In this theCUBE + NYSE Wired: Mixture of Experts segment from the New York Stock Exchange, theCUBE’s John Furrier sits down with Raj Verma, CEO of SingleStore, to unpack how the intersection of technology and finance is shaping enterprise strategy. Verma shares why SingleStore is “on course” for the public markets, reflects on brand-building through the company’s partnership with golf Hall of Famer Padraig Harrington and connects that ethos to how SingleStore helps organizations fix struggling data “swings.” The discussion zeroes in on what’s next as Wall Street watches the AI infrastructure buildout: after chips and systems, the software and data layers set the pace for value creation.
Verma outlines why enterprises must modernize “brown” data estates into “green” ones to safely bring corporate context, governance and compliance into LLM workflows via RAG – and why commoditized data-at-rest puts the advantage at the query layer that unifies data in motion with data at rest. He predicts agentic AI will gain reasoning capabilities in roughly 18 months, cites industry indicators like Google reporting ~25% of its software now built by AI and argues that high switching costs will give way to disruption as buyers reassess legacy vendors. The conversation closes with concrete momentum: ~33% YoY growth, ARR in the ~$135M range, gross dollar retention ~98%, cloud NDR ~130, ~50% of business now in the cloud, landing ~3 new customers per day, a path to cash-flow breakeven in the next two quarters and a teaser for AI-related announcements in the next two months. Listeners will find notable stats, real-world use cases and forward-looking views on how databases power reliable AI at enterprise scale.
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Martin Costas, Boxabl
In this theCUBE + NYSE Wired: Mixture of Experts segment from the New York Stock Exchange, theCUBE’s John Furrier sits down with Raj Verma, CEO of SingleStore, to unpack how the intersection of technology and finance is shaping enterprise strategy. Verma shares why SingleStore is “on course” for the public markets, reflects on brand-building through the company’s partnership with golf Hall of Famer Padraig Harrington and connects that ethos to how SingleStore helps organizations fix struggling data “swings.” The discussion zeroes in on what’s next as Wall Street watches the AI infrastructure buildout: after chips and systems, the software and data layers set the pace for value creation.
Verma outlines why enterprises must modernize “brown” data estates into “green” ones to safely bring corporate context, governance and compliance into LLM workflows via RAG – and why commoditized data-at-rest puts the advantage at the query layer that unifies data in motion with data at rest. He predicts agentic AI will gain reasoning capabilities in roughly 18 months, cites industry indicators like Google reporting ~25% of its software now built by AI and argues that high switching costs will give way to disruption as buyers reassess legacy vendors. The conversation closes with concrete momentum: ~33% YoY growth, ARR in the ~$135M range, gross dollar retention ~98%, cloud NDR ~130, ~50% of business now in the cloud, landing ~3 new customers per day, a path to cash-flow breakeven in the next two quarters and a teaser for AI-related announcements in the next two months. Listeners will find notable stats, real-world use cases and forward-looking views on how databases power reliable AI at enterprise scale.
>> Hello, John Furrier with theCube, are here at the NYSE Cube Studios, the New York Stock Exchange, our East Coast access point. Of course, we got our Palo Alto Studio connecting Wall Street and Silicon Valley Tech and Money. This is again part of our NYSE Wired program with theCube, partnering with the NYSE. You've got a great Mixture of Experts program, we bring in experts who are in their field making things happen, a lot of innovation. Martin Costas here, the CFO of BOXABL, we featured the founder yesterday. Martin, great to see you back on theCube, a year ago we chatted here at the NYSE about BOXABL, a lot of momentum. Congratulations.
Martin Costas
>> Super exciting to be here again. After a year, a lot of things happens in the last 12 months. And again, I believe that your broadcast is very, very supporting high-tech, so, super happy to be here.
John Furrier
>> Yeah, the founder was on talking about the origination story and the innovation in housing, the revolution that's happening. You guys with your innovation, your cost structure, the unit economics, all looking good. Unique operational workflows, really changing the housing game, in terms of one, scale and ease of deployment. Still a lot of work to do, but great momentum. Last time we talked, you were doing Casitas, in-law apartments, now full houses, so the scale is moving.
