🚀 “Big Iron Energy” — Interview with Baiju Bhatt of Cowboy Space

0:00Yetis, saddle up, strap in, and tighten up your spacesuits. Because our guest tonight is the first cowboy whose horse is a rocket ship. Baiju Bhatt is the founder of Cowboy Space and the co-founder of Robin Hood. This guy's been defying gravity since GameStop was four bucks.

0:17Baiju Bhatt: Because Baiju is not making rocket emoji anymore. No, he's making actual rockets. Baiju's startup just announced that he's launching 20 ,000 satellites into orbit. Oh, and those satellites, they will beam down AI compute and energy back to Earth like a modern-day George Jetson. And he's doing it all with his own rockets that are named after country songs. The Carrie Underwood? Yes, please. And after Tuesday's elections, his business plan is more bullish than it's ever been. But this is a real-life Star Wars situation. To do all that, Beju's got to beat Bezos and Branson. So he is going full-on solo on Elon Musk right now.

0:56Oh, and Bejoo just leased a factory to build those rockets in Kent, Washington, just outside Seattle. His rockets will be so big. Houston, yeah, you're going to have a problem. Besties, today, we're going to find out how you go from Robin Hood to Rocket Hood, why AI needs outer space, and what Garth Brooks taught Bejoo about B2B sales. Besties, if you have got space questions, then no one can lasso the answers better than Bejoo.

1:22Baiju Bhatt: So Yetis, please welcome to the stage the space sultan of solar, the rancher of rocket ships. The Buffalo Bill of low Earth orbit. Beju Bhatt is the founder and CEO of Cowboy Space. And tonight's interview with Beju is the best one yet. This is Major Tom to ground control. T minus three, two, one. Touchdown. Come on out, Beju. Great to have you with us. And a round of applause as he comes up. Now, a quick word from our sponsor. Monarch. In 2015, after my third banking bonus, I finally paid off my student debt. Then in 2019, after we sold our startup, I finally paid off my graduate student debt.

2:10Yeah, and is everyone throwing random parties these days? Well, Jack threw a long overdue debt payoff party.

2:16Baiju Bhatt: Gotta love that party. Yeah, because for 10 years, I kept a manual Excel spreadsheet tracking my debt payoff progress. and it was very satisfying watching the bad numbers get smaller and the good numbers get bigger. You see, when you're paying down your debt, it helps to have a target date to plan your celebration around. Perfect timing, because Monarch has a debt pay-down simulator to help you visualize and track your progress. Monarch helps you break down the debt cycle so you can avoid the endless gloom. No Excel spreadsheets needed. I've ditched my spreadsheet, by the way, and moved all my accounts to Monarch, and it still helps me visualize all my money moves.

2:45Because ain't no party like I just paid off my mortgage party. Write your own money story with Monarch. And use code T-Boy at Monarch.com to get your first year of Monarch Corps half off at just 50 bucks. That's 50 % off your first year at Monarch.com with code T-B-O-Y. Zip Recruiter. Yeah, and he's no big holiday misconception. It's thinking that the North Pole is full of full-time elves. The majority of toy making is done by part-timers, and we blame Will Ferrell for this elf misinformation. Puzzle cutting, Lego crafting, jacking the boxing, it's all seasonal elf roles. Hey Blitzen, give me that$10.99 and you're not getting paid.

3:17So we've had Santa use a ZipRecruiter because hiring for specialized seasonal roles, ZipRecruiter is the best way to find qualified people who are genuinely excited about your role. If you need unique skills, experiences, or even special licenses this holiday season, you can find them on ZipRecruiter. Candidates can tell you in their own words why they're excited about your job. And right now you can try it out for free at ZipRecruiter.com slash TBOI. ZipRecruiter has a new feature that shows you the most interested qualified candidates first, so you meet the right people faster. And ZipRecruiter's powerful matching technology finds qualified candidates quickly.

3:47Candidates can tell you in their own words why they're excited about your job. No wonder ZipRecruiter is the number one rated hiring site based on G2. Let ZipRecruiter find the right people for your roles, seasonal or otherwise. Try it for free today at ZipRecruiter.com slash tboy. That's ZipRecruiter.com slash tboy. Meet your match on ZipRecruiter. Look at this. There it is. The ranch. This is the ranch just outside Seattle where actual rockets are going to be built.

