What's expected to be the biggest IPO in

history is happening Friday, and the

question everyone is asking is, should I

invest? Elon Musk just released a video

of him being interviewed by SpaceX

executives, and there were several

mind-blowing new information they

shared. Everything, it seems, is bigger

and better than what most were

expecting. First, the Terra Fab has been

revealed to be expected to be around 100

million square ft. This would make it 10

times larger than the Tesla Giga Texas

factory. At one terowatt per year, that

would be double the entire electricity

consumption of the US. Second, for the

first time, SpaceX officially unveiled

the first generation of its AI

satellite. And it's a doozy at 70 m

long. When deployed, that would be the

same size as the wingspan of a Boeing

7478. Surprisingly, Elon said the AI

satellite is actually much simpler than

a Starlink satellite and that a lot of

this is technology they've already made

with the Starlink V3 satellites. SpaceX

presentation just blew up most forecast

and now we might see AI data centers up

with more capacity than expected sooner

than later. So, should you invest?

That's a question we'll discuss today. A

new Morning Star report says they think

SpaceX is only worth half of its IPO

price. I guess we'll find out starting

Friday. We got Joe Bacti here with us

today. He's an economist, investor, and

tech entrepreneur. He has a YouTube

channel covering both Tesla and AGI.

Check out his website and community at

pioneerlands.org. Welcome, Joe.

>> Good to be back.

>> You've been following and you've done

your own research on space-based AI data

centers as uh a number of folks did. I

just interviewed um Aaron Bernett of

Mach 33. They had the most uh

comprehensive uh business modeling of

SpaceX and they were trying to be as

conservative as possible and I can

already see after this presentation that

Elon did in SpaceX, they shared their

actual plans and it's blowing everyone

away. It's a lot more bigger, faster,

better than anyone expected as sometimes

Elon is able to accomplish. So, it was a

30inut interview with Elon and I've got

that um published on my channel as well.

It was filmed at SpaceX Starlink

terminal factory in Bastrop, Texas by

some of the engineering leads. They were

asking him questions and him sharing it.

One of the biggest uh revelation was the

Terra app. So, this is a joint project

between Tesla and SpaceX and it is

massive 100 million square feet which is

10 times larger than Tesla's Giga Texas

factory. 10 times larger in and g the

Giga Texas factory was supposed to be

it's like the largest building in all of

the United States. I think it's only

smaller than the Boeing factory here in

Washington state. 1 terowatt per year.

If when they get to terapab output of 1

terowatt per year, that is double the

entire annual US consumption of

electricity right now.5 terowatts. So

this is massive. Let's listen. And to

give you a sense of scale here, uh we

expect that the Terrafab is going to be

around 100 million square feet, uh which

is 10 times the size of the uh the Tesla

Gigafactory Texas.

>> And what aside from just, you know, I'm

going to need Starship pointtooint to

get from one end to the other. Aside

from just the size, what's going to make

this unique, different from any other

chip building operation on the planet?

>> Well, I think over time there's going to

be a lot of technology evolution with

the Terra Fab, but fundamentally it's

about scale. So even if there were no uh

fundamental technology breakthroughs

and and you simply you you could simply

scale uh the existing chipm technology u

with a lot of difficulty uh to a

terowatt of chip output per year. Um

that's you if you look at it just from

the logic die standpoint that's uh

that's equivalent that's like having a

billion chips per year with a a kilowatt

pericle. So a billion full radical

equivalent chips uh each doing a

kilowatt and then you're going to need a

lot of memory to

>> by the way he said that you'll need a

lot of memory. So maybe micro stock will

keep going up but they they're they're

limited. I bet you Tesla will have to

create their own memory. Well that this

is the chip is everything built in by

the way including memory right that so

they're not going to be limited by them.

