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@@ -0,0 +1,6034 @@
+1
+00:00:02,210 --> 00:00:05,570
+I want to lay the roads now
+so that generations after
+
+2
+00:00:05,570 --> 00:00:08,240
+generations can use those
+same roads to get to the
+
+3
+00:00:08,240 --> 00:00:09,350
+moon. Get to Mars.
+
+4
+00:00:09,380 --> 00:00:09,920
+Go beyond.
+
+5
+00:00:09,920 --> 00:00:13,370
+That. The decision to move
+into StarLink gives the
+
+6
+00:00:13,370 --> 00:00:17,330
+company a market adjacency
+that's significantly larger
+
+7
+00:00:17,330 --> 00:00:19,640
+in size and has the
+potential to generate the
+
+8
+00:00:19,640 --> 00:00:21,770
+types of revenues and
+profits that would be needed
+
+9
+00:00:21,770 --> 00:00:23,060
+for that Mars colony.
+
+10
+00:00:23,090 --> 00:00:26,030
+Firefly is aiming to be the
+next SpaceX.
+
+11
+00:00:26,270 --> 00:00:27,470
+Most rocket companies do not
+succeed.
+
+12
+00:00:28,310 --> 00:00:30,450
+Starship is capable of
+getting a million tons the
+
+13
+00:00:30,470 --> 00:00:33,590
+surface of Mars and
+creating a self-sustaining
+
+14
+00:00:33,590 --> 00:00:34,370
+city.
+
+15
+00:00:39,970 --> 00:00:42,700
+In the most remote parts of
+the U.S., reliable Internet
+
+16
+00:00:42,700 --> 00:00:44,170
+is still hard to come by.
+
+17
+00:00:44,200 --> 00:00:46,780
+42 million Americans still
+don't have access to
+
+18
+00:00:46,780 --> 00:00:47,620
+broadband.
+
+19
+00:00:48,580 --> 00:00:51,600
+This is a nine and a half
+acre homestead in Idaho.
+
+20
+00:00:51,610 --> 00:00:55,900
+And when we first got here,
+we had zero cell service.
+
+21
+00:00:55,930 --> 00:00:57,900
+We tried to put boosters at
+the top.
+
+22
+00:00:57,910 --> 00:00:59,620
+We tried to put boosters at
+the bottom.
+
+23
+00:00:59,620 --> 00:01:01,740
+We tried to put boosters
+anywhere we could.
+
+24
+00:01:01,750 --> 00:01:05,230
+We had no cell service, so
+we really needed some good,
+
+25
+00:01:05,230 --> 00:01:06,510
+reliable Internet.
+
+26
+00:01:06,520 --> 00:01:07,720
+And then StarLink came
+along.
+
+27
+00:01:09,370 --> 00:01:12,220
+Mike Lordan and his fiancee,
+Liz Rosser, are one of more
+
+28
+00:01:12,220 --> 00:01:16,060
+than 10,000 customers using
+StarLink, SpaceX's ambitious
+
+29
+00:01:16,060 --> 00:01:17,830
+project to build an
+interconnected network of
+
+30
+00:01:17,830 --> 00:01:20,350
+thousands of satellites to
+provide high speed broadband
+
+31
+00:01:20,350 --> 00:01:21,789
+Internet across the globe.
+
+32
+00:01:22,330 --> 00:01:24,880
+They've been using sterling
+service for about six months
+
+33
+00:01:24,880 --> 00:01:27,130
+now and are documenting
+their experience of living
+
+34
+00:01:27,130 --> 00:01:28,630
+on a homestead on YouTube.
+
+35
+00:01:28,990 --> 00:01:31,840
+There are some times when
+the StarLink does drop out.
+
+36
+00:01:31,840 --> 00:01:33,280
+The dropouts aren't really
+significant.
+
+37
+00:01:34,000 --> 00:01:36,280
+It seems to be just like
+short little blips, you
+
+38
+00:01:36,280 --> 00:01:38,000
+know, a couple of seconds
+here and there.
+
+39
+00:01:38,020 --> 00:01:40,570
+The only time that you
+really, really notice it is
+
+40
+00:01:40,570 --> 00:01:43,000
+if you're like live
+streaming or if you're using
+
+41
+00:01:43,000 --> 00:01:44,880
+the wi fi calling option.
+
+42
+00:01:44,890 --> 00:01:47,110
+Other than that, if you're
+just surfing the web or
+
+43
+00:01:47,110 --> 00:01:50,440
+something, it seems to be
+very fast so far for what it
+
+44
+00:01:50,440 --> 00:01:52,810
+is. It's a real good
+connection, you know,
+
+45
+00:01:52,810 --> 00:01:54,400
+considering our
+circumstances.
+
+46
+00:01:56,229 --> 00:01:58,900
+Starlink is still in beta
+and currently serves select
+
+47
+00:01:58,900 --> 00:02:01,840
+customers in the northern
+U.S., Canada, the U.K.,
+
+48
+00:02:01,840 --> 00:02:03,580
+Germany and New Zealand.
+
+49
+00:02:04,660 --> 00:02:07,210
+Experts estimate that there
+are around 70 million
+
+50
+00:02:07,210 --> 00:02:09,699
+households worldwide that
+are good candidates for
+
+51
+00:02:09,699 --> 00:02:12,280
+satellite based consumer
+broadband and have the
+
+52
+00:02:12,280 --> 00:02:15,940
+capacity to pay amid a
+global pandemic that's kept
+
+53
+00:02:15,940 --> 00:02:18,280
+employees from going to
+offices and children from
+
+54
+00:02:18,280 --> 00:02:21,400
+schools. The need for
+universal broadband has
+
+55
+00:02:21,400 --> 00:02:22,930
+become undeniable.
+
+56
+00:02:23,350 --> 00:02:26,079
+If the service expands to
+its intended global customer
+
+57
+00:02:26,079 --> 00:02:30,730
+base, StarLink could be key
+to SpaceX's success and Elon
+
+58
+00:02:30,730 --> 00:02:33,220
+Musk's vision for a colony
+on Mars.
+
+59
+00:02:33,460 --> 00:02:37,180
+I think it's fair to say
+that the majority of SpaceX
+
+60
+00:02:37,390 --> 00:02:40,210
+is valuation today is tied
+to the StarLink business
+
+61
+00:02:40,210 --> 00:02:43,840
+model. Generally speaking,
+the global launch industry
+
+62
+00:02:43,840 --> 00:02:46,270
+is about a $5 billion a
+year industry.
+
+63
+00:02:46,300 --> 00:02:49,270
+Spacex, in previous
+discussions has talked about
+
+64
+00:02:49,270 --> 00:02:52,960
+a $30 billion a year
+opportunity in the StarLink
+
+65
+00:02:52,960 --> 00:02:55,360
+business, looking about 3
+to 5 years out.
+
+66
+00:03:02,910 --> 00:03:05,580
+The basis of Starlink's
+Internet service involves
+
+67
+00:03:05,580 --> 00:03:08,310
+three components a
+satellite dish, ground
+
+68
+00:03:08,310 --> 00:03:09,840
+stations and the satellites
+themselves.
+
+69
+00:03:11,100 --> 00:03:13,350
+The service is meant for
+customers like Gordon and
+
+70
+00:03:13,350 --> 00:03:15,870
+Racer, who live in a
+sparsely populated area
+
+71
+00:03:15,870 --> 00:03:17,880
+that's not being served by
+traditional Internet
+
+72
+00:03:17,880 --> 00:03:18,780
+companies.
+
+73
+00:03:18,810 --> 00:03:21,840
+Given the high cost of
+laying cable or fiber, which
+
+74
+00:03:21,840 --> 00:03:25,560
+can be as much as 20,000 of
+KM, terrestrial service
+
+75
+00:03:25,560 --> 00:03:28,500
+providers tend to focus on
+urban and suburban areas
+
+76
+00:03:28,500 --> 00:03:29,829
+where there's high density.
+
+77
+00:03:29,850 --> 00:03:33,390
+It simply does not make
+economic sense to reach out
+
+78
+00:03:33,390 --> 00:03:35,220
+to consumers in low density
+areas.
+
+79
+00:03:35,940 --> 00:03:38,820
+The only option we really
+considered was we had a
+
+80
+00:03:38,820 --> 00:03:41,130
+local Internet company that
+wanted to come in.
+
+81
+00:03:41,160 --> 00:03:43,500
+They would have had to
+erect a tower on the top of
+
+82
+00:03:43,500 --> 00:03:46,440
+our mountain. They maybe
+could have given us five
+
+83
+00:03:46,440 --> 00:03:48,510
+megs a second, and it would
+have been about the same
+
+84
+00:03:48,510 --> 00:03:50,460
+monthly price as the
+StarLink service.
+
+85
+00:03:50,460 --> 00:03:53,880
+We have other friends that
+are in similar situations as
+
+86
+00:03:53,880 --> 00:03:57,360
+us and they have those
+other satellite internet
+
+87
+00:03:57,360 --> 00:03:59,810
+providers and a lot of them
+are data cap.
+
+88
+00:03:59,820 --> 00:04:00,990
+Most of the rates are real
+high.
+
+89
+00:04:01,620 --> 00:04:05,100
+Sterling customers pay $499
+for the hardware needed to
+
+90
+00:04:05,100 --> 00:04:07,950
+connect to the network and
+an additional $99 per month
+
+91
+00:04:07,950 --> 00:04:09,000
+for the service.
+
+92
+00:04:09,270 --> 00:04:11,370
+Currently, there are no
+data usage caps or
+
+93
+00:04:11,370 --> 00:04:15,180
+contracts. So far, SpaceX
+has launched over 1000
+
+94
+00:04:15,180 --> 00:04:17,640
+satellites into orbit, but
+the company plans to deploy
+
+95
+00:04:17,640 --> 00:04:20,940
+4425 satellites by 2024.
+
+96
+00:04:21,269 --> 00:04:23,670
+By the time that SpaceX is
+done building out its global
+
+97
+00:04:23,670 --> 00:04:26,610
+StarLink satellite system
+known as a Constellation,
+
+98
+00:04:26,610 --> 00:04:28,650
+the company will have
+launched about 12,000
+
+99
+00:04:28,650 --> 00:04:32,040
+satellites. And although
+not yet approved by the FCC,
+
+100
+00:04:32,040 --> 00:04:34,080
+SpaceX has requested
+permission to launch an
+
+101
+00:04:34,080 --> 00:04:36,390
+additional 30,000
+satellites, which would
+
+102
+00:04:36,390 --> 00:04:39,659
+bring their total to
+42,000. Unlike traditional
+
+103
+00:04:39,659 --> 00:04:42,180
+Internet satellites, which
+are as big as a school bus
+
+104
+00:04:42,180 --> 00:04:44,820
+in orbit at around 36,000
+kilometers above Earth's
+
+105
+00:04:44,820 --> 00:04:48,090
+surface, StarLink
+satellites are much smaller
+
+106
+00:04:48,090 --> 00:04:51,180
+and closer at about 550
+kilometers above Earth's
+
+107
+00:04:51,180 --> 00:04:54,450
+surface. But the satellites
+closer placement means they
+
+108
+00:04:54,450 --> 00:04:56,850
+can see less of the Earth
+at any given point in time,
+
+109
+00:04:56,850 --> 00:04:58,350
+which is why space needs so
+many.
+
+110
+00:04:59,040 --> 00:05:01,620
+On the flip side, SpaceX
+claims that this closer
+
+111
+00:05:01,620 --> 00:05:04,260
+orbit allows the system to
+have a lower signal delay
+
+112
+00:05:04,290 --> 00:05:05,760
+known as latency.
+
+113
+00:05:06,390 --> 00:05:08,820
+Latency is important for
+things like video streaming
+
+114
+00:05:08,820 --> 00:05:11,520
+and gaming. Lordan says
+speeds vary according to
+
+115
+00:05:11,520 --> 00:05:13,800
+factors like weather, but
+on average, he's been
+
+116
+00:05:13,800 --> 00:05:16,230
+getting speeds of about 75
+megabits per second for
+
+117
+00:05:16,230 --> 00:05:18,840
+downloads and around 12
+megabits per second for
+
+118
+00:05:18,840 --> 00:05:22,590
+uploads. In a filing to the
+FCC, SpaceX said that
+
+119
+00:05:22,590 --> 00:05:25,170
+StarLink service is, quote,
+meeting and exceeding speeds
+
+120
+00:05:25,170 --> 00:05:27,780
+of 100 megabits per second
+for downloads and 20
+
+121
+00:05:27,780 --> 00:05:30,510
+megabits per second for
+uploads. Musk has said that
+
+122
+00:05:30,510 --> 00:05:32,580
+he expects the service will
+double in speed by the end
+
+123
+00:05:32,580 --> 00:05:35,550
+of the year. To do this,
+the company is developing a
+
+124
+00:05:35,550 --> 00:05:38,070
+technology known as inter
+satellite links.
+
+125
+00:05:38,100 --> 00:05:42,060
+The basic premise is that
+you have an optical sensor,
+
+126
+00:05:42,060 --> 00:05:45,720
+which is effectively a
+laser that points from one
+
+127
+00:05:45,720 --> 00:05:48,990
+satellite and connects to
+the another optical sensor
+
+128
+00:05:48,990 --> 00:05:53,010
+on another satellite and
+creates this unseen path
+
+129
+00:05:53,010 --> 00:05:54,250
+from one to the other.
+
+130
+00:05:54,270 --> 00:05:56,280
+That's the stable
+connection, almost like a
+
+131
+00:05:56,280 --> 00:06:00,000
+wire. And if you you have
+that stable connection, you
+
+132
+00:06:00,000 --> 00:06:03,120
+can drastically increase
+the speed because you're now
+
+133
+00:06:03,150 --> 00:06:06,570
+moving signal from one
+satellite to the other at
+
+134
+00:06:06,570 --> 00:06:09,210
+the speed of light rather
+than the speed of whatever's
+
+135
+00:06:09,210 --> 00:06:10,050
+on the ground.
+
+136
+00:06:10,170 --> 00:06:12,780
+Another benefit is reducing
+the amount of infrastructure
+
+137
+00:06:12,780 --> 00:06:13,290
+needed.
+
+138
+00:06:13,320 --> 00:06:15,810
+Given Starlink's current
+architecture, we estimate
+
+139
+00:06:15,810 --> 00:06:18,390
+that they will need more
+than 100 ground stations in
+
+140
+00:06:18,390 --> 00:06:21,960
+the US. If, however, they
+move to the laser
+
+141
+00:06:21,960 --> 00:06:24,630
+communications on the
+satellites, they can greatly
+
+142
+00:06:24,630 --> 00:06:27,900
+reduce the number of ground
+stations needed as well as
+
+143
+00:06:27,900 --> 00:06:30,900
+the complexity of the
+overall system on a global
+
+144
+00:06:30,900 --> 00:06:31,680
+basis.
+
+145
+00:06:32,010 --> 00:06:34,320
+On the consumer side, Lordan
+says that working with the
+
+146
+00:06:34,320 --> 00:06:35,640
+technology was simple.
+
+147
+00:06:35,760 --> 00:06:38,010
+Spacex does not currently
+provide an installation
+
+148
+00:06:38,010 --> 00:06:39,930
+service, so users are on
+their own.
+
+149
+00:06:39,930 --> 00:06:40,320
+For the most.
+
+150
+00:06:40,320 --> 00:06:43,740
+Part, they ship and deliver
+a big ol box to your door.
+
+151
+00:06:43,740 --> 00:06:46,110
+And inside that box, it's
+really not that many items.
+
+152
+00:06:46,110 --> 00:06:49,770
+It would be the StarLink
+dish itself, the router, the
+
+153
+00:06:49,770 --> 00:06:52,650
+power supply and the little
+tripod mount to set the dish
+
+154
+00:06:52,650 --> 00:06:54,000
+on. And it's super
+straightforward.
+
+155
+00:06:54,720 --> 00:06:57,420
+Starlink actually has an
+app that you can download on
+
+156
+00:06:57,420 --> 00:06:59,460
+the phone and it walks you
+through everything.
