Investing in a New Space Economy

Just to put this out there, the the IQ over this section of the stage surpasses the IQ over here. And so and there's gonna be a lot of people in the audience that have technical questions. Feel free to scan the QR code. I will get those questions, as we can with some of those questions. But I have a big picture guy and obviously, he loved his face. And one of the things about space is space is the big you know, bottleneck problem across the board. First came to getting up there, then it came to how do we talk to what's up there, getting down. And on the stage today, we have some of the best bottle that breakers that I think earth has to offer. Do it you know, for those that are unfamiliar, you know, the magic of SpaceX landing the rocket ship back on their they said couldn't happen. in making that happen, and that has has really shifted one of those bottlenecks. Bottleneck up there. Bridging, you have figured two Impressed with when it comes to space. Number one, round stations. How do you talk to what's up there and how do you receive it down on earth? We always forget about that because class is so But that is an important one then that you guys are so solving right now. And the second bottleneck Disney star, who somehow transitioned into the deep recesses of Washington, the other bottleneck. Is important bottleneck is how to navigate the bureaucracy and the regulatory nature of Washington. So we're gonna be talking a little bit about Then we've got film down there. I mean, space command, the commander you break bottles in a a different way. I think. The rest of of the panel up here. But but I do wanna start with you for a little bit. You know, we all saw what happened in part of this team. We're all very inspired. By the trip around the room. And yet it's something that the humans have done. It's the beginning of the industrial age in space. It is the moment where humans And it is eating with such an incredible moment It happened last year, and it's gone through this year. It just world is starting to realize all the implications with that moment. I wanna go around here, really, starting with you. The moment that you heard, they pulled off compute. With the simple computer, with an h 100, with an h 100, in space, and it worked. What kind of recalculation would open for your rockets changed it. Even with that space XB, it's not looking any different than a to a lot a lot way the capabilities that we used in our space for many reasons. Integrated service and computer capability may those chips space. And is still very which day. Yep. Well, thank you very much for having me, and congratulations. And I think for us, what that moment means is long term belief in our held is that the volume of data that is are terrestrial and put them in the space And that was a really, really good point to that part. And you know, for us, what we are excited about for the missions that they're building is Gal and I can be a a scaled solution. So that is what we get excited about is is how can we help realize the emissions of the scale solution for us that is the networking infrastructure between everyone and space. So there is a concept that gets that enthusiasm, gets that validation, how can you go from concept to reality, enable the data to flow, and to support really And and you're in a shop. The United States now has access to What does that do to calculate the the future of of events? Because as our infrastructure becomes more valuable in space, it's gonna become space becomes now now the place where we have strategic advantage. It's a strategic necessity now for technology. And we have that we're gonna need to do fast. We need to do it faster than we'll take our track. Make that happen at a quite tight as possible. Respond to pressing. And, you know, when I picture that, obviously, on maternal school, there's no obviously, probably not exactly what happened. So moment that you found out that, you know, the whole heat problem something that you guys could deal with, and that it was working, and that it was computing Way of worthy. Like, what what did that moment actually look like? Like, I So, yeah, I was actually Number one, because of And so we were saying that we were And so the two outputs that we got was we first trained and modeled the config parts of So we got the the first strain that came back. Was actually a a lighter generated shakes there. So it's it's something like to the earthless and his boat, to make it keep you, or something. And then the second was we a a But just, yeah, having a screenshot there was, I was just like, you bring up your heat, for me at least, your question has been trying to wrap my head around how the salt that heat problem, how you radiate the heat. And so before this, I mean, it was always thought that now we put chip like that up there. It's gonna fry itself. No. How did you guys do? Yeah. So the main it's a lot of service center. For the last, you know, two decades that this And And yet so much of it really does go back to the of how this atmosphere does not want us. I mean, our gravity does not want us launching things up into space. I think we have so much experience in in that particular model that but now on the VC side of things, what are the other bottlenecks that you see out there that meet the new cattle? I think before. a big topic today. Because of Very soon. Soon. ？ 