Well, when it comes to SpaceX, it's kind

of a conundrum

so far to me how how to invest in it

because on one side, it is very clear

this is the most hyped IPO ever and the

biggest

>> which is not good in my opinion. So, the

odds that it's getting hyped goes to 2.5

trillion quickly and then falls is just

very high just on a pure psychology

momentum thing, right? At the same time,

we are hoping to conclude our work on

our valuation model. I'm still tweaking

because I can't believe the numbers, but

I mean, it could be that this is

actually vastly undervalued, this

company. And that puts me in a

interesting spot. I I'm highly convinced

the stock is going to drop after getting

pumped because of dynamics and momentum.

At the same time, it might be that it's

dramatically undervalued. And on top of

being dramatically undervalued on a

discounted cash flow basis, if you look

like forward,

what's also very interesting is that the

path to scaled super cash flow is super

tight and fast.

So, it's all totally nuts. And what is

nuts about this company is that it

completely breaks everything we know

about normal companies and scurves and

economics because it has the Starink

business which scales to probably a

trillion revenue pretty easily and

straightforward. It's a completely

superior product. It's completely out in

the open. The only constraint is they

need more satellites and that constraint

is being removed constantly more and

more. So they are just going to scale

this. They're going to scale it to a

trillion revenue. That gives you enough

kind of buffer for the big thing. And

the big thing are AI satellites. And I

said it in November when I first covered

this. People don't understand that this

is not complicated. They think it's some

pie in the sky thing. And now Elon

presented the whole thing. And I said, I

I told you it's not complicated. And my

initial numbers were actually a little

higher, the cost and transport kilogram

numbers than the real numbers. I was I

buil in a buffer and I said this might

happen by 2028 at scale and now Elon

said the most important thing he said

because when people talk about Luna mass

accelerator mass cities all kinds of

stuff I'm thinking I don't care about

this stuff it's fine it's going to

happen but it doesn't help the stock at

all because this is just fantasy it's

long term what I'm interested in is next

year what happens next year and Elon

said and of course people are now going

to Joe, you're stupid. Elon's always

wrong, blah, blah. I wouldn't be so sure

here because he's right that these

satellites are easier than staling

satellites. And guess what? They have

10,000 Starling satellites. They know

how to build these things. And look at

the satellite. It's easy. It's a wreck

of Nvidia. It's a radiator. I told

everyone they're not going to be so

large. They have a plan and they have

the solar panels. That's it. And Elon

said 1 gawatt in space end of next year

and the year after 10 gawatt. So if that

is true, it's so game over. You can't

even imagine it. This is an infinite

money printing machine if you assume

that we need infinite compute. But

that's something I clearly assume.

>> Yeah, I think we do.

>> And so,

you know, it it doesn't matter how you

turn it. Uh it's crazy.

So it's a very fascinating situation. I

think it's just

>> yeah let's uh share the for the very

first time they then shared what is the

SpaceX AI satellites. They have a

wingspan of 70 m when deployed. Uh a

Boeing 7478 has a wingspan of 68 m. So

they're pretty well as the same size.

Here's a nice photo here. Thank you to

Nick Cruz Patane. Here's a Boeing 7478.

And this is the AI satellite. They

shared it. They showed you what it looks

like. Here's what it looks like compared

to the Starlink V3. But the point you

were making is they already make

Starlink V2s and V3s. They already know

how to do this. And this is an AI

satellite. So, it's bigger. In fact,

being bigger is actually easier

according to Elon. Um, uh, you know,

it's the first generation 150 kilowatt

peak compute payload. I don't know these

numbers. 70 kilowatt per ton. You can

read the the specs, the dimensions, the

thermal system, the solar power, the

architecture here. But this is what he

said. The EI satellite is much simpler

than a Starling satellite. Um, let's

listen to this.

>> And to give you a sense of scale here,

uh, we expect

>> Yeah, before we go there, I think we saw

it.

>> Uh, the more challenging part is

figuring out how to get how do you get

the power for it. Uh and and that's

where a lot of what we've worked on for

existing like Starwing technology, the

solar arrays um

are what we want to utilize uh that

expertise to to be able to build a

satellite that can actually launch the

critical components of the data center

into space itself. Um

we like to look at this and say like

what is what is the actual engineering

problem here? and and it's it's really a

combination of delivering power and then

taking the waste heat and energy away

and sending it into the vacuum of space

as you mentioned.

