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Starships were meant to fly, but scrub SpaceX delays a critical test seconds before launch. Plus we'll discuss the space company's planned mega IPO with a SpaceX alumni and an early investor, and Lenovo saws post earnings on strong AI growth. We sit down for an exclusive interview with the world leading PC makers c FO Winston Chen. But first, SpaceX's twelfth Starship test flight.
For now, scrub.
Right, it is sounding like we are not going to be able to clear this issue in time.
Today, So we are going to be standing down from a launch.
SpaceX delaying a critical test of its massive Starship rocket after a pin tied to the launch tower mechanism failed to retract during the final countdown. The setback comes just the day after the company formerly filed for an IPO. Bloembokes Lauren grush back with us another attempt penciled for
this Friday evening, But can you believe it? The tension the drama, the anticipation Lauren in one city, Ed Ludlow in another, and it's a piece of metal that stops us going of a whole tea minus forty seconds.
Do we know what happened?
Right?
So from what Elon said, it sounded like it was a hydraulic pin that controlled the.
Arm on the launch tower. You know they mentioned a quick disconnect.
You know, all these things need to move rapidly out of the way once the launch takes place so that the rocket can actually clear the tower.
So it might seem all pretty important.
That's just what makes rocket launches so exciting, right, One tiny little piece of technology could.
Go wrong and you know, the whole thing gets stopped.
So it sounded like there were also a number of other issues they were working too. Something with the flame trench also had stopped the countdown at one point two. This is all a new pad, right, So this is a new rocket, a new launch pad, and I think with this launch they definitely wanted to go well this time, just given all of the stakes surrounding their IPO and their filing that they had this week.
So I wouldn't be surprised if there being.
A little extra cautious this time than they have been with previous test missions.
So new pad PAD two at star based Texas, Boku Chika, Texas. This is a test flight, twelfth test flight, but a brand new architecture for Starship. Right, basically, the hardware top to tail the Starship spacecraft at the top. That's the black pointy bit if you're looking at the screen right now, and the super head boost on the bottom.
Why is that important, Lauren, Well.
The anticipation has been super high for this launch because it's the debut of the third iteration of Starship, what's known as Version three or V three, and this vehicle is supposed to be the one that kind of achieves all of the dreams that Starship has laid out right, supposed to get to that really massive payload capacity of
one hundred metric tons. It's also supposed to be optimized for total reuse, which is kind of the ultimate holy grail that they want to achieve with Starship being able to bring back both Starship and the super heavy booster intact so that they can rapidly refly them again.
So this is kind of the version that's supposed.
To do all of that, and so I think you know everyone is, you know, waiting on pins and needles to see if it will actually work as intended.
Right, the prior iterations of Starship thirty five metric tons payload to lower for a bit. They want to get one hundred metric tons more. Bloobos, Lauren Grush, please don't go far, Thank you very much. Let's get more on SpaceX and why a new, re engineered, new architecture Starship matters with Laura Crabtree, CEO of Epsilon three. Laura spent more than a decade at SpaceX supported Milestone missions, the first Dragon launch, the company's first crewed.
Mission to the International Space Station.
I think you left prior to Starship really kicking off, but you understand why this matters.
So let's start with the V three. Why does it matter?
It matters because people have been waiting, as Lauren just alluded to, everyone's been waiting for this next iteration, for it to be operational, to be able to book a launch on Starship, and I think it will enable the next iteration of what we want to see as the space industry continues to grow and access to space continues to be easier, more affordable, et cetera. And we can take long larger payloads, we can take more people to the Moon, we can take lunar rovers more quickly, and I.
Think everyone's been waiting for that for a long time.
Now, Laurie, you'll understand.
So SpaceX's S one went public and a main focus of it was that that larger future payload you're talking about being orbital data center. But the core mission, the kind of founding mission of SpaceX, is to make humankind a multiplanetary species.
Right.
We haven't on the show talked as much about that human payload. Sorry if that's probably not the kindest way of putting it, But the human payload element of it, how would that work in Starship? You know, the idea is that, you know, if you're going to go the distance of Mars, but even in the near time the Moon, it is Starship that is the best technology platform to get us there. Is that the idea, That.
Is the idea.
And you know Elon has talked men many times at Company all Hands, and I'm sure you know also out in the public about the future goal of making humans multiplanetary species. So the ultimate goal of something like Starship is to make life interplanetary to enable that future.
We want to see.