4:14Baiju Bhatt: And look how big that thing is. Well, Beju, as Jack and I were preparing for this, we actually were thinking of our first meeting with you. Because do you remember the four fingers? So I was in Menlo Park and Beju and Vlad, the two co-founders of Robinhood, were sizing up whether to acquire our startup, Market Snacks. Full disclosure. For their first acquisition. Amazing that you did. Thank you for doing that because it changed our lives. But I remember asking you, I said, is your goal at Robinhood to become the number one brokerage by eliminating commission fees? Worthy goal. Yes. He said, Jack, my goal at Robinhood is to take one of the big four banks and knock it out.

4:51Beju held up four fingers, pulled one of them down, and we were like, oh, we're on board. Phenomenal ambition, well on their way to that. But speaking of ambition, building your own rockets, sending them into space, computing AI, sending it back back down to Earth through solar power. We saw these signals from Beju early on because his dad worked at NASA rocket propulsion and Beju had the entire Robin Hood office decorated with images and paintings of cats as astronauts. So what was it about space, Beju, that made you leave finance and start building rockets?

5:27Baiju Bhatt: So first of all, is this thing on? How you boys doing? Great to see you. I got to say, we'll talk about all this stuff in a little bit, but I really love you guys, and it's really fun to be here with you guys, and this is an awesome spot, and there's an awesome audience here. So just thank you. Thank you all for having me here. Thank you. Thank you, Major. All right, and I think you asked a question, too, which I just completely forgot. Basically, you know, what was it about your upbringing or your adult life, or your professional career, why did you decide to leave finance and enter space? What is it about space?

6:06Baiju Bhatt: See, when you said I held up the four fingers, I thought you might have said something different because I remember telling people that joined Robin Hood in the early days that I was like, if I ever hit it big at this finance thing, I'm going to start a space company someday. So I've actually been thinking about doing this since I was pretty young. So first of all, who here has heard of this book called The Case for Mars? Raise your hand. Anybody? No? Maybe? David Plylari - Spotlight out? David Plylari - Well, it's an awesome book, and it was kind of the blueprint, I think, for what would become SpaceX.

6:39Baiju Bhatt: It was the book that introduced the idea of reusable rocketry and sort of the, if you wanted to go into space and you wanted to actually do it and not have it be about governments, how would you do it? I got that book, I think from my high school chemistry teacher. I didn't read it for a couple of years, but when I did, I was like, man, like if I ever get a chance to be a part of the space industry and I don't do that in my lifetime, like that's one of the things that I'm really going to regret. And about two and a half years ago, I decided to do what felt like pretty crazy at the time, which was to start a space company, to be a former finance bro.

7:17Baiju Bhatt: Yes, retired. I'm still on the board of Robin Hood, so still pretty active in the I'm not going to finance bro-ing. But, yeah, I'm glad you guys played the video. So we're the Cowboy Space Corporation. I actually just moved to Seattle last week. Incredible! I didn't even know that. We got to DM some restaurant wrecks, alright guys? This is a Seattle coming out party right now. I moved to Seattle to build a rocket. Like I took my family and I moved them all out here. Oh my God. And yeah, I've been spending a lot of my time in the Kent Valley, which is really freaking far from Seattle, it turns out.

8:01Baiju Bhatt: Like that commute is god awful. But we have a gigantic warehouse space with a thesis of expanding humanity's footprint in outer space. We're building data centers in space. and actually at the event that we just had last week, we actually announced that we're going to be doing commercial launch as well and it's called the Big Iron Express. We're going to get into why you named it the Big Iron Express. I guess we can call you Seattle neighbor now. But we want to talk about this business because you're kind of launching everything all at once. What's the rundown, Jack? Well, data centers in space.

8:39Yes. the ability to transmit that clean energy from the solar panels down to planet earth using lasers freaking laser beams and building rockets yourself to get it all up there so a couple quick questions first why data centers in space and second did cowboy space win the election

8:57Baiju Bhatt: yesterday oh well first of all why data centers in space uh i've been thinking about this actually for kind of a while. And back before we were ever a cowboy space corporation, we were called Aetherflux for the first year, year and a half or so. And I'd been thinking about how to make energy economics from space make sense. And you guys will remember this has got some parallels with the early days of Robin Hood, right? It's like, how do you make the zero commission thing make sense? How do you take a business model where it's all about getting to rock bottom cost and build a product around it.