>> This is our AI1 if you guys want to walk

us through.

>> Yeah.

>> Yeah. So, so the first thing that we're

we're really looking at here is like

first you've got to make something

compelling uh right and and we thought

that the right place to start is uh

around the 150 kilowatt like peak power

level. Um, but as we look at the

workloads with with our experience with

XAI, uh, we get to actually see the that

we can also support about 120 kilowatts

of average compute. There's a

difference.

>> Yes. What we're showing here is kind of

a a draft version of the version one of

the of the SpaceX AI satellite, an AI1,

I guess you could call it. Um and uh

seems like a reasonable place to start

is 150 kW peak power, 120 kW sustained

power. And um and to give you a sense of

what does that actually look like in

terms of the size of the radiators, size

of the solar panels, um the assumptions

here are 250 watts per square meter for

the solar array and um about 1,400 watts

per square meter for the radiators. So

the radiators, these are double-sided

radiators are radiating both sides.

They're uh oriented knife edge to the

sun and uh and and it's 1400 watts per

square meter is a very achievable goal.

Over time, we think we could probably do

above 250 watts per square meter and

above 1400 watts per square meter for

the uh solar panels and radiators

respectively. Um but this gives you like

a this is pretty much what the

satellite's going to look like. It's a

lot of solar panels, radiator, and then

everything else is pretty small by

comparison.

>> And these are like evolutions of of

things that we have actually already

launched in in in our Starling

constellation to date.

>> That's that's really I think the the

cool part to me is that we're we're

looking at solar technology that we

already are are going to use on on the

V3 uh Starlink vehicle. So, uh I I'm

like really excited to then just take

those and make it bigger.

>> Yeah. Part of what we want what we want

to convey here is that this there's not

some um magic that's necessary that

doesn't exist for the AI satellites. Uh

as Ian said, this is a lot of this is u

technology we've already made for the

Starink B3 satellites.

>> Great. Same technology. So,

>> I mean, yeah, I yeah, I I don't know. I

think a lot of people I the interesting

thing here is I said it first when I saw

the Fidelity Fidelity head of private

markets or something uh talk about it.

What's very fascinating here is you have

this company that kind of breaks reality

in a crazy way, right? This is a company

that might open up the first market

where you just have infinity scale. you

can just create infinite money. And

normally you would expect people not to

understand that because it's weird. Uh

but when you watch Ron Baron, when you

even see Fidelity, everyone seems to

understand it. So this is like breaking

my reality a little bit. Like how is it

possible? We have this new company that

just goes to space and can scale

endlessly and everyone kind of

understands it. So it's a I think we are

entering like some form of new reality

which is very interesting and I mean of

course not everyone understands but a

surprising number of people kind of

understand that this is a this is just a

paradigm shift

>> and the skepticism is much lower than

with Tesla for example even though the b

the business is infinitely larger. So

it's a very interesting situation. We

we'll cover Morning Star who thinks that

the SpaceX stock should be half the

price of its IPO based on their

understanding. So you know there are

people who are looking at this with

skeptical eyes. Um but on the other hand

I think one of the premiums should be

that there's no one else that can do

this. So the question is can these guys

do this? But if they can do it it's

really the market is all to themselves

and you're seeing Google line up to

rent. Anthropic came out and said that

we do want those AI that satellites.

We'll talk about that when they come

available two years from now. We're not

thinking about it now, but we would want

to be available for that. So, they're

the only game in town. So, if it works

out okay so other than the AI satellite,

the next thing is also the solar and uh

even that look at look at these terapabs

but also the

>> to give you a sense of scale here. Uh we

expect that the terrafab is going to be

around 100 million square feet. Okay,

that's the terra fab. Um, take this one.

>> Uh, yes, we're going to, in fact, we

already have the solar manufacturing

facility. It's under construction

already. And, uh,

and then we will be building out the

AISAT production building soon. Um and

uh yeah so we expect to have the this

theat production the solar production um

and uh all of that operating at some

reasonable volume by the end of next

year.