百 que more space And we have, of course, the geo cafe. Geographic bills. Little bit of dependency. Differentiated company has a capitals. Tremendous And I did unlocked these bottlenecks. You the benefit is quite high, and that's the key. Today, We need to get into the triple vision. Synergies. Two. Space them. Company building starship in the room, is is the vertical stack. That SpaceX has with. Is there room for one other company in Europe or or, you know, with SpaceX in the way that that you're describing? I think it doesn't have to be a company se. I think it can be an ecosystem. I think SpaceX is also the When people were there, people were schooling, and they care that I think that's what on the new one. And it's being a sleepy parts of this sector, originally, I remember we did it this way together from The Today Show. I remember you talking about how there's so much of communication infrastructure. You see it, like, at sixty sixty years old, and it's still in place yet when you came in and you started to modernize things, that's logistically your globe chart. Right? What what does that update look like? Yeah. So when we talk about ground infrastructure, basically, you know, think about how is there a contact facilitated. There's the the satellite and Earth because the transmission of data is both critical to operating spacecraft. We wanna think about it as well as control car. Do you have some kind of controller for the Can also think about it as a medium for generating value from So data is the primary medium for valued space. And so the more throughput that you can provide for networking, the greater different And so we see networking as really fundamental to growing this space economy and kind of just quick tangent onto conversation on on vertical integration. I think it's an interesting one, in terms of what does vertical integration really need? stop and end and why? And that was really core to our philosophy on this networking infrastructure. We fundamentally believe that should be Right? Like, what what sense does it make to vertically engrave a a piece of your stack that does not ultimately serve you creating a differentiated application that can generate more value. We believe that the networking infrastructure should be the boring part. Of space that is really about just being that functional infrastructure that enables space companies to go further. Faster. There's a a baso system that I like, which is about you know, they're they're spending their energy at AWS on what makes the customer feel So let let AWS, the cloud computing company, take care of all of the more back end shifts, so the the customer can go with all of their dollars on their highest. Control the networking piece and and operate it at an economy of scale and put the level of third party expertise that enables space companies to really focus on doing incredible missions that generate space. You know, if we are building that shared infrastructure, what does that mean for us? We call ourselves for the integrated because we have work in the integrated ground segment. And what that means is that the the you have a variety of functions. We build that communicate with the air in space. You can kinda think about it, like, some kind of self power to connect back to. So we build that hardware. And I guess maybe we can show a picture of the the hardware. I think we have a Thanks. Yeah. Okay. So these are our our first units that we have. We just These are our our base rate in The United States. That we developed built these in three weeks. And we designed them so that they can shift in the undervalue of the out with the customs in Australia for It was on and operational the same day. And and so for us, the vertical integration includes building this hardware, putting it physical sites around the world. Think about extremely diverse that are required stitch together this connectivity layer between Earth and space. Simple simple physical size. And then you stitch it together through software. And and and so really trying to decrease the timeline increase the But United doesn't fly to, you know, the middle of the Australian health. Right? Right? Australian That's right. Yeah. We had to point to a local airport. A lot of our optimization nearby airport. Tends to be life easier. But but, yeah, it it has for me. The cord ultimately got the cord lifted off and just clocked on some dirt, and he started taking Zellet cuts. They could AWS does not have these days is up in the morning. And, yeah, you know, the AWS comparison often is is brought up when we're talking about start up and what you can do in space at scale with some degree of time. Can you give us a gudgeon, a realistic gudgeon to you How far large data center arrays in space that are functioning? Yeah. Just pretty since you mentioned it with us, do I where or when how we're expecting In terms of that scale, what is the biggest pain? Right now? Radiators and Yeah. Yeah. Pretty out there, or any of these exquisite systems, The reality of the situation is these days you have to figure out some sort of defense. How to defend it. Right? In I mean, that is that is such a a difficult problem when you realize how horrible things are up in space, it had to be in the habit. Or structural, what happens when they become an So things I about when I was a space man were, am I gonna am I gonna gonna come under attack? Let's see. Already about them, like, will now become a problem. And now I can't even replenish even one satellite. A horse a horse. My kingdom for a horse. Right? If I can only get one with my satellites or with commercial capabilities that might be contributed to a potential conflict. If they come after cyberattack or damning or even physical attack on the gateway, So threat environment So True. As well. The we are gonna have to think about ways that we could overloading, and how do we how do we we It may not be the infrastructure itself. It may be the way that we should to defend it or or take renter transparency in the demanding potential press When we're talking about you think Star Wars, obviously, that's a very different Is it everything about it? Yeah. They're doing lasers and, you know, looking But the the reality is there is you hear rumors of kinetic action or or or things that are happening. Up in space, and and it's very difficult to get actual, you know, unclassified information as to what the invisible warfare looks like but there is conflict happening. What can you tell us about the types of actions that we're seeing right now? One way I'd be looking. I like to say that space and cyber are BFS. Right? We don't have any of space without