9:34Baiju Bhatt: And in the case of data centers in space, it's actually pretty similar. How can you produce the same thing that you'd be getting from the data center that would have been built in Texas from outer space at the same cost? Well, when we use AI, we pay for the hourly use of a machine that's doing it. So if we can power that machine for the same price or maybe even cheaper in the future versus doing it on Earth, and we can do it without polluting the shit out of everybody's water and air, then I think that's a pretty darn good idea. Yeah. Now, the solar panels, you know, data centers need a lot of electricity.

10:11Baiju Bhatt: They do. How big are the solar panels we're talking? Well, let me tell you. The big iron is the name of our rocket. Yeah. That's going to take our data centers to space. And the one thing I think everybody should take away from this is that the big iron is really big. I just love being on these calls with people and talking about, like, well, you know, we've been looking at different architectures and the big iron is really big. Like, well, let me tell you, size matters when you're talking about the big iron. We're talking like football fields? Yeah. So, sorry, now that I've finished saying the word big iron over and over again.

10:50Baiju Bhatt: So it's huge. It's 15 ,000 kilograms. It's basically a data center on top of a rocket. Wow. Where the upper part of the rocket, when it gets to space, becomes the data center. It's about 15 ,000 kilograms. It has solar panels that are about the size, a little bigger than a football field. American football field. Yes, yes, yes. And it produces about a megawatt of peak power, which is about enough to power 800 homes, each satellite. And the idea is to reuse the rocket booster, but to actually leave the rocket in space. And this is a, you've probably heard of reusable rocketry, non-reusable rocketry.

11:33Baiju Bhatt: The third option is actually a usable rocket. And so when we put the big iron in space, it unfolds, the shell of the rocket, which is for aerodynamics on the way up, becomes a radiator to dissipate the heat. and we use a lot of like the ammonia in the thing that we use as propellant. We can use as coolant in the radiators and we've got all these interesting ways to make our parts wear two hats as a rocket on the way up and as a data center when it's up. Yeah, this is very Seattle of you to be reusing so much too. This is very culturally thematic. But the other differentiated product you have, which we haven't seen anyone doing, is this idea that you could one day beam energy back down to Earth.

12:20Is this like an iPhone charger that's wireless? How is this possible? Or is it more like a lightning ball?

12:29Baiju Bhatt: Oh, I see what you did there. It was a good Magic the Gathering reference. So we actually put up our very first satellite in space a couple of weeks ago. Congrats. And we're going to be announcing some stuff with it pretty soon. We've been actually doing testing with the lasers. And in the very early stages of, you know, hopefully in the next period of time, you're actually demonstrating space-to-Earth power beaming. And so our satellite in space, which is called Reason One, it's named after an old Isaac Asimov book, it produces a kilowatt of power with lasers, and it collects that energy from the sun.

13:06Baiju Bhatt: And then it transmits the energy in the form of light down to Earth, and we collect it and turn it back into electricity. and the first one of this is going to be able to produce power we're going to demonstrate some cool stuff you can do with it like you can you know like start a car with it or you can you know put a little bit of charge into something with it but it's really just the beginning of this new way of using outer space as an energy grid for humanity first uses of it i think are going to be primarily focused on national security national defense getting power out to the battlefield where our troops are, where there's no other power grid, getting power to other places in space, getting power to things in the upper atmosphere.

13:50Baiju Bhatt: And the cool thing is, is that the technology on the commercial side is actually going to be integral to how we power the data centers. Has anyone ever done this? Space-based solar power? No, like, yeah, electricity down to earth from space. See, this is the reason I wanted to do this. It had been an old idea from the 1970s, like NASA had written about it, Department of Energy, and nobody had in earnest actually done it. So what we're going to be demonstrating here relatively soon is the first ever demonstration of optical power beaming from low Earth orbit to the ground. Like, it's like, I mean, if you thought a car doing a kickflip is cool, what about a laser beam from the heavens?

14:32Now, a quick word from our sponsor. Him's hair. Yetis, when we get on stage for a live show, The number one thing we're thinking about is confidence.

14:42Baiju Bhatt: Yes, we do the whole look in the mirror thing and pump ourselves up Jack Donaghy style. I think it's the Super Bowl of podcasts. Look good, feel good, play good our hair. It impacts how we look. Confidence is also not having to think twice before you take a photo or take off your hat. Well, HIMSS is built on the science of regrowth, like the super special ingredient finasteride, known to stop hair loss, and another ingredient known to regrow hair. Getting started with HIMSS is simple. Take a few questions online, 24-7 online support, and treatment starts at just$35 a month. Be prepared, be strong, be confident, be him.

