WEBVTT

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Elon, welcome to JP Morgan's

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headquarters. You're on the 51st floor,
which is about the equivalent of the

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nowhere near where you go generally
in space, but as high as we can get in New

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York City. But before we get started
with you and Jamie, we had a very

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special guest that wanted to welcome you

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here this afternoon. And and so your

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mother, May Musk, is here to welcome you.

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>> Great. >> May, please stand up.
[laughter] I don't think you can see me or

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everybody here.
>> They can see you. Yes, he can.

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>> This is your part.
>> I I can't I actually can't see my mom,

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but I can hear her certainly. Yeah.

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Okay. >> Oh, there you are. Okay.

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>> What I'd like to say is when you were 3

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years old and I told people I have
a genius son, they would roll their eyes

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>> and then >> Sure.
Understandable. Frankly, [laughter]

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>> I knew I knew. And then when you said

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you wanted to start with rockets, then I

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rolled my eyes. [laughter]

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>> And then you did it.
And so this is just

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a great party here and we celebrating.

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>> Sounds we love you so much.

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>> Love you too. >> One proud mama.

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>> Please. >> So let me
Elon, welcome you. It's a

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really privilege to have you here
on this momentous occasion. It's new for

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us, but it's an important thing. the
trajectory of American innovation. We're

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here live. 3,500 people of our top
individual investors around the world in

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a 100 branches. There are 350 people

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here, 3,500 around the country. This is

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a very unique thing, by the way,
because Elon has spoken to me about

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democratizing finance. This is part of it.
Treating individual investors the

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same way institutions are treated
and hedge funds and all those things. My

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view is it's a wonderful thing to do.

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Elon, very brave, by the way, because I
would never let my mother speak publicly

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when I was in the room.
God knows what she would have said.

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>> I had no idea if she was there.

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Actually, [laughter]

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>> Elon is the Edison of our time.
I remember visiting Elon in Tesla like 15

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years ago. A whole new way of building
cars, vertical integration, which had

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not been anything remote, what our car
companies are doing. Now you have

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SpaceX. I visited the SpaceX factory in

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California and it's exceptional to have

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more than 650 rockets. You told me one

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today putting satellites in space. You

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have 9,000 almost 10,000 Starlite
Starlink satellites up there. Starlink 3

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is coming which is a whole new
generation which hopefully will replace

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some of these undersea cables. It's been

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an extraordinary 24 years with watching

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Elon grow over time and now making a

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massive leap into into the future. So,
welcome and coming here. Elon, I have 10

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questions for you. So, I want to make
sure I get to each one. Some of them

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came from folks here. They're all

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important, but one just to start is why

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SpaceX public now? Because you had

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choices. You didn't have to. Why now?

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>> Yeah. I've been asked for many years

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about taking SpaceX public. So, it's

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probably been, I don't know,
almost 10 years that people have been

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suggesting to me that I should take
SpaceX public. We've been positive cash

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flow for quite a long time. I think

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since around 2014 2015 and we've been

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self-unding, in fact, in our private
equity rounds, they actually have not

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been fundraising rounds. They've been
liquidity rounds for investors and and

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employees because we give everyone
at the company stock. And SpaceX has

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actually bought back stock in most of

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our sort of funding events. So what's

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different about now is that it's a

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number of things but we are embarking on

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a significant growth phase like a

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capital growth phase where we're we are

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going to put in orbit probably a 100,000
satellites or probably over 100,000

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satellites just for communications
and these will be the version three and

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beyond versus version two and version
one that are currently in in orbit.

