Episode 100 | SpaceX Is Public. Here's What You Need to Know.

In Episode 100 of “Market News with Rodney Lake,” Professor Lake celebrates the podcast's milestone 100th episode before delivering a comprehensive analysis of the newly public SpaceX. He examines SpaceX's dominant position in the rapidly expanding space economy, highlighting its leadership in reusable launch systems, Starlink, AI infrastructure, and the emerging opportunity of data centers in space. The episode explores how the company's vertically integrated business model and relentless pace of innovation have created an unparalleled competitive advantage, while evaluating the leadership of Elon Musk and Gwynne Shotwell in executing SpaceX's ambitious long-term vision. Professor Lake also discusses the challenges of valuing one of the market's most closely watched new public companies, assessing its premium valuation, balance sheet, and future capital requirements. Throughout the episode, he explains why SpaceX sits at the intersection of artificial intelligence, semiconductors, robotics, and commercial space, making it one of the most important companies for investors and business leaders to watch in the years ahead.

Transcript

Thank you for joining Market News with Rodney Lake. This is a regular program for the GW Investment Institute where we talk about timely market topics. I'm Rodney Lake, the director of the GW Investment Institute. Let's get started.
Welcome back to Market News with Rodney Lake. I'm your host, Rodney Lake. Welcome to GW School of Business GW Investment Institute podcast coming to you from Duquès Hall. Duquès family studio. Shout out to the Duquès family. As always, thank you very much for this fabulous studio. All right. This is a special episode. Today is episode 100.
If you've stuck with us. Thank you very much. Please continue to stick with us. Like, subscribe. Tell all your friends we have important things to go over today. A couple of things at the top of the show. All right, a big shout out: 100 episodes. Thank you Jeff. Thank you Josh. Thank you Susan, very much for all the help and support.
The studio is fabulous and it runs really well. You guys do a fantastic job. Thank you very much. Also special shout out to the GW Investment Investment Institute team. Excuse me, that's Bojana, Kathleen, and Danielle. Great job. Keep cranking out the episodes with all the help. We very much appreciate that. Thank you so much to the GW Investment Institute team and a special shout out to the Dean Yeltekin.
Thanks for the support from the administration. Really appreciate that. And again, we're coming to you from the GW School of Business, Duques Hall, Duques Family studio. So right here at our home. So we really appreciate that. Thanks to everybody very much appreciate it. All right. 100 so I debated, you know, quite a bit of, you know, what's the most appropriate thing to do for the 100th episode.
Well, after some back and forth, it became quite obvious what to do if anybody's familiar with what's happening in the markets. Recently, SpaceX IPO, we've been talking about data centers and SpaceX, one of my favorite topics, as you probably know, if you've been watching and if not, you know, data centers in space. So SpaceX's IPO just happened recently.
So what? You know, what an opportune time to talk about SpaceX. Now that it is a public company, we're going to use the GW Investment Institute framework: business, management, price versus valuation, and balance sheet BMPB. Thank you very much. And we're going to crank through and we're going to take a look at what we think about SpaceX. Now it's pretty early.
So any of the scoring here you know it's really tough to say you know how appropriate it is or it isn't. So you know I would say take it with a grain of salt. Remember this is for entertainment and educational purposes only. This is not investment advice. This is a new public company. But it's, you know, lots of new things happening.
I think it's important to watch it because you're not invested in it, because I think the space industry is something to watch. That's not a hot take. I think lots of people are on to that. Now let's get into the company for a little bit. All right. Number one the business of space. And so let's talk a little bit about the business.
It really recently came public. And so let's just do some of the stats here. So this is a you know a $2 trillion company. It came public at 1.75 trillion. They they raised 75 billion in the IPO. Elon Musk is the controlling shareholder here. So not a huge surprise if you've been following what's happening. There are different classes of shares.
And so unlike Tesla Elon has a super majority here with respect to voting. That's very similar to what Google has done, what their founders with Larry and Sergey and also what Meta has done, for example, with Zuckerberg. So not uncommon, certainly not for for, you know, more recent tech companies to do this. Tesla did not do this. And I think Musk probably regretted that and has done this for space.
So he is the controlling shareholder for votes because of the supermajority voting rights. And so I think here you're along for the ride, so to speak, which I think is the case for many of these companies anyway. If you're a retail shareholder, certainly if you're a massive shareholder, if you plan to go activists, that is a different story.