Martin Costas
>> Yeah, yeah, and you just nailed it. I think that a lot of people when they discuss about the crisis that we are having in the nation, and also globally speaking in terms of housing, they have a tendency to confuse what is the real solution. But what is no question is the need of a scale, where five million houses in the lower numbers that you can see online that we're missing in the US. So, you really need a solution that you can scale. The initial product that we have is the Casita, it's our flagship. We are selling those, especially in the California market, but we actually introduced new products this year. We're already selling two bed and one bed setup up of the Casita, which is an 800 square feet almost. It's two 361 Casitas together, so now we have one bed, two beds. We're about to announce a three bed. So as you can see, the footprint of the house is starting to increase to actually address affordable housing needs.
John Furrier
>> Yeah. Process innovation always fascinates me and Dave Vellante and our team because it's always process, people, technology, and we've got some AI you're working in there too. And the story and the demand for housing is so strong. I think BOXABL is a great example of an innovative company at all fronts. Obviously on the product side, which we talked with you guys yesterday about, but also fascinating is the funding side. You guys went viral with funding, the demand and support was pretty massive. You guys going through a public process now, and how's that going? You've got, it's the FGMC is the ticker.
Martin Costas
>> Correct, correct. We are going at this pack. So basically we announced this pack early this year with an LOI and we were able to file our S-4 before the government shut down. So, right now we are waiting them to come back and review. As you know, we have been subject to exchange since 2023. That means that we're filing 10K, 10Qs, so we're in compliance. Consequently, we believe that the process of review is going to be smooth as soon as the folks that are coming back to review our prospect. So, we're exciting to go public.
John Furrier
>> And public listening gives a lot of benefits. Let's just say I'm an institutional investor and I want to support the company.
Martin Costas
>> Correct.
John Furrier
>> Are you guys going to open up another Reg A financing? Is that on the table?
Martin Costas
>> Yeah, no, no, we are not planning to do any other Reg A Reg V. So basically, we're going to go public with this S-4 process. What is going on nowadays is obviously the people is buying the ticker of FGMC, which means that everybody that is doing that will convert one-to-one into the VXPL. That is typically what happening in any SPAC that it is approved. So if the SEC approve our S-4, basically everybody at this point today, they will get one stock.
John Furrier
>> They convert.
Martin Costas
>> They will convert automatically. And again, you need to go read the prospect-
John Furrier
>> I'm not a SPAC expert, so, but what does that mean? So if I want to buy the stock today-
Martin Costas
>> Correct....
John Furrier
>> I can go to the ticker and I could buy?
Martin Costas
>> It's public trade, it's in NASDAQ, so it's about $10.
John Furrier
>> So I can buy as many shares as I want today?
Martin Costas
>> You can buy as many as you want.
John Furrier
>> And what does that mean to me? I convert to-
Martin Costas
>> So you need to read this for and the prospect, but basically in any SPAC, what happened is at the end of when the SEC approve and we go through the closing process, they will convert. So, one FGMC stock will be now a BXVL, which is our ticker once we go public, so virtually-
John Furrier
>> Yeah, on the front end, then, basically. Front end of the approval, read the prospectus, it's all the legal stuff.
Martin Costas
>> Subject to approval.
John Furrier
>> I got that, yeah.
Martin Costas
>> Yes.
John Furrier
>> I'm not a lawyer so I don't know, but I'm sure you got... you're the CFO, you got to keep... Okay, so it's going to be a nice process.
Martin Costas
>> Correct.
John Furrier
>> Investor's going to get converted, that's awesome. And then use of funds, obviously. What's the growth? Can you share the growth strategy?
Martin Costas
>> Yes, absolutely. Super exciting because we already saw, by the way, a big volume going through the FGMC ticker since we announced LOI, so that means that there is interest. And our investors, they keep supporting us, which is not a surprise because most of our Reg A and Reg D, they are recurrent investors. About 50% of the people, they re-buy. In terms of the proceeds, it's amazing because again, as you said at the beginning, it's a scale game. So ideally, we would like to build houses for everybody, five million houses are missing in US. With a CapEx that it is reasonable, around $100 million, you can do 5,000 units per year factory. But our dream is building a house as you build a car, a car is under a minute. One minute per house, that means 500,000 houses in a facility. I'm talking about 5,000, so you can imagine the need that we have.