+
+157
+00:06:59,580 --> 00:07:02,250
+Literally just plug this
+thing into the wall and put
+
+158
+00:07:02,250 --> 00:07:04,620
+the dish where the app
+tells you to put the dish.
+
+159
+00:07:04,620 --> 00:07:06,360
+Starlink's dish comes
+equipped with a built in
+
+160
+00:07:06,360 --> 00:07:08,280
+heating element, which
+keeps it free of snow and
+
+161
+00:07:08,280 --> 00:07:11,370
+ice. It's also motorized,
+allowing the dish to
+
+162
+00:07:11,370 --> 00:07:13,500
+automatically orient itself
+to stay aligned with the
+
+163
+00:07:13,500 --> 00:07:14,790
+satellites overhead.
+
+164
+00:07:15,150 --> 00:07:17,580
+But making its equipment
+user friendly has not come
+
+165
+00:07:17,580 --> 00:07:18,360
+cheap for SpaceX.
+
+166
+00:07:19,230 --> 00:07:22,500
+The biggest challenge that
+SpaceX is facing with
+
+167
+00:07:22,500 --> 00:07:25,590
+StarLink is also one of the
+big unknowns about the
+
+168
+00:07:25,590 --> 00:07:27,060
+actual equipment cost
+itself.
+
+169
+00:07:27,660 --> 00:07:30,660
+People aren't sure exactly
+how much either SpaceX is
+
+170
+00:07:30,660 --> 00:07:34,070
+paying for or paying to
+build its antennas.
+
+171
+00:07:34,080 --> 00:07:36,790
+There's been a lot of
+speculation that it's $1,000
+
+172
+00:07:36,810 --> 00:07:40,710
+a unit, 2000 a unit, if
+they're selling these kits
+
+173
+00:07:40,710 --> 00:07:44,700
+for 499 a kit and it costs
+them 2000 to make, they're
+
+174
+00:07:44,700 --> 00:07:46,380
+running huge losses to
+begin with.
+
+175
+00:07:46,380 --> 00:07:49,110
+And they have to get a lot
+of people on board to make
+
+176
+00:07:49,110 --> 00:07:51,659
+up for that in the long
+term by charging for
+
+177
+00:07:51,659 --> 00:07:52,320
+service.
+
+178
+00:07:55,430 --> 00:07:58,280
+Spacex has been tremendously
+successful in their launch
+
+179
+00:07:58,280 --> 00:08:01,850
+business, dominating the
+industry in just ten years.
+
+180
+00:08:01,880 --> 00:08:04,580
+However, the launch
+industry, global launch
+
+181
+00:08:04,580 --> 00:08:08,900
+industry is not a large
+enough market to subsidize
+
+182
+00:08:08,930 --> 00:08:11,660
+Elon Musk's dream of
+building a colony on Mars.
+
+183
+00:08:11,810 --> 00:08:15,120
+The key to Musk's vision for
+colonizing Mars is Starship.
+
+184
+00:08:15,140 --> 00:08:18,260
+The massive rocket is meant
+to be fully reusable and
+
+185
+00:08:18,260 --> 00:08:21,680
+capable of launching up to
+110 tons of cargo at once.
+
+186
+00:08:22,130 --> 00:08:24,260
+Though SpaceX has not
+revealed how much its spent
+
+187
+00:08:24,260 --> 00:08:27,500
+on the Starship Program in
+the past, Musk has estimated
+
+188
+00:08:27,500 --> 00:08:30,050
+that it would cost the
+company about $5 billion to
+
+189
+00:08:30,050 --> 00:08:33,409
+complete. That's where
+StarLink comes in.
+
+190
+00:08:33,440 --> 00:08:36,559
+The decision to move into
+StarLink gives the company a
+
+191
+00:08:36,559 --> 00:08:40,580
+market adjacency that's
+significantly larger in size
+
+192
+00:08:40,580 --> 00:08:42,620
+and has the potential to
+generate the types of
+
+193
+00:08:42,620 --> 00:08:44,750
+revenues and profits that
+would be needed for that
+
+194
+00:08:44,750 --> 00:08:45,710
+Mars colony.
+
+195
+00:08:45,740 --> 00:08:48,230
+Earlier this year, a SpaceX
+job posting revealed that
+
+196
+00:08:48,230 --> 00:08:50,150
+the company is planning to
+build a factory in Austin,
+
+197
+00:08:50,150 --> 00:08:52,520
+Texas, to manufacture its
+StarLink kits.
+
+198
+00:08:52,820 --> 00:08:54,830
+But although StarLink is
+initially targeting the
+
+199
+00:08:54,830 --> 00:08:57,950
+consumer market, experts
+say there's a lot of room
+
+200
+00:08:57,950 --> 00:08:59,420
+for the service to expand.
+
+201
+00:08:59,450 --> 00:09:02,390
+The intended markets for
+StarLink measure in the tens
+
+202
+00:09:02,390 --> 00:09:05,150
+of billions of dollars
+ranging from consumers to
+
+203
+00:09:05,150 --> 00:09:08,510
+enterprises and mobility
+applications, including
+
+204
+00:09:08,510 --> 00:09:11,030
+vessels at sea and aircraft
+in flight.
+
+205
+00:09:11,060 --> 00:09:14,990
+Starlink's initial focus on
+consumers is a byproduct of
+
+206
+00:09:14,990 --> 00:09:17,510
+the way that the satellites
+are launched and the
+
+207
+00:09:17,510 --> 00:09:19,040
+coverage that they provide.
+
+208
+00:09:19,070 --> 00:09:21,440
+Currently, StarLink is not
+able to provide an
+
+209
+00:09:21,440 --> 00:09:23,900
+enterprise grade service,
+so the company is leading
+
+210
+00:09:23,900 --> 00:09:26,000
+with consumers that are a
+little bit more tolerant.
+
+211
+00:09:26,570 --> 00:09:29,210
+In the past, StarLink been
+used by emergency responders
+
+212
+00:09:29,210 --> 00:09:31,520
+in Washington, where the
+satellites are manufactured
+
+213
+00:09:31,520 --> 00:09:33,320
+to set up an Internet
+connection in areas
+
+214
+00:09:33,320 --> 00:09:35,110
+devastated by wildfires.
+
+215
+00:09:35,120 --> 00:09:38,120
+The US Air Force and the
+Army are also both testing
+
+216
+00:09:38,120 --> 00:09:41,300
+StarLink. There is a huge
+hunger for investment in
+
+217
+00:09:41,300 --> 00:09:44,070
+satellite internet. The
+sector could be worth $412
+
+218
+00:09:44,070 --> 00:09:46,040
+billion by 2040.
+
+219
+00:09:46,040 --> 00:09:48,590
+And it's not just VCs that
+are investing.
+
+220
+00:09:48,800 --> 00:09:51,680
+Satellite Internet is ripe
+for government subsidies.
+
+221
+00:09:51,830 --> 00:09:54,140
+In Canada, the government
+of Quebec has invested
+
+222
+00:09:54,140 --> 00:09:55,910
+millions in Telesat in
+China.
+
+223
+00:09:56,510 --> 00:09:58,880
+Satellite maker COMSAT
+received a massive
+
+224
+00:09:58,880 --> 00:10:00,800
+government investment as
+part of the country's new
+
+225
+00:10:00,800 --> 00:10:02,060
+infrastructure drive.
+
+226
+00:10:02,450 --> 00:10:04,250
+The US too is betting big.
+
+227
+00:10:04,280 --> 00:10:07,550
+Last year, the FCC awarded
+StarLink nearly $1 billion
+
+228
+00:10:07,550 --> 00:10:10,150
+in subsidies to bring
+Internet to rural areas.
+
+229
+00:10:10,160 --> 00:10:12,140
+And in late March,
+President Biden said that
+
+230
+00:10:12,140 --> 00:10:15,200
+his administration would
+spend $100 billion to expand
+
+231
+00:10:15,200 --> 00:10:17,780
+broadband access to
+Americans as part of his $2
+
+232
+00:10:17,780 --> 00:10:18,890
+trillion infrastructure
+plan.
+
+233
+00:10:19,430 --> 00:10:22,370
+Spacex is also in talks
+with the UK, where Starling
+
+234
+00:10:22,370 --> 00:10:24,950
+could earn funding as part
+of the country's $6.9
+
+235
+00:10:24,950 --> 00:10:27,370
+billion Internet
+infrastructure program.
+
+236
+00:10:27,380 --> 00:10:29,600
+But one place where
+StarLink may not be welcome
+
+237
+00:10:29,600 --> 00:10:31,850
+is in Russia, where the
+government is reportedly
+
+238
+00:10:31,850 --> 00:10:34,160
+considering enacting fines
+for individuals who sign up
+
+239
+00:10:34,160 --> 00:10:35,210
+for the service.
+
+240
+00:10:35,690 --> 00:10:37,790
+Russia is working on its
+own satellite Internet
+
+241
+00:10:37,790 --> 00:10:40,130
+constellation, which it
+hopes to begin launching in
+
+242
+00:10:40,130 --> 00:10:46,270
+2024. Starling's potential
+is huge,
+
+243
+00:10:46,270 --> 00:10:48,670
+provided that the project
+can overcome some major
+
+244
+00:10:48,670 --> 00:10:49,390
+hurdles.
+
+245
+00:10:49,390 --> 00:10:53,740
+Satellite broadband as a
+whole is a industry and a
+
+246
+00:10:53,740 --> 00:10:57,580
+sector that is just
+littered with warning signs
+
+247
+00:10:57,580 --> 00:11:01,060
+and the corpses of former
+companies that have tried to
+
+248
+00:11:01,060 --> 00:11:04,740
+go out and do what StarLink
+is doing already.
+
+249
+00:11:04,750 --> 00:11:07,000
+It's a little discussed
+secret that all of the
+
+250
+00:11:07,000 --> 00:11:09,250
+successful satellite
+operators today were
+
+251
+00:11:09,250 --> 00:11:13,510
+subsidized, either through
+government subsidies or
+
+252
+00:11:13,540 --> 00:11:14,590
+through the bankruptcy
+court.
+
+253
+00:11:14,950 --> 00:11:18,010
+In the case of companies
+like Iridium and Orbcomm
+
+254
+00:11:18,010 --> 00:11:21,040
+that went bankrupt in the
+1990s, only to recover and
+
+255
+00:11:21,040 --> 00:11:22,360
+come back for a second act.
+
+256
+00:11:22,390 --> 00:11:25,120
+One of the challenges of
+building out a new satellite
+
+257
+00:11:25,120 --> 00:11:27,700
+network is all of the
+capital expenditure needs to
+
+258
+00:11:27,700 --> 00:11:30,550
+go up front before the very
+first customer can be signed
+
+259
+00:11:30,550 --> 00:11:34,030
+up. And that creates a
+really tough financial model
+
+260
+00:11:34,030 --> 00:11:36,880
+in terms of generating the
+revenue to both pay for the
+
+261
+00:11:36,880 --> 00:11:39,670
+existing constellation as
+well as the follow on
+
+262
+00:11:39,670 --> 00:11:41,650
+satellites that will be
+needed to continue the
+
+263
+00:11:41,650 --> 00:11:42,370
+service.
+
+264
+00:11:42,400 --> 00:11:43,720
+Space is leadership.
+
+265
+00:11:43,720 --> 00:11:45,940
+About two or three years
+ago estimated that they
+
+266
+00:11:45,940 --> 00:11:48,670
+thought it would cost
+upwards of $10 Billion to
+
+267
+00:11:48,670 --> 00:11:51,340
+get StarLink running in an
+operational capacity.
+
+268
+00:11:51,340 --> 00:11:55,390
+That's a probably a pretty
+fair estimate still today.
+
+269
+00:11:55,450 --> 00:11:58,300
+Starlink is still fairly
+early on in development, so
+
+270
+00:11:58,300 --> 00:11:59,620
+it's not perfect.
+
+271
+00:11:59,800 --> 00:12:02,200
+Spacex makes this clear on
+its website, saying that
+
+272
+00:12:02,200 --> 00:12:04,270
+there may be periods when
+customers experience no
+
+273
+00:12:04,270 --> 00:12:07,210
+connectivity, but service
+will improve as the company
+
+274
+00:12:07,210 --> 00:12:08,620
+launches more satellites.
+
+275
+00:12:09,130 --> 00:12:11,530
+However, having thousands
+of new satellites orbiting
+
+276
+00:12:11,530 --> 00:12:13,990
+the Earth comes with its
+own set of problems.
+
+277
+00:12:14,020 --> 00:12:18,220
+Initial launch of SpaceX's
+StarLink satellites in May
+
+278
+00:12:18,220 --> 00:12:20,590
+of 2019 took astronomers by
+surprise.
+
+279
+00:12:21,580 --> 00:12:24,280
+They didn't realize how
+bright the satellites would
+
+280
+00:12:24,280 --> 00:12:26,830
+be, especially as they're
+raising up to final orbit
+
+281
+00:12:26,830 --> 00:12:27,700
+and how many there would
+be.
+
+282
+00:12:28,120 --> 00:12:31,330
+So if you looked up, you
+would see this long line of
+
+283
+00:12:31,330 --> 00:12:34,420
+like what looked like slow
+moving shooting stars, all
+
+284
+00:12:34,420 --> 00:12:37,260
+in a perfect line going
+across the sky.
+
+285
+00:12:37,270 --> 00:12:38,920
+So people call them
+StarLink trains.
+
+286
+00:12:38,920 --> 00:12:41,830
+Now, that brought up a
+pretty significant issue,
+
+287
+00:12:41,830 --> 00:12:44,080
+which is that because they
+were so bright, they were so
+
+288
+00:12:44,080 --> 00:12:47,020
+clustered together, and
+there was increasingly more
+
+289
+00:12:47,020 --> 00:12:49,000
+and more and more of them
+covering different parts of
+
+290
+00:12:49,000 --> 00:12:51,520
+the sky. Astronomers
+started seeing them pop up
+
+291
+00:12:51,520 --> 00:12:54,430
+and really ruining
+different imagery and and
+
+292
+00:12:54,430 --> 00:12:56,800
+causing all sorts of
+distortion and effects and
+
+293
+00:12:56,800 --> 00:12:57,430
+things like that.
+
+294
+00:12:58,030 --> 00:13:00,250
+This image, taken from a
+telescope in Chile in
+
+295
+00:13:00,250 --> 00:13:03,070
+November 2019, illustrates
+the problem.
+
+296
+00:13:03,340 --> 00:13:06,100
+The telescope, meant to see
+images of distant stars and
+
+297
+00:13:06,100 --> 00:13:09,160
+galaxies, instead captured
+the light trails of 19
+
+298
+00:13:09,160 --> 00:13:10,510
+StarLink satellites.
+
+299
+00:13:10,930 --> 00:13:13,360
+While some image processing
+tools can be used to remove
+
+300
+00:13:13,360 --> 00:13:16,840
+the trails, Walker says
+it's not 100% effective.
+
+301
+00:13:17,110 --> 00:13:19,330
+But SpaceX has not ignored
+the problem.
+
+302
+00:13:19,450 --> 00:13:23,740
+The American Astronomical
+Society, the ARS and Noirlab
+
+303
+00:13:23,740 --> 00:13:27,700
+and others contacted Space
+X, and ever since then
+
+304
+00:13:27,700 --> 00:13:29,710
+they've been so generous
+with their time.
+
+305
+00:13:29,860 --> 00:13:33,970
+And what was just a passing
+interest in our concerns
+
+306
+00:13:33,970 --> 00:13:37,840
+became about half a dozen
+people that they have on
+
+307
+00:13:37,840 --> 00:13:40,840
+staff that are dedicated to
+finding out mitigation
+
+308
+00:13:40,840 --> 00:13:41,750
+solutions.
+
+309
+00:13:41,770 --> 00:13:45,370
+Spacex originally tried to
+paint them like this dark
+
+310
+00:13:45,370 --> 00:13:48,820
+material. The problem was
+they were still too bright
+
+311
+00:13:48,820 --> 00:13:52,180
+generally, and they also
+got pretty hot.