Not really possible with this structure though. The same for Alphabet, which is the parent parent company for Google, but also for Meta as well. All right. So jumping in beyond those stats again this is a $2 trillion company already. We're here at the end of June in 2026. It just recently came public. You know a bump up there I think some special recognition goes to the book runners here, which would be Goldman and Morgan Stanley did a fabulous job.
And then JP Morgan of stabilizing this IPO. Lots of interest, lots of retail interest, lots of institutional interest. And I think they did a fabulous job, at least from my perspective here. Not into the nitty gritty of knowing any one in particular there, but certainly a shout out to Goldman, a shout out to Morgan Stanley and a shout out to JP Morgan here to make sure all this went smoothly.
Big IPO, a lot of money raised and certainly a big valuation. So let's talk about some of the stats here. So on the business side what does SpaceX actually do first. So before we get to some of the numbers. Well most of you probably are familiar now. Or if you're not already that space launches rockets. Well one of the things that they launch on those rockets that's so particular importance to them are Starlink satellites.
And now that number is in the 10,000. So you have 10 million subscribers. And so a vast majority of their revenue is coming from that. When we talk about the revenue right now for for SpaceX, you know, versus the valuation, it is not a lot of revenue. And again a vast majority now is coming from Starlink. So you're talking the 2025 full year here $18 billion.
Again this came from the S-1. If you go through it in detail here 2024 the 14 billion, and 10 billion in 2023. So these are not enormous numbers, right. These are quite small. And so when you think about the valuation, the price to sales here, these are extremely high valuations. And so when we talk depending on what metric you're using you can pretty much use any of them.
But obviously people are thinking about what's the future? Where is this company going and what does it have access to? Now a couple of things to think about on the business side that there were amendments, you know, before the S-1 or after the S-1 was filed, before the company came public to find out some other things? Some of those things are they're running out.
Colossus, this data center, they acquired XAI. I should mention that before they became public. I think that's super important. And now they have this Colossus one and two. And they rented out Colossus one to anthropic paying 1.25 billion per month for that through I think 27. So these are really typically big deals and certainly ramps up the revenue quite quickly.
And I think it goes to show how quickly that the SpaceX team went from developing this data center colossus and getting it deployed for itself, mostly using, by the way, Nvidia chips. We love talking about Nvidia as well and now renting it out to anthropic, who needs the compute here. So I think fairly interesting. We mentioned this before about how you need to pay attention to what's happening with the Nvidia chips.
And certainly when you see something like that the demand seems to be there. The other thing is Google, who has their own chips, their own TPUs, and people talk about how they can be substituted for the GPUs, while also now you have space renting out some of their compute power to Google 900 and I think 23 million a month.
So almost $1 billion. That number might be off. But the magnitude, they're around a billion a month. And so these are these are enormous numbers. These are signs of where the industry is and the fact that SpaceX, you know, acquired shy but can ramp up so quickly. These data centers in the idea that Jensen Wong, had mentioned CEO of Nvidia, how quickly that space in this case now the parent company or the overall company built these data centers in 19 days and got them up and running from a standing start.
And in Memphis. And so really, really interesting, they took over an old warehouse, Electrolux, I think, warehouse factory in Memphis, Tennessee, and got everything put together and got the data centers running, I think is fairly remarkable, and it shows the talent in engineering and know how at now SpaceX. And so I think that is super important. Now that's one element.
But that shows the revenue ramp. Now they're launching rockets in this business. And you know we're going to talk about the business here a lot. And so we're going to go over different things. And this business, SpaceX is really you know in a class by itself. There is no one that is in quite the same category as SpaceX.
So the you know, people that you would have to talk about are countries, you know, and that's not really the competition, but United Launch Alliance as an example. But SpaceX now has 10,000 satellites in orbit for Starlink. And so really again this puts it in a class by itself. And then the other part is that it controls its ability to launch.
A lot of these companies don't have that maybe have a service but don't have control. For example, Blue Origin would be referenced as a near competitor, but they're certainly not not at the launch cadence. And they just had a unfortunate accident. They're not at the same launch cadence as SpaceX. You know last year for Falcon nine. And that's the the workhorse right now is the Falcon nine about once every two and a half days.