any of the Right? So it's not surprising to you that we've seen our national leader, the military leaders, talk about those bridge into a much more we're giving If you start to get a position of a you need to drive an entity of their space capabilities or entity do that. You can do that with, yeah, then your ability to command and control it. Others do. And so we can't take the wrong lesson away from the Iran right now. It could be really easy to shut down any space paper, which we have that tonight completely. Hence its preprectices. To conducting with the main activities. Our doctors have One of the biggest things Golden dump. I imagine everybody on this stage is gonna be touching one aspect of gonna or another upper jet with the And and yet, when it comes to something like the this is not an It is points that are critical and and are very exposed to any sort of basement. They've been identified for quite some time. Were you surprised when you first got into the industry and then you started messing around with know, our ground based systems, and you're like, oh, I I can track pretty much. Anything else. Yes. I I think it is it's a really profound shift. Going on right now to kind of, you know, responding to to his comments and and with the gold note, our it's really hard to just overstate how different that architecture that it is is really working are are natural conversation versus what I and very consistent in terms of what the requirements are. Like, think about the geospatient your satellite stays in one place, don't have to think about it like each know, space operations is the fundamental the in unpredictable patterns. The age or responds kind of taking place and And that was very much related to what we're thinking about. The overall trend in each age as a result of From a networking perspective, how do we make sure that all of those objects are effectively communicating and getting the right instructions for talking about you know, interceptors and basic are high degrees of precision Do you address that? And that's very both interns of just the the capability to be able to spacecraft and everything dynamically. Capability be to our own threats. The ground that connects actually pick up a loop. Super were targets. And so we've lost a lot of our billing and seed in because those ground sites work super visible from space and they can't fit it. Those anywhere. So even if you have twenty four hours notice, which a lot of a lot of And that that's a fundamental thing. That Disruption and and the outside in box thinking trying to figure out radiators power systems Does defense come into the equative brain already? Because what you're trying to pull out would be essential point of of any sort of potential to obtain down the road to to onboard processing for a lot of the space based systems. You are applying hard. Your system is target number the So offer a much larger proliferation from which gives us some to you know, things go as they are right now, you know, all get along, Interceptors, space planes, satellite body cars, that is gonna be something that we see. Teach you. Right? Absolutely. And I think of the way we did we that space ever in. We really get it for And the speaker better. And he said, hey. This is, like, And people need to defend that and able to And much I'm just one second above The US 45. Jamming Do satellite operations today. We build the satellite and we launch it, and it lives by itself. It's entire life. And and then when the time replaced, we got to let go of one right there. I think I agree with labeling. Articulated we're we're approaching industrialization of space that will also have logistics layers. We work always have to last time we did my assumption in our lifetime, it may get service. We don't here's another thing we do very well. We don't build structures in space for everyone. All have to fit somehow modular ly into a large variant of a large rocket. That's gonna change. I think we're be able to build larger and larger structures if we figure out how to do that. Those were And so what's most exciting about this is we're gonna take kind of this going all the way back to the launch site, the production site, to a much richer or diverse lot of that figures are economics. Denser Exactly. Hey. Think that's great. Some of it would be drew, like, imagination. Like, one of the things that I I you know, wish I would have studied more ultimately a 100% territory. It's cool to to how many people are here. manufacturing of this space. Cold welding because it's a bathtub a piece of aluminum and it's clean aluminum, the box station, there's nothing on there, and you take another piece of aluminum, and here on Earth, you wanna put them together. It's a very difficult process. Up in space, you just touch there. Together. And they basically fuse together. They're known well necessary. Like, there are some weird manufacturing magical abilities that happen in space. A lot of the jet, I do think it's gonna take some And yet, this question that just came in is perfect. Grounds us back down to Earth. What are the tangible, the first tangible effects? Everything that we're talking about here, you know, that the ground based systems are being from NVIDIA's floating above us. What are the first round based my life has changed because of what we're seeing now. What are those effects that you see? I think you're already living through that. I think every one of us over the last decade is spaced economic, only or the other, actually benefit from you. Well, ATMs, worked at today synchronizational time. Hold on. That's GPS. Something like a If you look at the world, that was unconnected. something a little bigger, in the bridges and what does it enable What that do? In the way you did it in the way Huge impact. Could be like the elevator to be all. It could say, this is the next thing that allows people to go out of the city because of thing. Extreme organization. There's also Brilliant, how often happening? Do you have a you're working on the