We're building the last factory.
A factory that builds its own production equipment. Each generation is cheaper to build than the last, and the advantage compounds.
To grow a factory, you buy more equipment from someone else. The same vendors have been selling the same machines for decades — at rising prices. Equipment that cost $800K in 1995 costs $2.5M today. Nobody in the supply chain has a reason to fix this, because the people who make the equipment aren't the people who use it.
The economics are perfectly linear. $10M of output requires $10M of machines. $100M requires $100M. There's no leverage, and no way to build any — unless you change who makes the equipment.
We build our own production equipment, then use it to build more. Each generation costs less. Every dollar of capex makes the next dollar go further. The gap between our cost basis and everyone else's widens every quarter and can't be closed by outspending us.