And so they are really well ahead of most people in this industry. And I think it's important to pay attention to that. I think the space industry again, I'm not the only person saying this. So this is not unique insight here is that the space industry will continue to grow, will continue to be important. And you know, the sky is literally not the limit.
It's more, you know, space is the limit. The universe is the limit. And so this is a huge opportunity. It opens up so many different avenues to build things, whether you're going to build them in low Earth orbit, build them on the moon, build them on Mars. So I think it's a really important aspect to consider. And there's so far ahead of everyone else right now, because one of the choices that they made is to vertically integrate, to iterate quick more quickly.
And if you listen, shout out to Dave, for example, his podcast, How SpaceX Works. For example, if you want to think about if you want a deep dive on the business itself and how they came about and the way that they think, they're structured very differently than some of the other companies, like a Boeing, for example. And so you absolutely have a different ethos at the center of SpaceX and the way that they operate and how quickly they iterate.
And certainly Tesla, musk runs both these companies would be analogous to this. And this is not a hot take either. Lots of people are saying this, but sort of hot take. I certainly think that space will acquire Tesla in the next, let's say 36 months, maybe sooner. So semi hot take on that one. So the business side of it, you know they're building tremendous things.
They're building you know the infrastructure that's going to make us a space bearing faring civilization. And so I think it is it's super interesting. And I think again, even if you're not investing in this company and not investment advice, you should be following this company because there are lots of interesting things happening in this. And so for me, it's super hard not to give the business a really high score because there's it's a it's a one of one, right?
There is nobody else like this. There is nobody else that that's really, you know, doing the same sort of effort here. And you have to think like, well, you know, what's the output for this? Well, the output for this is building the infrastructure that's going to deliver, you know, everything that's happening with respect to space, everything that's happening with satellites, everything that that's going on with, you know, everything in the business.
And so I think it's super interesting to think about what what is the upside here. Well, on the business side. So the upside you know, it's hard to define because the upside is so tremendously high. And so if you think about, you know, how does it compare against Blue Origin for example. Well it doesn't really compare at the moment.
And I think the upside is so much higher that, you know, it's again apples and oranges at the moment. All right. So another part about the business that I think is, is worth paying attention to is the fact that they recently bought cursor, which is an AI coding agent. And so you heard Jensen Wong saying everybody Nvidia is using that.
And so I think their ambitions to be a frontier model, Grok being that is super important. And I think it's it's really relevant to pay attention to what's happening, that you're going to need AI to run a lot of these things. It's certainly going to need AI to run the robots on Mars. And you're and lots of things that are happening.
The biggest part that people talk about, maybe it's not the biggest, but certainly one of the most important aspects is data centers in space. And so as you see more competition for power, land resources in the US and around the world, people not wanting data centers in their backyard, they're going to go to space where you have effectively unlimited energy.
We've talked about this before. If you watched the podcast. So if you're in space, you have access to the sun 24 over seven and you know, you got to do the cooling. But obviously important to to think about, important to consider that that's not happening tomorrow. But I think in 36 months it's probably likely to happen. There already have the sort of version one out there already of what that's going to look like.
And so the technical challenge that they solved many of those already with the Starlink system. And so I think it's going to be very interesting. And again, if you're not an investor, I think it's important to watch here. If you're delivering that level of compute and that level of AI, you basically, you know, are in a again, one of one.
And if you're vertically integrated, integrated and you control the launch as well, and you have this huge lead and really it's about the cost. And when you vertically integrate, you could do that. But you got to go volume right. If you're vertically integrated you control the fixed cost. And so that operational leverage you have to use with volume.
And so and again last year they're talking two and a half launches per day on the Falcon nine. And so that's got to get ramped up. And so Starship is up next. It's had 12 you know versions already here of 12 tests. And so you got to get it up. You've got to get it running. You've got to get the cost to orbit much lower to get the data centers in space into and for the next versions of the Starlink satellites as well.
And so you need to continue to lower the cost. And that part of that is the rapid reusability. If you dig into the types of engines, both for the Falcon nine and for Starship, you're talking Merlins and the Raptors. Merlins run on basically jet fuel, kerosene and then or versions of that and the Raptors running on stage four, which is methane and oxygen.
And so it's a cleaner burning fuel and so rapid reusability. You send it up, you bring it back down. You can do that over and over. And Musk and others use the the airplane reference that you can land a, you know, a Boeing seven, 777, for example, and you take full up and take off again. And that's the marginal cost of operation then becomes the fuel.