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Version three is, depending on how you
count it, 10 to 20 times more capable

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than the version two satellite.
And there were three chips that the SpaceX

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chip design team taped out that are
specific to this that are far beyond

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state-of-the-art, which means it's it's

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100 times more bandwidth than the SpaceX

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Starlink system currently offers and

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also half the latency because the
altitude will be about half altitude. I

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think it will actually be the highest
bandwidth, lowest latency means of

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communicating. And the future with AI
and robots is actually going to require

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a lot more bandwidth than we currently
use. Cuz you can imagine what's the

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bandwidth of a human. It's peak
bandwidth of a human is a few hundred

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bits per second, but but bandwidth
of a computer can be a trillion bits a

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second. So the appetite for bandwidth of

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AI comput AI and robots is going to be

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enormous. And then we're also doing the

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AI data centers and space which is

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another massive capital endeavor but I
think it'll be the primary means of by

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which AI can be expanded. It's

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increasingly difficult to build power

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plants on the ground. There are very few
people who want a power plant in their

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backyard. So if we wanted to say double

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the electricity usage of the United

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States which is on average about 500
gawatt we would have to build about

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twice as many power plants which I don't
think people are most communities are

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not super excited about that but

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actually if we go to space we can go far

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beyond the electricity generation above.

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In fact, this is going to sound crazy,

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but you could actually increase

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harnessed energy by a factor of a

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million and still be using much less

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than a millionth of the sun's energy.

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So, current human civilization uses much

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less than a trillionth of the sun's
energy output, which is humbling to

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think about. We're really a tiny when
you see the true size of Earth relative

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to the sun. We're a tiny dust mode in a

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vast darkness. And the sun is enormous.

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The sun is 99.8% of all mass in the

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solar system. And most of the remaining

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2% is Jupiter. Sometimes people ask me,
I'm maybe going a little wide ranging in

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this answer, but because you just asked
me why you're going public now. I'm like

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I'm like talking about the sun's
out power output. I'm like bit of a

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long-winded answer. If I was an AI,
you might tell me to, you know, okay, but

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also but it is important. Some of these
things are important because people

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sometimes wonder what's the future of

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energy generation. And I can say that it

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is absolutely solar power or maybe a

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better word for solar power is star

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power. It's the power of a star. And the

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crazy thing is that burnt all mass
in the solar system that was not the sun,

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the amount of energy produced by the sun

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would still round up to 100%. Because
the sun is 99.8% of the mass of the

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solar system. Even if you teleported
two more Jupiters from another somehow

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teleported two more Jupiters from another
solar system and burnt them too,

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the sun would round up to 100%. It's so

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it's very much the sun and you can you

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can scale to a million times Earth's

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economy in space in terms of harness
power which is a good proxy for economic

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output and still be much less than
a millionth of the sun's energy which is

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humbling really to think about how tiny

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we are and this is just one star among

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many. So I guess the tail it would be

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we're embarking on a massive new growth
phase and we need capital for that.

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Okay. Okay. Number two,

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>> another thing is the revenue like I
I also feel pretty good about like the

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revenue projections but being like
like before like revenue was a little

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unstable [laughter] but now I feel like
the revenue is like much more predictable.

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>> Yeah. >> Okay.
I learned I always learned

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listening to you. I guarantee you. So I

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mean you people hear about multilanetary
species travel to space one of the most

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exciting ideas in human history. Can
you explain the bridge that you were you

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speak about? I heard you talk about from

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the Earth to the moon to Mars.

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>> Yeah. Yeah. So, you don't necessarily

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have to go through the moon to get
to Mars. I just think that we can build a

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self-growing city on the moon faster
than we could do so on Mars. And and

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there's also the potential if you say
you want to scale far beyond what you

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can do from Earth is that because
the moon has no atmosphere and about 16th

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Earth's gravity, you can use
an electromagnetic accelerator, a rail gun

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or mass driver. Basically, you don't

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need to use rockets to to to do AI data

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centers into deep space from the moon.

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You can literally just shoot them like
a rail gun type of thing. And you can

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manufacture the solar the solar and the
radiators solar power and radiators on

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the moon from moon materials. That would

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allow scaling potentially to beyond

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a,000 terowatts a year which is a truly
staggering number. Like I think we can

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do a thousand I think we can do probably

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somewhere around 1 terowatt per year of

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AI space compute from earth but we can

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do a thousand terowatts or more from the
moon. And like I said, we can also make

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a moon base. And I think it would be

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pretty pretty cool if you could vacation

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on the moon. That would be the most epic
vacation. Not everybody wants to go to

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the moon, but I think a lot of people do.
I think it would be pretty pretty

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amazing to to obviously provided you
could do so safely and and come back

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safely and everything. But I think we
I think that will be possible in the

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future. And then Mars is another step
beyond that. That's Mars is a whole

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planet and with gravity much closer
to that of Earth. And it has a an

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atmosphere, albeit with an atmosphere.