+
+312
+00:13:52,360 --> 00:13:54,880
+They instead came up with
+what are known as sun
+
+313
+00:13:54,880 --> 00:13:59,440
+visors, and it helps keep
+the reflectivity of the
+
+314
+00:13:59,440 --> 00:14:02,920
+solar panels from creating
+a lot of light and a lot of
+
+315
+00:14:02,920 --> 00:14:06,070
+brightness. The other thing
+they did is they changed the
+
+316
+00:14:06,070 --> 00:14:08,740
+orientation of the
+satellites themselves so
+
+317
+00:14:08,740 --> 00:14:10,870
+that they were more on this
+knife's edge.
+
+318
+00:14:10,870 --> 00:14:13,390
+So instead of the whole
+panel catching the sunlight
+
+319
+00:14:13,390 --> 00:14:15,700
+and reflecting it down to
+earth, it was just only a
+
+320
+00:14:15,700 --> 00:14:16,360
+piece of it.
+
+321
+00:14:17,140 --> 00:14:19,630
+The huge concentration of
+satellites also worries
+
+322
+00:14:19,630 --> 00:14:22,480
+radio astronomers, who say
+that the interference from
+
+323
+00:14:22,480 --> 00:14:24,550
+radio frequencies of
+Internet satellites could
+
+324
+00:14:24,550 --> 00:14:26,410
+hinder the ability of their
+instruments to look for
+
+325
+00:14:26,410 --> 00:14:28,690
+organic and water molecules
+in space.
+
+326
+00:14:28,990 --> 00:14:30,460
+Then there's the problem of
+congestion.
+
+327
+00:14:31,570 --> 00:14:36,640
+Since Russia first launched
+Sputnik in 1957, over 10,600
+
+328
+00:14:36,640 --> 00:14:38,920
+objects have been sent into
+outer space.
+
+329
+00:14:39,130 --> 00:14:41,650
+If Space X were to launch
+all the satellites that it's
+
+330
+00:14:41,650 --> 00:14:44,620
+requested, the company
+would by itself be
+
+331
+00:14:44,620 --> 00:14:47,020
+responsible for almost a
+four fold increase in the
+
+332
+00:14:47,020 --> 00:14:49,750
+number of spacecraft
+launched by all of humanity
+
+333
+00:14:50,020 --> 00:14:52,330
+and with the lifetime of
+StarLink satellites only
+
+334
+00:14:52,330 --> 00:14:53,710
+being around five years.
+
+335
+00:14:53,740 --> 00:14:56,080
+Experts are also worried
+about space debris.
+
+336
+00:14:56,200 --> 00:14:58,480
+An idea known as the
+Kessler Syndrome summarizes
+
+337
+00:14:58,480 --> 00:15:01,090
+just how detrimental having
+free floating junk in space
+
+338
+00:15:01,090 --> 00:15:01,960
+can be.
+
+339
+00:15:01,990 --> 00:15:04,840
+The Kessler Syndrome can be
+described as two satellites
+
+340
+00:15:04,840 --> 00:15:07,480
+that collide, and they
+create more debris that will
+
+341
+00:15:07,480 --> 00:15:09,760
+collide with other
+satellites. And this creates
+
+342
+00:15:09,760 --> 00:15:10,690
+orbits that are just
+unusable.
+
+343
+00:15:11,680 --> 00:15:14,080
+For its part, SpaceX has
+said that it plans to
+
+344
+00:15:14,090 --> 00:15:16,180
+deorbit satellites that are
+nearing the end of their
+
+345
+00:15:16,180 --> 00:15:18,910
+life by pushing them back
+into Earth's atmosphere
+
+346
+00:15:18,910 --> 00:15:19,870
+where they burn up during
+reentry.
+
+347
+00:15:20,530 --> 00:15:23,830
+All of space is satellites
+have propulsion systems on
+
+348
+00:15:23,830 --> 00:15:26,620
+board, which theoretically
+are more than sufficient to
+
+349
+00:15:26,620 --> 00:15:29,500
+deorbit a satellite in a
+very reasonable period of
+
+350
+00:15:29,500 --> 00:15:33,460
+time. However, if the
+satellite communication is
+
+351
+00:15:33,460 --> 00:15:37,630
+lost, which has happened in
+certain cases, you lose the
+
+352
+00:15:37,630 --> 00:15:40,630
+ability to tell the
+satellite to deorbit itself.
+
+353
+00:15:40,660 --> 00:15:43,030
+In other cases, the
+propulsion. System itself
+
+354
+00:15:43,030 --> 00:15:45,970
+may have failed. And when
+you're launching over 4000
+
+355
+00:15:45,970 --> 00:15:49,570
+satellites, all it takes is
+a very small failure rate to
+
+356
+00:15:49,570 --> 00:15:50,680
+create a lot of space
+debris.
+
+357
+00:15:51,310 --> 00:15:53,260
+Jonathan McDowell, an
+astronomer at the
+
+358
+00:15:53,260 --> 00:15:56,050
+Harvard-Smithsonian Center
+for Astrophysics, has been
+
+359
+00:15:56,050 --> 00:15:58,300
+tracking starlings failure
+rates and says they've
+
+360
+00:15:58,300 --> 00:15:59,980
+improved for now.
+
+361
+00:15:59,980 --> 00:16:02,410
+Dealing with space debris
+is still largely left up to
+
+362
+00:16:02,410 --> 00:16:03,640
+individual companies.
+
+363
+00:16:03,670 --> 00:16:08,650
+There is no enforceable law
+that can cause a company to
+
+364
+00:16:08,650 --> 00:16:10,840
+de-orbit a satellite that
+has failed.
+
+365
+00:16:11,200 --> 00:16:14,620
+Generally speaking, the
+FCC, along with other
+
+366
+00:16:14,620 --> 00:16:18,970
+governmental agencies, have
+rules out guidelines to
+
+367
+00:16:18,970 --> 00:16:21,040
+deorbit satellites within
+25 years.
+
+368
+00:16:21,040 --> 00:16:24,010
+But there's no enforcement
+mechanism that could cause a
+
+369
+00:16:24,010 --> 00:16:26,590
+company to spend money to
+actively deorbit a
+
+370
+00:16:26,590 --> 00:16:28,240
+satellite, at least today.
+
+371
+00:16:28,300 --> 00:16:30,910
+But experts like Walker are
+pushing for more national
+
+372
+00:16:30,910 --> 00:16:33,610
+and international oversight
+of satellite makers.
+
+373
+00:16:33,640 --> 00:16:36,220
+The United Nations Office
+for Outer Space Affairs is
+
+374
+00:16:36,220 --> 00:16:38,020
+already looking at ways to
+mitigate the effects of
+
+375
+00:16:38,020 --> 00:16:40,510
+light and radio pollution
+coming from satellites.
+
+376
+00:16:40,600 --> 00:16:42,760
+In the US, the Biden
+administration recently
+
+377
+00:16:42,760 --> 00:16:44,410
+announced that it would
+continue the National Space
+
+378
+00:16:44,410 --> 00:16:46,780
+Council, which will assist
+the president in setting
+
+379
+00:16:46,780 --> 00:16:48,340
+national space policies.
+
+380
+00:16:50,290 --> 00:16:52,600
+Plans to spin off StarLink
+into a separate company have
+
+381
+00:16:52,600 --> 00:16:55,330
+been swirling since last
+year and earlier this year
+
+382
+00:16:55,330 --> 00:16:56,740
+must confirm the idea.
+
+383
+00:16:56,770 --> 00:16:59,260
+Elon Musk again making
+headlines this morning, this
+
+384
+00:16:59,260 --> 00:17:02,590
+time with SpaceX saying its
+broadband satellite business
+
+385
+00:17:02,590 --> 00:17:04,890
+will go public eventually.
+
+386
+00:17:04,900 --> 00:17:07,540
+Musk tweeting, quote, Once
+we can predict cash flow
+
+387
+00:17:07,540 --> 00:17:10,869
+reasonably well, StarLink
+will IPO, but warning that
+
+388
+00:17:10,869 --> 00:17:12,550
+the business will need to
+pass through a.
+
+389
+00:17:12,550 --> 00:17:13,060
+Quote, deep.
+
+390
+00:17:13,060 --> 00:17:15,790
+Chasm of negative cash flow
+over the next year or so.
+
+391
+00:17:15,790 --> 00:17:18,280
+To actually make that
+financially viable spinning
+
+392
+00:17:18,280 --> 00:17:20,140
+off the part of SpaceX that
+has the most earning
+
+393
+00:17:20,140 --> 00:17:22,839
+potential may seem
+counterintuitive, but
+
+394
+00:17:22,839 --> 00:17:25,180
+experts say there could be
+some benefits.
+
+395
+00:17:25,180 --> 00:17:29,170
+Right now, StarLink is a
+huge cash use for the SpaceX
+
+396
+00:17:29,350 --> 00:17:32,590
+business. And if it were
+spun out independently and
+
+397
+00:17:32,590 --> 00:17:35,920
+charging back, paying
+SpaceX X for those launches,
+
+398
+00:17:35,920 --> 00:17:39,280
+it would obviously boost
+the revenues of the
+
+399
+00:17:39,280 --> 00:17:41,020
+remaining SpaceX business.
+
+400
+00:17:41,020 --> 00:17:44,470
+If SpaceX is still the
+majority owner of StarLink
+
+401
+00:17:44,470 --> 00:17:47,680
+after it spins off, then
+the company can still see
+
+402
+00:17:47,680 --> 00:17:50,950
+that revenue stream, still
+see the benefits of that
+
+403
+00:17:50,950 --> 00:17:54,760
+service. But it's then
+de-risking the overall space
+
+404
+00:17:54,760 --> 00:17:57,970
+company, if you will, by
+having it operate as a
+
+405
+00:17:57,970 --> 00:18:00,880
+separate business so that
+if StarLink does fail or
+
+406
+00:18:00,880 --> 00:18:02,980
+does go bankrupt or
+something bad happens to
+
+407
+00:18:02,980 --> 00:18:04,720
+StarLink, then it's not
+damaging.
+
+408
+00:18:05,290 --> 00:18:09,310
+The core SpaceX X business
+as much as it would is if it
+
+409
+00:18:09,310 --> 00:18:12,370
+was still in the entire
+private fold of the company.
+
+410
+00:18:12,550 --> 00:18:14,950
+Spacex is currently the
+leader in low-Earth orbit
+
+411
+00:18:14,950 --> 00:18:18,040
+satellite Internet, but
+competition is heating up.
+
+412
+00:18:18,460 --> 00:18:21,670
+Amazon has said that it
+will invest over $10 billion
+
+413
+00:18:21,670 --> 00:18:24,310
+in its satellite Internet
+network known as Project
+
+414
+00:18:24,310 --> 00:18:27,910
+Kuiper. Uk satellite maker
+Oneweb recently launched
+
+415
+00:18:27,910 --> 00:18:30,460
+another 36 satellites into
+orbit, bringing its total
+
+416
+00:18:30,460 --> 00:18:31,930
+number to 146.
+
+417
+00:18:31,930 --> 00:18:34,480
+The company says it expects
+to begin limited service by
+
+418
+00:18:34,480 --> 00:18:37,480
+the end of the year, though
+unlike SpaceX, its service
+
+419
+00:18:37,480 --> 00:18:39,520
+is geared towards
+enterprise customers.
+
+420
+00:18:39,610 --> 00:18:42,580
+Finally, Canadian satellite
+company Telesat has said
+
+421
+00:18:42,580 --> 00:18:44,260
+that it will begin
+commercial services for its
+
+422
+00:18:44,260 --> 00:18:47,020
+satellite Internet in the
+second half of 2023.
+
+423
+00:18:47,290 --> 00:18:50,590
+If StarLink is successful,
+it may ultimately do more
+
+424
+00:18:50,620 --> 00:18:53,620
+than just fund Musk's
+vision for a colony on Mars.
+
+425
+00:18:53,710 --> 00:18:57,610
+Spacex put in the startling
+terms and agreements that
+
+426
+00:18:57,610 --> 00:19:01,390
+there is a bylaws in
+regards to how their service
+
+427
+00:19:01,390 --> 00:19:03,850
+will be treated for people
+on Mars.
+
+428
+00:19:03,850 --> 00:19:06,790
+And so SpaceX is already
+looking down that path and
+
+429
+00:19:06,790 --> 00:19:09,520
+seeing, okay, well, we can
+have StarLink satellites
+
+430
+00:19:09,520 --> 00:19:12,700
+around Earth in orbit, but
+then we can also put them in
+
+431
+00:19:12,940 --> 00:19:16,240
+orbit around Mars and then
+just connect the two and
+
+432
+00:19:16,240 --> 00:19:19,660
+have this expansive not
+just a global satellite
+
+433
+00:19:19,660 --> 00:19:22,210
+system, but a multi
+planetary satellite system.
+
+434
+00:19:22,420 --> 00:19:25,420
+But for now, earthlings are
+glad that StarLink exists,
+
+435
+00:19:25,420 --> 00:19:26,260
+even if it's not yet
+perfect.
+
+436
+00:19:26,920 --> 00:19:29,350
+When they first reached out
+to us, they did label their
+
+437
+00:19:29,350 --> 00:19:31,600
+beta tests as the better
+than nothing beta test.
+
+438
+00:19:31,600 --> 00:19:33,910
+And for people like me,
+it's 100% better than
+
+439
+00:19:33,910 --> 00:19:34,540
+nothing.
+
+440
+00:19:47,740 --> 00:19:51,190
+Spacex CEO Elon Musk thinks
+that the holy grail to
+
+441
+00:19:51,190 --> 00:19:54,550
+making life multi-planetary
+lies in humanity's ability
+
+442
+00:19:54,550 --> 00:19:57,400
+to make a completely
+reusable rocket system that
+
+443
+00:19:57,400 --> 00:19:59,800
+can carry a massive amount
+of equipment, supplies and
+
+444
+00:19:59,800 --> 00:20:01,600
+people deep into space.
+
+445
+00:20:01,630 --> 00:20:03,130
+That's why SpaceX created
+Starship.
+
+446
+00:20:04,060 --> 00:20:06,640
+The critical threshold to
+pass.
+
+447
+00:20:07,300 --> 00:20:10,870
+One of the most important
+great filters for any
+
+448
+00:20:10,870 --> 00:20:16,900
+species is to have have the
+other planet no
+
+449
+00:20:16,900 --> 00:20:20,440
+longer dependent on on the
+original planet.
+
+450
+00:20:20,470 --> 00:20:22,450
+Starship is capable of
+doing that.
+
+451
+00:20:22,900 --> 00:20:25,750
+It's capable of getting a
+million tons surface of Mars
+
+452
+00:20:25,750 --> 00:20:28,570
+and creating a
+self-sustaining city.
+
+453
+00:20:28,570 --> 00:20:30,130
+And I think we should try
+to do that as soon as we
+
+454
+00:20:30,130 --> 00:20:30,670
+can.
+
+455
+00:20:30,760 --> 00:20:34,050
+Starship is SpaceX's largest
+reusable rocket.
+
+456
+00:20:34,060 --> 00:20:36,160
+The company has been
+testing Starship prototypes
+
+457
+00:20:36,160 --> 00:20:39,850
+for several years, but none
+so far have reached SpaceX,
+
+458
+00:20:39,850 --> 00:20:42,400
+as SpaceX has encountered
+both technical and
+
+459
+00:20:42,400 --> 00:20:43,900
+regulatory hurdles.
+
+460
+00:20:46,600 --> 00:20:48,520
+Aside from a potential
+breakthrough for space
+
+461
+00:20:48,520 --> 00:20:52,000
+travel, Starship is in many
+ways also indispensable for
+
+462
+00:20:52,000 --> 00:20:53,500
+the future of Space X.
+
+463
+00:20:53,620 --> 00:20:57,910
+Many analysts and experts
+have said if SpaceX succeeds
+
+464
+00:20:57,910 --> 00:21:02,200
+with Starship and therefore
+with StarLink, that could
+
+465
+00:21:02,200 --> 00:21:07,030
+create and generate space
+into a company that's not on
+
+466
+00:21:07,030 --> 00:21:09,370
+a $100 billion valuation
+company, but
+
+467
+00:21:09,370 --> 00:21:11,890
+$1,000,000,000,000
+valuation company or more.