And so that's that's really where things are headed at. And so there's a lot more to talk about on the business. And so we're probably even though this is 100 episode and we're going to go a little bit longer than normal, we're going to come back to that. And we're going to talk about management here. And we've been talking about it a little bit already.
All right. So what are we going to give the business. Well the business to me gets a nine because I think there's a lot of upside in this business now is it based on is that nine based on metrics today. No that nine is based on a lot of future built into this. Again, not investment advice. But I think when you talk about having access to an idea where it really is a one of one type of company SpaceX, is it?
And I think they buy Tesla at some point as well, and I think they remain a nine at the moment. And you certainly need the robots for all of this. Next up is management Musk. If you watch the show, high scores for Musk here. Also one of one innovator here. Certainly a polarizing figure for certain aspects. However, if you talk about the business and who's running it, the management here, Musk is a one of one generational talent.
Maybe even beyond that, the idea that he can run so many businesses so well is quite interesting and unusual in this case. And, you know, seems very dedicated to the business, works quite a bit, is very talented, obviously has to build teams around him. You don't you don't do this as a solo effort. He talks about these companies are just a collection of people, but he seems to be quite good at putting those teams together across different companies already, and made very big companies from Tesla and SpaceX, for example.
Again, I think they'll be merged at some point. And you're talking about a multi-trillion dollar company. And I think really when you have that type of drive, those type of ideas, those things that are really transformational and you can get talented people to join you in that effort. Obviously that shows something about management and the speed at which they work and deliver things, you know, often criticize that they're later behind schedule.
But the idea you go from, you know, we're going to have full self-driving cars. So you you have them now that those are huge technical challenges that these people are solving. And then specifically on SpaceX, when you go from complete startup in 2002. You know, three failures funding it yourself and the fourth working before getting a supply contract from NASA.
Obviously that's determination, but it's also technical know-how and getting the right people around the table and being very focused on solving problems and rapidly iterating. So I think that says something about the management management team. And then you got to say something about Gwynne Shotwell, who's the president and chief operating officer for SpaceX in a long time.
Chief operating officer there obviously has built a partnership with Musk and is really good at executing on the business and delivering for clients on the launch cadence. And so I think that is an enormous win for the company over time. And she continues to be there. And obviously that's something to pay attention to. Obviously, Musk being the the lead on the vision there and in this case, Gwynne Shotwell being the lead on operationalizing the things that need to get done day to day.
And that partnership seems to be working super well and continues to work well. And obviously, you got to keep an eye on all of these things on the management team. And you always have to be focusing vigilant about what's happening. But fantastic, visionary, fantastic day to day operations. Obviously we're oversimplifying for the episode here. Lots of people, lots of talented people are working there.
And one of the things too, that I think is worth noting and other people have said this, but I think it's important to note is that when you have this flywheel where you're working on the most interesting things, let's say on the engineering side, where things that many engineers would be interested in and these really technical challenges, you end up also getting the most talented engineers when you create an environment where they can really work and deploy their skills and really rapidly iterate.
And so the flywheel becomes, then you get the best talent. And so it is interesting how this all works together. This self-similarity we've talked about before, the fractal geometry shout out to Benoit Mandelbrot as well, this behavior of markets. If you haven't read worth reading dropping everything in the hundredth episode here. So really worth reading in the self-similarity there is that when you get the right structure together, you attract the right people, and those people continue to push that forward.
And so I think it's super important to note that if you're one of the most talented engineers coming out of a top engineering school, the probability is that you probably want to go to SpaceX or Tesla. Really, the surveys are there right now because you get to work on these interesting challenges and you get to work quickly. And so if you go to Boeing, for example, the pace is going to be far slower than it is at SpaceX.
And so SpaceX then gets the top talent. They cultivate the right atmosphere for that with the management team setting that direction. And so I think management also I'm going to say Musk and Gwynne Shotwell get a nine on this. Now let's move on to price and valuation. As I mentioned, this episode is going to run a little bit longer.
Not much than a typical episode, but let's move on to price and valuation here. So look these numbers are crazy. So there is no way around it right now. There's lots of expectation built in to this. Right. Because they don't have positive earnings. You got to do it on sales or whatever. But what you know even even price to sales you’re at 27 times here.
