has been a summer of milestones for on-chain finance coinbase launching tokenized stocks on base and also joining forces with swiss alt asset manager dialectic to unlock defi yield on spacex shares and dialectics new starloot vault will allow investors to borrow stable coins against tokenized equity positions without selling their shares testing whether private tech unicorns can become productive collateral in decentralized lending markets. Well, joining us to break all of this down for us is Ryan Tuerer, founder and CIO at DiveLight. Ryan, great to have you here. Thank you so much for joining us. So first, I understand that you're launching the Starloop vault with Coinbase to let users earn yield on SpaceX shares without selling them. So how does borrowing against tokenized equity actually work in practice?
So the idea is that we generate yield on top of the underlying asset. This is something that we've been doing for five years on Bitcoin and ETH and U.S. dollar stables. And now we're just applying it to tokenized stocks. The way that that yield is created is through a range of different mechanisms. It's really important to use different mechanisms so that you use diversification as a risk management principle. So some of that is lending on short markets like like hype, others is a carry trade or a basis trade, all that can generate yield denominated in the underlying asset. And with that, the mantra here is to use crypto primitives, use the composability of DeFi without taking crypto volatility risk. And we think that assets like SpaceX represent a great opportunity for diversification in portfolios, both crypto natives and for investors broadly.
And Ryan, you just mentioned SpaceX, and this is a company that has received plenty of attention pre-IPO as well as post-IPO. So I want to get your perspective when it comes to your valuation of the company. I understand it's nearly double where it trades today. So can you walk us through the why of the market getting the valuation wrong, at least for now?
Yeah, you know, the primary thing is that the market is not pricing in any of the longer term, high probability businesses that SpaceX will execute on. So today, you can value SpaceX pretty consistently on the value of the compute business, plus the consumer Starlink, plus the current launch business that is led by Falcon 9. Once you start to add in the other businesses, so things like X-Money on the horizon, going beyond terrestrial compute into orbital data centers, something like TerraFab, and then some probabilistic approach to all the deep space optionality that exists out there. So that's celestial body mining, that's lunar and eventually Mars resource extraction and production. If you discount those heavily with some level of probabilistic outcome and then add that into the valuation, we come out with roughly double of what it is today on a fair market value looking across the nine business units.
And Ryan, while I have you here, I do want to get your perspective on the intersection of crypto and artificial intelligence. And I understand that Dialectics Research targets ETH at nearly $10,000 by 2022. So how do you actually see autonomous AI agents needing native blockchain wallets to drive this next wave of demand when it comes to Ethereum?
Yes, we see it in our business every day where we use hyper-diversification as one of our core risk mitigation measures. And so in any given moment where somewhere between 150 to 250 different pools, you need AI agents to coherently manage all of that. Anyone doing DeFi in a manual fashion are just getting out-competed at this point. But then from there, we're of the belief that AI agents will primarily use blockchain to execute financial transactions. And Ethereum is the logical choice for that. Ethereum is the leader in stablecoins, which is probably the the way that AI agents execute their transactions, it's the leader in capital formation, it's the leader in decentralized debt or DeFi, and it's the leader in digital provenance of other things like RWAs or digital art and so on and so forth. So we think the Ethereum blockchain is really well positioned for the agentic future of finance. And that's why other groups like Robinhood and Coinbase have leaned so hard in their corporate L2s being on Ethereum.
And Ryan, before I let you go, we have about 60 seconds here. I understand you were an early investor in names such as Anthropic, Anduril and Neuralink. So where are you putting new capital to work today?
So we just closed a position into Adams, Travis Kalanick's remarkable robotics and automation company. He's on a revenge arc that I would pay attention to. And ultimately Adams is the full manifestation of the vision that he had with Uber. And so that's certainly a name to watch.
Well, Brian, it was great having you on the show. Thank you so much for joining us today. And thank you so much for sharing your perspective as well as all of your insights.
Thank you, Remy.