+
+468
+00:21:11,920 --> 00:21:14,290
+Private sector funding and
+space related companies
+
+469
+00:21:14,290 --> 00:21:18,190
+topped $10 Billion in 2021,
+a tenfold increase over the
+
+470
+00:21:18,190 --> 00:21:19,270
+past decade.
+
+471
+00:21:19,300 --> 00:21:21,730
+Traditionally, most of that
+funding has concentrated on
+
+472
+00:21:21,730 --> 00:21:24,040
+activities closer to earth,
+such as building out
+
+473
+00:21:24,040 --> 00:21:25,590
+satellite communications.
+
+474
+00:21:25,600 --> 00:21:28,090
+But there's evidence that
+this may be changing.
+
+475
+00:21:28,120 --> 00:21:29,650
+Recently, there's been
+increased.
+
+476
+00:21:30,490 --> 00:21:32,320
+Focus on lunar.
+
+477
+00:21:32,320 --> 00:21:33,640
+So the moon and beyond.
+
+478
+00:21:33,670 --> 00:21:34,540
+Think Moon.
+
+479
+00:21:34,540 --> 00:21:35,300
+Mars.
+
+480
+00:21:35,320 --> 00:21:36,520
+Deeper planetary
+exploration.
+
+481
+00:21:37,750 --> 00:21:40,450
+Lunar Beyond investment was
+about.
+
+482
+00:21:40,960 --> 00:21:42,310
+$1 billion.
+
+483
+00:21:42,310 --> 00:21:46,840
+From private investors in
+2021, the highest sum we'd
+
+484
+00:21:46,840 --> 00:21:47,950
+seen to date.
+
+485
+00:21:54,050 --> 00:21:56,600
+Even before founding
+SpaceX, Elon Musk had
+
+486
+00:21:56,600 --> 00:21:59,270
+dreamed of reaching Mars
+and Starship is the means to
+
+487
+00:21:59,270 --> 00:22:02,570
+that end. The first thing
+you notice about Starship is
+
+488
+00:22:02,570 --> 00:22:04,010
+that it's monstrous.
+
+489
+00:22:04,100 --> 00:22:06,230
+The vehicle is made up of
+two stainless steel
+
+490
+00:22:06,230 --> 00:22:09,380
+components. At the bottom
+stands, the first stage
+
+491
+00:22:09,380 --> 00:22:10,730
+super heavy booster.
+
+492
+00:22:10,880 --> 00:22:13,160
+Stacked on top is the
+second stage starship
+
+493
+00:22:13,160 --> 00:22:15,800
+spacecraft, which will be
+able to carry more than 100
+
+494
+00:22:15,800 --> 00:22:18,230
+metric tons of cargo and
+crew per launch.
+
+495
+00:22:18,560 --> 00:22:19,970
+Collectively referred to as
+Starship.
+
+496
+00:22:20,780 --> 00:22:23,390
+The two components loom
+nearly 400 feet into the
+
+497
+00:22:23,390 --> 00:22:26,510
+air, almost 100 feet taller
+than the Statue of Liberty.
+
+498
+00:22:26,750 --> 00:22:29,180
+To get all of this weight
+off the ground is no easy
+
+499
+00:22:29,180 --> 00:22:32,930
+task and will require 33 of
+SpaceX's Raptor engines for
+
+500
+00:22:32,930 --> 00:22:35,270
+the booster and another
+seven engines for the
+
+501
+00:22:35,270 --> 00:22:36,650
+Starship Spacecraft.
+
+502
+00:22:36,830 --> 00:22:39,860
+To get an idea of just how
+powerful Starship is, it's
+
+503
+00:22:39,860 --> 00:22:42,590
+helpful to compare it to
+Saturn five, which was the
+
+504
+00:22:42,590 --> 00:22:44,900
+rocket used by NASA to send
+astronauts to the moon
+
+505
+00:22:44,900 --> 00:22:46,140
+during the Apollo mission.
+
+506
+00:22:46,160 --> 00:22:49,100
+The Saturn five was seven
+and a half million pounds of
+
+507
+00:22:49,100 --> 00:22:52,400
+thrust and Starship is 17.
+
+508
+00:22:53,060 --> 00:22:55,550
+So it's more than twice the
+thrust of a Saturn five,
+
+509
+00:22:55,550 --> 00:22:57,980
+which was the largest
+rocket ever to get to orbit.
+
+510
+00:22:58,400 --> 00:23:01,610
+Musk says SpaceX's next
+generation rocket is also
+
+511
+00:23:01,610 --> 00:23:02,930
+more economical than Saturn
+five.
+
+512
+00:23:03,560 --> 00:23:06,620
+The cost efficiency of Space
+X is the best in history, I
+
+513
+00:23:06,620 --> 00:23:07,730
+think, for for any rocket
+development.
+
+514
+00:23:08,330 --> 00:23:11,210
+We are talking about a
+rocket that's more than
+
+515
+00:23:11,210 --> 00:23:14,210
+twice the mass and thrust
+of a Saturn five and also
+
+516
+00:23:14,210 --> 00:23:16,250
+designed to be fully
+reusable, which is obviously
+
+517
+00:23:16,250 --> 00:23:18,860
+also much better for from
+an environmental standpoint
+
+518
+00:23:18,860 --> 00:23:21,290
+to have a fully reusable
+rocket for a development
+
+519
+00:23:21,290 --> 00:23:24,620
+cost that is between five
+and 10% of Saturn five.
+
+520
+00:23:24,860 --> 00:23:26,390
+The key to lowering costs is
+reusability.
+
+521
+00:23:27,830 --> 00:23:30,380
+Spacex sells its smaller
+Falcon nine rockets for
+
+522
+00:23:30,380 --> 00:23:34,070
+between 60 and $90 million,
+but has brought the cost per
+
+523
+00:23:34,100 --> 00:23:36,650
+launch down to under 30
+million by landing the
+
+524
+00:23:36,650 --> 00:23:39,680
+booster. The most expensive
+part of the rocket and using
+
+525
+00:23:39,680 --> 00:23:43,070
+it multiple times with
+Starship, SpaceX hopes to go
+
+526
+00:23:43,070 --> 00:23:46,190
+one step further, reusing
+both the Starship spacecraft
+
+527
+00:23:46,190 --> 00:23:47,270
+and the booster.
+
+528
+00:23:47,300 --> 00:23:51,200
+The booster is going to take
+off and then fly back to the
+
+529
+00:23:51,200 --> 00:23:54,380
+launch tower and
+aspirationally land on the
+
+530
+00:23:54,380 --> 00:23:56,420
+arms, which just sounded
+insane.
+
+531
+00:23:56,990 --> 00:24:03,440
+If it does come in too fast
+and and shear off the arms,
+
+532
+00:24:03,440 --> 00:24:06,350
+then I guess it will be a
+farewell to arms.
+
+533
+00:24:08,510 --> 00:24:10,640
+The retrieval of the
+Starship spacecraft seems
+
+534
+00:24:10,640 --> 00:24:11,960
+equally challenging.
+
+535
+00:24:12,350 --> 00:24:15,020
+The idea is for Starship to
+reenter Earth's atmosphere
+
+536
+00:24:15,020 --> 00:24:17,480
+on its side, its heat
+shield covered belly,
+
+537
+00:24:17,480 --> 00:24:19,790
+protecting the vehicle from
+the intense temperature
+
+538
+00:24:20,150 --> 00:24:21,300
+closer to the ground.
+
+539
+00:24:21,320 --> 00:24:23,990
+Starship's Raptor engines
+will kick in and flip the
+
+540
+00:24:23,990 --> 00:24:25,040
+vehicle vertically for
+landing.
+
+541
+00:24:27,420 --> 00:24:30,180
+Starship has yet to fly any
+missions, but the project
+
+542
+00:24:30,180 --> 00:24:32,520
+has already brought in some
+major funding for SpaceX.
+
+543
+00:24:33,120 --> 00:24:36,990
+Spacex has new contract
+revenue streams through a
+
+544
+00:24:36,990 --> 00:24:41,910
+major NASA deal to use
+Starship for the agency's
+
+545
+00:24:41,910 --> 00:24:45,330
+Artemis program to deliver
+astronauts to the moon's
+
+546
+00:24:45,330 --> 00:24:47,850
+surface by the middle of
+this decade.
+
+547
+00:24:48,120 --> 00:24:51,150
+Spacex was the sole winner
+of the nearly $3 billion
+
+548
+00:24:51,150 --> 00:24:54,360
+contract, beating out Blue
+Origin and Dynetics.
+
+549
+00:24:54,390 --> 00:24:57,150
+Nasa's began paying in
+hundreds of millions of
+
+550
+00:24:57,150 --> 00:25:00,180
+dollars to SpaceX already
+towards that development
+
+551
+00:25:00,180 --> 00:25:00,870
+contract.
+
+552
+00:25:00,900 --> 00:25:03,090
+The majority of SpaceX's
+revenue comes from its
+
+553
+00:25:03,090 --> 00:25:03,990
+launch business.
+
+554
+00:25:03,990 --> 00:25:07,410
+The Falcon nine and Falcon
+heavy series of rockets have
+
+555
+00:25:07,410 --> 00:25:11,940
+been generating upwards of
+2 to $3 billion of revenue a
+
+556
+00:25:11,940 --> 00:25:13,160
+year for the company.
+
+557
+00:25:13,170 --> 00:25:15,330
+They've been able to
+generate a lot of returns
+
+558
+00:25:15,330 --> 00:25:19,200
+through rideshare programs,
+through delivering cargo and
+
+559
+00:25:19,200 --> 00:25:21,450
+astronauts to the
+International Space Station
+
+560
+00:25:21,450 --> 00:25:24,390
+for NASA and other
+international partners, and
+
+561
+00:25:24,390 --> 00:25:27,690
+more recently, been delving
+into flying private
+
+562
+00:25:27,690 --> 00:25:28,680
+astronauts.
+
+563
+00:25:29,160 --> 00:25:32,430
+But SpaceX says golden egg
+will likely be StarLink, a
+
+564
+00:25:32,430 --> 00:25:34,500
+satellite Internet business
+which is expected to
+
+565
+00:25:34,500 --> 00:25:37,050
+eventually surpass SpaceX's
+rocket business.
+
+566
+00:25:37,080 --> 00:25:40,320
+Elon Musk has previously
+estimated that the company's
+
+567
+00:25:40,320 --> 00:25:43,650
+StarLink business could
+generate revenues of upwards
+
+568
+00:25:43,650 --> 00:25:45,660
+of $30 billion a year.
+
+569
+00:25:45,690 --> 00:25:48,120
+Starlink is a global
+Internet satellite network
+
+570
+00:25:48,120 --> 00:25:50,070
+made up of thousands of
+satellites known as a
+
+571
+00:25:50,070 --> 00:25:53,790
+Constellation. Spacex has
+so far launched around 2000
+
+572
+00:25:53,790 --> 00:25:56,880
+satellites, but the company
+has said that around 12,000
+
+573
+00:25:56,880 --> 00:25:59,010
+satellites would be needed
+before the constellation is
+
+574
+00:25:59,010 --> 00:26:00,210
+fully operational.
+
+575
+00:26:00,240 --> 00:26:02,490
+Eventually, SpaceX hopes to
+bump that number up to
+
+576
+00:26:02,490 --> 00:26:04,200
+42,000 satellites.
+
+577
+00:26:04,320 --> 00:26:07,590
+The service has over
+145,000 customers, but
+
+578
+00:26:07,590 --> 00:26:10,080
+startup costs for the
+project are steep, and
+
+579
+00:26:10,080 --> 00:26:12,780
+SpaceX is currently losing
+money on StarLink.
+
+580
+00:26:13,440 --> 00:26:16,170
+Musk recently expanded
+StarLink service to Ukraine
+
+581
+00:26:16,170 --> 00:26:17,820
+at the request of the
+country's vice prime
+
+582
+00:26:17,820 --> 00:26:21,360
+minister. In early March,
+Musk tweeted that Starship
+
+583
+00:26:21,360 --> 00:26:24,510
+Development may be delayed
+as SpaceX focuses on aiding
+
+584
+00:26:24,510 --> 00:26:25,320
+Ukraine.
+
+585
+00:26:25,590 --> 00:26:29,250
+Under the current deployment
+plan for getting the number
+
+586
+00:26:29,250 --> 00:26:33,060
+of StarLink satellites that
+SpaceX needs in orbit to get
+
+587
+00:26:33,060 --> 00:26:37,230
+the system truly
+operational and global and
+
+588
+00:26:37,230 --> 00:26:40,350
+providing service as
+broadly as they desire.
+
+589
+00:26:40,380 --> 00:26:43,920
+It's very, very difficult
+to see how SpaceX will be
+
+590
+00:26:43,920 --> 00:26:47,790
+able to achieve that in
+both a cost efficient and a
+
+591
+00:26:47,790 --> 00:26:51,030
+timely manner without
+Starship Falcon nine
+
+592
+00:26:51,030 --> 00:26:55,230
+currently can carry roughly
+50 to 60 StarLink satellites
+
+593
+00:26:55,230 --> 00:26:57,000
+at a time into low-Earth
+orbit.
+
+594
+00:26:57,420 --> 00:27:01,200
+However, SpaceX executives
+have said before that the
+
+595
+00:27:01,200 --> 00:27:04,560
+goal was Starship, and its
+current design is to launch
+
+596
+00:27:04,560 --> 00:27:08,370
+400 StarLink satellites at
+a time into low-Earth orbit.
+
+597
+00:27:09,420 --> 00:27:11,940
+With the fates of Starship
+and StarLink so closely
+
+598
+00:27:11,940 --> 00:27:14,820
+intertwined, the pressure
+is on for SpaceX to get
+
+599
+00:27:14,820 --> 00:27:16,130
+Starship off the ground.
+
+600
+00:27:16,140 --> 00:27:18,720
+But the company faces some
+steep challenges.
+
+601
+00:27:18,900 --> 00:27:21,720
+Right now of of any
+technical problem.
+
+602
+00:27:22,770 --> 00:27:27,140
+I'm spending the most time
+personally on on Raptor two.
+
+603
+00:27:27,150 --> 00:27:30,390
+In November of 2021, Musk
+sent out a companywide email
+
+604
+00:27:30,390 --> 00:27:33,030
+to SpaceX employees,
+warning them that a Raptor
+
+605
+00:27:33,030 --> 00:27:35,670
+engine production crisis
+created a risk of bankruptcy
+
+606
+00:27:35,670 --> 00:27:38,760
+for the company. Later,
+Musk seemed to temper his
+
+607
+00:27:38,760 --> 00:27:41,190
+message on Twitter, saying
+that while bankruptcy was
+
+608
+00:27:41,190 --> 00:27:42,510
+unlikely, it was not
+impossible.
+
+609
+00:27:44,070 --> 00:27:46,410
+More recently, Musk said
+that SpaceX is making good
+
+610
+00:27:46,410 --> 00:27:48,750
+progress with regard to
+Raptor two production.
+
+611
+00:27:48,780 --> 00:27:52,740
+We're close to achieving a
+Raptor to every day
+
+612
+00:27:52,740 --> 00:27:56,280
+production rate, so we're
+sort of seven a week, which
+
+613
+00:27:56,280 --> 00:27:57,660
+is tough for a complex
+engine.
+
+614
+00:27:58,860 --> 00:28:02,700
+And I think by the end of
+this year, we'll be able to
+
+615
+00:28:02,700 --> 00:28:05,070
+produce a ship and a
+booster per month.
+
+616
+00:28:05,100 --> 00:28:07,800
+The only remaining issue
+that we're aware of is
+
+617
+00:28:07,800 --> 00:28:10,950
+melting. The chamber is
+like on the order of a
+
+618
+00:28:10,950 --> 00:28:12,600
+gigawatt of of heat.
+
+619
+00:28:12,600 --> 00:28:14,970
+So it's like what a nuclear
+power plant produces.
+
+620
+00:28:14,970 --> 00:28:18,150
+So it really is desperately
+trying to melt at any point
+
+621
+00:28:18,150 --> 00:28:18,810
+in time.