>> So if anybody wants to work on a AI

satellites this is kind of going to

become the hub of that. We're also so I

mean like right behind us the machines

are humming. We're still making all of

our user terminals for Starlink here.

That's not going anywhere. In fact,

we're turning on new production lines

for new units, right?

>> Uh yes. Um in fact, these are the new

Star Stallink terminals uh which we made

in much higher volume than than the

current uh terminals. Um you know,

ultimately we think there's probably

going to be a few hundred million

Starink terminals out there. And then

our the Starlink direct to cell

constellation will um connect directly

to people's cell phones and enable uh

high bandwidth communication directly

from your phone to space.

>> All right, we're

>> So they're making it sound like uh boy,

they made progress already with the ASAT

factory, the solar factory. Here's the

Starlink terminals he was pointing out

uh which will be made in higher volumes

than the current terminals. We will

ultimately make a few hundred million

Starlink terminals out there. This is

the nextG versions of them. They don't

have the specs yet, but it's a little

bit more rounded off. This is the

version. So, they've designed the

Starling terminal. Like you said, it's

already out there and it's already

happening. The Starship will be aiming

to get go from 2,500 tons to orbit to

millions of tons a year in orbit. We

think we can get a million tons of orbit

in about a 3 years. And you can see

here, here's the date, 2028. So, I think

2028 is still right the date when we're

going to be able to get AI satellites

out there or what were you saying? Do

you think it might come sooner like next

year?

>> No, he said he said end of next year 1

gawatt in space. That's crazy.

>> Is that is that too um

>> No, I did the math on it.

>> Yeah.

>> Uh it's definitely possible. Uh I forgot

the numbers. I have to look it up again.

I think you need like a 100 flights or

50 flight 50 or 100 I think 100 was my

number and 50 was their number. So if

you get to a 50 flights that's not very

hard 50 Starship flights right because

they already have 10 flights this year

or something with cargo. So it's

completely conceivable that they get to

50 and then I think because I had

calculated a 100 flights or something.

Um, but they basically cut all my uh

mass and everything in half because I I

was conservative in my estimate. So now

that we actually have the actual

numbers, it's roughly half. So I have to

look it up again, but roughly something

like this. So it's ambitious, but given

Starship's, you know, activity, it's

totally possible

>> that by next year there'll be some

versions of AI satellites already going.

A gigawatt. A gigawatt is a lot by the

way.

>> Here's what he said about success of

starship

>> through that it's necessary to make life

multilanetary

as well as to ascend the cadesev scale.

You you simply cannot ascend the cartef

scale unless you have a re reusable

spacecraft and you cannot extend life uh

to the moon to Mars and rest of the

solar system without a reusable rocket.

Um the cost is simply prohibitive. You

you can't you can't make enough rockets.

>> Yeah. uh unless you fly unless you can

refly them. Uh just like any other mode

of transport, you can imagine that if uh

if we had to throw away airplanes every

time we flew, uh flying would be far too

expensive and basically no one would be

flying airplanes.

>> You're doing a whole lot more driving.

Rapid reusability.

>> Yes.

>> Um every mode of transport is reusable.

Um without which is simply not viable as

as a transport uh system. Uh so cars,

planes, boats, horses, bicycles are all

obviously reusable.

>> Yeah.

>> Um with rockets, it's much harder to

make a rocket reusable because Earth has

a deep gravity well and a thick

atmosphere. Um and these make it just

barely possible to achieve reusability

with a rocket. Um and there have been,

you know, many prior attempts to

create a re a fully reusable rocket. Um,

and they most of those attempts have

been abandoned partway through because

they they didn't think they could

succeed. Uh, in order to achieve full

reusability, everything's got to be

perfect. The engines, the structure, the

avionics, um, the choice of propellant,

uh,

you've got you've got to go to extreme

measures for mass optimization, which is

why we have the tower catch the rocket

instead of putting on landing legs,

which are heavy. uh the the rocket can

simply be caught by the tower and we

haven't achieved full reusability yet

but we do expect to achieve that

hopefully later this year with Starship

and then you you've got to achieve full

reusability then you've also you got to

go step beyond that which is um make it

rapidly reusable such that

>> the rocket lands gets caught by the

tower gets put back on the launch stand

and can be flown again without any

refurbishment or laborious inspection

like an aircraft. Yeah.