15:10Ready to be him? Visit hims.com slash tboi to get personalized, affordable care for weight loss, hair loss, sex, testosterone, and more. That's hims.com slash tboy, hims.com slash tboi. Individual results may vary based on studies of minoxidil and finasteride. Featured products include compounded drug products, which the FDA does not approve or verify for safety, effectiveness, or quality. Prescription required. Prices vary based on product and subscription plan. See website for full details, restrictions, and important safety information.

15:36Baiju Bhatt: Nutrafol. Yeti, a lot of people talk about their morning podcast routine, but we prefer to call it a ritual. Same meaning, but more epic word. Totally. When it comes to keeping my hair thick and full, I religiously take four Nutrafol pills with my breakfast every day. For Jack, the religious connotation of the word ritual is on point because he's praying to keep his hair. Not just praying, Nick, also science. True. Nutrafol is the number one dermatologist recommended hair growth supplement brand. And it's the number one hair growth supplement brand personally used by dermatologists. Because hair health isn't one size fits all, Nutrafol offers different formulas for both men and women at any age or stage of life.

16:11And now the Nutrafol Women's Formula has been upgraded to its most advanced version yet. It's 100 % vegan, biotin-free, and comes in a smaller capsule size to make your daily routine easier. Bestie, see thicker, stronger, faster growing hair with less shedding in just three to six months. Now Nutrafol is offering our listeners$15 off your first month subscription and free shipping when you visit Nutrafol.com and enter promo code TBOI. That's Nutrafol.com spelled N-U-T-R-A-F-O-L.com promo code T-B-O-Y for 15 bucks off. Well, speaking of which, Beju, you are launching 20 ,000 data center satellites into space.

16:48But the other part of your business we find fascinating is that you're going to build your own rockets. That's right. Do it. DIY.

16:54Baiju Bhatt: 20 ,000 satellites, very ambitious project. Why not hitch a ride with someone else's rocket? show me the rocket and i'll hitch a ride see this is the thing we spotted this almost a little less than a year ago now that the commercial availability of rocket launch was actually going to go a little bit it looked like over the next couple of years the way of the dono bird because you had the big companies that were making their own rockets realizing that they wanted to use it primarily for their own uses you guys know me pretty well yeah i like to build things uh and And I just realized that if we were going to build the business that we wanted to, and we wanted to actually control the economics, that we were going to have to commit to doing the really hard thing, which is building a rocket, which is why I'm in Kent.

17:40Baiju Bhatt: So we have our rocket engineering team and a factory in Kent. We've got an awesome team of rocket engineers. And we've got some pretty aggressive goals that result in this thing launching for the very first time at the end of 2028. So you're not going to be using someone else's rockets who has launched a rocket company out there. We did. A$2 trillion company is the one we're referring to. The Empire. The Empire. So they're the Empire. I mean, there's a lot of ways you could look at that analogy. You could say they're Coke, you're Pepsi, but you see your guys as the underdog here. Because if they're the Empire, you guys are the rebels.

18:17Baiju Bhatt: I mean, look at our colors, my man. Yeah. Look, we are the cowboys of outer space. We're the ones that think that it makes sense to build our own rockets. And we actually think that space is going to be a place for commercial activity. This is the part about this company that really connects the dots with what we did together at Robinhood, right? Robinhood was about democratizing access to the financial markets, right? This next chapter for me is in some ways about bringing capitalism to outer space and democratizing access to the resources of outer space, not for one company, but for all of us.

18:55Baiju Bhatt: I think that's a pretty good idea. Yeah. So as the CEO of Cowboy Space, how much of your time are you building versus fundraising? Because to fill that building in Kent with machines that can build rockets and then put them into space, that must cost tens of billions of dollars. What's the bigger challenge, the building or the financing? I mean, they're both challenging. I think, given that I've done this before, the fundraising part, like, kind of know how to do it. The building a rocket from scratch, I don't know how to do that. Like, I'm learning how to do this. Like, I've been doing Robin Hood for the last 15 years.

19:31Baiju Bhatt: Which, by the way, show of hands in this audience, who here uses Robin Hood? So this is, for everyone listening and not watching, this is more people than read Beiju's book from his chemistry teacher in high school. Which, can you remind us the name of the book again, by the way? The Case for Mars. That book should come out as a micro drama and then everyone here will have seen it. That book is awesome, by the way. It throws a lot of shade at the way NASA does space. And it's kind of like, look, it's all these gigantic budgets. And I kind of like the way that the book started. It kind of phrases what the default approach to going to Mars is, which my version of it is like, step one, build Battlestar Galactica.