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And if you warm up Mars, you could one
day make Mars like Earth, meaning with

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liquid oceans and life and where you
could walk outside without a space suit

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type of thing. So Mars is I call Mars
a fixer upper of a planet, but it's it's

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got a lot of potential. >> I mean,
let me go to number three, but I

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never ever thought you'd be
in the hospitality business.

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>> Yeah, absolutely. >> We should
have moon hotels, don't you think?

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>> Yeah. >> Musk hotels. Like >> it
could be other actually you think of

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us more like we're kind of like the Union
Pacific. When they built the Union

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Pacific back in the day, people thought
they were crazy because like why are you

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trying to carry all this all this cargo
and people to California? No one's

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there. But now California
is the biggest state in the country.

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>> Yeah. For not for long, but yeah.

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>> Yeah. No, admittedly
it's self-defeating. Yes.

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>> So Starship, you built it. Unbelievable
ship. I think it's already had 12

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flights I read. But obviously technical
technically it's just hard to do. What

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was some of the breakthroughs you had
that people should know about that they

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don't know about? >> We we
our webcasts are very good. So I

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recommend anyone who wants if they want
to learn about Starship SpaceX website

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or the any of the Starship live casts
are great way to learn about it. But the

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really the fundamental breakthrough of

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Starship is that it will be the first

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orbital rocket that is fully reusable.

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So this might sound like an obvious

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thing but because in every other mode of

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transport whether that's aircraft ve you

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know cars bicycles horses you name it

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ships these are all we take it
for granted that there are reusable an

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aircraft journey would be very expensive
if you had to throw the plane away every

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time and that's how rockets have been in

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the past but it's very difficult from
a technology standpoint to achieve full

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reusability for a rocket. We've got
part of the way there with Falcon 9, but

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we'll get all the way there with Starship.
And once you achieve full

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reusability, then it's simply a cost.

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It's simply the the cost of access to to

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orbit is just the cost of propellant

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because now you can reuse all aspects
of the vehicle. And the propellant we used

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for Starship is liquid oxygen and liquid
liquid methane, which is the cheapest

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propellant you could possibly get. We

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can just literally get oxygen from the

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air and methane from natural gas. So the

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cost of propellant for Starship will be

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less than the cost of jet aviation fuel,

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which means that

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you should be able to actually send

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cargo to space for less than the cost of

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cargo on an airplane going on a trans

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oceanic trip. >> Really cool.
Starlink, another thing

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that has been amazing, global

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communications. We already mentioned
Ukraine. You had mentioned to me that V3

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would maybe be able to replace some of
these cyber cables which by the way is a

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huge security risk for all of us because
several have already been cut in the

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Baltic Sea. So what's the next view for

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Starlink both V3 and maybe V4?

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>> Yeah. So the V3
satellite is a a gig and

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you can look it up on the internet.
As I said it's 10 to 20 times more capable

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than V2. It's a very big satellite.
In fact it can only be launched on

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Starship. It's so it's too big to be

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launched on any other rocket on Earth.

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So Starship has a 30 foot diameter cargo

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bay.

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And the the V3 satellites are let's see

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they're about 7 m. So about 20 22 23 ft

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wide. So very big. They're like the size

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of a small bus essentially. And they

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there's a bunch of technical details
about we have much bigger phase ray

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antennas. So, we've got we've got more
ground links. We've got more of our

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laser. Our satellites communicate with
each other with lasers that we developed

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and manufacture. So, it's got a lot more
lasers and more advanced lasers. It's

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also got Wband and Eband. These are

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technical details, but it's it's got a

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lot of it's trans it's it's like a crazy

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orbiting radio station. And >>
doesn't a starship do 12 of them or 15

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at once?

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>> It should be able to do 50. 50.