>> Um, this is incredibly difficult. This

is the first time that there's ever been

a rocket where that is possible. That's

what makes Starship so profound. I it it

also happens to be the the largest

flying object ever made, the heaviest

flying object ever made,

>> the most powerful moving object of any

kind. Starship B3 is more than double

the thrust of it. the Saturn 5 moon

rocket. Uh by version four, we'll be

pretty much three times the thrust of a

Saturn 5 moon rocket. And we expect this

we expect Starship to be flying um more

than once per hour down.

>> Wow. More than once per hour. So, uh

it's all about time frame. So, we saw

Starship V3 successful launch a couple

of weeks ago. Now, he's now they're

they're talking like it's a done deal.

It's pretty close. And so you're

confident that by next year 2027,

>> there will be maybe 50 flights of

Starship. Uh they already have 10 of

these Starships. So he was saying that

even if last couple weeks ago was a

total failure, uh they would they've got

a several lined up anyways.

>> It wasn't even a failure, by the way.

They delivered all the styling

satellites. So uh also when I do the

math, um these are experimental flights

kind of and Starship cannot be reused

right now, but they're very close to

making it happen. And it doesn't matter

if you manufacture 50 starships and you

lose them all. So what? You still have

50 times 150 tons to orbit because they

have payload and they deliver the

payload. That's what they did in V13. So

people should not overestimate this

whole Starship reusability issue. You

can do everything without reusability.

You just

>> right this year. Not you don't

necessarily need to solve reusability

next year.

>> Exactly. Of course you need to

>> three years. Four years. Yeah. But when

you look at the vast economic advantages

of Starship, if you don't reuse it, even

because it's so large, it brings down

cost to orbit by 5x if you reuse the

booster five times and don't reuse

Starship. So compared to Falcon. So it's

already below a,000 bucks. It's close to

500 depending how you compute. So this

is all very interesting and of course

you can lose a little bit of money with

your AI satellites for the first

gigawatt. Who cares? Because this is all

a curve, right? you start delivering it.

You're testing all your flights, but

while you test, you already deliver all

these satellites and I think it's just

crazy. I mean we are putting together

this bigger model because you need kind

of a master model of the future which

also takes into consideration AGI the

LLM progress the harness progress

because that is the question if you need

infinite compute is the product there

that's anthropic openi gro cursor like

can they actually deploy intelligence

economically sound but everything points

in the direction that the answer is yes

because they already have a scaling they

they already supply constraint they're

not demand constraint anthropic and open

and so on. So if you if you see

continued advancements in AGI

just a little bit more even if the model

uh progress would flatten out you have

all the harnessing it's not even used

the model power in terms of enterprise

value and labor replacement. So if that

just continues even at half the speed we

see now we are done by next year for

infinite demand effectively for

replacing our labor then you have a

total compute constraint and that means

all compute you deliver it just gets

turned into massive amounts of dollars

because it's like so valuable and if

that's the case

you know there is this someone said

something very smart about Elon who was

I forgot uh that Elon's strength is that

he can has this first principle future

design thing that he understands how the

future looks like. I don't think that's

super complicated if you're reasonably

smart, but he does then something that

no one else really did so far. He can

connect this future vision that is

correct, correctly simulated and strings

up like a bunch of pearls and each pearl

is like a trillion dollar business model

that works now, not in the future. That

is the magic trick. Envisioning the

future correctly is kind of easy in my

opinion. Not everyone can do it, but I

think it's easy. The hard part is to

then line up the trillion dollar pearls

that immediately out of the gate work

like Tesla Model Y and Model 3 money

printing machines. 40 billion on the

balance sheet. Now, Starink super cash

flow cash cow, you know, printing tens

of billions and soon hundreds of

billions in cash flow, then adding the

compute thing, which is completely nuts.

Then you just print infinity trillions.

