Discussion on IPO Timing and Safety

Business pressure? I mean, you're looking at a trillion-dollar IPO.

I'm curious if that's still a priority for you.

A- as we have said, we're not rushing into an IPO.

I actually think that given

everything happening with safety, this would be,

right now would be an ill-advised

moment to go public. Um, and we don't feel pressure on that.

We've said for a long time we'll do it when we're ready, which is

when the business

is ready, when we feel ready from a kind of what the

moment is like

in society with this technology. Um-

This sounds like not 2026, 2027 potentially.

I would say not 2026, yeah. I don't-- Like, we got a lot of stuff to do.

Um, and, like, meeting this moment of

what is going to be required for safety and

alignment and how

the industry and governments can work together, I'm happy to be able to do

that as

a private company.

We do wanna continue to make better models and

products, and we do believe in iterative deployment,

and I think

we have been right that society needs to contend with these

models at each level of

capability. But that is different from saying we will just

barrel full steam ahead.

We've talked in the last couple of months about pausing runs as

we get to these new level of capabilities to make more safety and alignment

progress. We will do more of that going forward.

Um, we have talked about the need for the

industry to come together and, uh,

ideally, international governments to come

together.

I think that is also important. But, but we are, you know,

we have put up with this incredibly complicated structure for a long time, and

this moment that we're in now is kinda why.

Like, we need to be able to make decisions

that are not

obviously in the interest of our business and our shareholders

for

the responsibility of fulfilling our mission and what that's going to require.

Uh, and I think people should be happy

that we are able and

willing to not just, like,

race ahead