Elon Musk Interviewed by JP Morgan's Jamie Dimon!!!

**Astronaut Man** (0:00)
Latest interview of Elon Musk. Elon, welcome to JP Morgan's headquarters. You're on the 51st floor, which is about the equivalent of the, nowhere near where you go, generally, in space. But as high as we can get in New York City. But before we get started with you and Jamie, we had a very special guest that wanted to welcome you here this afternoon. And so your mother, May Musk, is here to welcome you.
May, please stand up.

**May Musk** (0:29)
I don't think you can see me or everybody here.

**Astronaut Man** (0:32)
They can see you. Yes, he can.

**May Musk** (0:34)
This is your part.

**Elon Musk** (0:35)
I actually can't see my mom, but I can hear her. So there you are. Okay.

**May Musk** (0:39)
What I'd like to say is when you were three years old and I told people, I have a genius son, they would roll their eyes.

**Elon Musk** (0:48)
Understandable, frankly.

**May Musk** (0:51)
I knew. I knew. And then when you said you wanted to start with rockets, then I rolled my eyes. And then you did it. And so this is just a great party here. And we're celebrating.
Love you so much.

**Elon Musk** (1:09)
Love you too.

**Astronaut Man** (1:10)
One proud mama. Please.

**Jamie Dimon** (1:14)
So let me, Elon, welcome you. It's a really privilege to have you here on this momentous occasion. It is new for us. But it's an important thing, the trajectory of American innovation. We're here live. Thirty five hundred people are top individual investors around the world. In a hundred branches, there are three hundred and fifty people here. Three thousand five hundred around the country.
This is a very unique thing, by the way, because Elon has spoken to me about democratizing finance. This is part of it, treating individual investors the same way institutions are treated and hedge funds and all those things. My view is it's a wonderful thing to do. Elon, very brave, by the way, because I would never let my mother speak publicly when I was in the room.
God knows what she would have said.

**Elon Musk** (1:54)
I had no idea she was there actually.

**Jamie Dimon** (1:58)
Elon is the Edison of our time. I remember visiting Elon in Tesla like fifteen years ago.
A whole new way of building cars vertical integration, which had not been anything remote. What our car companies are doing. Now you have SpaceX. I visited the SpaceX factory in California, and it's exceptional to have more than 650 rockets. You told me one today, putting satellites in space. You have 9,000, almost 10,000 Starlink satellites up there. Starlink 3 is coming, which is a whole new generation, which hopefully will replace some of these undersea cables. It's been an extraordinary 24 years with watching Elon grow over time. And now you're making a massive leap into the future.
So welcome to coming here. Elon, I have 10 questions for you, so I want to make sure I get to each one. Some of them came from folks here. They're all important. But one, just to start, is why SpaceX Public Now? Because you had choices, you didn't have to. Why now?

**Elon Musk** (2:56)
Yeah, I've been asked for many years about taking SpaceX Public. So it's probably been, I don't know, 10 years that people have been suggesting to me that I should take SpaceX Public. We've been positive cash flow for quite a long time, I think, since around 2014, 2015 And we've been self-funding, in fact, in our private equity rounds. They actually have not been fundraising rounds. They've been liquidity rounds for investors and employees because we give everyone at the company stock. And SpaceX has actually bought back stock in most of our sort of funding events. So what's different about now is that it's a number of things, but we are barking on a significant growth phase, a capital growth phase, where we are going to put in orbit probably 100,000 satellites, or probably over 100,000 satellites just for communications. And these will be the version 3 and beyond versus version 2 and version 1 that are currently in orbit. Version 3 is, depending on how you count it, 10 to 20 times more capable than the version 2 satellite. And there were 3 chips that the SpaceX chip design team taped out that are specific to this, that are far beyond state of the art. Which means it's 100 times more bandwidth than the SpaceX starlink system currently offers. And also half the latency, because the altitude will be about half the altitude. I think it will actually be the highest bandwidth, lowest latency means of communicating. And the future with AI and robots is actually going to require a lot more bandwidth than we currently use. Because you can imagine what's the bandwidth of a human. Its peak bandwidth of a human is a few hundred bits per second, but bandwidth of a computer can be a trillion bits a second. So the appetite for bandwidth of AI and robots is going to be enormous. And then we're also doing the AI data centers in space, which is another massive capital endeavor. But I think it will be the primary means by which AI can be expanded. It's increasingly difficult to build power plants on the ground. There are very few people who want a power plant in their backyard. So if we want to say double the electricity usage of the United States, which is on average about 500 gigawatts, we would have to build about twice as many power plants, which I don't think people are, most communities are not super excited about that. But actually, if we go to space, we can go far beyond the electricity generation of Earth. In fact, this is going to sound crazy, but you could actually increase harnessed energy by a factor of a million and still be using much less than a millionth of the Sun's energy.