Then you build the lunar thing which

just boosts that functioning core core

business model and that is the magic of

Elon. It's not just the future vision

but can you engineer the pathway to that

vision with infinity cash flow and

that's a good skill to have and we just

see it in action now. It's crazy that

they have Starink printing the money

while they are also launching orbital AI

and that thing will kick in in earnest.

That is my projection in 2028 like where

you see billions and tens of billions of

free cash flow from that already

>> and then it's just totally unhinged.

Then you can just I mean this is a crazy

business model. you know

when you said when you said for Tesla

the most important thing is FSD does it

work and if it does everything's already

you know you can see the cyber cab you

can see the scaling you can see all that

will then scale and you can calculate

but it does it work in SpaceX equivalent

it's Starship does Starship work because

if you can send that big massive you

know vehicle up

>> well the only problem is that it's no

problem the problem is it does already

work

>> no that's my point So now that one you

they've already you know people don't

realize it but that was a critical step

and now that if you can remove that risk

then you go and say star link is not a

risk it's already out there and then

they've improved it and you can already

at this point pretty pretty confidently

map out how much money you just you know

named a few numbers there then the AI

satellite that one is at risk we don't

know if that's going to work but they

said it's similar technology is what

we're doing with V3 that gives us some

>> look at if you when you look at I said

this

in your mind easy and you now you see

the design like what exactly do you

think can go wrong?

>> Right. Right. It's it's it's not as

risky as people initially were saying

six months ago and but then you know

he's Elon's very he's known for being a

little too aggressive. He says it'll be

out there in 2027. Well, give it another

year or two. Okay, fine. But even then

my point is take a look at the key

points. Okay, there are people let's go

through this morning star who does who

thinks that SpaceX IPO is too overvalued

and this is great. you should have both

sides of the story. Uh they think that

SpaceX should only be valued at $63

instead of $135

per share. It's a 53% discount to the

upcoming IPO's offering price. Um giving

SpaceX, even if you give them the

benefit of the doubt in several key

forecasts, only the most optimistic

moonshot scenario approaches the IPO

offering price is what they're saying.

Nicholas Owens uh posted this and um

let's see uh two of the in two and even

if you give him a lot of benefit doubt

in two of the three scenarios in which

we assume the company can achieve a

rapidly reusable Starship rocket

enabling multiple launches per week and

successfully commercializing data center

in space neither of these engineering

problems has been solved and we don't

expect them until at least 2028. Okay.

In our most optimistic moonshot

scenario, the company would be worth

$154 a share. That's 14% above the

offering price and level the shares

might even reach in the shorter term

after the public launch. Da da da da da.

So, uh, we give this a seven% chance of

happening. So this is their analysis and

then they walk through their building

blocks for a fair value estimate

and then um you know they basically give

their analysis of how much they sp this

sounds so similar to Tesla you know the

car business is worth all of this but

all the other businesses I'll give it

very tiny little tiny almost zero

amounts right so

>> I mean I don't even want to lie like

when I do my modeling like I am a DCF

person. I believe the the way to value

any business is through discounted

future cash flow models because that's

the only way to do it intelligently

because it allows you to see or to model

what do I believe will happen in the

future and at what time in the future at

what discount rate then you put in your

things and then you get it. Nearly none

of these analysts do that. They all do

multiplebased

right they say well this industry has

this multiple and this is might be the

evident and and that doesn't work if you

have a disruptive company you need to

actually model out what's likely to

happen so I would like to see their

model and see where they get to but for

our viewers the important message is

that is exactly why

like most investors are not that smart

in the market who are like some are very

smart but the majority is not that like

they're not paying attention that's why

I'm saying despite believing that

spacing is very likely extremely

undervalued at two trillion that the

stock will drop because you will have

this period of time where they don't do

these things in 2026. They won't they

won't launch any orbit satellites

obviously. They will do it mid of 2027

or something and then we'll be a little

bit. So you need to have your simulator

head on and be right. That's fine. I

think I I am right. But everyone else is

not going to do that. And then we will

have FUD attacks like these guys and

they will be more serious severe once

the stock shows weakness because this is

more like a lions or something. It's not

rational. They say, "Oh, it's a weak

deer. Let's all say it's it's it's bad."