And so these are big numbers right. And there are no earnings because they're not making money yet. They're not cash. They're not generating earnings. So excuse me. So there is no PE to talk about. So you're talking about price to sales. And so and you're talking about big numbers 27 times here price to sales. And so you got to ding it on the valuation if you're using some of the traditional metrics.
Now this is hard though because we've talked about when a company has such enormous prospects like in early days, Amazon, even after it went public, what was the right time to buy Amazon? Probably anytime along the way has worked out for the most part, especially if you bought it early days. So this is tough, but we'll dig it certainly on the price versus valuation, because there is a lot of expectation built into this company do have to deliver, and that that puts risk into the system for you to succeed.
So we'll have to dig it, you know, not so much but certainly a little bit. So we'll talk talk at six. You know just over a five here for that. Now I think that's a pretty straightforward thing. We can certainly debate whether it should be a little bit higher, a little bit lower. There is no really debate where the company is right now.
It is in growth mode. It is in you know, obviously it raised cash and we'll talk about it on the balance sheet here a little bit more too. But the valuation is not based on historical earnings. Right. It's not based on well look it's done this and we think it's going to produce these earnings moving forward. Again we care about today and tomorrow and into the future when we're talking about the companies overall and with respect to valuation no different.
So we have to think about what's happening. And so maybe maybe it's cheap here. Maybe it's expensive here. It is hard to know. And certainly that's where you have to think about what you consider is the prospects for the business as a huge part of what's happening here. All right. So six on that now balance sheet. We'll come back to the IPO here.
So you know before that maybe you would give it a weaker balance sheet. But when you talk about it raised 75 billion here at the IPO. And it had let's say $30 billion in debt. And it's in the market refinancing some some bridge loans here. But you're talking cash and cash equivalents of 23 billion. And so we'll have to this is a pre IPO.
And so you got you got the infusion of cash here for you know what's happening. So I think it's really interesting. You know the balance sheet seems cleaner for sure right now. They're going to spend a lot of that cash. And so that is something to watch. And so at the moment you would say that the balance sheet is quite good.
They just did some refinancing in the market here for the term loan bridge loan that they had. And so I think it is something to watch. But with the recent infusion from the IPO right now, I would say that the balance sheet is looking fairly good. Now they're going to spend a lot of money. They need to deploy a lot of capital.
They're building heavy CapEx intensity here type of projects. And so I think you can I think you can be a little more conservative on the balance sheet right now. Let's say we give it a seven for the balance sheet. Obviously things can change rapidly here. Obviously you get a lot of cash in at the IPO. Now you're going to spend a lot of cash.
Data centers and space will be expensive endeavor to get all that stuff done. Getting Starship to operational likely will continue to cost some money now. They've been very efficient with capital, for example, far more efficient than their competitors and so worth considering there. But we're going to give the balance sheet a seven. All right. So now episode 100.
Let's pull all this together. What are we talking about. All right. Business we talked about we gave it a nine right. The business is tremendous. And there's a lot of upside. The nine is not based on the gross and net margins right now. That's that's not where they are. They're building. And you know the company is not brand new.
They started in 2002. So it's you know, it's a decades old company. However, you know they didn't get this far to only come this far. And so there's still a lot to go. And for me, the business gets a nine because it's a one of one run by a one on one, which is really having a huge lead in the space industry.
And I think data centers in space, as we talked about, will continue to be important. And this idea that they have such a big lead, I think it's such a tremendous opportunity to be thinking about, again, not investment advice. But I do think as an investor, business person, unless you should be watching this company, certainly as the gateway to space.
All right. Nine for management. We talked about Musk, Gwynne Shotwell. Great combo here at SpaceX doing a fantastic job already some early acquisitions by the way when we talk about this you talk about cursor right out of the gate here. Getting that done after being public. I think that absolutely keeps them in the game in the frontier model game.
And I think that is, you know, $60 billion. So a pretty big acquisition out of the gate. All stock transaction. So I think fairly smart, fairly savvy with the valuation at the IPO looking pretty good I'm sure cursor people were rooting maybe for a little bit of a different setup. But in any case maybe they're just rooting for everybody.
Let's see. I don't know that specifically. So, just, you know, talking about the share exchange there. So in any case, nine on management here, I think they're doing a fantastic job. Shout out to Gwynne Shotwell obviously to Musk as the CEO number. Next up is the price versus valuation. The number that we're giving that is a six.