As he said, you know, we don't want to be like the dinosaurs and we don't want to go extinct on this planet. And so there are a lot of pieces that SpaceX needs to achieve to get there, because the mission for SpaceX to be multiplanetary. But you have to have the building blocks of data centers, you have to have starlink, you have to have all of the things that we've built up to this point.
And this is just the next piece of the puzzle.
You are the senior mission operations engineer. You basically trained the crew and you oversaw and ran the Dragon spacecraft missions. So for the bloombt Tech audience, space getting humans to the International Space Station or into space so far has been Falcon nine with a Dragon capsule on top. I'm now showing Starship V three pictures right.
Now, Laura.
The bit that I think people I find it had to understand is within the design of the Starship spacecraft different to putting a capsule on Falcon nine.
How would that work?
Like?
Literally where did the astronauts go?
So there have been lots of design iterations and I'm not entirely sure where the design iteration is right now, But from the last I saw, the Starship would then take all the humans to the Moon, and there would be the complete payload would be human, so you know, it would be geared towards humans, so there would be toilets, there would be the pods for people to live in while they're being transported to the Moon. So that that is more the idea, I believe, And so that that's
the thing that we still have yet to see. Until Starship is operational and many flights have taken place, I don't think we will know exactly the designs, and I believe SpaceX is probably waiting to unveil that in future versions.
Could you try and take us inside SpaceX a little bit? You know, part of covering the almost launch of the twelfth test flight yesterday is seeing the sort of gathering of SpaceX staff and engineers, everyone that worked on the re engineering the new architecture. When you Long Mascow or the other leaders go to the team and say, let's rip up the script the blueprint and start again. What's that process like to get to get it onto the pad?
Yeah, you know, it's a challenge in the industry. There's something called a challenge coin, So you get a challenge coin if you're going to work really hard on something, but it feels like is a challenge coin on the line all the time. So you're given somewhat insurmountable problem
and you have to go and solve it. And I think the difference that most people are now noting is that within SpaceX and many startups that you see in the industry today, you are given more responsibility to make decisions than you would have in a traditional large aerospace company. And so you're given a problem, you go and solve the problem to the best of your ability, and then you come together test the problem, iterate.
That's why you're seeing so quick.
Of iteration from Starship, because the engineers are being pushed to continue to think outside of the box. You can't design something like Starship with the things that have been done in the.
Past present day.
Laura, you're the CEO of EPs on three, a software platform that if you are trying to pull off a high stakes operational testing manufacturing procedure, which I think Starship kind of is, right now.
That's what you need.
So I think you're in a good place to just tell us to end, we have thirty seconds. Just how difficult is what SpaceX is trying to do right now with this starship program.
Yeah, I think Lauren alluded to this earlier, But there are millions of decisions that need to be made and millions of technical things that need to go right. So having one small thing like a pin and maybe a couple of out of family temperatures is actually miraculous. You can expect scrubs, you can expect some failure, but when you get to the end, you should have tested enough small things.
And that's really what we know at.
EPSOLON three want is to have the infrastructure built to test enough small things that when you get to the mission, you get to the final launch, that you have done enough that you have the most confidence that your mission will go well.
And I think that's what SpaceX is doing.
Laura Crabtree, CEO of EPSOM three, formerly Senior Mission Operations Engineer, alumni of SpaceX, thank you so much for being on Bloomberg Tech.
Now coming up.
Winston Cheng of Lenovo joins US following the company's just blowout results strong growth in AI for the world's leading PC maker. This is what markets look like on the week, and I'd forgive you if you forgot that in the middle of this week we had earnings from the world's most valuable company, and Video is down actually almost four
percent on the week. Right then, as that one hundred is buoyant, a little bifurcation because in video was accountable for so much of the gain and rallying inequity markets in recent weeks. But over five days, that's the picture in Video. Kind of trailing behind this is Bloomberg Tech. Shares of Lenovo absolutely soaring in Hong Kong trading overnight again of twenty percent, was the biggest single day jumps
since two two thousand and eight. This after the company reported strong growth in AI related earnings, offsetting challenges from you know what the challenges are rising component prices. Winston Cheng, CFO of Lenovo, joins us from New York City and Winton. It's great to have you on the program. Thankank you very much for the time. You know, everyone knows Lenovo
leading PC maker in the world. But I think to start, I wonder if we could just go a bit deeper into what AI related revenues actually look like for Lenovo, define them and then we can extrapolate out on what the story is here.