And that it's a purely tactical

opportunistic perspective that I have on

the short term. I just think the odds

that this thing goes above two trillion

is very high short short term after IPO.

And the odds that it drops to probably

1.5 trillion is also extremely high

before in by December. Now I would never

short this thing because you I mean

there are million rabbits in the hat,

right? I mean terrestrial compute they

might close more deals colossuses. I

mean this is an insane company. So you

have to be don't short it. I'm just

saying I don't need to buy it right now.

So because morning star these people

they will come out again and say stupid

things and then if the market is a

little weak and scared people get

scared. So you know how I think about

forcing functions. The reinforcing

function will be stalling once it's

bigger because it's still too small to

really move the needle. It has to grow a

little bit more to really push the cash

flow towards this valuation which is

obvious it will but still and then

orbiti right now for weak minds is like

well it doesn't exist so

this will all take 18 months or

something before it's undeniably

much more valuable than it is at two

trillion. And so these 18 months are a

high-risk phase especially the middle of

these 18 months right so December that's

I think the main the the the key weak

weak spot of SpaceX will be probably

August to January or something that's

where I have the most air gap concerns

from a market psychology perspective

that people really

>> I think it's the mo the weakest would be

December to June of next year and the

reason is that from now till December

there's a lot of uh stairst step

shareholders able to sell but then

there's the IPOs that are the indexes

able to buy. Now unfortunately S&P said

we're not going to allow uh any changes

in our system so that we can let SpaceX

go be included in the S&P until

December. Initially everybody thought

that they were going to change it so

that they'll be included in December.

Now it's not till June next year. Maybe

if that's the case that December to June

there's no no massive index buying then

and that's where I think you're right

there's they're not going to have

anything to show there's no AI data

center yet

>> actually I would say between let's say

somewhere between July and July I I

think more in 2026 and 2027 but maybe

you're right because I think in two

because I think this whole AI story is

just going to be exponentially more

insane

>> even end of the Well, they have to

prove. So when is the very first AI data

satellite going to go up?

>> If they do it in January, February,

March of next year, then okay, they can

save it, right?

>> But if that's all delayed, which is of

course Tesla, we have the Tesla

situation that is also like the merger

situation and Tesla has robo taxi and

Optimus. So I mean this is a highly

complicated question. I'm just saying um

>> yeah, we don't know,

>> you know, on a pure SpaceX level. I see

let's say the the peak weakness

probability is December and then going

from there like it might be March next

year or maybe October this year who

knows but you know it's between the IPO

and one year later where it will look

very strong. That's what I think in June

2027 going forward it will start looking

>> in between it's going to go up and down

and maybe even fall lower than the price

the stock price. Yeah. Okay. interesting

times. But I mean, I think I can't even

I'm getting too excited about this

stuff. But I think the level of insanity

we are entering into as a civilization

is cannot be overstated. This is nuts.

Like if you go on claw design, claw

code, codeex, all these things and see

what these things can do and see the

incremental improvement month by month

and then you understand whatever

happens. We already beyond AGI in my

opinion potential, right? if you build

the harness and everything and then you

understand this is all about compute

because if even if if even if these

things only have an IQ of 130 or

something right now and would stop with

infinite compute you would have infinite

130 IQ brains in like billions do you

know what that does

>> even just that is enough is good enough

to change the world as to what you're

saying

>> so it's really about compute and then

you connect the dots there is just no

scenario where SpaceX does not get us to

infinity compute It's just the time. Is

it 2027 where this all starts or 2028?

This when you think about what that

means, that's such a ridiculous

question. Like, who cares if it's one

year delayed and it won't be one year.

>> Starship success is what what is really

banks on. Wow. Thank you so much, Joe.

Thank you for uh giving us that feedback

and insight. Follow Joe on his uh

website, pioneerlands.org.

Thanks, everybody.

>> Thank you. I've created a website that

is the most comprehensive resource for

the Tesla investor. Please check it out.

Simply go to my website at herdomm.com.