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I want to talk, Ellen, because you kind of put him for me on the radar, and I just feel like it was a time when so many people questioned what he was up to. Now everybody is so excited about the Space X IPO. We see increasingly how he's kind of melding his universe together. Tell us about kind of that bet.
And even today we have that he's building a chip factory, at least 55 billion investment, maybe as much as almost 120. And he's doing this chip factory Space X with Tesla. How are you looking at Elon right now and what his next era is? So this is why I founded Ark Invest. We knew that the seeds that were planted in the 20 years that ended in the bubble, they've been germinating for 20, 25 years and now they're flourishing.
And what we're seeing is 15 different technologies evolving and they're all converging. And Elon, about six months ago, and we've been using the word convergence for a long time, he said, you know what, I think my companies are converging more than even I understood. And so we're seeing, of course, basics excite rumors about Tesla.
And really he believes that in the new world or to create the new world, a company has to be vertically integrated. And so that's what's happening here. He is moving into incredible vertical integration as he as he moves datacenters into space. Is it all about our Bloomberg intelligence? George Ferguson covers space, covers defense, but he said it's all about Elon controlling the supply chain.
Cathie But I do feel like globally we're seeing countries, companies really thinking about their supply chain. Is that part of his strategy? Absolutely. And also, when a company is breaking new ground, literally in this case and really inventing something, the supply chain doesn't exist very often or not all parts of it exist.
And I think also, as he's discussing where he's going and how he's going to do it, he is getting the supply chain ready. You know, he always sets the timeframe, you know, much sooner than most people expect. But it's to get his employees and the supply chain focused because when he moves, he moves fast.
You've really helped to define people's perception of Elon Musk and the company Tesla largely as one that is not about making cars, but one that's about autonomy and robotics. When you walk out the Hilton here, different than where I live in Washington DC, driverless waymo's or picking people up and driving away with them all day long.
The mainstreaming of autonomous vehicles is just about here. I'd like to know if you see that actually fulfilling itself in the next year and if this is a zero sum game or you're going to have Uber, Waymo, Tesla all involved. Okay, This is where vertical integration comes back into the conversation.
In the Robotaxi world, Tesla's vertically integrated and has created the platform upon which others will build their companies. So I credit our team. So Toshiya Daniel, Brett Winton We have been focused on this from day one, 2014 when I founded Ark. And yes, slowly, slowly, then all at once. So vertical integration for Tesla means it will have the lowest cost structure by far.
Now it's going to use Uber's umbrella here, $3 plus per mile. But if our analysis is correct, those costs as robotaxi scale are going to drop to $0.25 per mile. Think about it. The cost of transportation is going to collapse here and no one waymo's cost structure, according to our estimates, in 2030, will be 50% higher than Tesla's because they're dependent on other auto manufacturers and others in the supply chain that Tesla is not.
How are you thinking about the SpaceX IPO, Cathie? Do you anticipate there's so much enthusiasm going into it, Massive size, massive interest, but do you think there'll be a drop off initially after, you know, once it makes its public debut and then ultimately kind of play out like Tesla did, that eventually it goes up again, like how do you see the trajectory?
Right. So this is only at least what we know so far, $75 billion. There is so much demand out there. We have in our venture fund. So Ark VIX SpaceX is the largest position and because we're direct to consumer when it comes to venture. Although the fund has scaled north of 850 million, investors had to look for us.
And how did they find us? They were looking for space. So the demand is voracious out there. Only 75 billion. Yes, it's a big IPO. But just think about how how Space X has reawakened the dream of space exploration. This has captured the imagination not just of investors, but really everyone. So does that mean you don't think it'll fly?
You think the enthusiasm will continue? Do you think there will be some settling? I think there'll be supply demand imbalance in the beginning. You'll see that pop. It will be volatile, I would imagine. But we hope to to serve in terms of providing our research. We've already got a space X model out there on our site, invest dot com.
We have not added data centers orbital data centers in. However, our preliminary work suggests that that part of the business could take relative to our existing model could take Tesla from a revenue generation point of view. Orders of magnitude higher. Ten, 20 times higher. I'm so glad you went there.