Now.
We're certainly very well known for our PC given our dominance in the space for many, many years, but we are actually more than a PC maker. We have the most complete portfolio in terms of devices from PCs to tablets to smartphone. It's the most complete portfolio ad scale on a global basis, on our non iOS basis, and that serves as the foundation for AI devices going forward.
In terms of our product portfolio set, we have our hybrid strategy enables us to have from the pocket to the cloud, and you're seeing that gain in terms of our infrastructure business in the latest quarter, in terms of that compute capability that is now being used for infrastructure from AI training to AI influencing.
The US listed shares or ADR is also massive performance today.
You know, I appreciate Winston. You're the CFO.
Maybe you don't keep a constant eye on the share price, but the biggest jump since two thousand and eight, it has to tell you something. Do you attribute that to the appreciation maybe that you're getting for the infrastructure business? What do you think the market is maybe seeing now that it hasn't before.
Yeah, So Certainly, we're not defined by one quarter. We're in for the long haul and the AI spend and opportunity is also for decades to come. But we're defining this as the AI decade for Lenovo, and I think we're in the first year of that journey and you can see the result of that focus in terms of our capabilities. We've actually been invested in this for over
ten years. Our ability to be able to produce in AD scale on a global basis, for both on the device side and also on the infrastructure side is unique to Lenovo. We can serve hyperscalers and also enterprises on
that basis as well. And our portfolio set with the IBM heritage that when we made the acquisition twenty fifteen gives us a solid foundation to be able to serve the AI compute capabilities today, given the high performance compute genetics that we have with our industry liquid cooling technology as well.
On Monday, Winston I was with Jensen one in Las Vegas. Of course vera rubin coming later this year that matters to you, and we were speaking with one of your peers, Michael Dell, and I was trying to understand from them the story for the PC in a world where we are shifting to inference but also gentiic AI. Can you give me any evidence or data that the more commonplace you of AI agents actually drives enterprise knowledge worker acquisition of PCs, new PCs at scale.
Yeah, we certainly see our AIPC demand being very strong and it's been increasing in.
Terms of our portfolio.
Our AI revenues today is about thirty eight percent of our total revenues in the last quarter, and the PC is also AIPC is also a very big component of that. Today, as AI training develops and more AI capabilities are being enhanced, more people will use and need to consume and interact with the agents through their devices, and I think the upgrade for better and more higher performance devices will be
a nessary part of that journey. You see that with the likes of the Open AI and others having partnerships with either from a staffing perspective or a strategic perspective with device makers, and we're also seeing that in terms of dialogues that we're having with AI companies and their desire to work with us from go to market perspective as well.
What is the truth of what's happening with memory? How severe is that as a bottleneck.
Well, certainly this incredible spend and development of AI in terms of the AI infrastructure is really driving the component shortage. It's not only a memory, but you're also hearing it in terms of CPU and of course GPU demand as well. I think that would be multi year opportunity in terms of that demand. But at the same time, the industry needs to catch up in terms of that supply chain
to satisfy that demand. But I think for now that's causing the supply and demand imbalance, is causing the memory prices to go up. But on the AI infrastructure side, we're able to pass through that demand because that's where the strong demand is in terms of the pricing for But on the device side, I think the lower end you're starting to see in terms of the first quarter IDC numbers that those that cannot get supplied. I think I have seen the market share as decline.
So when some what you just outline and bear with me on this one, how much are you negotiating with yourself? You have different business lines, they both need common components high bandwidth memory.
You know that on the.
Infrastructure side, the service side, that's where the demand is. So do you have to have a word with yourself and say, well, what about my PC business? Do you have to make a choice of where you prioritize.
That's a great question in terms of but I think what these suppliers appreciate with us is that we have that global portfolio. We have the most complete portfolio from PC to tablet to smartphone, and I think that gives them the forecast necessary. As our long term partners, we also have that demand forecast from the server side as well of our business. So from that perspective, we are strategic partners for suppliers as well in terms of that
accuracy of that forecast. We need to supply in terms of satisfying our long term the noble friends in terms of the thing pad which is so well loved in the market, and I think we need to make sure that there's enough supply going to that demand as well.
Lenovo CFO, Winston Chain, it's great to have you on Bloomberg Tech.
Thank you very much. Now, coming up from the show.
Smart ring Maker or files confidentially for a US public listing. We're gonna have the details of that next. This is Bloomberg Tech.
