Xplorer founder reacts, talks space economy

00:00 Josh

So what can an investor expect when it comes to SpaceX entering the public market? Here we are about to discuss Lisa Rich, founder and COO of Explore and founder of Hemisphere Ventures.

00:09 Josh

Lisa, it’s so nice to see you. SpaceX is continuing with these IPO plans.

00:13 Josh

It aims to raise significantly more than 30 billion. It is eyeing a listing in mid-to-late 2026, Bloomberg cited sources as saying. I’m wondering, Lisa, you know, if this were to happen, would you expect public market investors to react and respond to the IPO?

00:26 Josh

And more broadly, Lisa, what could an IPO like this tell you about just the space economy and industry?

00:35 Lisa Rich

Thank you Josh. Thank you for having me and I am pleased to comment on this exciting news for SpaceX. This is the continuity of capabilities of a company that has proven itself to be sustainable, resilient and reliable, which is what the space industry needs.

00:54 Lisa Rich

Launching is a very difficult thing. There were hundreds of competitors at launch. No one has done what SpaceX has done with a launch tempo that companies can rely on. In fact, my own company, Explore, went into space with the Falcon 9 last December, and it was a phenomenal launch and everything went as planned.

01:21 Lisa Rich

This is what investors need to know. This is what companies with customers who want to broadcast their high-capacity hardware and software to satellites need to know.

01:34 Lisa Rich

This, as I said, is the continuation of SpaceX’s capability. Um, launch first but with Falcon 9, Starship is coming online and what they’ve made possible with Starship is phenomenal.

01:51 Lisa Rich

Um, when you get into the Starship rocket at SpaceX Starbase, like I did, you get inside and you see the capacity that they can include in a single launch. So what does this do? This reduces launch cost; And that’s really important to increase how much we can have, how much mass we can deliver into space.

02:11 Lisa Rich

and how many companies could benefit from the value of sending satellites into space. Pez dispenser where they can dump the payloads when they take the Starship into space. We can’t wait to be a part of it.

02:23 Josh

I’m curious because you’ve invested in more than 30 space companies. So where are we in the space economy cycle? You know, early stage and actual commercialization. Where are we and where do you think SpaceX fits in?

02:37 Lisa Rich

Right, because our companies that have recently come out of Voyager are still in their infancy, right? But the space economy is solid, and especially with government support, you’ve made demonstrations of the importance of the military component to space. There is much work to be done to fuel the AI ​​revolution.

03:07 Lisa Rich

When thinking about satellites going into space and what they do when they get to space. Um, it’s usually either communication, communication capabilities, or data collection.

03:22 Lisa Rich

We collect data, as my company does, and that data will fuel the AI ​​revolution. They need it because it would be unattainable otherwise. ML is pure scientific data, collected independently from satellites, uncorrupted, that will fuel the AI ​​applications that LLMs, MLs and all AI companies like Pateer, All are working on.

03:47 Josh

Lisa, how has the regulatory landscape for the U.S. space economy evolved over the many years that you’ve been investing here? By the way, have you seen any significant changes since Trump took office?

04:01 Lisa Rich

Definitely. I just returned from DC and am delighted that Taylor Jordan has been appointed to the US Department of Space Commerce. One of the biggest moves they’ve made is moving the Department of Space Commerce off of Noah.

04:13 Lisa Rich

It came out from under Noah. And it’s really important that this is an independent department. That’s what’s happening, and from what I understand, Howard Lutnick is a big supporter of space. So they have an investment to make. They’ve already really changed the parameters of how early-stage companies can benefit from this

04:32 Lisa Rich

Last year, we received government assistance from the Office of Strategic Capital, which provided an opportunity to obtain a $900 million loan for early-stage companies sending satellites into space.

04:47 Lisa Rich

They’re hoping to expand it, I think, because the companies were promised that this was just phase one and we’d go from there. So I have confidence in this administration, especially its focus on international relations and

05:01 Lisa Rich

We need to work with our allies to ensure the United States has priority in space, and to enable U.S. commercial companies to strive and thrive. So how do we do this? We need the government to step in when needed, especially in international relations.

05:20 Lisa Rich

because this situation can be very complex, especially for early stage commercial companies. And these are not companies with thousands of employees, a team of lawyers, foreign affairs experts, or what you need internationally. So we need resources, and the U.S. Department of Commerce and its partners like NTIA are looking for help.

05:46 Josh

You know, last question, Lisa, we often talk about key man risk when it comes to Musk. Of course you know this. As a SpaceX investor, I’m curious about this, what do you think about this? What do you think of Musk’s central position in this company?

06:02 Lisa Rich

So, in the meantime, is there a risk for key women? because I was seeing Gwen Shotwell being named one of the most outstanding operators and managers in the space industry twice, like the inventor of the year award.

06:22 Lisa Rich

When you think about continuity, you remember we were all worried about Disney when Iger left and, you know, what would happen or when Steve Jobs died. But in this case, I think there are other people behind the wheel.

06:36 Lisa Rich

For example, I’m very close with some of the best people who run the launch and have other goals at the company. They have the most star team in the world. SpaceX has managed to attract the top 1% of employees bar none.

06:55 Lisa Rich

I wish I had their applicants, right? So I’m not worried.