20:17Baiju Bhatt: Step two, build a moon base. Step three, fly Battlestar Galactica to the moon to refuel it, and then step four, go to Mars. And it's like, well, I just go to Mars. Well, out of all those steps, something interesting we noticed you said last week is, well, this is not a consumer business. This is a business that's gonna help other businesses. And you mentioned you are not someone interested in space tourism as we've seen other space companies pursue. too. So why build a consumer brand out of something that is inherently not going to be consumer? I don't think I can help myself, man. I love building brands.

20:54Baiju Bhatt: I mean, I think this is one of the things that's cool about Cowboy is that it has an ethos. It means something to people, right? And it really captures the way that we're approaching this, right? We're approaching this in both a very frontier way, but also in a decidedly American way. So yeah, I guess we They did build a bit of a consumer brand around it. It's got to help with recruiting, too. Well, Jack. The Rebel Alliance, the Cowboys, the Stampedes, the Clydesdales. Yeah, yeah, yeah. Like, we were so curious about this because we were impressed when we saw the presentation last week. Every single part of the brand, things that no consumer is ever going to touch, are named after very thoughtful country music songs.

21:33I mean, like, Big Iron. Then you have, like Jack mentioned, Stampede. Are we going to get a Shibuzi rocket or a Dolly Parton payload? There's so much potential here.

21:45Baiju Bhatt: Oh, I love that idea, actually. I love that idea. Is it just for fun or when you go to the effort to make every single part of this feel like a Western drama, there's got to be more to it than just fun? No, it's mostly fun. It's mostly fun. So, Beju, Elon tweeted this morning, good time to be building data centers in space. When you woke up this morning and saw the rejection of data centers terrestrial, except North Dakota, did you think to yourself, wow, this is great for business? Or are you thinking we should change the business plan? No, I kind of knew this was going to happen. Because I talked to politicians and data centers in the United States have been wildly unpopular over the last year because of a lot of the stuff that we saw when we were doing Robin Hood, right?

22:36Baiju Bhatt: When you talk to ordinary Americans, which we spent a lot of time doing, you realize that most people are living pretty close to the paycheck every week. And it's not judging people. It's just reality. It's where people are in America. It's also why saving is so important. But when you see the cost of things going up, like that's a, there's no ifs, ands, or buts about that, right? Like the margins aren't there for people in most cases. So yeah, I think at one level, it's obviously going to open the aperture to data centers in space. But at the same time, as an American, I do want America to not give up the lead in AI to the Chinese, because that might feel good in the short term, but it's going to feel real bad in long term.

23:21And by the way, Yetis, when Beizhou says like, oh, I speak to customers, we remember when we were at Robinhood, Bayju would get on a flight, fly to Denver as the co-founder of Robinhood, a multi-billion dollar company, and just go and interview people to see how they opened the app and what was the first thing they clicked on. So talking to customers -

23:38Baiju Bhatt: Hours and hours of it. Yeah, literally. Customer obsession. Days and days and days of it. Yeah, people would be like, oh man, we get to go on a trip. And I'm like, this is not going to be fun. It's going to be brutal. There's no skiing at the end of this. but inevitably, Bijou, every space company in history ends up having a rocket that explodes and falls into the ocean in a bunch of parts and they go and collect it. So inevitably that will happen at Cowboy and we're curious, how will you handle that situation? We're going to blow some shit up. Look, it's a part of doing this, right? It's a part of doing this.

24:14Baiju Bhatt: I've heard some great euphemisms around this. It's turning hardware into data. That sounds pretty good, doesn't it? That's one way to think of it. In all seriousness, I think this is one of the challenges of building a business like this, right? Is how do you build something with the knowledge that it's something that blows up? Right. Well, what you do is you try to get the cost of the things that you build down as far as possible so that if it blows up, you've got enough money to make another one. And if that one blows up, you've got enough money to make another one. So it's a lot of sequencing how you do stuff so that you're never betting the farm on one thing, or I guess betting the ranch, as is more appropriate for the Cowboy Space Corporation.

25:01Baiju Bhatt: But the ability to test and get feedback is the thing that I think is the biggest difference between building a consumer product and building something like the Cowboy Space Corporation. Do you dream that someday people could be on one of your rockets? The Big Iron? yeah it's possible i we're not necessarily building for that right now but i mean the things that that i at least have in my mind as this company does what i hope it does over the years to come like there's so much cool to do in this solar system and our species is going to do it and if i have anything to do about it hopefully it happens in our lifetime well now that you're Seattleite and you're local and your new ranch is here, a literal ranch.