John Furrier
>> What I love about the vision that you guys are doing, and this came up in our conversation, deep dive in yesterday's podcast was that the comparison was to Tesla. Tesla's not a car anymore, it's an AI factory.
Martin Costas
>> Totally.
John Furrier
>> But it's a car, it still goes from point A to point B. And people who have a Tesla kind of feel weird driving a car again because somebody's got to pay attention. So, house is a house, a car was built the old way, now is a new way. Automation without automation, Elon would not have where he is today. You guys have a similar kind of first principle.
Martin Costas
>> Correct.
John Furrier
>> Automation, large scale technology embedded.
Martin Costas
>> Correct. In the long run, we will have the same type of technology in the product. We cannot give a lot of looking forward statement, but definitely we're following the same path. And I would like to say something, that we're better in terms of a business prospect because nowadays you cannot sell a Tesla in South America or in Africa, but you need a house there.
John Furrier
>> Well, now you got to get Starlink and robots and AI factories built because... Can you have self-building houses?
Martin Costas
>> .
John Furrier
>> I meant joking, but look at Tesla, they're autonomous. So, a lot of technology, I mean, that's all. I'm kidding aside, probably not in the immediate plan, but fleet of robots connecting utilities.
Martin Costas
>> Look, I don't think it's a joke. I believe that companies that they're not native in AI, they will have a tendency to disappear and we have that very, very clear in BOXABL.
John Furrier
>> It's interesting, not to go on a tangent because it's not related, but somewhat related. Tongue in cheek, making that comparison to the Tesla about the robots, is a natural extension for BOXABL, because the physical AI trend that's coming is clear. We're seeing that in the market today with all the CapEx build out for AI factories, and then you see the agentic layer come in, this is on the enterprise and computing side. And then after agentic, the roadmap from NVIDIA for example, is physical AI, Elon's on the same parallel path with NVIDIA as he's competing with OpenAI as well, but he's buying NVIDIA dry.
Martin Costas
>> Correct.
John Furrier
>> So, CapEx build out for AI agents, and then physical AI, which is robotics, manufacturing, hospitals, robotic AI assisted to humans, that could be applied to physical houses.
Martin Costas
>> Will, will be. It's just that we are on baby steps because of the industry. So, you need to think about this parallel. If you see when we were building the first Ford T, and you see how we were building houses, the technique was a stick frame. It's the same that we use today. On parallel, you saw a car flying this weekend, say how we went from a Ford T to this and we're still doing the same thing.
John Furrier
>> Modularity, Dave Vellante brought this up yesterday when he was here in the studio about modularity. And if you look at cars, cars were built on an assembly line, but still skilled labor required. I saw at an NVIDIA conference, Mercedes announced with NVIDIA, the future of the AI factory car, which is obviously self-driving, the taxi, the robot taxi market's huge, and they're building a chassis.
Martin Costas
>> Correct.
John Furrier
>> Standard chassis frame with room for the computer. And the idea was templatize the frame and then custom build the car around the frame. So you might have different versions of say Mercedes, this is their thinking, but first party designed in as the spot for the factory AI system.
Martin Costas
>> Correct.
John Furrier
>> Homes could have a similar approach. Is that on the radar?
Martin Costas
>> Totally. Totally, totally. Indeed, again, we are in the baby steps, but I was very lucky through my career I was a CFO with one of the Fortune 100 companies that they do actually automation. I was able to go inside of a lot of automotive companies and I can tell you that for example, in a car, you're going to have more than 20,000 SKUs, unique, highly engineering parts, that you know a car is having a metal thing that you squeeze, it's highly engineered. My Casita, honestly, it's a parallel type of a product, but my parts, they are not highly engineered. I have 500 SKUs. And two, I am paying three times plus the cost in materials to that comparable car. You can see what the volume will do in the industry. And then again, it's what you're saying. If you see that the car is running every single under a minute or a minute in a company like Ford F-150 or Tesla, they are building a car. You can see a car popping up out of that production line in a minute. The labor cost has a tendency to -
John Furrier
>> The economies of scale are off the charts. I mean, basically having too many SKUs. What you're saying is too many SKUs create unique products that have to have their own demand. They still market that car, so-
Martin Costas
>> .
John Furrier
>> And everything is siloed and it opens up risk.
Martin Costas
>> Absolutely.