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>> Yeah, because
Starship is Starship B3 is

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aimed at aiming to do 100 tons to orbit

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with full reusability. And then Starship
V4, we're aiming for over 200 tons per

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mission >> and then being
able to launch every hour.

00:13:54.960 --> 00:13:59.037
>> Next one, data centers in space. You've
been talking about that. Other people

00:13:59.120 --> 00:14:02.957
have mentioned it, but obviously it has
different technical capabilities. It's

00:14:03.040 --> 00:14:06.717
colder up there. It's less vibration,
but you also got to get the data back to

00:14:06.800 --> 00:14:10.797
the earth by some method. I think you
mentioned be lasers in good weather and

00:14:10.880 --> 00:14:16.477
bad. And so, how hard is it to do now
that you've looked at it for a while?

00:14:16.560 --> 00:14:19.037
>> We don't think this is a particularly
difficult thing to do. In fact, we think

00:14:19.120 --> 00:14:22.717
it's easier than our communication
satellites. Quite a bit easier than our

00:14:22.800 --> 00:14:26.877
communication satellites. The Starlink
V3 communication satellites is an

00:14:26.960 --> 00:14:31.357
incredibly complex machine. the AI
data center would be much simpler by

00:14:31.440 --> 00:14:33.117
comparison because it's really just

00:14:33.200 --> 00:14:36.477
solar power plus radiator, some basic

00:14:36.560 --> 00:14:40.637
equipment for operating the satellite
and and then the laser links which would

00:14:40.720 --> 00:14:45.277
connect to the Starlink communication
constellation and then back and then to

00:14:45.360 --> 00:14:48.797
the ground and it would the connection
would happen no matter what the weather

00:14:48.880 --> 00:14:52.397
is because once you connect via
lasers to the Starlink communication

00:14:52.480 --> 00:14:54.957
constellation, the Starink communicates

00:14:55.040 --> 00:14:57.517
to the ground with frequencies that are

00:14:57.600 --> 00:15:00.637
cloud penetrating. So they in fact even

00:15:00.720 --> 00:15:03.277
roof penetrating to some degree. So you

00:15:03.360 --> 00:15:07.997
you would always be able to close
link with the data centers. Excellent.

00:15:08.080 --> 00:15:10.397
Talking about America, one of the big
things here we even talked about the

00:15:10.480 --> 00:15:13.917
re-industrialization of America
for a long time bringing back advanced

00:15:14.000 --> 00:15:17.997
manufacturing and now you're talking
about building the terra fab building

00:15:18.080 --> 00:15:21.277
chip fabs in New York. What what what
compelled you to do that now with all

00:15:21.360 --> 00:15:24.237
the other things you're working on?

00:15:24.320 --> 00:15:26.957
>> We try to So what's
the limiting factor?

00:15:27.040 --> 00:15:29.677
And the limiting factor, what we see is

00:15:29.760 --> 00:15:34.077
the limiting factor is being able
to make chips, both logic, memory, and

00:15:34.160 --> 00:15:38.077
packaging. It's worth noting
that there's not a single high volume

00:15:38.160 --> 00:15:40.637
computer memory fab in America right

00:15:40.720 --> 00:15:42.957
now. Zero. There's one being built in

00:15:43.040 --> 00:15:48.237
Idaho by Micron, but that will not reach
volume production till I believe 2028.

00:15:48.320 --> 00:15:52.477
And there's some being built in New York,
but they are in I think 29 and 30.

00:15:52.560 --> 00:15:56.317
And this is a tiny fraction of the
memory that's needed. And in fact even

00:15:56.400 --> 00:15:59.597
if you take the best [clears throat]
case assumptions of the the memory

00:15:59.680 --> 00:16:02.717
makers and the logic makers it is not

00:16:02.800 --> 00:16:04.557
enough to meet the demand that is

00:16:04.640 --> 00:16:07.197
anticipated which is why you're seeing

00:16:07.280 --> 00:16:09.757
stocks of micron go to I think 1.2 2

00:16:09.840 --> 00:16:12.397
trillion or some quite high number. The

00:16:12.480 --> 00:16:16.077
so there's just clearly a need for AI

00:16:16.160 --> 00:16:18.237
logic, memory and packaging, AI

00:16:18.320 --> 00:16:20.637
computers essentially that is far beyond

00:16:20.720 --> 00:16:23.517
what even the best case assumptions of

00:16:23.600 --> 00:16:25.997
the existing fabricators can do and

00:16:26.080 --> 00:16:29.197
that's why we need to do the tariff.