25:49What is it about Seattle? Why the big bet on Seattle? Is it what?

25:56Baiju Bhatt: There's a shitload of rocket engineers here. There's an absolute metric ton of them in this city. That's the reason. That's it. It's hiring. Yeah. And they're really good. And what's the one thing you look for when you're looking to hire someone like that? I mean, it's kind of the same stuff that I'd look for when hiring people at Robinhood, right? it's like number one, do you commit to stuff? Like when I look at your resume, have you stayed summer for more than a couple of years? If you've been going a year here and a year there and a year here and a year there, how long do I think you're going to stay at my company?

26:27Right?

26:28Baiju Bhatt: Number one. Number two, are you smug? Don't need that. Right? Number three, are you curious? Do you understand stuff about what you're doing that if I talk to a random person that does your same job, they'd say something different than what you're saying. I want to point out, Jack, that none of these have anything to do with rockets or rocket science or blowing shit up. Yeah. Yeah. So it's like, do you have that, like, are you the kind of person that is going to be able to keep your head on straight through things changing? Do you have that dog in you? Mm-hmm. And are you determined and disciplined?

27:11Baiju Bhatt: And also, are you really good at rocketry? Because that's kind of a table stakes thing. Okay, that's fair. That's fair. If this works, what does the world look like in 20 years? When it works. When it works. I love that. What does the world look like in 20 years when this works? When the Big Iron Express has sent up a whole bunch of stampedes. Yeah. Well, I think there's one thing that's going to be very cool here. is I think that in the years to come, and this may be in the 20-year timeframe, but you're going to see humanity build actual infrastructure in outer space. Like, you're going to be able to see the scope and the scale of that infrastructure in outer space.

27:53Baiju Bhatt: Like, I think there's something really beautiful about humanity building things all around the solar system. So I think that's one of the things that you'll see. We should ask some rapid-fire questions of Bajor before he has to go. for his next parent-teacher conference, potentially, locally? You guys have selected a school yet? I'm taking a red-eye to Kennedy Space Center tonight. Okay. Like, I'm going from here to the airport. So you're going to build the rockets here in Washington and then put them on a tractor trailer to Florida or the coast of Texas or California? I mean, if we're going to be cowboy about it, we might have some horses pulling it.

28:31Make them Clydesdales. All right, Beju, our top questions for you. Rapid fire. First, what is the best brand in any industry that you'd love right now?

28:45Baiju Bhatt: I really love Ferraris. I really love Ferraris. It's hard to beat. Who's the best business leader in the business? I'm going to go with the late, great Steve Jobs. Best book that you've read? that may not have been given to you by a chemistry teacher. Man, that's the one that's top of mind for me right now. We'll go with that one. Okay. Case from ours. The best constellation in the sky.

29:17Baiju Bhatt: Yeah, I'm not much of a constellation man in the sky. Okay. We bet you for a constellation guy. Best... Oh, sorry. Excuse me. Stampede. Okay. Our constellation. There you go. Best sneaker that you got in the collection. The best has to be Jordan 1 bread highs. Who'd win the race, the Jordan 1 or a Ferrari? Definitely the Ferrari. And Beju, if you were to IPO yourself personally, what would be your personal three or four letter stock ticker symbol? Oh, boys, you know what that is. Cat. No, meow. Meow. Meow, of course. Meow. I was pushing hard for that. At Robinhood. And finally, Beju, as we ask everyone, and Jack whips up every day on the show, what is the takeaway for all of us on you and Cowboy Space?

30:13Baiju Bhatt: Data centers and space are looking pretty darn good. Beju, we appreciate the ambition. We love that you're taking a risk again. Get on that flight. Welcome to Seattle. Thank you.

30:30Yeti's this holiday season, don't miss your chance to turn just looking into just bought it. Make it easy for your customers to say yes on the spot. PayPal checkout is a trusted conversion engine fueled by 400 million active PayPal and Venmo accounts. And when you add pay later, you can turn holiday shoppers into regulars. 96 % of pay later shoppers are repeat users. So if you give them pay later flexibility now, it could help earn their loyalty all year long. PayPal is built for all business. Get started at paypal.com slash business. PayPal data, eight markets, March, 2025 to February, 2026. Repeat users defined as more than one pay later purchase in the past year.