Hardware is very very attractive right now because you can't vibe code atoms, yes, right, you can't just.
Summon them into existence.
And so interestingly, I think for Aura, steering the way we have and having always been a hardware company with a very strong software backing, it's actually been really advantageous in investors look at us and they say, good, we're so glad that you're not in.
The software space and that you're a hardware provider.
That was or a CEO, Tom Hale, giving perhaps a preview of how the wearable maker will pitch investors in an IPO. He was speaking to our Caroline Hide at the Concello Sparks summit, and just a week later or a files confidentially to go public. For more, let's speak to our consumer tech editor, Bloomberg's Dana Rolman. Okay, so we reported this citing a source that they'd filed confidentially.
Then I think the company comes out and says, yes, we filed confidentially, but in our original report there's more detail there. There are some serious banks that are working with the company. This seems very real.
Yes, absolutely, this is an all star list of banks. We believe Goldman Tax was the first on the list, and we don't know the exact timing, just that the company expects to go public sometime later this year, and other details are missing too, key details like what the price would be when it eventually hits.
The stock market.
Now the Bloomberg Tech audience is thinking, Hm, Ed's not looking as fresh as he did yesterday. I am an order wing wearer, which I pay for myself. Obviously, seventy four sleep score down from ninety the ninth prior. That is interesting historically actually most whereas women. They have a story for the male category, which is longevity. And then last October they raised money in an interesting valuation in the private markets. How much momentum is it or got right now?
Oh so much momentum.
I mean.
Bloomberg actually published the story towards the start of the year saying that this would essentially be the year that smart rings went mainstream and this coming IPO really puts an exclamation point on that. Or has seen sales of its smart rings rising and rising, and it's remarkable and
that it started out. Is this really niche hardware category and it's one that we really as journalists here at Bloomberg have had to spell out for a while, and we may get to a point where just it's widely understood what a smart ring is, and as you said, it might not just be something that a majority female audience wears, but that a really broader audience takes two.
What about Tom Hale or a CEO, what has been his attitude towards the future this company?
Just real quick, just.
That it is a really viable kind of product that can reach a really wider audience. I think until now it's been sort of compared to smart watches, especially the Apple Watch, and I think Tom hell would say that something like the Aora ring carves its own lane. It's really for people who want something completely different, not the distractions of notifications or a screen on their wrist, but really just something zeroed in on health and fitness tracking.
And I think Aura, like a lot of other companies in this space, are trying to not just track your steps, let's say, your everyday fitness, but become some sort of auxiliary predictor of your overall health.
Been most day in a wholman with the Aura story. Thank you very much.
A lot more news time for talking tech, and first up weay Mo it is temporarily halted service in five cities amid severe weather overconcerned that these robotaxis may attempt to drive on flooded roads. Storms swept through Atlanta on Wednesday, during which an unoccupied Weymo vehicle drove and got stuck.
In a flooded road.
Plus deep seac Senior management has told potential investors the startup will prioritize groundbreaking AI research over short term monetization.
That's according to sources.
This comes as the startups in the final discussions over a funding deal that can push its valuation to about forty five billion dollars before the investment, and the EU will propose temporarily lifting sanctions on a major Chinese chip supplier after automakers warned of impending supply chain chaos if the ban isn't removed. According to sources, However, such a move would require approval by the BLOCKS twenty seven member states.
Coming up more earnings.
The CFO of Zoom, Michelle Chang, after the company raised its four year forecast. Quick look at Markets on the way out halftime It's Bloomberg Tech. Welcome back to Bloomberg Tech. This is what markets look like right now and probably like the big picture story is not that that's stocks that are in the quantum realm. Quantum stocks are getting a big two day boost. That's just one day, but we saw a massive gain in those same names yesterday.
The story is the US, like the country, like the government putting two billion dollars to secure American leadership in the sector.
IBM getting one billion of that.
So after a big jump yesterday, we're seeing continue gains into today. We're gonna go a bit more macrolater in the shows, the teams move the charts. I thought it was a pretty decent chart worth looking at. One of the most read stories today there is all right, let's
do this. The SMP five hundred, the benchmark Equities Index of the world, is up for an eighth straight week, his best run again since twenty twenty three, and at the end of twenty twenty three we saw the index end of the year with nine straight weeks of gains. I've been thinking about this a lot, and if you think about market cap gain, particularly since the war in Iran started, it's Nvidia, Alphabet, Apple, it is tech that accounts for a big part of that.
