Zach

if he launches the handset thing, that subscriber growth is going to go right now he's adding 2 million subscribers on the consumer side a quarter. You could see that going to 4 to 5 million a quarter. You could actually see an acceleration in the consumer subscriptions.

how well the Starlink business performs, and you can see it in AT&T and Verizon, HughesNet, ViaSat. I mean, these companies have been decimated.

The Starlink business alone could be a trillion dollar market cap within 2 years, within 18 months, let's say.

Starlink alone could be generating on the order of 40 billion dollars of revenue top line with a huge amount of that flowing to free cash. That could be a 30 billion dollar free cash flow within the year.

the connectivity piece on Starlink, 4.3 billion in the quarter, and 2.6 billion in adjusted EBITDA. He's got 12 million subscribers, that's doubled year-over-year. $66 ARPU per month, uh what people are paying per month. And he grew 20% quarter over quarter.

Starlink's just an unbelievable juggernaut cash machine. If you look at the financials, their segment reports space, connectivity, and AI. And on the connectivity side, the Starlink side, it generated $2.6 billion in adjusted EBITDA.

And if he launches the handset thing, that subscriber growth is going to go right now he's adding 2 million subscribers on the consumer side a quarter. You could see that going to 4 to 5 million a quarter. You could actually see an acceleration in the consumer subscriptions.

It's crazy to me how well the Starlink business performs, and you can see it in AT&T and Verizon, HughesNet, ViaSat. I mean, these companies have been decimated. I used to have a HughesNet satellite dish on my Sonoma County ranch in order to get internet, that's what we had to use. It was like, you know, 200 bucks a month or something. ... And that market got decimated by Starlink.

Starlink alone could be generating on the order of 40 billion dollars of revenue top line with a huge amount of that flowing to free cash. That could be a 30 billion dollar free cash flow within the year. That alone provides the cash flow to fund much of what what Elon's doing. And if you just put a 30X multiple on that, which I think you can because these subscription businesses are very high renewal rate, very low CAC, I think he could probably get a 30X just on the Starlink business. The Star

I think Starlink's just an unbelievable juggernaut cash machine. If you look at the financials, their segment reports space, connectivity, and AI. And on the connectivity side, the Starlink side, it they generated $2.6 billion in adjusted EBITDA.

with recent announcements on our end we're automating support for those actually so you can upload those types of videos that don't have to come from that forty thousand dollar camera can come from an insta360 or gopro and you can have a what they call a unique field of view so we will handle all that complexity for you and you can just get a video file or stream that works right out of the box

able to sit through a full nba game and i think that's really what they're they're going for in the upcoming year

the iphones can take spatial videos and they can take spatial photos right now so you have the capability to already start capturing the media you want because you can instead of just looking at it on a screen later a photo of a family member you can step back into that scene with the vision pro

i thought it was kind of a gimmick in a sense i didn't i didn't like the resolution of the image it was very fuzzy but you know when you try this on it's a whole different experience

We're looking to expand in early 2026. So we haven't yet announced what our next market will be, but we hope to bring base to every household in America and beyond. And we want to be a global energy technology market leader.

I think it could be the opposite actually where these hyperscalers are actually subsidizing the power costs for the consumer in this kind of mechanism that I've described. So, you know, we hope to flip that script.

we want to win the AI race. We want to help these data center loads get grid connected faster.

So we are working on a product that we call Speed to Power, which is a solution for data center developers to get grid connected faster.

With our next generation product is a 40-kilowatt-hour battery and 20-kilowatt inverter.

So LFP really do have safety, right? So when you see, you know, safety risk with batteries, most of that is oriented around NMC batteries because you have higher C rates and higher risk of thermal runaway. And effectively what that means is you can charge and discharge the battery much faster, which really matters in a car, right? Because you got to get, you know, zero to 60 in three seconds. Doesn't matter so much in a home battery. And so the LFP chemistry is a better solution for stationary s

So by vertically integrating our manufacturing here in Austin, we'll be able to take a ton of costs out of the system and drive our landed costs down, tighten those paybacks as we discussed, increase our returns, and drive costs down for consumers. And really, this is what it's all about, right? It's like, why are we building a factory? Like, yes, it's cool to have a factory and it's fun to walk around and, you know, touch the machines. But the reality is, like, we're doing this because we want

Yeah, the idea is that as we develop new generations of the technology, our cost to deploy the marginal asset goes down, the paybacks shorten, and our returns go up, and then we pass those returns on to the customer in the form of lower prices. So our view is that electricity is a commodity. The best electron is the cheapest electron. So our vision as a business is to develop a compounding cost advantage through vertical integration, drive cost down for the consumer, and sell the lowest cost ele

We're looking to expand in early 2026. So we haven't yet announced what our next market will be, but we hope to bring base to every household in America and beyond. And we want to be a global energy technology market leader.

Yeah, I think it could be the opposite actually where these hyperscalers are actually subsidizing the power costs for the consumer in this kind of mechanism that I've described. So, you know, we hope to flip that script.

The next question is about the data center build-out. So we are working on a product that we call Speed to Power, which is a solution for data center developers to get grid connected faster. ... So what we can do is we can say, hey, meta, we can go deploy, such that the batteries are electrically equivalent to having a big battery on the site of the data center. ... So what I'd rather do is have a third party come in and say, hey, you can actually just buy our battery capacity from us. We'll dis

So there's, you know, on the order of 10 million single-family homes in Texas, 10% of 10 million is a million homes, right? With our next generation product is a 40-kilowatt-hour battery and 20-kilowatt inverter. So, you know, a million homes with 20 kilowatts in each home is two gigawatts, right? So, you know, adding 20 gigawatts to the grid is, you know, massive amount of scale. Sorry, 20 gigawatts, excuse me. So, you know, that's a lot of capacity that we add to the grid with, you know, just

So LFP really do have safety, right? So when you see, you know, safety risk with batteries, most of that is oriented around NMC batteries because you have higher C rates and higher risk of thermal runaway. And effectively what that means is you can charge and discharge the battery much faster, which really matters in a car, right? Because you got to get, you know, zero to 60 in three seconds. Doesn't matter so much in a home battery.

So we do everything above the cell. So we take the cells and we design modules and the modules are part of a pack. And then we build the power electronics that basically make up the inverter that allow us to move power in and out of the battery. And so we design all of those components that are above the cell. What I'll say is today we don't make cells. I think, you know, over the long arc of time, we may go into the cell business as we further vertically integrate. And if we do that, the reason

So by vertically integrating our manufacturing here in Austin, we'll be able to take a ton of costs out of the system and drive our landed costs down, tighten those paybacks as we discussed, increase our returns, and drive costs down for consumers. And really, this is what it's all about, right? It's like, why are we building a factory? Like, yes, it's cool to have a factory and it's fun to walk around and, you know, touch the machines. But the reality is, like, we're doing this because we want

Yeah, the idea is that as we develop new generations of the technology, our cost to deploy the marginal asset goes down, the paybacks shorten, and our returns go up, and then we pass those returns on to the customer in the form of lower prices. So our view is that electricity is a commodity. The best electron is the cheapest electron. So our vision as a business is to develop a compounding cost advantage through vertical integration, drive cost down for the consumer,