Namjoon on weverse: Hello. On this beautiful day, I am writing to you for the first time in a while.I do not particularly like or deeply believe in the phrase "someone saving someone else." However, having undeservedly heard such words from time to time, it makes me look back and realize that perhaps I, too, was saved by all of you.I am trying to live my life more simply, cleanly, or perhaps more boldly than before. The moments I fall into deep sentimentality have decreased significantly. Even so, the fact that the world is still a sad place seems unavoidable, no matter how many happy days there are. Then again, maybe it is actually because I am just so happy.I have shared so many words and thrown so many sounds your way. I do not exactly know which melody or which pebble managed to reach each of you sitting here right now. Yet, I feel like I will always be someone who keeps sending and throwing things out like that—just as I did thirteen years ago, and just as I will in the future. As long as there is all of you to listen. It brings me immense joy that we can create memories together and grow older year by year. I love that I can still shout out to someone. Time and again, I see myself through you. Do you experience that too?Thank you once again for sharing this precious anniversary with me. Today is Saturday the 13th, an incomparably beautiful day. No matter what anyone says about what this means, I want to keep building anniversaries and memories that only we know deep in our hearts. As always, I look forward to our time together. I love you Joon I love you so much🙁💙

There has been a lot of hand wringing on the appropriate valuation of SpaceX. Some large institutions believe SpaceX can only be valued at half what the market seems to be willing to pay for it. Others are claiming it has 15X appreciation ahead of it. Almost all of this difference of opinion comes down to how comfortable you are modeling beyond 2030 and what valuation method you use. 2030 valuation using a traditional Gordan DCF produces a very different result than a 2040 EV/EBITDA Multiple. Both have pros and cons. Most analysts don’t really discuss this and lead with a headline number. We are very comfortable modeling out to 2040, as large portions of what SpaceX is proposing is real world infrastructure, which provides modelable physics constraints to anchor against. The analysis we released today explores this in-depth, its open to the public all the way through IPO. I highly encourage you check it out prior to then. research.33fg.com/analysis/s… We’ve run 5,000 monte carlo runs across 500 variables (real number, even though it sounds fake) and three valuation methods. This video is of a 3D cloud chart showing every simulation outcome expected in valuation output across two of the most impactful variables to the model when using an EV/EBITDA multiple from 2026 to 2040. The horizontal axis is the steepness of the orbital data center demand S-curve. The vertical axis is the rate at which chip compute efficiency becomes cheaper. Each of the 5,000 dots is one simulated future; green dots are the ones where SpaceX's 2040 value clears the $1.77T IPO line, over time. Under EV/EBITDA valuation through 2040, 96% of our simulated futures clear the expected IPO price once the bell rings Friday. We aren’t publishing this publicly to tell investors what the stock is worth, we’re publishing this to help investors understand the world of outcomes, what the fundamentals suggest through 2040, and what frankly most analysis simply won’t share. SpaceX is a generational company working on long term infrastructure harnessing a domain no one has been able to tap in so far: space. It deserves doing the work as an investor. because this in not financial advice. The cleanest way to hold SpaceX is a bond stapled to a call option (AI-Compute); Starlink is the bond, the near term SatCom annuity that funds the next flywheel. Understand the world of outcomes and take your position accordingly. Comparables and P/E won't take you far enough.

100,000,000,000,000,000,000. That’s the number on this note.