Rally.
Something that everyone's clicking on today is a story by Bloimbo's Brady Ford. Salesforce is making flashy promises about its agentic capabilities. It's part of this effort to win over the skeptics questioning how it can compete against what we call AI native firms. But there's an issue with Salesforce claims they are aspirational. Bloomost Brady Forwards here with us an SF. Yeah, a lot of traffic on the story, dig into it. There are charts and data in here, but why is this aspirational?
How are we defining that?
Yeah?
So I think we've asked seen some flashy AI demos and thought like is this real? Can I use this today? And so we just kind of took that simple question and applied it to want to text's loudest marketers. Salesforce. They've shown in keynotes and commercials and AI agent functionality here like all sorts of customer service by itself, and you know, in a lot of cases we've tried it out,
it's not there yet. It's aspirational. These commercials and keynotes show a future vision of what their customers hope to implement, and it underscores that getting AI online is difficult and a lot of companies aren't working on it, and it's going to be a bit of a slog to get this stuff online.
In many cases, the way.
That I think about it is salesforce will talk about the number of customers signed up to an agentic product. Basically the question sometimes is that company actually using it yet or deployed it yet, Like does it exist in the real world?
Is there any data on that.
I hadn't find any hard data, but you know, anecdotal example Williams Sonoma luxury retailer based down the street. I mean, they've been in keynotes, they've been in commercials and some of the more advanced functionality they've shown on stage. I asked them and spoke with them, and they say, well, hopefully it's up by the holidays, you know, so you might be paying and it takes a while.
Just real quick, we should say, chatter with Ben Mark Bennioff.
Yes, what did he say?
I did speak with CEO Mark Bennioff. We said pretty much this kind of marketing is normal that in the tech industry you got to show customers a vision. Everybody does it, and the customers are not confused, it's properly disclosed. I don't know if it's true that all customers and people on the street would understand when they see a commercial that means that it's not actually functional on the way it shows.
But what does salesforce do? Nope, we'll save that for another time. Bloomberg's ready forward. Thank you very much. Let's take a look at shares of Zoom and another name that moving to the upside on strong set of numbers. This up to the company raise it's full year forecast for both adjusted earnings and revenue, prompting upgrades at Key Bank can higher price targets at both RBC and BED. It's been a little while since we talked about Zoom.
Delighted to say that Michelle Chang, Zoom CFO, joins us. Now I love getting into the Zoom story. You know we're many of us users of Zoom. But why now a strong set of numbers? What was it in the calendar period in the fiscal quarter that you saw through the numbers?
Yeah?
Thanks, first, thanks for having me. It's so great to be here and talk about the stock. What we delivered yesterday has really been what we have been working on and delivering consistency consistently over the last several quarters. This
is no longer just the meetings company. And I think yesterday's earnings was just another great notch, an example of us working towards that so clearly showing that AI is monetizing, clearly showing our inflection and the growth which is what investors want from us, and doing it with great profitability as well. And you saw the stock had a great reaction.
Michelle, this is a sincere question, even if in the first sence you might come across as far fetched. If I am invited to a meeting at some point and it's not Zoom, it might be a WebEx it might be the tool of another life tech company, what's your pitch to that business that they should still be thinking about using Zoom Because clearly, like there's a world where there are options, right, there is a world where people are not using Zoom.
Yeah. I mean, look, I would say, you know, a couple of years back, the pitch was best quality. When you can't afford to have the meeting go down, you
want the reliability, you want the quality, you want the innovation. Look, Zoom is in a very different place where you know, a lot of where we're going as a company is this concept of a system of action, what we can see inside the company, what we can see outside the company with things like customer experience and the power of what it looks like when AI gets stitched in between those things.
And so more.
Now, so I think we moved to the kind of real tangible AI value I heard the story earlier, you know, the real tangible AI value of the world already delivering for our customer.
Yes, the data point that jumps out of me is that those users that are paying and willing to pay for the AI companion, I think almost tripled year and year in that period.
What's behind that?
I mean, it's not just video conferencing, right, it's people saying, okay, well i'll use this as a workspace.
Yeah, it's a great question. So we said that our paid now went up one hundred and eighty four percent, and really, what's behind that? Like, Look, it started out as meeting summer as we're pleased to even add this quarter. Even four months ago, we announced something called my notes. Think of that as your personal context, your node taker. Even that alone grew in four months to one point five million. Now, Look, where Zoom is going is far
more about the meeting's life cycle. It's no longer just that thirty minutes or sixty minutes that we have that human to human connection, which we will always endure in an AI world. But it's the entire life cycle of how you get work done that really brings the Zoom value prop to our customers.
