Nice—yeah, it wouldn’t surprise me if that period is slower than the last ~5 years, as a lot of the capital that has gone into the space seems like it has been spent, and it doesn’t seem like recent capital inflows have been as high. My 4-7x guess is based on a crude estimate done by Sagar Shah of how much production capacity can be bought with the capital that companies have available to do it, with a delay baked in for construction time.
Nice—yeah, it wouldn’t surprise me if that period is slower than the last ~5 years, as a lot of the capital that has gone into the space seems like it has been spent, and it doesn’t seem like recent capital inflows have been as high. My 4-7x guess is based on a crude estimate done by Sagar Shah of how much production capacity can be bought with the capital that companies have available to do it, with a delay baked in for construction time.