00:16:29.280 --> 00:16:31.597
Yeah, it's seems like essential

00:16:31.680 --> 00:16:36.237
otherwise we will not there will not be
enough chips. Right. So, I'm going to do

00:16:36.320 --> 00:16:38.797
one more on some of the stuff you're
building and then a little bit more on

00:16:38.880 --> 00:16:41.277
other issues. AI strategy, you've also

00:16:41.360 --> 00:16:45.037
bought took Grock inside into SpaceX.

00:16:45.120 --> 00:16:46.477
How does that fit into this platform

00:16:46.560 --> 00:16:48.957
you're building?

00:16:49.040 --> 00:16:52.157
>> Uh, yeah, there's it,
you know, so we do

00:16:52.240 --> 00:16:55.357
intend with our the SpaceX AI satellites

00:16:55.440 --> 00:16:58.877
to allow people to put whatever GPU or

00:16:58.960 --> 00:17:01.837
TPU they want. So if Nvidia GPUs can be

00:17:01.920 --> 00:17:06.077
put on it, Google TPUs can be put on it,
Amazon traniums or any other chips that

00:17:06.160 --> 00:17:10.477
people want to put on can be put on.
We will also offer our chips in the future

00:17:10.560 --> 00:17:14.237
and I think we also want to offer our
software our AI software as well in the

00:17:14.320 --> 00:17:17.437
future. But but it it will be such that

00:17:17.520 --> 00:17:20.957
you can run anyone's AI hardware or

00:17:21.040 --> 00:17:23.037
software on the Tesla AI satellite or

00:17:23.120 --> 00:17:25.837
SpaceX AI satellites.

00:17:25.920 --> 00:17:31.037
Yeah. All right. So the next
So the next three are completely

00:17:31.120 --> 00:17:33.597
different. I'm going to mention each one.
I'll each ask you each one, but

00:17:33.680 --> 00:17:38.077
one's about his view of patriotism,
his service to this country. One's about

00:17:38.160 --> 00:17:41.037
culture and bench. How do you actually
build these wonderful companies? Because

00:17:41.120 --> 00:17:45.357
a lot of people here have that those
issues. And then kind of leadership

00:17:45.440 --> 00:17:48.317
about I have a very specific question
about that. But first, I'll start with

00:17:48.400 --> 00:17:49.677
patriotism. You've served this country.

00:17:49.760 --> 00:17:53.437
I know you're a patriot. We've spoken
about it. How do you view your role of

00:17:53.520 --> 00:17:55.437
being an American patriot helping the

00:17:55.520 --> 00:17:57.757
United States?

00:17:57.840 --> 00:18:00.477
Yeah, I'm incredibly pro-American. So,

00:18:00.560 --> 00:18:04.317
and frankly, always have been. So,

00:18:04.400 --> 00:18:07.997
yeah. So, SpaceX does do a lot of work

00:18:08.080 --> 00:18:11.837
for the what used to be called the
Department of Defense, the Department of

00:18:11.920 --> 00:18:16.157
these days. The we have a division
called Star Shield, which provides

00:18:16.240 --> 00:18:20.877
military communications and and there's
some other stuff that's kind of

00:18:20.960 --> 00:18:22.717
classified. can't be talk can't talk

00:18:22.800 --> 00:18:26.237
about that but we are helping the

00:18:26.320 --> 00:18:28.717
department award and Intel part of the

00:18:28.800 --> 00:18:31.677
government I'm a vital element of that

00:18:31.760 --> 00:18:36.237
so yeah I'm I was yeah just super pro

00:18:36.320 --> 00:18:40.157
America always have it >> thank
you culture bench Brett been with