Michelle, we just have about forty five seconds left, but everyone knows what the story for Zoom was in the COVID era present day, how would you summarize the Zoom story.
Yeah, Look, it's no longer just about meetings. We are retaining that original customer love that we always had, the pace of innovation, the security, the trust, all the things
that made Zoom zoom. But where we're going is all about system of action, the context that we have from all of the things that you do inside the organization the outside of the organization, and we're all about taking those conversations and moving them to completion because when we know that we do, we add tremendous value for our customers. And look, you saw the results for us financially, right,
we're maintaining profitability, revenue growing, high cash flow generation. So We're super excited about where things are going.
Into Well for the Zoom user that has this setting switched on, if I go like that or I go like that, yeah, you'll appear on the screen. Is Selshang, Zoom CFO back on Bloomberg Tech, Thank you very much. An update on the saga around the standard charted CEO's comments. Earlier this week, CEO Bill Winters talks about how AI would affect quote lower value human capital. Major public backlash followed, prompting CEO Bill Winters to strike a more conciliatory tone
in a memo to staff. Then Winter's doubled down on a LinkedIn post earlier today, explaining the bank has for many years invested in helping staff whose roles have been upended by automations, saying quote, we have a responsibility to
help colleagues move into higher value roles. Then, just a couple of hours later, Winter's officially apologized for his original comments in another LinkedIn post, writing that he recognized his choice of words had quote caused upset to some colleagues, and for that I am sorry.
He wrote.
Coming up, X Prize founder and early SpaceX investor Peter Demandis joins us. I'm really looking forward to this conversation that's next.
This is Bloomberg Tech.
Live pictures as we're currently waiting for the swearing in ceremony of Kevin Walsh as Chairman of the Federal Reserve alongside President Trump, and the moment that it begins will bring it to you. For now, let's get back to our top story, the delay of Starship. The central role of Starship the upgraded rocket is key for SpaceX's business plans, all outlined in detail in the recent IPO filing. Also crucial, the S one makes it crystal clear with an outsized
pay package, major voting control for the CEO. Bloomberg Intelligence writing the document highlights significant governance concerns that still might be overshadowed by investor's fear of missing out on the biggest ever public listing. Here to talk about it all, the importance of Starship Musk, and the perspective of an early SpaceX investor. Peter Demandis, founder of X Prize, back on Bloomberg.
Tech, good morning, It's your time to.
Be a morning exciting time to be alive is like how lots of people put it. You're someone that is an early investor in SpaceX, you know, with respect in a small in a smaller way, but you speak to Elon with more regularity than others. I spent hours going through the s one. I know it's a document, a piece of paper, but what's the story that jumped out from it for you?
I mean, this story behind the story is we're on the verge of opening up the greatest frontier ever. This is the equivalent of the galleons coming from Europe to the US, or the American settlers building the railroads to the West and building everything along the way. You can look at SpaceX as a launch company or as a satellite communications company, but it's much much more. You know, you think about the fact that everything we hold a value on earth, metals, minerals, energy, real estate is in
near infinite quantities in space. And you start to realize and you know, we're going to see the launch hopefully fingers crossed up Starship V three later today, and I have confidence that if it doesn't work in the first time,
it will work on the second. That's what Elon does is it iterates rapidly, and this vehicle, it blows away all the other launch capability on the planet by orders of magnitude, and at the end of the day, we're going to start to see a extraordinary set of new revenue engines as they unfold beyond the bounds of Earth.
So that was what jumps out at me. Total addressable market twenty eight point five.
Twenty trillion dollars. Right, we're getting numb to this idea of.
But here's the thing, Peter, we are getting numb to the trillion and iterations of trillion. But most of that is not space. It is AI for the enterprise, it is software.
You know, when I was working on the space industry, and I've been in that industry for forty years, the early days are how do you rationalize space? And people are always looking for some way to rationalize the investments and was research, maybe it was tourism. The reality is the single greatest valuable thing on the planet today is the AI driven token. And if you can actually create those token farms in orbit, Peter at UKDA.
You have to forgive me.
You will be invited back on this program as soon as possible. We have to go to DC for the President of the United States and the swearing in of Kevin Walsh as chairman of the Federal Reserve,