+
+622
+00:28:18,930 --> 00:28:21,330
+In order to understand this
+challenge, it helps to know
+
+623
+00:28:21,330 --> 00:28:23,400
+a little bit about rocket
+engine design.
+
+624
+00:28:23,550 --> 00:28:24,720
+A rocket engine in.
+
+625
+00:28:24,720 --> 00:28:25,740
+A simple form.
+
+626
+00:28:25,740 --> 00:28:28,920
+It's simple. You just have a
+what was the first?
+
+627
+00:28:28,920 --> 00:28:31,430
+It was a thrust chamber, a
+combustion chamber.
+
+628
+00:28:31,440 --> 00:28:36,870
+You just bring in oxygen
+and your fuel and you're
+
+629
+00:28:36,870 --> 00:28:37,890
+burning it into that
+chamber.
+
+630
+00:28:38,580 --> 00:28:41,040
+The that challenges that
+chamber is running at.
+
+631
+00:28:41,040 --> 00:28:43,500
+Really, really high
+pressures and.
+
+632
+00:28:43,500 --> 00:28:46,890
+Really, really high
+temperatures. So doing that
+
+633
+00:28:46,890 --> 00:28:50,160
+means that, you know, first
+is I need to be higher
+
+634
+00:28:50,160 --> 00:28:52,950
+pressure to push the
+propellant in, but then this
+
+635
+00:28:52,950 --> 00:28:53,460
+chamber.
+
+636
+00:28:53,460 --> 00:28:55,170
+Has to be able to handle.
+
+637
+00:28:55,170 --> 00:28:57,990
+The temperatures that is
+seen inside.
+
+638
+00:28:58,170 --> 00:29:00,030
+As the oxygen and fuel burn.
+
+639
+00:29:00,030 --> 00:29:02,670
+They eject a high pressure
+gas from the nozzle, which
+
+640
+00:29:02,700 --> 00:29:04,740
+in turn propels the rocket
+into the air.
+
+641
+00:29:05,190 --> 00:29:07,740
+While most rocket engines
+use either kerosene or
+
+642
+00:29:07,740 --> 00:29:10,560
+hydrogen as fuel, SpaceX
+decided to make its raptor.
+
+643
+00:29:10,590 --> 00:29:12,210
+Two engines run on methane.
+
+644
+00:29:12,240 --> 00:29:13,260
+Based used.
+
+645
+00:29:13,500 --> 00:29:16,020
+Methane primarily because
+it's the perfect.
+
+646
+00:29:16,020 --> 00:29:20,430
+Balance between hydrogen
+being an expensive fuel.
+
+647
+00:29:20,430 --> 00:29:22,650
+And challenging to operate.
+
+648
+00:29:23,100 --> 00:29:24,480
+Versus kerosene.
+
+649
+00:29:24,480 --> 00:29:25,800
+Which is, yes, it's cheaper.
+
+650
+00:29:26,120 --> 00:29:27,290
+But energy density.
+
+651
+00:29:27,290 --> 00:29:28,820
+Is lower compared to
+methane.
+
+652
+00:29:29,750 --> 00:29:31,850
+The key challenges with
+using methane.
+
+653
+00:29:31,850 --> 00:29:34,610
+Is that it will run actually
+hotter than the typical
+
+654
+00:29:34,610 --> 00:29:38,420
+kerosene. So SpaceX have
+publicly noted that they've
+
+655
+00:29:38,420 --> 00:29:41,930
+developed special alloys to
+handle the higher
+
+656
+00:29:41,930 --> 00:29:43,430
+temperature of methane.
+
+657
+00:29:44,120 --> 00:29:46,820
+But despite these
+challenges, methane also has
+
+658
+00:29:46,820 --> 00:29:47,930
+other advantages.
+
+659
+00:29:47,960 --> 00:29:51,200
+One of the components that
+throw these engines is fuel
+
+660
+00:29:51,200 --> 00:29:55,340
+cloaking, which is worse
+with rocket propellant,
+
+661
+00:29:55,340 --> 00:29:56,930
+kerosene based fuels.
+
+662
+00:29:56,930 --> 00:29:59,780
+But it's actually less of a
+problem with methane.
+
+663
+00:30:00,350 --> 00:30:03,650
+Coking is essentially the
+the soot that you see coming
+
+664
+00:30:03,650 --> 00:30:05,760
+out of your car exhaust.
+
+665
+00:30:05,780 --> 00:30:10,070
+It's primarily unburnt fuel
+that is essentially heated
+
+666
+00:30:10,070 --> 00:30:12,170
+at really high temperatures
+and pressures.
+
+667
+00:30:12,170 --> 00:30:13,850
+And that could go into
+fuel.
+
+668
+00:30:14,150 --> 00:30:15,500
+Injectors inside the.
+
+669
+00:30:15,500 --> 00:30:17,570
+Engine. It could coke.
+
+670
+00:30:17,570 --> 00:30:21,170
+Surfaces, influences your
+efficiency of your engine.
+
+671
+00:30:21,200 --> 00:30:23,750
+Another plus that Elon Musk
+has talked about in the past
+
+672
+00:30:23,750 --> 00:30:26,840
+is the ability to easily
+create methane on Mars and
+
+673
+00:30:26,840 --> 00:30:29,090
+use it as a fuel for the
+return trip to Earth.
+
+674
+00:30:29,810 --> 00:30:32,120
+Spacex has steadily been
+building up its testing and
+
+675
+00:30:32,120 --> 00:30:35,150
+production facility known
+as Starbase in Boca Chica,
+
+676
+00:30:35,150 --> 00:30:37,040
+Texas, since 2015.
+
+677
+00:30:37,340 --> 00:30:40,550
+The move has garnered mixed
+reactions from locals, some
+
+678
+00:30:40,550 --> 00:30:42,500
+saying that Starbase has
+helped create jobs and
+
+679
+00:30:42,500 --> 00:30:45,200
+attract tourists, and
+others claiming the complex
+
+680
+00:30:45,200 --> 00:30:47,600
+has displaced a beachfront
+community and endangered
+
+681
+00:30:47,600 --> 00:30:50,600
+wildlife. Early tests of
+Starship have also been a
+
+682
+00:30:50,600 --> 00:30:53,810
+mixed bag. While SpaceX has
+had a number of successful
+
+683
+00:30:53,810 --> 00:30:56,390
+Starship launches, the
+company has lost several
+
+684
+00:30:56,390 --> 00:30:57,650
+prototypes during landing
+attempts.
+
+685
+00:31:00,330 --> 00:31:03,540
+In May 2021, SpaceX
+successfully completed its
+
+686
+00:31:03,540 --> 00:31:06,600
+first high altitude test
+without the starship rocket
+
+687
+00:31:06,600 --> 00:31:10,350
+being destroyed. Besides
+technical problems, Starship
+
+688
+00:31:10,350 --> 00:31:11,610
+also faces regulatory
+challenges.
+
+689
+00:31:12,540 --> 00:31:15,960
+The next major milestone for
+Starship is the orbital
+
+690
+00:31:15,960 --> 00:31:18,690
+flight test. They've been
+really trying to get across
+
+691
+00:31:18,690 --> 00:31:21,510
+this major hurdle of
+getting an environmental
+
+692
+00:31:21,510 --> 00:31:24,030
+assessment completed by the
+Federal Aviation
+
+693
+00:31:24,030 --> 00:31:26,760
+Administration, which would
+give them the key launch
+
+694
+00:31:26,760 --> 00:31:30,990
+license to take those tests
+from just short flights to
+
+695
+00:31:31,050 --> 00:31:32,610
+all the way launching into
+space.
+
+696
+00:31:33,510 --> 00:31:35,790
+The FAA has said it would
+complete its environmental
+
+697
+00:31:35,790 --> 00:31:38,850
+assessment by March 28, but
+that date could be pushed
+
+698
+00:31:38,850 --> 00:31:40,860
+further if the agency
+decides that it needs more
+
+699
+00:31:40,860 --> 00:31:42,450
+time to do a deeper review.
+
+700
+00:31:42,900 --> 00:31:45,660
+Musk said that if this were
+the case, SpaceX would
+
+701
+00:31:45,660 --> 00:31:48,150
+consider launching Starship
+from its other location in
+
+702
+00:31:48,150 --> 00:31:48,750
+Florida.
+
+703
+00:31:48,780 --> 00:31:52,170
+I guess our worst case
+scenario is that we would be
+
+704
+00:31:52,170 --> 00:31:58,020
+delayed for four, six, six
+or 6 to 8 months to build up
+
+705
+00:31:58,560 --> 00:32:01,500
+the Cape launch tower and
+launch from there.
+
+706
+00:32:01,590 --> 00:32:03,370
+Spacex is $100 Billion.
+
+707
+00:32:03,450 --> 00:32:06,090
+Valuation makes it one of
+the most valuable private
+
+708
+00:32:06,090 --> 00:32:07,380
+companies in the world.
+
+709
+00:32:07,380 --> 00:32:09,570
+For the last several years,
+they've been raising
+
+710
+00:32:09,570 --> 00:32:12,240
+billions of dollars
+annually from a broad range
+
+711
+00:32:12,240 --> 00:32:15,840
+of investors and steadily
+increasing their valuation
+
+712
+00:32:15,840 --> 00:32:17,190
+as far as we can tell.
+
+713
+00:32:17,220 --> 00:32:19,800
+Most of the funding for
+Starship's development comes
+
+714
+00:32:19,800 --> 00:32:24,150
+from outside investors who
+are buying the currently
+
+715
+00:32:24,150 --> 00:32:28,470
+privately traded stock that
+SpaceX X holds in exchange
+
+716
+00:32:28,470 --> 00:32:31,800
+for capital that the
+company can use to fund that
+
+717
+00:32:31,800 --> 00:32:35,010
+development. Spacex has
+previously said that
+
+718
+00:32:35,010 --> 00:32:38,520
+Starship would cost upwards
+of $5 billion to develop,
+
+719
+00:32:38,520 --> 00:32:41,250
+whereas the StarLink
+satellite Internet program
+
+720
+00:32:41,250 --> 00:32:43,770
+could cost anywhere between
+five and $10 billion to
+
+721
+00:32:43,770 --> 00:32:46,590
+develop. So investors
+getting in at this late
+
+722
+00:32:46,590 --> 00:32:50,820
+stage might be less willing
+to put more money behind the
+
+723
+00:32:50,820 --> 00:32:53,700
+project if they know that
+they've hit a roadblock.
+
+724
+00:32:53,700 --> 00:32:56,760
+Beyond just benefiting
+SpaceX. Experts believe that
+
+725
+00:32:56,760 --> 00:32:58,890
+having a rocket like
+Starship that's able to log
+
+726
+00:32:58,890 --> 00:33:01,740
+a massive amount of stuff
+into space will open up
+
+727
+00:33:01,740 --> 00:33:02,820
+opportunities for other
+companies.
+
+728
+00:33:03,600 --> 00:33:04,440
+When you look at the
+infrastructure.
+
+729
+00:33:05,100 --> 00:33:07,480
+In space today, the
+International Space Station
+
+730
+00:33:07,480 --> 00:33:07,890
+and other.
+
+731
+00:33:07,890 --> 00:33:10,560
+Assets, they were required
+to be assembled.
+
+732
+00:33:10,560 --> 00:33:11,370
+Piecemeal.
+
+733
+00:33:11,370 --> 00:33:12,510
+In space.
+
+734
+00:33:12,510 --> 00:33:14,130
+Because we were limited.
+
+735
+00:33:14,130 --> 00:33:17,310
+In the ability to carry mass
+to space.
+
+736
+00:33:17,340 --> 00:33:18,750
+If you now can create.
+
+737
+00:33:18,750 --> 00:33:21,210
+Much larger systems.
+
+738
+00:33:21,210 --> 00:33:22,860
+Or infrastructure that can
+be.
+
+739
+00:33:23,100 --> 00:33:27,120
+Brought whole up to space,
+it requires less complexity,
+
+740
+00:33:27,120 --> 00:33:28,350
+less on orbit.
+
+741
+00:33:28,350 --> 00:33:30,390
+Assembly and thus is.
+
+742
+00:33:30,390 --> 00:33:31,890
+Overall more efficient.
+
+743
+00:33:31,890 --> 00:33:34,320
+And helps drive creation of
+a space economy.
+
+744
+00:33:34,590 --> 00:33:37,440
+Musk agrees that Starship
+would be widely beneficial.
+
+745
+00:33:37,530 --> 00:33:40,290
+One of the rebuttals we'll
+sometimes hear is like,
+
+746
+00:33:40,410 --> 00:33:42,570
+Sure, but what about all
+the problems on Earth?
+
+747
+00:33:42,750 --> 00:33:45,870
+And I completely agree that
+the vast majority of
+
+748
+00:33:45,870 --> 00:33:47,880
+resources should be
+dedicated to solving
+
+749
+00:33:47,880 --> 00:33:50,970
+problems on Earth.
+Absolutely. I'd say, like
+
+750
+00:33:50,970 --> 00:33:54,720
+more than 99% of our
+resources should be oriented
+
+751
+00:33:54,720 --> 00:33:56,280
+towards solving problems on
+earth.
+
+752
+00:33:56,730 --> 00:34:00,210
+It's important to note that
+NASA's annual budget is only
+
+753
+00:34:00,270 --> 00:34:05,130
+0.36% of the federal budget
+and in fact, of the national
+
+754
+00:34:05,130 --> 00:34:07,860
+GDP. It's less than a 10th
+of a percentage point.
+
+755
+00:34:07,890 --> 00:34:10,800
+Given that this
+establishing security for
+
+756
+00:34:10,800 --> 00:34:12,989
+life itself and having an
+exciting future and
+
+757
+00:34:12,989 --> 00:34:17,340
+inspiring kids about the
+future, I think it's it's
+
+758
+00:34:17,340 --> 00:34:21,120
+worth it. Let's go out
+there and find out what this
+
+759
+00:34:21,330 --> 00:34:22,739
+universe is all about.
+
+760
+00:34:33,380 --> 00:34:37,010
+3210.
+
+761
+00:34:40,010 --> 00:34:42,620
+The rocket business is
+heating up and one startup
+
+762
+00:34:42,620 --> 00:34:45,710
+has grand ambitions of
+following SpaceX to orbit.
+
+763
+00:34:45,739 --> 00:34:49,250
+Firefly is aiming to be the
+next space X, a very
+
+764
+00:34:49,250 --> 00:34:51,500
+transformative space
+transportation company.
+
+765
+00:34:51,920 --> 00:34:54,440
+It aims to be a dominant
+launch provider for small
+
+766
+00:34:54,440 --> 00:34:57,920
+satellites and payloads up
+to 1000 kilograms below what
+
+767
+00:34:57,920 --> 00:35:00,260
+competitors like SpaceX are
+going after.
+
+768
+00:35:00,410 --> 00:35:02,630
+Above the medium class, you
+have Jeff and Elon and the
+
+769
+00:35:02,630 --> 00:35:05,030
+giant rockets and stuff,
+and they can have that.
+
+770
+00:35:05,030 --> 00:35:06,800
+They can duke it out and
+we'll be down there
+
+771
+00:35:06,800 --> 00:35:08,960
+optimally serving the small
+and medium markets.
+
+772
+00:35:09,230 --> 00:35:10,820
+Its CEO is an industry
+veteran.
+
+773
+00:35:11,690 --> 00:35:14,810
+He has past experience,
+first at NASA, then at
+
+774
+00:35:14,810 --> 00:35:17,120
+SpaceX, Jeff Bezos, Blue
+Origin.
+
+775
+00:35:17,840 --> 00:35:20,360
+More recently after that,
+Virgin Galactic.
+
+776
+00:35:20,360 --> 00:35:22,610
+But even with past
+experience, building a
+
+777
+00:35:22,610 --> 00:35:25,250
+rocket company is not for
+the faint of heart.
+
+778
+00:35:25,340 --> 00:35:27,690
+Most rocket companies do not
+succeed, right?
+
+779
+00:35:27,740 --> 00:35:28,730
+They just don't.
+
+780
+00:35:29,000 --> 00:35:31,490
+Greater than 90% of the
+whole vehicle is just rocket
+
+781
+00:35:31,490 --> 00:35:34,370
+fuel. So you're having to
+push every piece of that
+
+782
+00:35:34,370 --> 00:35:37,220
+rocket right to the edge of
+breaking, but not breaking.