system that you realize, I think, wait, that is connected to bits that What? Today's life looks like is maybe because of what you're Yeah. Yeah. I think I if if what you're saying is, like, entertainment or thing is, entertainment question that that you're asking is really just the autonomy. And so, you know, Julian's mentioning more people being connected by fundamental shift that has has been a problem for decades. That did not really Just humans being connected. It's also the global of data that is quite fundamentally different for AI So we're not just talking about each human on the planet being able be connected to about of those devices you know, monitor shipping and logistics and and just have a a whole different concept of connectivity So we have some our understanding of of machines and objects and their ability to autonomous communicate and interact with one another. And I think the real way straight into the data center arena where data centers here on Earth overland center. Do you see what you're doing affecting your data Yeah. And so for this two basic school, we this is where we And so what we're doing is huge strain is taking off the bridge. common mistake investors make when evaluating opportunities in the space economy And what should they look for instead? I know if I was big money person, I'd be like, oh, Anything with anything with, you know, with an explosion and it goes up. Obviously, there's a lot of Most common. I mean, one is is to think too narrowly about what is action contributing to space infrastructure. And I I guess I'll I'll bring up to Richards, which she's working on is one of those things. Right? It's not just about the rocket or how the satellite that's operating base. Or or the even the data that's coming down in space, how does that overall earth to space infrastructure actually work? What do you need on the earth to actually enable all that too? Maybe thinking too narrowly about what is phase. And thinking about all of the applications that could help us grow for space communities. It would be sole ecosystem. It is Supplies of yesterday are gonna be replaced by a huge new entrance. Enters? value chain today and you start investing infrastructure is there, not just what's look at a company that just analyzes data and sells it. You may be or rude in making holes. Is an incredible investment opportunity. Also every hole that you're building on. Is is the risk, and I think space. May be hit by that if you do not study. That whole stack that you thought that you're building on, and there is a model that is changing how the What I mean, if you had to give us two or three sectors, I think we'll we'll as we said, we're team to give the numbers. Think as But besides that, you wanna get Yeah. Molding with 70 PhD or onset of the solar panels, It's going to be built by people to workforce that you learned that into the space industry and exactly bringing that mindset of taking every hour off, every minute off, process based off into really building that the capability. I travel station, and you're gonna find moments where you say, this one thing doesn't pass the pressure Can I ever tell the process is? And this is a very interesting question. Is the progress of the space economy bipartisan, or does a new, perhaps different administration threaten any space economy developer? I mean, when you think about that question there, you know, it's not just like, oh, yeah. Everyone's just yeah. Everyone loves space, we're moving forward. It's there's a regulatory component. There's a a funding for NASA component. There is, you know, private venture component to all this integrated. Used downloading some of the interworkings in Washington. How do you see this? Yeah. It's a good question, and I I would tend to more generally agree with the position and maybe I'd be interested on what the other panel is I'd that it is bipartisan. I think there is a recognition that this is a really important area for investment, and you know, for our own interactions, know the the folks that we work with at the space force they're they're folks that have been careers in I think for us, what it comes down to is really cases and addressing it from a first perspective. Where we're not tying a to a particular administration or talking points. It's really about what is the capability that fundamentally talking about as important for Forward also pronounced that her for more civil space programs, And I think, like, the the way that we found it productive to work with think, with government is by just having the the basic conversation you trying to accomplish? Are you what capability are you able to ultimately trying to realize? So for for at least the space force for us, that comes down to broadly available TKC, which that's the analogy that I described with the a bunch of spacecraft. If if there is Those require very specific solutions. And that's not something that takes exclusive to government use cases. Either. I think getting down into this is actually bring really complex use cases to life. When we talk about direct to cell, for instance, bringing cellular data that we call into orbit need to think about possible. You need to think about latency, you need to think about Who in, you know, the middle of nowhere wants to be able to stream Netflix from their phone. Like, what what is the actual use case you're referring to? And save those for for Vulcan Cube. You know, when you when you get down to it, how are you actually treating that effort? Like, we talked about that backstage. How are you enabling the inference models to connect from somebody's application into model that runs onboard a spacecraft that delivers them a result that is customized to them. And so all of that just becomes solution that starts there with what are you ultimately trying to accomplish. And then you can kind of work backwards from that on the network architecture, And, ultimately, for us, it comes back to what is the different model for me. For this as well. You know, something that I