Data centers in space and I mentioned before we got going, it came up on a real estate panel where so many of the real estate investors, even like related companies, have switched their focus to data centers. But we brought up data centers in space. What does that mean, though, then, for all of the data center buildout and money that is happening here on Earth, does that mean.
A lot of that goes away. There's a little bit of a bubble like how how do we reconcile? We think and this is and this is the important judgment call, is this hype, is this 1999? I can tell you unequivocally it is not. As I mentioned, the seeds were planted then. Now we're ready. And we think this technology revolution is going to dwarf the industrial revolution by far.
So I think that we'll need the orbital data centers. And of course, Elon is informed by his experience in Memphis, Tennessee, and now Mississippi. Memphis became not my backyard. You're increasing my electricity prices and you're you're you're you're you're ruining our land. So he's basically saying, I'm not going to have to worry about not in my backyard in space.
But does it make a bubble of the stuff? I don't think so. We think we're going we need all of this. Yep. All right. I know I'm dominating. I mean, you guys should walk away with this. Go. Go to ask you about something that took place today. You woke up and saw your third largest holding. Yes. Just go through the roof in aimed another blow the doors off quarter.
And it's really creating this question now about whether we should be paying a lot more attention in the market is to CPUs after GPUs went crazy we're looking at people take money out of Nvidia now and chase stocks like AMD. Do we need both or is that where you're looking? We think we need both. I do think there is more competition.
We want it. We need it. But it was interesting. Sarah Friar at play, I'm going to give her a shout out because I heard her speak and she she was saying, you know, people are chasing GPUs. They're going to be really shocked at how a genetic AI activates CPU's and inference generally activates CPU's. Yesterday, Lisa Su provided a stat we had never heard before.
Right now, for every for every CPU there are 4 to 5 GPUs when it comes to enabling AI. Lisa thinks it's going to go 1 to 1 well in the future. I think that has been the sleeper and you see Intel has taken off. In fact, we're seeing a lot of stocks that were you know, they were very big in the bubble.
And I just said to our team today, I said, What's going on? We're going back to the future. You know, Intel resurrected that, right? Yes. And Flextronics is now called Flex Boom. So I think we need it all. Not to mention data storage, which has been one of the most remarkable examples of of of a shortage, creating a monster rally.
So you need these old fashioned chips to get to this new fashion. All hands on deck. We want to ask you about a story that came out, Google, Microsoft, to give us agency early access to air models. So basically the White House vetting air models. Is this good or bad? And knowing this administration and David Sachs are our eyes are I don't think we're talking about heavy regulation here.
We might be talking more about national security. National security. We heard this with mythos, you know, software that, you know, has not has been in place for 60 years and never been penetrated. I can find these vulnerabilities. So they're probably trying to tighten up a lot of what we do out there and make sure that our industries are safe.
Doesn't that bring a political implication, though, to what may or may not be available to people if if the White House is choosing which platform we ought to use? No. You know what's interesting and this is taking a leaf from open air. In its early days, chatbots were saying, we don't think we can release this.
This is too powerful. This is great marketing. It's true that it's very powerful, but it's also great marketing. A lot of the people at Anthropic came from open eyes. So while they're blazing trails, no question about it, and they're leapfrogging one another, which is great. Competition is great for us here, including competition from China.
I think. I think that, you know, we're we're on our way. I want to ask you about Stablecoins tether and their potential. Do you think it has a chance to become big in the US under the Genius Act? And you've also invested in Circle. Are you looking at other stablecoin related players beyond that crypto?
Bill Tell me there's a lot going on right now. Is a lot going on. There's a big meeting at Mar a Lago. Like I know a lot of crypto folks. They tell us, Well, and you know, in the last election I do think the crypto community was very was part of the swing factor because they knew deregulation. Would take place under this administration.
That's absolutely true. So, yes, we're seeing the deregulation. You know, this is this is creating a new financial world order. Many people think the dollar should be going down because of our deficit and debt and all of that. And what we're seeing here in the United States is deregulation, tax cuts and a very business friendly, very business friendly administration.
We think the return on invested capital is going to go up in the U.S. generally. And we think that the crypto revolution, we were at risk of losing it. Yeah, and yes, we do think U.S. has a shot. You do? Yes.
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