropic. You know, keep in mind, Open

AI's been around for over a decade,

right? Anthropic, 5 years, right? Elon's

just getting out of the gate. So, there

is a certain element of he hasn't had

enough time and real velocity of capital

to really get the thing off the ground

to make a more direct comparison.

>> Well, but the direct the direct

comparison would be with Grok

specifically to those. And it's been

around as long, I mean, as an LLM

available to the public, it's been

around about the same amount of time,

hasn't it?

>> Yeah, I mean, the Grok has been around

longer, but there wasn't a real impetus

to we're going to make this a sole

standalone AI platform similar to those,

you know, other companies, right? He

never took it, you know, he never he

never took capital on up until maybe 18

months ago. My my calendar's not

informing me. Maybe it was 24 months

ago, but it wasn't a decade ago, right?

So, I'm just I guess what I'm trying to

say is I think you got to give him and

that segment of the business long enough

time to really kind of see what what

they can do. And given the track record

of Elon and and his multiple businesses,

this guy's pretty much, you know,

batting a thousand percent. Maybe this

isn't the one that hits, but, you know,

the the odds are definitely in Elon's

favor.

>> Um, we did something fun where we went

out and talked to people on the streets

of New York City, asked them some

questions about SpaceX, and also asked

them what questions they had about the

IPO. So, I want to play one of them for

you, Justice, and see what your answer

to this question would be. So, listen

up.

>> I mean, are any real competitors going

to come out because they they currently

have basically no real ones? I mean,

you know,

what is it? Bezos's company? Is it even

doing that well? They just lost the

rocket. So, I'm wondering how they're

doing in comparison. I would love for

there to be some more competi-

competition in the market, even another

Starlink.

>> Yeah, so Justice, I mean, obviously

that's not talking about the AI

business, it's talking about the rocket

business. But, like, how, you know, how

do you think about SpaceX versus a Blue

Origin or some of the other competitors

out there?

>> Sure. And I mean, the other thing is

what what I don't necessarily love in in

this current environment, you guys, you

know, Brian and and and and and Pras,

and you guys kind of hit on it earlier,

is a lot of these companies, the Blue

Origins included, there's no way for 95%

of the investing public to play it

because they just they they there's a

velvet rope there and the other on one

side or another. And and unfortunately,

retail gets boxed out. So, I just want

to kind of start with that. And and and

specifically as it pertains to the space

industry, and I'm I'm more atypical

space than let's say AI. And and Julie,

I'm I'm not sure if you remember, was a

couple years ago I was on your show on

on Yahoo here. It was a uh

goodbye or goodbye, like see you later.

>> I do. Yeah. [clears throat]

>> And my number one recommendation 2 years

ago at at at the at the lean price of $4

a share was Rocket Lab. Today, that

stock is uh you know, 120, 130 bucks.

And so, I I loved and I still love

Rocket Lab,

shareholder of Rocket Lab. And so,

there's not that many pure space ways to

play the industry with the exception of

of Rocket Lab. You got, you know, a few

other companies, but it's it's a very

shallow market at the point. And my hope

as an investor is that there there

there's an emergence of more names that

actually hit the market in the space and

aerospace and and and kind of even

defense industries. And so, that's my

hope for the future. And I I hope for

whatever it's worth, they don't get all

get floated at one, two, three, four,

five trillion dollars. I'm hoping that

there is a little bit more of an avenue

back to the Renaissance days of uh you

know, Amazon going out at $400 million.

I'm going to stop for a second, but $400

million. I mean, that's effectively a

penny stock, right? So, um I I'm hoping

that some of these companies do come out

a little bit earlier and they don't get

become fully matured and the CEOs are

scared of earnings and things like that,

but I would love a little bit more

deeper, more public company way of the

future if at all possible.

>> And a lot of these space stocks, by the

way, the publicly traded ones are

actually pulling back today. We've seen

a lot of enthusiasm in that space

recently. Um but, you know, you can see

here some of the declines that we're

seeing um in these stocks, which is

interesting. Um Justice, I want to play

the for you the other question that was

probably the most asked question

um that we got when we were talking to

people on the street in New York City.

So, here's another one coming your way.

>> I'd love to know some timelines. Am I

going to see this Mars colonization in

my lifetime?

>> How long does it take to like make a

spaceship that safely goes to other

planets?

>> I mean, I would ask him just how

feasible his predictions are of going to

Mars soon. I mean, I think it's really

ambitious. I do think that's the next

step, but I'm really curious like, is

that really possible? I mean, he's given

some tight deadlines. I don't know if

it's actually going to happen.

>> So, Justice, what What do you think? Is

the Mars thing actually happening in our

lifetimes?

>> So, I'll break it down this way. I mean,

I'll double click on this way. So, I I I

like the way you framed that question is

is it possible or not? I'm very

reluctant to give a timeline. I would

more focus on like, can we even do this

thing? And so, the one step that was I I

guess maybe forgotten in some of that

commentary is

Mars is essentially step two or three.

The The first actual step is the moon.

So, all eyes are going to be on the

moon. A lot of this funding is going to

go towards the moon. And so, let let's

let's nail the moon. Let's do a good job

with the moon. Um he wants to get, you

know, a manufacturing and all sorts of

things into the moon and and and a lunar

economy. So, I think that's the better

barometer of how we'll be able to play

that and and assess things. And so,

look, the obviously if he does a great

job, maybe it's it takes longer than we

expect, but if there is a a colony on

the moon, there's manufacturing on the

moon, I think then that next step of

Mars is possible. If you were to put a

gun to my head, I unequivocally think

that within my lifetime, I'm 43 years

old, I think there will be activities on

Mars in my lifetime, which um

which will be incredible. What that

looks like, I I I don't exactly know,

but um that is the goal and that that is

why Elon's building these mega companies

to fund his endeavor to get to Mars, to

move civilization to Mars.

>> Justus, uh good to see you. It's Brian

here. Question for you. Um

look, we're all human. Uh if Elon slips

on a banana banana peel, something

happens to him, who runs SpaceX? And how

much in your estimation, how much Musk

premium is priced in here at SpaceX?

>> Yeah, and that that's that's the

brilliant question, Brian. Really great

to see you. I mean, and that's just it.

Everyone, you know, worries about

certain things about the company.

Usually it's about valuation and numbers

and stock price and, you know, all that

sort of collateral. The real problem is

the key man insurance, right? If for

whatever reason he's not able to run

that company anymore, that's a totally

different company. That said, he's got

such a moat around all of his

businesses, you know, I I would like it,

you know, I'd make it akin to maybe a

Steve Jobs or something like that where

the visionary founder is no longer

there, but the company is so big, so

robust, it's able to move on, but maybe

that hard line of innovation and true

founder feel of the company wouldn't be

there anymore. Still going to be a

one of the most valuable companies in

the world as is Tesla, etc., because

they're so far ahead of everything, but

the genesis of the company of the

innovation will will probably no longer

be there. So, that that's just an

interesting kind of side thought for

whatever it's worth. From the the SpaceX

perspective, Gwynne is a tremendous

president. She's been there for over 20

years. She, you know, I don't want to

say she is the business, but she's a

very very intrical not figurehead aspect

of the business. She's day to day. She's

running the show. And so, I think the

company's in great hands.