Grok Summary of Elon Musk's Fireside Chat at JPMorgan HQ today.

Elon on why SpaceX Is Going Public Now SpaceX has been cash-flow positive and self-funding since around 2014-2015. Past private rounds were mainly liquidity events for employees and early investors （everyone at the company gets stock）， not capital raises.

The shift now is driven by an enormous upcoming capital expenditure phase： •Deploying over 100，000 next-generation Starlink satellites •Building large-scale AI data centers in orbit This is no longer a survival story - it's a massive growth/infrastructure build-out story.

Starship： The Game-Changer for Space Access The core breakthrough is full reusability - something no previous orbital rocket has achieved. •Once fully reusable， the cost to orbit drops to roughly just the cost of propellant. •Starship uses liquid oxygen + liquid methane （the cheapest possible propellant， cheaper than jet fuel）. •Result： Cargo to space could cost less than flying cargo across an ocean on an airplane. Future versions target even bigger leaps： Starship V3 aims for ~100 tons to orbit with full reusability； V4 targets over 200 tons per launch and potentially hourly launch cadence.

Starlink V3： A Massive Connectivity Leap The next-generation satellites are dramatically more capable （10-20× vs. current versions）： •Custom SpaceX chips "far beyond state of the art" •~100× more bandwidth than today's system •Roughly half the latency （lower altitude orbits） •Much larger satellites （roughly the size of a small bus - only Starship can launch them efficiently， with capacity for ~50 at a time） These could eventually help reduce reliance on vulnerable undersea cables.

Orbital AI Data Centers & "Star Power" AI and robots will require enormous bandwidth compared to humans （a computer can need trillions of bits per second vs. a few hundred for a person）. Space solves two big terrestrial problems： •Power： Building power plants on Earth faces heavy local opposition. In space， solar power （"star power"） can scale massively - Elon noted humanity could increase its energy use by a factor of a million and still use only a tiny fraction of the Sun's output. •Data centers： Orbital versions are simpler than comms satellites （mainly solar panels + radiators）. They connect via lasers to the Starlink constellation， then use cloud-penetrating radio frequencies to reach the ground reliably in any weather.