The Exploration Company

Um, And if you look at the RFP from NASA, it explicitly states, actually, anyway, for the commercial space stations, it has to be a US provider.

So that only really leaves the Exploration Company, which is a European-based company.

Huh? Jake? Dream chaser.

Yeah.

It's chasing dreams.

I live in the real world.

And actually, another place I could walk to from my house is where the exploration company opened an office here in Houston.

But they're probably 10 years away from having a crude vehicle, even if Europe invests significantly, which they may do.

You got Boeing's, uh, Starliner.

You've got, uh, a company in France called the Exploration Company is building a cargo capsule that it will u- upgrade to a manned capsule.

I can name others.

The point is that that's gotta be serviced.

I'm gonna s- I'm gonna skip the next one.

Uh, oh, it's the exploration company demonstrating lunar hopper next year.

Okay.

Yeah, we've talked about that before, is actually gonna test it in the, actually, it's testing it in the Emirates in 2027.

You know, I, I, I don't say we have any...

I say we don't have any competition.

Uh, I say we only have near peer partners, 'cause the problem, the gap in the market is so huge, it's all hands on deck, you know? You mentioned Exploration Company.

We met with them last week at IAC.

These companies specialize in bringing materials, experiments, or commercial goods back from orbit safely to Earth.

They include Varda Space Industries, The Exploration Company, Inversion Space, Atmos Space Cargo, and others.

Next, we'll plug into energy tech.

I haven't talked much about fuel cells, but that tech is emerging as a viable solution to dispatch on-demand energy.

SAP acted as a domestic acquirer twice, Prior Labs and Dreamio, committed more than 1 billion euros over four years to build Prior Labs into a frontier AI lab in Europe and September delivered the cleanest counter pattern of the whole quarter in 48 hours.

on september 8th the exploration company the german parent space startup raised 450 million dollars on september 10th the european space agency signed it for the aladdin program with up to 760 million euros including the optional service missions capital and customers back to back with ownership staying home high impulse raised more than 50 million Years on September 2nd and on September 17th, the German government and KfW started the next phase of the WIN initiative, the push to mobilize domestic capital when Europe is customer and DLP ownership stays close.

That is the pattern to build on.

So here's the framework.

Yalta's Vorsorge Depot launches on January 1st, 27 and could become a domestic capital channel over time.

A public market where a KNDS or DBL can actually price.

And procurement as anchor customer the way ESA just demonstrated with the exploration company.

Every quarter, those levers stay unpulled.

And we started investing in space and ventures years ago.

So we have the Exploration Company, which is a kind of European SpaceX or space shuttle company.

We now this year bought a company in Germany that's in private equity, which is a launch services company.

So everything you need to launch a rocket other than the rocket itself is what they kind of provide.