don't think I mentioned, but we provide a shared infrastructure. So we provide that on a service basis. That was another thing that lot of people were skeptical on the US government being willing to adopt some kind of service model. It seems seems scary to not own the hardware. You know? But the the rationale, I'm having a of things the service model is really when we look at the use cases, a lot of the demand is varied. We talked about financial based operations. You could one day have no need to move a satellite or do anything, and the next day, needs to a thousand space vehicles at once. You know, for training, for instance, one day, you just have your normal normal load learning, and then the satellites to make sure that they're updating the information. And so that kind of dynamic capacity really lends itself the shared model. That's been a convincing argument. For US government And so at least we found ourselves to be very aligned with the group. All of the you know, we call it know, requirements level sometimes be little bit more prescribed. the myopic problem that they're focused on right now. Then I don't know if it's science fiction or what, but they've got, like, a hundred year problem or a thousand year problem that they're noodling around in in the they they come back to it as they would think of talking about. So I wanna start with pickup. I wanna start with you. Is there one of those that exists in the back of your head? Is there something that is beyond the technology that we see today but that you're really hoping that you're able to work on and we're seeing the future here. I feel like this is a setup. Could be it to be complete. It could be it to be complete. I'm actually very interested in in more in base into more springs and the batting base and when you go in that correctly. Now I think I'm gonna try wanna ask you the same question. Any sort of big picture problem that you're hoping that we can tackle in a very, very large sideline way, if you're familiar? Well, paper scientists might where, know, this place just shouldn't be on the planet. Certain industries be on the planet. This is the residential plan. That's a residential way for it only. You know? It's the only one we have right now. That is a big idea. That is a very big, very sci fi idea. So I think all those I'm just pointing out all the things go pointed out, of of our our our kind of reasons why we have something. Right? Like, not gonna freeze that, put it someplace else. When I just put an open plan, and it works there, We didn't plan this, but, like, that does feels perfectly here. I think that's the moment I have shared all the ways. Why you've just heard for any other authority. Any dirty interest? Any dirty interest. I think we should think about it. Of course, it's a very low thermostat. It's really a singular planet, and the our horizon goal is increasing, increasing. To really protect. So they're here. They're giving me option. We should always have the option of okay, let's not have this thing. Alright. Oh, has multiple events. There's plenty of them, and we don't even have to dig here. Making bigger bigger the sustain an industry out there that actually do many of them are doing things and then, definitely, it gets me just the year. Basically, an Amazon delivery truck whatever happens to make the magic and get it to our We're just talking about everything coming down and getting our Exactly. What about the tracks? Because this really somebody hears that I idea. I'm floating that idea. Like, what if I just get the trash off her? They're like, what would you oh, oh, there is a certain amount of other of not recoverable waste. And I think there can be put to good use or put to no use at all. Some are much better, much bitter suited than kind of futuristic thing, for me, neverthink is, like, kind of a proxy for information transfer where it's, like, you have different different mediums that can send a different number of bits. So networking relies upon using RF spectrum and then all the way up when you go super high up to off optical. And, basically, what that is, that whole stack is varying speeds that you can transmit data. So very low is an small number of bits, like text message, and then you go slightly high, and then can I think that overall spectrum of is information is very There is a very small amount that we actually use in the possible information sharing that we have as as a plan? What I did is to just expanding the transfer of of human knowledge, of of knowledge, generally, things like that. But just to appreciate how much knowledge and information we can be just streaming and and communicating And I find that very exciting. You know, we're we're excited about We kind of like had this thought experiment amount you know, what's the networking solution around it? You know? It it it it it's it's cool to say that there's, you know, totally feasible communication solutions that you can have for other plans. But how many how many people are there? How many users are there? And there's billions of people here on Earth that could be benefiting from you know, orders of magnitude more right now. To what degree that can serve their lives. So I think spacing the name of her that and and then also the keeper. Then I we should probably mention that a question that's coming up a few times. The IPO is leaning, looming on the horizon. On this massive IPO. One that we've never seen. The likes of honored before. What do you think that that's gonna do? The achievers? I think oh, I'll ask the SpaceX guy first, I think that we should talk about the messaging. I think this is not a space ideal per se. This is a space company penetrating everything else that we do and it's ideal. And the Internet has been essential to inbound commerce. So I think that's what it does, and I think it's going to pull a lot of capital into the state that's what their validation of the space ecosystem and how it fits into a really broad range industries. So we have parts that I early yeah. Said that