+
+783
+00:35:37,340 --> 00:35:38,640
+And they're not cheap.
+
+784
+00:35:38,660 --> 00:35:42,590
+How about $250 million into
+this project before we even
+
+785
+00:35:42,590 --> 00:35:44,720
+tried to fly the rocket the
+first time?
+
+786
+00:35:44,730 --> 00:35:47,630
+Over the last ten years,
+there's been $6 billion
+
+787
+00:35:47,630 --> 00:35:51,050
+invested into about 100
+small launch vehicles, and
+
+788
+00:35:51,050 --> 00:35:53,600
+that has produced one
+orbital vehicle.
+
+789
+00:35:53,780 --> 00:35:56,600
+But Tom Markovich and others
+are chasing a vision where
+
+790
+00:35:56,600 --> 00:35:58,280
+space is more accessible.
+
+791
+00:35:58,310 --> 00:36:02,000
+A Henry Ford, he decided to
+build a car for everyone.
+
+792
+00:36:02,000 --> 00:36:05,390
+The Model T. We're sort of
+creating the Model T of the
+
+793
+00:36:05,390 --> 00:36:06,710
+21st century.
+
+794
+00:36:06,920 --> 00:36:09,830
+We have been operating in
+space for decades, but the
+
+795
+00:36:09,830 --> 00:36:12,050
+market has been really
+limited. On the one hand,
+
+796
+00:36:12,050 --> 00:36:14,660
+you've got a handful of
+defense contractors and on
+
+797
+00:36:14,660 --> 00:36:16,100
+the other hand, you have
+the government.
+
+798
+00:36:16,250 --> 00:36:17,990
+Until SpaceX came in.
+
+799
+00:36:21,360 --> 00:36:24,450
+Spacex has ignited a frenzy
+in aerospace, spawning
+
+800
+00:36:24,450 --> 00:36:26,850
+numerous startups hoping to
+build the next great space
+
+801
+00:36:26,850 --> 00:36:27,520
+company.
+
+802
+00:36:27,540 --> 00:36:30,000
+One of the main reasons I
+love SpaceX is I realized
+
+803
+00:36:30,000 --> 00:36:32,080
+there needed to be more
+space X's in the world.
+
+804
+00:36:32,100 --> 00:36:36,420
+We have seen 1600 SpaceX
+companies raise $230 Billion
+
+805
+00:36:36,420 --> 00:36:37,470
+over the last ten years.
+
+806
+00:36:37,650 --> 00:36:40,980
+Over $10.3 billion in
+private capital has been put
+
+807
+00:36:40,980 --> 00:36:43,980
+into space companies in
+2021, exceeding the previous
+
+808
+00:36:43,980 --> 00:36:45,920
+record last year of $9.8
+billion.
+
+809
+00:36:46,860 --> 00:36:50,250
+Spacex recently surpassed
+an estimated $100 billion
+
+810
+00:36:50,340 --> 00:36:53,490
+valuation. And while Musk's
+company represents one end
+
+811
+00:36:53,490 --> 00:36:55,980
+of the spectrum, numerous
+upstarts are attracting
+
+812
+00:36:55,980 --> 00:36:57,220
+respectable interest.
+
+813
+00:36:57,240 --> 00:36:59,400
+There's a number of
+companies which are maybe
+
+814
+00:36:59,400 --> 00:37:03,330
+within a year of trying to
+reach orbit or even have
+
+815
+00:37:03,330 --> 00:37:06,000
+tried to reach orbit
+already. And those companies
+
+816
+00:37:06,000 --> 00:37:08,520
+are the next players to
+really enter the
+
+817
+00:37:08,520 --> 00:37:09,510
+competition.
+
+818
+00:37:09,690 --> 00:37:12,480
+While the rewards are great,
+the risks are high.
+
+819
+00:37:12,510 --> 00:37:14,970
+Firefly already suffered
+through a bankruptcy and is
+
+820
+00:37:14,970 --> 00:37:15,870
+still trying to reach
+orbit.
+
+821
+00:37:16,680 --> 00:37:19,440
+Firefly didn't come into
+existence with a silver
+
+822
+00:37:19,440 --> 00:37:20,470
+spoon in its mouth.
+
+823
+00:37:20,490 --> 00:37:24,510
+It's had to claw and fight
+for every penny that it has.
+
+824
+00:37:24,510 --> 00:37:25,950
+And then it lost it.
+
+825
+00:37:25,950 --> 00:37:28,140
+And then it came back.
+
+826
+00:37:28,200 --> 00:37:31,980
+It is not a mystery that
+there is a Phenix painted on
+
+827
+00:37:31,980 --> 00:37:32,730
+that rocket.
+
+828
+00:37:50,000 --> 00:37:52,610
+I got one of those model
+rockets when I was in fifth
+
+829
+00:37:52,610 --> 00:37:55,160
+grade, and that really kind
+of set me on the course to
+
+830
+00:37:55,160 --> 00:37:57,380
+where I am right now.
+Believe it or not, it was
+
+831
+00:37:57,380 --> 00:37:59,090
+something very different
+when I went out and I launch
+
+832
+00:37:59,090 --> 00:38:01,580
+that model rocket out in
+Ohio and saw the smoke and
+
+833
+00:38:01,580 --> 00:38:03,590
+the sound and everything,
+it just kind of drew me in.
+
+834
+00:38:05,390 --> 00:38:07,820
+After getting his PhD in
+Advanced Space Propulsion
+
+835
+00:38:07,820 --> 00:38:10,370
+from Princeton, Tamra
+Cusick began his career
+
+836
+00:38:10,370 --> 00:38:12,620
+working for the US
+government, spending five
+
+837
+00:38:12,620 --> 00:38:14,810
+years with both the Air
+Force and NASCAR.
+
+838
+00:38:14,960 --> 00:38:17,210
+Right now it takes
+potentially six or eight
+
+839
+00:38:17,210 --> 00:38:19,280
+months to go to Mars, but
+the technologies we are
+
+840
+00:38:19,280 --> 00:38:21,410
+working on at NASA could
+get you there in a matter of
+
+841
+00:38:21,410 --> 00:38:24,080
+weeks. All this cool
+technology we're developing
+
+842
+00:38:24,080 --> 00:38:26,750
+wasn't ever going to see
+space until we figured out
+
+843
+00:38:26,750 --> 00:38:29,570
+how to get to space in a
+more efficient way.
+
+844
+00:38:29,570 --> 00:38:32,300
+And at that time, even Musk
+and some other companies
+
+845
+00:38:32,300 --> 00:38:34,820
+were coming up with this
+new space idea that we can
+
+846
+00:38:34,820 --> 00:38:37,970
+dramatically lower the cost
+and increase the frequency
+
+847
+00:38:37,970 --> 00:38:39,260
+of access to space.
+
+848
+00:38:39,440 --> 00:38:42,710
+He then went to work at
+SpaceX as its first director
+
+849
+00:38:42,710 --> 00:38:45,320
+of test operations in
+McGregor, Texas.
+
+850
+00:38:45,320 --> 00:38:47,450
+And in the process of
+building up that facility
+
+851
+00:38:47,450 --> 00:38:50,360
+and testing rocket engines
+day and night and testing
+
+852
+00:38:50,360 --> 00:38:52,580
+Falcon ones and ultimately
+Falcon nine.
+
+853
+00:38:52,610 --> 00:38:55,070
+I really just became
+intimately knowledgeable
+
+854
+00:38:55,070 --> 00:38:57,080
+about end to end what it
+took to build launch
+
+855
+00:38:57,080 --> 00:38:57,770
+vehicles.
+
+856
+00:38:57,800 --> 00:39:00,590
+Mark Cusick went on to work
+at Blue Origin and Virgin
+
+857
+00:39:00,590 --> 00:39:03,170
+Galactic, where he was VP
+of Propulsion and helped
+
+858
+00:39:03,170 --> 00:39:05,420
+lead the development of
+rocket engine systems and
+
+859
+00:39:05,420 --> 00:39:07,550
+new launch vehicles like
+Launcher one.
+
+860
+00:39:08,090 --> 00:39:11,120
+Satellites, which had in the
+past been these giant
+
+861
+00:39:11,120 --> 00:39:13,820
+monolithic pieces of
+hardware were shrinking in
+
+862
+00:39:13,820 --> 00:39:14,960
+size and increasing and
+capabilities.
+
+863
+00:39:15,620 --> 00:39:18,350
+And I really thought there
+was a divergence between
+
+864
+00:39:18,350 --> 00:39:20,690
+what the up and coming new
+space companies were doing
+
+865
+00:39:20,690 --> 00:39:23,000
+and what the customers
+needed for this new class of
+
+866
+00:39:23,000 --> 00:39:26,270
+satellites ultimately
+decided that if I really
+
+867
+00:39:26,270 --> 00:39:27,950
+wanted to create a
+transformative space,
+
+868
+00:39:27,950 --> 00:39:30,500
+transportation company
+needed to step out on my own
+
+869
+00:39:30,500 --> 00:39:32,540
+and start my own company.
+And that was the genesis of
+
+870
+00:39:32,540 --> 00:39:33,110
+Firefly.
+
+871
+00:39:33,920 --> 00:39:37,430
+In January of 2014, Mark
+Cusick founded Firefly Space
+
+872
+00:39:37,430 --> 00:39:40,850
+Systems, alongside PJ King
+and Michael Blum.
+
+873
+00:39:41,090 --> 00:39:42,800
+We started with a notion
+that we would build the
+
+874
+00:39:42,800 --> 00:39:45,410
+world's simplest launch
+vehicle, the most economical
+
+875
+00:39:45,410 --> 00:39:46,700
+launch vehicle we could.
+
+876
+00:39:46,820 --> 00:39:49,460
+But funding fell through,
+forcing the company to
+
+877
+00:39:49,460 --> 00:39:51,860
+declare bankruptcy in 2017.
+
+878
+00:39:52,040 --> 00:39:55,370
+Your burn rates are so fast
+in this business, in our
+
+879
+00:39:55,370 --> 00:39:57,710
+burn rates here now are on
+the order of $10 Million a
+
+880
+00:39:57,710 --> 00:40:00,620
+month. So that was the case
+with Firefly Space Systems.
+
+881
+00:40:00,620 --> 00:40:02,350
+We ran out of money. We had
+the shutdown.
+
+882
+00:40:02,360 --> 00:40:05,420
+However, McKissick managed
+to secure new funding later
+
+883
+00:40:05,420 --> 00:40:07,880
+that year, breathing life
+back into his space
+
+884
+00:40:07,880 --> 00:40:08,840
+ambitions.
+
+885
+00:40:08,840 --> 00:40:12,440
+That company and its assets
+was effectively resurrected
+
+886
+00:40:12,440 --> 00:40:16,640
+by a investment firm called
+Noosphere Ventures, which is
+
+887
+00:40:16,640 --> 00:40:20,450
+funded and primarily led by
+Ukrainian investor Max
+
+888
+00:40:20,450 --> 00:40:22,340
+Polyakov. It became Firefly
+Aerospace.
+
+889
+00:40:23,270 --> 00:40:27,710
+Tom Mark Cusick was
+reinstated as founder CEO.
+
+890
+00:40:27,740 --> 00:40:30,740
+Noosphere funded Firefly for
+about $200 Million, and that
+
+891
+00:40:30,740 --> 00:40:32,900
+was our whole seed round
+that got us to the point of
+
+892
+00:40:32,900 --> 00:40:35,720
+having viable technology to
+go out and fly.
+
+893
+00:40:36,110 --> 00:40:40,280
+This year, Firefly raised an
+additional $175 million.
+
+894
+00:40:40,580 --> 00:40:42,920
+Historically, some of the
+great entrepreneurs, the
+
+895
+00:40:42,920 --> 00:40:45,290
+great industrialists. There
+was a rough road getting
+
+896
+00:40:45,290 --> 00:40:47,690
+going and they learned from
+it and they kept going with
+
+897
+00:40:47,690 --> 00:40:48,980
+the key as they never quit.
+
+898
+00:40:49,010 --> 00:40:51,320
+This new company has a
+better business plan, a
+
+899
+00:40:51,320 --> 00:40:53,840
+better technology plan, a
+better funding plan than the
+
+900
+00:40:53,840 --> 00:40:54,680
+other company. Without a
+doubt.
+
+901
+00:40:59,100 --> 00:41:00,150
+To get to space.
+
+902
+00:41:00,150 --> 00:41:03,150
+Firefly has spent the past
+few years building its Alpha
+
+903
+00:41:03,150 --> 00:41:04,290
+launch vehicle.
+
+904
+00:41:04,380 --> 00:41:08,790
+Alpha is Firefly's two stage
+expendable vehicle.
+
+905
+00:41:09,120 --> 00:41:11,790
+It's the world's largest all
+carbon fiber composite
+
+906
+00:41:11,790 --> 00:41:15,900
+rocket, and it has patented
+world's simplest rocket
+
+907
+00:41:15,900 --> 00:41:16,530
+engines.
+
+908
+00:41:16,740 --> 00:41:19,440
+It can carry up to 1000
+kilograms to low-Earth orbit
+
+909
+00:41:19,440 --> 00:41:22,020
+and is priced at about $15
+per launch.
+
+910
+00:41:22,050 --> 00:41:24,270
+Eventually, with our
+progressive upgrades, it
+
+911
+00:41:24,270 --> 00:41:27,180
+will be able to do about
+1500 kilograms.
+
+912
+00:41:28,230 --> 00:41:30,390
+We build everything
+ourselves so that we can
+
+913
+00:41:30,390 --> 00:41:33,570
+control cost and schedule
+about a year of design,
+
+914
+00:41:33,570 --> 00:41:36,490
+about two years of
+developmental testing, and
+
+915
+00:41:36,510 --> 00:41:39,060
+about one year of
+qualifying hardware to get
+
+916
+00:41:39,060 --> 00:41:42,300
+to flight. So all in all,
+about four years for us to
+
+917
+00:41:42,300 --> 00:41:43,380
+get to the launch pad.
+
+918
+00:41:43,410 --> 00:41:44,790
+When it comes to rockets.
+
+919
+00:41:44,820 --> 00:41:48,390
+A launch company is
+typically expected to invest
+
+920
+00:41:48,390 --> 00:41:52,550
+about $100 before
+successfully reaching orbit.
+
+921
+00:41:52,560 --> 00:41:54,990
+We have to build systems
+that have super high
+
+922
+00:41:54,990 --> 00:41:56,160
+propulsion, super light
+structures.
+
+923
+00:41:56,880 --> 00:41:59,100
+Everything has to be very,
+very efficient.
+
+924
+00:41:59,100 --> 00:42:02,010
+And it's hard to test it on
+the Earth because earth is
+
+925
+00:42:02,010 --> 00:42:02,970
+not like space.
+
+926
+00:42:03,030 --> 00:42:04,500
+While you're trying to build
+the hardware, you're also
+
+927
+00:42:04,500 --> 00:42:06,990
+trying to build a team. And
+roughly in the last four
+
+928
+00:42:06,990 --> 00:42:09,240
+years, we've been doubling
+the size of the team every
+
+929
+00:42:09,240 --> 00:42:11,760
+year to the point that
+we're up to about 500 people
+
+930
+00:42:11,760 --> 00:42:12,240
+now.
+
+931
+00:42:12,630 --> 00:42:15,540
+Several at Firefly have come
+from other SpaceX companies
+
+932
+00:42:15,540 --> 00:42:18,030
+such as SpaceX, Blue,
+Origin and NASCAR.
+
+933
+00:42:18,480 --> 00:42:20,910
+You have to have really
+smart engineers.
+
+934
+00:42:20,910 --> 00:42:23,160
+Structures, engineers and
+mechanical engineers.
+
+935
+00:42:23,170 --> 00:42:24,450
+It's materials engineers.
+
+936
+00:42:24,450 --> 00:42:26,820
+It's electrical engineers
+that do the avionics.