And so not a fantastic valuation obviously lots of expectation built into this. So we did it there. Again hard to use some of these traditional metrics to talk about a company that's growing is rapidly. That is as exciting. That has really the sky's the limit, which is not the limit for something like this. And so but we're still going to give it a six, you know, very challenging to to really come up with what's appropriate.
It really comes down to what do you think is the opportunity set. How well do you think this management team can execute on this? And to get to this point from a standing start in 2002, lots of credit for me to the management team to get to this point. Most people would say it was, you know, improbable. It's certainly some people said impossible to to develop this company from scratch.
And here we are today, you know, 1.75 trillion at IPO, 2 trillion at the moment raising 75 billion. So I think super interesting. And, you know, 10,000 satellites, 10 million Starlink customers. And so satellite internet going direct to cell and there as well. And so lots of different things happening, lots of positive things. And we have we didn't even mention Terra Fab, which I probably should have mentioned during the business component, the tariff fab.
They need all the chips. I think that is a great opportunity. Combination SpaceX and Tesla. Something worth watching. But you know that is in progress and they're making that. So again price versus valuation back to that six. And then a seven on the balance sheet. Cleaned it up from the IPO. Certainly not really that concerned at the moment.
Sleeping well at night at the moment. But something that you have to watch because it is a heavy CapEx intensive business. And certainly this partnership as I mentioned on the tariff AB, that's another heavy CapEx activity. But you know, Musk mentioning the vertically integrate, they need the chips. And so all the output from all the companies like Taiwan Semiconductor and Samsung that have fabs and Intel, they're going to need more than that.
So it's not that they're not going to be customers similar to when they talked about doing batteries for Teslas with Panasonic. They'll continue to be customers. But they'll need even more than that. And I think that is a parallel to what's happening here. On the chip side. They need all the chips from Taiwan Semiconductor, from Samsung, from Intel.
They're partnering with Intel on that fab piece. And so but that's going to eat up the CapEx. So you're digging that a little bit on the balance sheet. So it's seven but in general very good here. So in mentioning not just because of that, but overall heavy CapEx intensive business. So what does that come out to? That comes out to a 7.75.
We could continue to talk about space, but I think this is a tremendous opportunity to watch, remember not investment advice, but if you have any curiosity about what's happening in the space industry now, this is a public company. You can watch it. Obviously there was news about it before as a private company. But now really you get the financials once a quarter here, you got the S-1 500 pages.
You can read through that. Ron Barron, for example, Super Bowl issues on TV talking about, you know, they own billions in stock and bought a billion at the IPO. Worth seeing some of his takes on that as well. But I think this is a, you know, a company that's really in a league by itself. You know, lots of people say that.
I do think that that's the case here. I do think in 36 months or less, it'll merge with Tesla. And I think you really have a behemoth here run by exceptional people, exceptional talent on the engineering side. So I think it's worth paying attention to. Certainly it just became public. So it's time to go through the S-1, get up to speed, check out what's happening again, not investment advice, but a recommendation to educate yourself on this.
This will be the gateway into the space business, I think, for many people and better understanding what's happening. Obviously there's some other companies that have already been in this space business, but at this scale, at this pace, at this level of iteration, having so quickly and delivering on things that people thought were improbable, in some cases impossible and continue to grow, that I think is super interesting to learn about, super interesting to watch.
And certainly our students when they come back in the fall semester. This is a company that they're going to have to keep track of. They're going to have to start thinking about and does it belong in our portfolios at the GW Investment Institute. With that, again, special thanks to everybody here at the Duques studio. So Jeff, Josh, Susan, thank you very much.
Shout out to the GW Investment Institute. That's Bojana, Kathleen, and Danielle. Thanks everybody. And again thanks from for me to the administration, the Dean Yeltekin, for supporting us and believing in the show 100. You know we'll have to quickly get to 200. But super excited thanks to you. If you've been watching on YouTube, listening on Spotify, Apple, Amazon, thank you very much.
Please send comments and we'd love to hear what you're thinking about. And maybe companies that we would go over are topics. Please let us know. And again, thanks to everybody.
That's a wrap for episode 100 for Market News with Rodney Lake. We'll see you back on the next episode. Thank you.