00:18:40.240 --> 00:18:42.957
you for 15 20 years I know you've built

00:18:43.040 --> 00:18:46.477
a huge bench in SpaceX how do you keep

00:18:46.560 --> 00:18:52.080
it going what's important to you how do
you make sure you keep the best talent

00:18:52.720 --> 00:18:56.077
Yeah, when was I think around
the seventh person to join the company and

00:18:56.160 --> 00:19:00.077
that was 2002. Uh,
so it's been like 24 years and

00:19:00.160 --> 00:19:02.637
generally the senior executives at the

00:19:02.720 --> 00:19:04.797
company have a very long tenure. I think

00:19:04.880 --> 00:19:07.757
Brent Johnson's been CFO for 15 years.

00:19:07.840 --> 00:19:12.637
And yeah, like we I think because people
really believe in the mission, I think

00:19:12.720 --> 00:19:15.917
they want to stay and they want to keep
building it. Like we we want to make

00:19:16.000 --> 00:19:18.397
humanity a space bearing civilization.

00:19:18.480 --> 00:19:21.117
We want to take humanity to Mars and the

00:19:21.200 --> 00:19:25.837
moon and ultimately beyond. We want
to make it's like science fiction. Make it

00:19:25.920 --> 00:19:29.117
real. Go to places that have
never been explored before.

00:19:29.200 --> 00:19:32.237
>> Make Star Trek real.
>> That was one of my favorite shows.

00:19:32.320 --> 00:19:34.557
>> Yeah. >> Excellent.
And then last one. You've

00:19:34.640 --> 00:19:39.597
built multiple companies. How have
you changed from maybe 20 years ago? I

00:19:39.680 --> 00:19:42.637
should maybe I should ask you guys,
how have you changed from like when you

00:19:42.720 --> 00:19:45.997
started to today? Lessons you've learned?
How you've changed both as a

00:19:46.080 --> 00:19:48.397
leader and as a person?

00:19:48.480 --> 00:19:51.517
I think I'm probably more chill than I

00:19:51.600 --> 00:19:56.317
used to be. So I I was probably a little
I'm way more laidback than I used to be,

00:19:56.400 --> 00:19:59.837
which I'm still not that laid-back,
but but more than I used to be, for sure.

00:19:59.920 --> 00:20:01.997
And one one of the things I found over

00:20:02.080 --> 00:20:07.277
time, and I've mentioned this before,
is that in terms of recruiting people to

00:20:07.360 --> 00:20:10.237
the company or having people work at the
company, it their individual abilities

00:20:10.320 --> 00:20:15.197
and their intellectual capabilities
matter a lot, but also it also matters

00:20:15.280 --> 00:20:17.117
if they have a good heart. It's like

00:20:17.200 --> 00:20:20.317
it's not just about whether somebody has

00:20:20.400 --> 00:20:24.477
a certain IQ or whatever, but just are
they're a good person that matters a

00:20:24.560 --> 00:20:28.637
lot. I guess I don't know. I guess I've
learned a lot. Although I feel like I

00:20:28.720 --> 00:20:32.637
still have a lot to learn and make a lot
of mistakes. But I I think maybe the

00:20:32.720 --> 00:20:34.717
future AI will say not bad for a human.

00:20:34.800 --> 00:20:38.957
>> Listen, I before we thank Elon
for coming, I just want to thank him. just

00:20:39.040 --> 00:20:44.157
watching him build companies and I can't
wait to watch the next 10 or 15 years

00:20:44.240 --> 00:20:47.837
about what you accomplish and what
you dream of and getting to Mars and

00:20:47.920 --> 00:20:51.277
building new businesses and being
creative. So Elon, I want to thank you

00:20:51.360 --> 00:20:54.957
behalf of everybody for coming here
sharing your ideas. There are brochures

00:20:55.040 --> 00:20:56.957
out there about the whole SpaceX thing.

00:20:57.040 --> 00:20:58.797
But Elon, thank you.

00:20:58.880 --> 00:21:01.117
>> Thank you. Thanks for having me.

00:21:01.200 --> 00:21:04.157
>> I will say that we
are exactly one month

00:21:04.240 --> 00:21:09.560
away from the 4th of [music] July and