+
+937
+00:42:26,820 --> 00:42:29,730
+It's software engineers and
+developers, it's reliability
+
+938
+00:42:29,730 --> 00:42:31,200
+analysts, it's trajectory
+engineers.
+
+939
+00:42:31,770 --> 00:42:34,470
+It's just so many different
+disciplines that all come.
+
+940
+00:42:34,470 --> 00:42:37,020
+Together after you spend all
+that money and all that time
+
+941
+00:42:37,020 --> 00:42:38,190
+and you have all those
+people working for a
+
+942
+00:42:38,190 --> 00:42:40,530
+company, you don't really
+know if the thing's going to
+
+943
+00:42:40,530 --> 00:42:43,020
+work until you go out and
+test it.
+
+944
+00:43:13,300 --> 00:43:14,550
+This is the Reaver engine.
+
+945
+00:43:14,560 --> 00:43:15,730
+This is our first stage
+engine.
+
+946
+00:43:16,360 --> 00:43:18,760
+This engine is essentially
+what will be installed on
+
+947
+00:43:18,760 --> 00:43:22,300
+the vehicle. Every engine
+that we will fly goes
+
+948
+00:43:22,300 --> 00:43:22,390
+through.
+
+949
+00:43:22,420 --> 00:43:23,560
+What's called an acceptance.
+
+950
+00:43:23,560 --> 00:43:24,670
+Testing protocol.
+
+951
+00:43:24,850 --> 00:43:27,850
+And what HPE is seeking to
+do is tune the engine.
+
+952
+00:43:27,850 --> 00:43:29,920
+So make sure we have the
+right amount of.
+
+953
+00:43:29,920 --> 00:43:30,610
+Propellants in.
+
+954
+00:43:30,610 --> 00:43:31,930
+The right combination, as
+well.
+
+955
+00:43:32,140 --> 00:43:33,220
+As ensure the workmanship.
+
+956
+00:43:33,220 --> 00:43:34,270
+And quality of that engine
+itself.
+
+957
+00:43:39,880 --> 00:43:43,420
+We are standing on TSU,
+which is the stand that we
+
+958
+00:43:43,420 --> 00:43:45,580
+use for testing the various
+rocket stages.
+
+959
+00:43:45,580 --> 00:43:49,030
+So stage one and stage two
+both get tested right here.
+
+960
+00:43:49,300 --> 00:43:51,490
+That actually is where the
+fire goes through when we
+
+961
+00:43:51,490 --> 00:43:57,960
+ignite the engine. So
+everything we do
+
+962
+00:43:57,960 --> 00:43:58,350
+here.
+
+963
+00:43:58,350 --> 00:43:59,780
+Is meant to simulate the
+launch.
+
+964
+00:44:00,090 --> 00:44:02,190
+Conditions so that when we
+get there, it's game day.
+
+965
+00:44:13,370 --> 00:44:16,160
+Once things are rigorously
+tested in Texas and we
+
+966
+00:44:16,160 --> 00:44:18,620
+transport them to the
+launch sites, do the final
+
+967
+00:44:18,620 --> 00:44:20,990
+integration of the vehicle,
+put them out on the launch
+
+968
+00:44:20,990 --> 00:44:24,500
+pad, and we just do one
+final hot fire test where we
+
+969
+00:44:24,500 --> 00:44:25,580
+put the rocket up.
+
+970
+00:44:25,580 --> 00:44:27,560
+We pretend we're going to
+launch it, we write it,
+
+971
+00:44:27,590 --> 00:44:30,500
+we've let it run and just
+verify that everything's in
+
+972
+00:44:30,500 --> 00:44:32,780
+perfect order before we
+actually just do the final
+
+973
+00:44:32,780 --> 00:44:36,020
+thing, which is let it fly
+to 60% on to.
+
+974
+00:44:36,440 --> 00:44:37,100
+Make it all the way.
+
+975
+00:44:50,160 --> 00:44:52,530
+We've been working on this
+for years and years.
+
+976
+00:44:52,770 --> 00:44:56,090
+A lot of money has gone
+into this and tomorrow's the
+
+977
+00:44:56,100 --> 00:44:56,640
+payoff.
+
+978
+00:44:56,700 --> 00:44:59,910
+It's just such an incredible
+feeling to finally be at
+
+979
+00:44:59,910 --> 00:45:00,660
+this day.
+
+980
+00:45:01,740 --> 00:45:03,510
+Of the four hydraulic
+operations.
+
+981
+00:45:20,530 --> 00:45:22,090
+I don't know what.
+
+982
+00:45:37,250 --> 00:45:38,870
+And before three.
+
+983
+00:46:06,150 --> 00:46:07,760
+Ow! Ow! Ow!
+
+984
+00:46:08,010 --> 00:46:14,160
+Ow! We take a look at
+
+985
+00:46:14,200 --> 00:46:15,010
+1499.
+
+986
+00:46:18,360 --> 00:46:21,090
+During the first flight, we
+had a failure where one of
+
+987
+00:46:21,090 --> 00:46:23,550
+the engines simply just
+turned off in flight.
+
+988
+00:46:23,550 --> 00:46:25,710
+And it turned out it was
+just a simple electrical
+
+989
+00:46:25,710 --> 00:46:27,540
+connector that that rattled
+loose.
+
+990
+00:46:29,940 --> 00:46:33,300
+To go to all that effort
+and to have it fail.
+
+991
+00:46:33,390 --> 00:46:35,190
+It feels like a lot of
+other things that happen in
+
+992
+00:46:35,190 --> 00:46:37,530
+this company to go all that
+effort and then to run out
+
+993
+00:46:37,530 --> 00:46:39,990
+of money, you have to shut
+down, play everybody off,
+
+994
+00:46:40,320 --> 00:46:42,690
+boot back up. It's one of
+those things that's that's
+
+995
+00:46:42,690 --> 00:46:43,800
+deeply troubling.
+
+996
+00:46:43,800 --> 00:46:45,450
+But in the back of your
+mind, you have the
+
+997
+00:46:45,450 --> 00:46:48,630
+conviction that ultimately
+you'll be successful.
+
+998
+00:46:48,660 --> 00:46:52,560
+A lot of companies over the
+year have attempted the same
+
+999
+00:46:52,560 --> 00:46:56,070
+thing and failed to do so
+on their first tries, but
+
+1000
+00:46:56,070 --> 00:46:58,320
+have been ultimately
+successful. This is a
+
+1001
+00:46:58,320 --> 00:46:59,340
+business that is quite
+unforgiving.
+
+1002
+00:47:00,630 --> 00:47:02,700
+And even though we had an
+engine out, we got a lot of
+
+1003
+00:47:02,700 --> 00:47:05,520
+flight time. So we got a
+lot of aerodynamics data, we
+
+1004
+00:47:05,520 --> 00:47:08,760
+got a lot of control data,
+we got a lot of data about
+
+1005
+00:47:08,760 --> 00:47:11,850
+how the rocket moves even
+up through supersonic speed.
+
+1006
+00:47:11,850 --> 00:47:13,590
+So that data is gold.
+
+1007
+00:47:16,020 --> 00:47:18,930
+The company isn't skipping a
+beat, aiming to conduct its
+
+1008
+00:47:18,930 --> 00:47:21,000
+next flight in early 2022.
+
+1009
+00:47:21,910 --> 00:47:25,000
+The plan is to have the
+vehicle behind us fully
+
+1010
+00:47:25,000 --> 00:47:28,180
+ready to go by the end of
+the year and launch as soon
+
+1011
+00:47:28,180 --> 00:47:30,640
+as we can in the beginning
+of the new year.
+
+1012
+00:47:31,540 --> 00:47:32,800
+Now it's about refinement.
+
+1013
+00:47:32,800 --> 00:47:35,680
+And every flight you make
+it easier and easier and
+
+1014
+00:47:35,680 --> 00:47:36,280
+easier.
+
+1015
+00:47:36,370 --> 00:47:37,300
+We have people.
+
+1016
+00:47:37,300 --> 00:47:39,910
+Looking as far out as like
+Flight six and Flight seven.
+
+1017
+00:47:40,570 --> 00:47:42,880
+Firefly's Alpha Rocket will
+compete in the small to
+
+1018
+00:47:42,880 --> 00:47:45,560
+medium launch market for
+$15 Million.
+
+1019
+00:47:45,640 --> 00:47:48,130
+It will take payloads such
+as small satellites to low
+
+1020
+00:47:48,130 --> 00:47:50,860
+earth orbit in comparison
+to competitors.
+
+1021
+00:47:50,860 --> 00:47:53,600
+Rocket Lab's smaller
+electron costs $7 Million
+
+1022
+00:47:53,620 --> 00:47:58,250
+per launch astra's as cheap
+as $2.5 million and Abloh's
+
+1023
+00:47:58,300 --> 00:48:00,430
+RS one cost $12 million per
+launch.
+
+1024
+00:48:01,240 --> 00:48:05,380
+To provide context, SpaceX
+Falcon nine costs about $62
+
+1025
+00:48:05,380 --> 00:48:06,550
+Million per launch.
+
+1026
+00:48:06,640 --> 00:48:09,100
+The company is also
+developing a higher capacity
+
+1027
+00:48:09,100 --> 00:48:11,860
+rocket, which it says will
+be capable of carrying up to
+
+1028
+00:48:11,860 --> 00:48:13,390
+8000 kilograms.
+
+1029
+00:48:13,780 --> 00:48:15,610
+We've got some great
+strategic partnerships
+
+1030
+00:48:15,610 --> 00:48:18,010
+potentially set up with
+that that will allow us to
+
+1031
+00:48:18,010 --> 00:48:21,190
+start flying hardware in as
+little as a couple of years.
+
+1032
+00:48:21,340 --> 00:48:24,160
+Down the road. Firefly has
+additional plans for a wing
+
+1033
+00:48:24,190 --> 00:48:25,540
+to reusable rocket.
+
+1034
+00:48:25,780 --> 00:48:29,050
+These are long term
+development projects that
+
+1035
+00:48:29,050 --> 00:48:32,410
+they really won't be able
+to spend much time on and
+
+1036
+00:48:32,410 --> 00:48:35,380
+really won't be able to see
+the light of day until their
+
+1037
+00:48:35,380 --> 00:48:38,620
+core central businesses are
+up and running first.
+
+1038
+00:48:38,920 --> 00:48:41,650
+The company is positioning
+itself as an end to end
+
+1039
+00:48:41,650 --> 00:48:42,820
+space transportation
+company.
+
+1040
+00:48:43,600 --> 00:48:45,460
+We are not a rocket company.
+
+1041
+00:48:45,490 --> 00:48:47,680
+A rocket is an important
+part of it, but it's really
+
+1042
+00:48:47,680 --> 00:48:49,780
+one third of our whole
+space transportation
+
+1043
+00:48:49,780 --> 00:48:50,680
+architecture.
+
+1044
+00:48:57,010 --> 00:48:59,950
+Blue Ghost is our lunar
+lander solution that
+
+1045
+00:48:59,950 --> 00:49:02,080
+fulfills the National
+Commercial Lunar Payload
+
+1046
+00:49:02,080 --> 00:49:03,190
+Services mission.
+
+1047
+00:49:03,190 --> 00:49:04,540
+We want our first proposal.
+
+1048
+00:49:04,570 --> 00:49:06,400
+It's originally at $93
+Million.
+
+1049
+00:49:07,150 --> 00:49:10,270
+It's taking ten payloads
+just under 100 kilograms
+
+1050
+00:49:10,270 --> 00:49:11,830
+worth of NASA's
+experiments.
+
+1051
+00:49:12,940 --> 00:49:15,940
+Nasa's Artemis program aims
+to return humans to the
+
+1052
+00:49:15,940 --> 00:49:18,880
+moon. Leading up to those
+missions, projects like Blue
+
+1053
+00:49:18,880 --> 00:49:21,100
+Ghost will deliver
+scientific research to the
+
+1054
+00:49:21,100 --> 00:49:21,940
+surface.
+
+1055
+00:49:22,180 --> 00:49:25,180
+Blue Origin, SpaceX and some
+others are working on the
+
+1056
+00:49:25,180 --> 00:49:26,470
+human lander solution.
+
+1057
+00:49:26,470 --> 00:49:28,480
+Part of the problem. And
+there are these precursor
+
+1058
+00:49:28,480 --> 00:49:31,570
+missions, smaller science
+missions, to understand that
+
+1059
+00:49:31,570 --> 00:49:32,510
+environment better.
+
+1060
+00:49:32,530 --> 00:49:35,140
+This program, though, is
+really representative of
+
+1061
+00:49:35,140 --> 00:49:38,770
+NASA's push to becoming
+more of a customer rather
+
+1062
+00:49:38,770 --> 00:49:40,690
+than being a manufacturer
+itself.
+
+1063
+00:49:41,440 --> 00:49:43,750
+Firefly's not the only one
+that's won a contract.
+
+1064
+00:49:43,780 --> 00:49:47,250
+They've been awarding them
+steadily and about the 70 to
+
+1065
+00:49:47,250 --> 00:49:48,670
+$100 Million range.
+
+1066
+00:49:49,720 --> 00:49:51,730
+We have a couple payloads
+that are studying the lunar
+
+1067
+00:49:51,730 --> 00:49:53,080
+regolith, the lunar soil.
+
+1068
+00:49:53,080 --> 00:49:54,730
+We have a couple of
+payloads that are performing
+
+1069
+00:49:54,730 --> 00:49:56,170
+science experiments on the
+way to the moon.
+
+1070
+00:49:56,170 --> 00:49:58,480
+And then once on the lunar
+surface, some that are
+
+1071
+00:49:58,480 --> 00:50:01,240
+studying the magnetic field
+of the moon, some that are
+
+1072
+00:50:01,240 --> 00:50:02,680
+studying the magnetic field
+of the earth.
+
+1073
+00:50:02,680 --> 00:50:04,300
+We've got a couple of
+batteries in there on this
+
+1074
+00:50:04,300 --> 00:50:07,060
+side. We have one of our
+payloads here, different
+
+1075
+00:50:07,060 --> 00:50:10,210
+electronics control boxes
+that distribute
+
+1076
+00:50:10,210 --> 00:50:11,500
+communications and power.
+
+1077
+00:50:11,980 --> 00:50:13,690
+We have this
+retroreflector. I think a
+
+1078
+00:50:13,690 --> 00:50:15,430
+lot of the retro reflectors
+that are on the moon right
+
+1079
+00:50:15,430 --> 00:50:17,620
+now are so from the Apollo
+era to start getting
+
+1080
+00:50:17,620 --> 00:50:19,570
+accurate distances to the
+lunar surface.
+
+1081
+00:50:19,570 --> 00:50:21,340
+This is one of the payloads
+that I think is the coolest.
+
+1082
+00:50:21,340 --> 00:50:22,390
+It's called LMS.
+
+1083
+00:50:22,450 --> 00:50:23,710
+They have these little
+probes that are going to
+
+1084
+00:50:23,710 --> 00:50:25,900
+shoot out and land on the
+lunar surface, and they have
+
+1085
+00:50:25,900 --> 00:50:28,270
+a big mast that's going to
+go up and measure the
+
+1086
+00:50:28,270 --> 00:50:29,900
+magnetic field of the lunar
+surface. I think that just.
+
+1087
+00:50:29,900 --> 00:50:31,960
+Sounds so cool. Every
+kilogram is worth about
+
+1088
+00:50:31,960 --> 00:50:34,630
+$1,000,000, so weight
+savings is crucial.
+
+1089
+00:50:34,630 --> 00:50:37,240
+So we've done this stuff
+called generative design,
+
+1090
+00:50:37,240 --> 00:50:40,780
+where we use a computer
+algorithm to optimize the
+
+1091
+00:50:40,780 --> 00:50:43,720
+structure to survive the
+loads it needs to survive
+
+1092
+00:50:43,720 --> 00:50:44,680
+and nothing else.
+
+1093
+00:50:44,860 --> 00:50:47,980
+The company is planning to
+launch in 2023 using SpaceX
+
+1094
+00:50:48,190 --> 00:50:49,390
+Falcon nine rocket.
+
+1095
+00:50:49,630 --> 00:50:50,740
+Starting next year.
