But yeah, what's the bad?

It was kind of eye-opening, you know, for most space companies, if they spend a billion or two billion a year on CapEx, that's a big number.

You know, I think the space business here was like $1.6 billion.

And then, you know, the AI spend was 10x that, right? So it doesn't matter how quickly they can grow the Starlink business, which is the cash generator.

They can't grow it quick enough, you know, to catch up to the AI bleed.

So how...

Clearly, that was the headline number.

So how does this, first of all, affect shareholders on the outside of the company, the retail investor, before we actually talk about what it means for those who actually hold the share? So Chris, how does that affect those that have shares that are on the outside of a company and specifically for SpaceX?

unquote? Chris?

Yeah, so actually I like the deal, though I do have to say I have mixed emotions.

You know, I have a plaque on the wall with an Iridium satellite named after me.

And, you know, as you mentioned, we've worked with the company for a very long time.

But when I look at it in the context of the space industry, it makes sense from both sides.

So let's start with the premise that that satellite was a going concern or sorry, Iridium was a going concern.

They were generating huge cash.

So anything in the private equity world that you guys are interested in,

What triggered that? How did that go? Was that push from industry or was it, I see the space shuttle behind you in the picture, and was it the fact that the demand was there and they just couldn't deliver? What was the genesis for that, I guess, a huge regulatory shift?

Yeah, I mean, quite honestly, the U.S. space program was entirely broken since Apollo.

I mean, Shuttle failed one of every 70 launches, which is unacceptable.

And it never was able to achieve the sort of low cost reusability that was required.

Before the sort of genesis happened under Obama, there had been a program called Constellation that was trying under the Bush administration that was trying to revive Apollo and it got shut down by a commission that said it's unachievable.

And interestingly enough, the Obama administration really they got a lot of credit for allowing it to happen, but they weren't very active in promoting the commercialization.

Lori Garver, who was his administrator at the time, and she's written extensively about that effort.

Disruptions.

His life's work is to get to Mars and build a city, I believe, that should have a million residents.

Except for the fact it's the moon first now.

But anyways, what I was going to say was, I think the structure of the IPO is kind of interesting.

Of course, different than we've ever seen with any other IPO.

The fact that they set the price, didn't let the market set the price.

They're like four times oversubscribed is what we're hearing.

So you build up the book to have the demand.

It is.