01:16:42 · Ben Lamm, Thomas Wright, Jordi Hays, John Coogan, Steven Schwartz
[01:16:42] S8: And when [01:16:42] S3: he purchased it, he he went private. There is some opportunities to buy and to sell in there, but he largely changed the master plan and the way that the project was being developed. So they've been cooperative with the brokerage community and we feel like we can take clients there and expose it to them, but it definitely changed it. There's another Yellowstone Club type property in Utah called Wasatch Peaks. And they've been great to have us on-site and to tour the brokers through, but that's a by invitation club only. And you have to be invited to join the club, go through their vetting process and be approved as a member before you can even be considered to buy real estate in the development. And I think that's a growing trend. You guys talked about the Beverly Hills project where, you know, they were selling the bonds and... Mean, you're... Founder bonds. Founder bonds. I watched your show. I... But there's a lot of... There's just a lot of different ways to approach it. And I have opinions on that, but we won't get into that. [01:17:36] S0: Yeah. No. I really wanna know your opinion on on how you would advise a client where the seller of the property wants you to loan them funds that are junior to billions of dollars. Let's [01:17:47] S1: discuss that [01:17:48] S0: on the lake. But, yeah, we'll discuss that on the lake. [01:17:50] S1: Okay. We'll discuss it [01:17:51] S9: on lake. [01:17:51] S3: I think you just said it all, though.
01:17:51 · Thomas Wright, Jordi Hays, John Coogan, Adam, Kyle Schiller
[01:17:51] S3: I think you just said it all, though. [01:17:53] S0: I think so. Anyways, Thomas, great to hang. Thanks for breaking down I'm much for business. [01:17:58] S3: And take me up on the Utah offer. I'm not kidding. [01:18:00] S1: Yeah. We'd love to. [01:18:01] S0: I wanna have you guys out. Make it [01:18:02] S1: easy soon. Have a good [01:18:04] S0: Can't wait. See you. [01:18:06] S1: Let me tell you about Shopify. Shopify is the commerce platform that grows with your business and lets you sell in seconds online, in store, on mobile, on social, on marketplaces, and now with AI agents. And next, we have Kyle Schiller from Marathon Fusion. Is it over for gold? Is gold back? [01:18:23] S0: There they are. [01:18:24] S1: At the bottom of it. Welcome to the show, guys. [01:18:26] S0: What's up, guys? [01:18:27] S7: Hey. What's going on? Great seeing you. [01:18:29] S1: Can you both introduce yourselves and then take us through the company a little bit? [01:18:33] S0: Yeah. Because you guys both look like you might be named Kyle Shiller. So you're gonna have to confirm who you do. One is Adam. Okay. [01:18:42] S5: Yeah. I'm I'm the CEO of the company. I'm Kyle. My cofounder Adam can join us today. Here's Jason, our chief science officer. Great. [01:18:48] S1: So take us through the pitch for the company. I saw the the the launch video went very viral. Lots of debate about it. But what's the core thesis here? What's the core technology?
01:18:48 · John Coogan, Kyle Schiller
[01:18:48] S1: So take us through the pitch for the company. I saw the the the launch video went very viral. Lots of debate about it. But what's the core thesis here? What's the core technology? [01:18:58] S5: The core thesis is that fusion is really bottlenecked on the foundational capabilities and technologies much more so than on the core plasma physics. [01:19:05] S1: Mhmm. [01:19:06] S5: And so we got founded to address a very specific set of problems around the tritium fuel cycle. We've since expanded. We've now gone full stack, built out the industrial base, and we're ready to deploy commercial fusion next year. [01:19:17] S1: And fusion in general has been one of those technologies that's been ten years away for the last Yeah. Fifty years, but it does feel like we've seen some solid progress. What technology milestones have actually been knocked down that gave you the confidence to go out and build this company, raise money for it, and and start, like, actually accelerating? [01:19:38] S5: You know, in in 2022, it was very much a story about tailwinds. And now four years later, we can confidently say it's a story about technology and those milestones. Sure. And, you know, this ten year thing bothers me so much that we have gone out and made this very public commitment [01:19:51] S1: Yeah. [01:19:51] S5: To double our power density every single month. [01:19:53] S1: Okay.
01:19:53 · John Coogan, Kyle Schiller, Adam
[01:19:53] S1: Okay. [01:19:53] S5: We're now talking about the execution window that is, like, news cycle relevant, that is Twitter relevant, and most importantly, where people can feel like they are a part of the story, that they are actually watching us progress. They don't just have to take our word for it and be like, another billion dollars, bro. This is actually going to happen. [01:20:07] S1: Yes. So doubling every month, incredibly powerful. We all know the power of exponential growth. But if you're 20 ooms away from where you need to be, this could still take a long time. How far away are you from actually reaching, what what do they call it, q greater than one? Isn't that the the phrase for these things? [01:20:28] S5: Yeah. Well, I I love that you have this perspective because nuclear physics is a matter of many, many ohms. [01:20:32] S1: It's way [01:20:33] S5: that's largely counterintuitive. [01:20:35] S1: Okay. [01:20:35] S5: So on power density, we are way, like, five five fooms maybe now from setting the record. And on gain, historical reactors have gotten to within a factor of two. Yeah. So that's why I say that is the area on which we are much closer to commercial performance. [01:20:49] S1: Yes. [01:20:49] S5: We're actually going [01:20:49] S7: to save that for last. Yeah. [01:20:51] S5: It's the most capital intensive thing. It's the most scientifically intensive thing. It's not the only important thing. So let's, like, catch up on the rest of the industrial base. Yeah. And then once we're there, we can do confinement.
01:20:51 · Kyle Schiller, John Coogan, Jordi Hays, Adam
[01:20:51] S5: It's the most capital intensive thing. It's the most scientifically intensive thing. It's not the only important thing. So let's, like, catch up on the rest of the industrial base. Yeah. And then once we're there, we can do confinement. [01:21:00] S1: And take us through the gold piece of this story. Like, why was that relevant? Why is that is that just because it's so tangible to the audience that anyone can understand that? [01:21:12] S0: We will perform it, and now we will perform a trick Yeah. [01:21:14] S1: To the audience. It's alchemy. But but is this actually part of the business plan, or is this just, like, a really tangible scientific milestone? [01:21:21] S0: That's how they're gonna finance, you know Yeah. The rest the business. [01:21:25] S7: You know, like, eighteen months ago, Marathon announced this seemingly crazy thing that is real, that, you know, fusion can coproduce electricity and gold at scale. And this is, you know, at the power plant scale, this is how we're gonna make fusion energy the most cost competitive. And this was just the beginning. Basically, right now, we're focusing on making materials that are the most valuable materials in the world, like billions of times more valuable than gold. And so we're basically producing the roadmap for fusion energy. Instead of just making electricity ten years away, we're gonna be making medical radioisotopes right now with these very high power density reactors.
01:21:25 · Adam, Jordi Hays
[01:21:25] S7: You know, like, eighteen months ago, Marathon announced this seemingly crazy thing that is real, that, you know, fusion can coproduce electricity and gold at scale. And this is, you know, at the power plant scale, this is how we're gonna make fusion energy the most cost competitive. And this was just the beginning. Basically, right now, we're focusing on making materials that are the most valuable materials in the world, like billions of times more valuable than gold. And so we're basically producing the roadmap for fusion energy. Instead of just making electricity ten years away, we're gonna be making medical radioisotopes right now with these very high power density reactors. [01:21:59] S0: Mhmm. What kind of pushback did you guys get on on the launch or or the video? And, like, how would you, you know, respond to some of the more common pushback?