+
+1096
+00:50:50,740 --> 00:50:53,740
+It's all about building the
+flight hardware and then we
+
+1097
+00:50:53,740 --> 00:50:57,670
+basically have a good six
+months to test it before we
+
+1098
+00:50:57,710 --> 00:50:58,540
+eventually fly it.
+
+1099
+00:50:58,780 --> 00:51:01,120
+To test how glucose will
+perform on the mission,
+
+1100
+00:51:01,120 --> 00:51:04,330
+they've recreated the lunar
+surface for simulations.
+
+1101
+00:51:04,360 --> 00:51:05,080
+Our chief engineer.
+
+1102
+00:51:05,080 --> 00:51:06,790
+Always says we're going to
+make sure we test like we
+
+1103
+00:51:06,790 --> 00:51:08,590
+fly that lunar lander sim.
+
+1104
+00:51:08,590 --> 00:51:10,360
+We use it for our vision
+navigation system.
+
+1105
+00:51:10,360 --> 00:51:12,460
+You just want to eliminate
+as many unknowns as
+
+1106
+00:51:12,460 --> 00:51:15,820
+possible. Well, at SpaceX
+X, McKissic witnessed the
+
+1107
+00:51:15,820 --> 00:51:18,190
+development of the Dragon
+capsule program for high
+
+1108
+00:51:18,190 --> 00:51:21,250
+revenue resupply missions
+to the space station and
+
+1109
+00:51:21,250 --> 00:51:23,620
+sought similar
+opportunities for Firefly.
+
+1110
+00:51:23,950 --> 00:51:26,710
+The rocket gives you the
+keys to space.
+
+1111
+00:51:26,710 --> 00:51:30,220
+It's critically important,
+but the big revenue is doing
+
+1112
+00:51:30,220 --> 00:51:31,660
+things in space.
+
+1113
+00:51:31,660 --> 00:51:34,630
+Blue Ghost, fully loaded
+with payload, can generate
+
+1114
+00:51:34,630 --> 00:51:37,720
+about $150 million of
+revenue for the company
+
+1115
+00:51:38,170 --> 00:51:41,590
+alpha. On the other hand,
+the launcher is about $15
+
+1116
+00:51:41,590 --> 00:51:43,930
+Million retail per flight.
+
+1117
+00:51:44,050 --> 00:51:47,080
+Firefly says it's also
+competing for rover projects
+
+1118
+00:51:47,080 --> 00:51:49,270
+and the company is
+developing a space utility
+
+1119
+00:51:49,270 --> 00:51:50,020
+vehicle.
+
+1120
+00:51:50,050 --> 00:51:52,990
+We're developing a vehicle
+called SUV Space Utility
+
+1121
+00:51:52,990 --> 00:51:56,290
+Vehicle, and it's kind of
+the do everything utility
+
+1122
+00:51:56,290 --> 00:51:59,410
+vehicle, the Swiss Army
+knife of spacecraft, having.
+
+1123
+00:51:59,410 --> 00:52:02,620
+The spacecraft that can just
+hang out in orbit and
+
+1124
+00:52:02,620 --> 00:52:05,740
+transport things that can
+service things that can.
+
+1125
+00:52:05,740 --> 00:52:06,310
+Relay.
+
+1126
+00:52:06,310 --> 00:52:08,650
+Things is going to be really
+big for us.
+
+1127
+00:52:10,540 --> 00:52:11,980
+Launches are picking up.
+
+1128
+00:52:11,980 --> 00:52:16,360
+In 2020, there were a total
+of 114 orbital launches, 41
+
+1129
+00:52:16,360 --> 00:52:17,560
+of which were commercial.
+
+1130
+00:52:17,890 --> 00:52:21,370
+Today we are in something of
+an entrepreneurial space age
+
+1131
+00:52:21,370 --> 00:52:23,110
+and we're moving into an
+era that's going to be
+
+1132
+00:52:23,110 --> 00:52:25,270
+basically the space age.
+
+1133
+00:52:25,270 --> 00:52:28,150
+When Starship comes online,
+we're talking about going
+
+1134
+00:52:28,150 --> 00:52:30,730
+from 100,000 per kilogram
+in the shuttle.
+
+1135
+00:52:31,340 --> 00:52:33,890
+To 1000 ish dollars a
+kilogram with the Falcon
+
+1136
+00:52:33,890 --> 00:52:37,760
+heavy to $10 a kilogram
+with Starship.
+
+1137
+00:52:37,940 --> 00:52:40,340
+The broader global space
+economy is already worth
+
+1138
+00:52:40,340 --> 00:52:44,480
+more than $423 billion, and
+Bank of America forecasts
+
+1139
+00:52:44,480 --> 00:52:47,120
+that the space industry as
+a whole is expected to reach
+
+1140
+00:52:47,120 --> 00:52:49,970
+$1.4 trillion by 2030.
+
+1141
+00:52:50,210 --> 00:52:54,050
+Spacex is the next frontier
+for the information
+
+1142
+00:52:54,050 --> 00:52:56,570
+revolution. So everything
+that's been going on in the
+
+1143
+00:52:56,570 --> 00:52:59,540
+last few decades with the
+growth of the Internet is
+
+1144
+00:52:59,540 --> 00:53:02,380
+now going to be served from
+space y.
+
+1145
+00:53:02,390 --> 00:53:05,090
+You can distribute
+information more efficiently
+
+1146
+00:53:05,090 --> 00:53:07,550
+around the earth from the
+vantage point of SpaceX and
+
+1147
+00:53:07,580 --> 00:53:09,940
+having Internet from the
+sky, internet everywhere.
+
+1148
+00:53:09,950 --> 00:53:12,290
+Most of the money in terms
+of the billions and billions
+
+1149
+00:53:12,290 --> 00:53:14,450
+of dollars that's been
+spent in the past decade,
+
+1150
+00:53:14,450 --> 00:53:18,080
+has mostly centered in
+either building rockets or
+
+1151
+00:53:18,080 --> 00:53:19,380
+building satellites.
+
+1152
+00:53:19,400 --> 00:53:21,680
+There's also been steady
+growth in a couple of other
+
+1153
+00:53:21,680 --> 00:53:24,830
+subsectors underneath
+there, such as suborbital
+
+1154
+00:53:24,830 --> 00:53:28,910
+space tourism and in space
+manufacturing and other data
+
+1155
+00:53:28,910 --> 00:53:32,180
+services. We're starting to
+see companies start to go
+
+1156
+00:53:32,180 --> 00:53:34,910
+public. The companies start
+to get acquired.
+
+1157
+00:53:34,910 --> 00:53:37,020
+Investor interest in SPACs
+is high.
+
+1158
+00:53:37,040 --> 00:53:39,290
+Both Virgin Orbit and
+Rocket Lab have taken
+
+1159
+00:53:39,290 --> 00:53:41,570
+advantage of this to raise
+additional capital.
+
+1160
+00:53:41,630 --> 00:53:42,680
+I don't want to use.
+
+1161
+00:53:42,770 --> 00:53:45,200
+Going public is just
+another way to fund
+
+1162
+00:53:45,200 --> 00:53:47,810
+development. But I think
+it's a possibility.
+
+1163
+00:53:47,810 --> 00:53:50,270
+This time next year we
+could be talking about a
+
+1164
+00:53:50,270 --> 00:53:51,890
+public offering of Firefly.
+
+1165
+00:53:52,460 --> 00:53:55,330
+The company is up against a
+lot of competition.
+
+1166
+00:53:55,340 --> 00:53:57,980
+Several startups are
+aggressively fundraising and
+
+1167
+00:53:57,980 --> 00:54:00,000
+working to get rockets off
+the ground.
+
+1168
+00:54:00,020 --> 00:54:03,440
+We are tracking a little
+less than 100 companies that
+
+1169
+00:54:03,440 --> 00:54:04,610
+have been started by SpaceX
+alumni.
+
+1170
+00:54:05,450 --> 00:54:07,700
+There are a lot of companies
+that talk about doing this,
+
+1171
+00:54:07,700 --> 00:54:09,950
+but there are very few
+elite crowd that can
+
+1172
+00:54:09,950 --> 00:54:12,110
+actually do it. And within
+the next few months, when we
+
+1173
+00:54:12,110 --> 00:54:14,390
+go out and fly that second
+rocket, we're going to enter
+
+1174
+00:54:14,390 --> 00:54:17,270
+that elite stratosphere of
+the companies that can
+
+1175
+00:54:17,270 --> 00:54:18,980
+actually do this in a
+repeatable way.
+
+1176
+00:54:19,190 --> 00:54:22,130
+But once Firefly and other
+succeed in reaching space,
+
+1177
+00:54:22,130 --> 00:54:24,670
+they will be confronted
+with another challenge
+
+1178
+00:54:24,680 --> 00:54:27,230
+building and refining
+operations for regular
+
+1179
+00:54:27,230 --> 00:54:28,100
+spaceflight.
+
+1180
+00:54:28,130 --> 00:54:30,560
+We want to launch 24 rockets
+in 2024.
+
+1181
+00:54:30,590 --> 00:54:32,300
+One of the things that's
+going to help us hit that
+
+1182
+00:54:32,300 --> 00:54:34,730
+cadence is to fly our next
+flight as soon as possible
+
+1183
+00:54:34,730 --> 00:54:37,190
+and the one after that as
+soon as possible, and start
+
+1184
+00:54:37,190 --> 00:54:39,770
+conquering that learning
+curve as quickly as you can
+
+1185
+00:54:39,770 --> 00:54:42,920
+so that you can step into
+repeatable builds.
+
+1186
+00:54:42,920 --> 00:54:46,850
+For them to be a viable
+business, they're going to
+
+1187
+00:54:46,850 --> 00:54:47,870
+need to get into other
+things.
+
+1188
+00:54:48,530 --> 00:54:51,170
+The company is reportedly in
+talks to provide engine
+
+1189
+00:54:51,170 --> 00:54:53,870
+technology to competing
+launch company Astra.
+
+1190
+00:54:53,900 --> 00:54:56,870
+The contract specified as
+many as 50 of the Reaver
+
+1191
+00:54:56,870 --> 00:55:01,070
+engines for Astra to use on
+their own rockets and for
+
+1192
+00:55:01,070 --> 00:55:02,130
+future development.
+
+1193
+00:55:02,150 --> 00:55:05,630
+We're very open and willing
+to help other companies that
+
+1194
+00:55:05,630 --> 00:55:09,710
+are coming up by sharing
+what we've built, but also
+
+1195
+00:55:09,710 --> 00:55:11,000
+making a lot of money along
+the way.
+
+1196
+00:55:11,000 --> 00:55:12,080
+In the act of sharing.
+
+1197
+00:55:12,080 --> 00:55:14,810
+With all of the activity in
+aerospace, the company says
+
+1198
+00:55:14,810 --> 00:55:17,450
+selling components could be
+a big business.
+
+1199
+00:55:17,570 --> 00:55:20,990
+Our vision here is to create
+an e-commerce marketplace
+
+1200
+00:55:20,990 --> 00:55:22,850
+where you can buy all kinds
+of components rocket
+
+1201
+00:55:22,850 --> 00:55:25,170
+engines, valves, all the
+building blocks.
+
+1202
+00:55:25,190 --> 00:55:28,940
+Customers can buy things as
+anonymously as you and I can
+
+1203
+00:55:28,940 --> 00:55:30,200
+buy things on Amazon.
+
+1204
+00:55:30,470 --> 00:55:32,630
+The ideal scenario in 20
+years from now, whether it's
+
+1205
+00:55:32,630 --> 00:55:34,700
+our rocket or somebody
+else's rocket, there's
+
+1206
+00:55:34,700 --> 00:55:37,130
+probably going to be
+Firefly components on that
+
+1207
+00:55:37,130 --> 00:55:37,670
+mission.
+
+1208
+00:55:38,000 --> 00:55:40,970
+With the inherent risks in
+the industry, the road ahead
+
+1209
+00:55:40,970 --> 00:55:42,230
+will be a tough one.
+
+1210
+00:55:42,340 --> 00:55:44,720
+I don't know a single rocket
+company that is in existence
+
+1211
+00:55:44,720 --> 00:55:47,420
+right now that has not had
+very low lows and very high
+
+1212
+00:55:47,420 --> 00:55:49,040
+highs even into its mature
+phases.
+
+1213
+00:55:49,730 --> 00:55:51,950
+There's no doubt
+consolidation is coming.
+
+1214
+00:55:52,430 --> 00:55:56,270
+So I don't think there are
+a room for 100 launcher
+
+1215
+00:55:56,270 --> 00:55:58,460
+companies, maybe not even
+maybe ten launcher
+
+1216
+00:55:58,460 --> 00:56:00,950
+companies. But we see the
+consolidation coming and we
+
+1217
+00:56:00,950 --> 00:56:04,970
+want to sort of team up and
+form new enterprises with
+
+1218
+00:56:04,970 --> 00:56:06,860
+players that we think are
+the most viable for the
+
+1219
+00:56:06,860 --> 00:56:07,490
+future.
+
+1220
+00:56:07,520 --> 00:56:10,130
+We've already seen that
+companies that maybe falter
+
+1221
+00:56:10,130 --> 00:56:13,280
+or go by the wayside often
+get acquired.
+
+1222
+00:56:13,280 --> 00:56:15,830
+And so that is not
+necessarily a bad thing.
+
+1223
+00:56:15,830 --> 00:56:18,200
+Everyone doesn't need to
+succeed because it actually
+
+1224
+00:56:18,200 --> 00:56:21,080
+can seed growth throughout
+the rest of the industry.
+
+1225
+00:56:22,190 --> 00:56:24,230
+But that isn't deterring
+those who have a vision
+
+1226
+00:56:24,230 --> 00:56:27,500
+where a future in the stars
+isn't that far off.
+
+1227
+00:56:27,530 --> 00:56:28,990
+It's one small step.
+
+1228
+00:56:29,000 --> 00:56:30,830
+I don't want this to be
+another bubble.
+
+1229
+00:56:30,830 --> 00:56:32,780
+Like when we went to the
+moon originally back in the
+
+1230
+00:56:32,780 --> 00:56:34,790
+late sixties or early
+seventies where we forgot
+
+1231
+00:56:34,790 --> 00:56:35,860
+all that technology.
+
+1232
+00:56:35,870 --> 00:56:39,260
+I want to lay the roads now
+so that generations after
+
+1233
+00:56:39,260 --> 00:56:41,930
+generations can use those
+same roads to get to the
+
+1234
+00:56:41,930 --> 00:56:44,060
+moon, get to Mars, go
+beyond that.
+
+1235
+00:56:44,960 --> 00:56:47,960
+I can honestly say this has
+been a really difficult
+
+1236
+00:56:47,960 --> 00:56:52,070
+thing to do, but there's
+never been a day where just
+
+1237
+00:56:52,070 --> 00:56:55,010
+the spark hasn't lit inside
+me and still just made me
+
+1238
+00:56:55,010 --> 00:56:57,680
+feel very blessed and
+fortunate to be doing this.
+
+1239
+00:56:59,830 --> 00:57:02,290
+We're creating great 21st
+century jobs.
+
+1240
+00:57:02,290 --> 00:57:05,020
+But I also just see people
+in airports and such that
+
+1241
+00:57:05,020 --> 00:57:07,180
+will just come up to me
+because they see the Firefly
+
+1242
+00:57:07,210 --> 00:57:09,190
+logo and they're like, Hey,
+I was with you the whole
+
+1243
+00:57:09,190 --> 00:57:11,290
+time. I was watching that
+launch and everything was so
+
+1244
+00:57:11,290 --> 00:57:13,120
+exciting. All my friends
+were watching and everything
+
+1245
+00:57:13,120 --> 00:57:16,210
+and it just clicks in my
+mind that what we're doing
+
+1246
+00:57:16,210 --> 00:57:19,170
+is not only inspiring to
+me, what's more important is
+
+1247
+00:57:19,220 --> 00:57:21,730
+it's inspiring to thousands
+of people.
+
+1248
+00:57:22,870 --> 00:57:24,670
+I can't get enough of this,
+and I hope I get to keep
+
+1249
+00:57:24,670 --> 00:57:25,480
+doing it for a long, long
+time.
+