John Furrier
>> Versus standardizing.
Martin Costas
>> Totally. And imagine yourself again, 20,000 SKUs, the complexity of a manufacturing process of a car versus a house. Versus a house, we're going to go there because in the future I can say I am not talking in a generic way, houses are going to have obviously an AI solution that will enhance the life experience of the people. But still today, we're building a stick frame, so we are really, really baby steps. We really need the help from the government to give us flexibility on the legislation, permitting, understand that the advanced materials are the solution, advanced manufacturing is the solution. And we're going to have a huge revolution on the housing industry for good.
John Furrier
>> I think you guys are onto something pretty big. I mean, I could see the dots connecting in my head in real time because just master planned communities are a big thing. They have for a long time. Now you can rethink what a community would look like, a smart city. You can design in technology into the housing physical part and connect it into the overall system. That's not how it works today. You have all kinds of rules, you got a building inspector, you got five different departments that track it, you have the public utilities, the roads. Imagine connecting everything around the home.
Martin Costas
>> That's the solution that we actually need. And it's very sad because when you see the five million houses or eight million houses, depending on the source of information that you use, you may have a question. It's five versus eight, but where it's not a question is the super majority of that is affordable housing. It's the people that they really need a solution, and that is actually what bring me to this company because obviously we can actually make an impact in our people and give them an opportunity. You cannot even work, you cannot go to school.
John Furrier
>> Yeah, and NVIDIA calls it extreme co-design, where they design the system with their suppliers and partners. If you bring that to the physical world of homes and cities, imagine the synchronicity you could have around co-design. I mean, just we've been covering grid computing, rebooting with how energy in these cities could be changed, harnessed. Back in the day when I was ripping pirating music, not to show my age, but when the web came out, the number one applications besides the adult industry was ripping illegal music. And you have to use P to P technology to do that. You can apply that kind of P to P-
Martin Costas
>> , yeah....
John Furrier
>> with energy.
Martin Costas
>> Absolutely.
John Furrier
>> So there's now a grid concept coming back to preserve energy-
Martin Costas
>> Absolutely....
John Furrier
>> in this industry. So I can see maybe houses built in for that intelligence.
Martin Costas
>> Totally. Totally, totally, totally. And to preserve energy, again, baby steps. Today we're going to the field in cars with the tools for 18 months. Imagine the impact on the energy if you build a house in a minute.
John Furrier
>> Yeah, I guess you're kind of public, but you can't say a forward-looking statement. I'm not saying it's a forward-looking statement, but I'm just predicting that the physical house can be a connected device because the AI trends are all pointing to physical, digital conversion. There are nodes on the network, you got tokens for AI for pumping out contextual relevance. On the crypto side, you're seeing tokenization as a utility, that could be applied to things like electricity, utilities, water, power, user.
Martin Costas
>> Absolutely.
John Furrier
>> Behavior.
Martin Costas
>> It's very interesting. So I cannot disclose names, but one of the biggest or one of the biggest appliances company in the world, one day we receive a call and the CEO came to visit us because their vision is the house is the next appliance, which is exactly what you are talking about. And I agree, I think the next step is enhancing the experience of living in the house that will provide you the value that you need. Face recognition is going to give you a message where your water-
John Furrier
>> You see the Ring cameras today, people love those because, why not?
Martin Costas
>> Totally.
John Furrier
>> But they have to bolt that on as a retrofit, so that could be all enabled. All right, Martin, I really appreciate you coming on and as the CFO, you're in the public process. I know you really can't talk numbers, but I will have to ask. What's next for you guys? What's the process look like? Are there deadlines? Are there are key dates? What should people know?
Martin Costas
>> Yeah, again, we're expecting the SEC to come back after the government shut down. We believe that the review should be smooth because we're already public, we're already in compliance, we're a very transparent company. So, we're looking maybe early next year to be a public company. Everything that we're trying to do now is to set the right strategy to protect our investors, current and future investors. We're trying to really build, go public without any toxic vehicle. We really want to be fair and support those guys that they supported us earlier, and the guys that they are coming on board. We are going to have, again, the strategy that will build an organic market presence without any type of other approach that actually focusing on building our business and keep growing the business.
John Furrier
>> Well, I really appreciate the insight and again, I don't know much about SPACs because it's kind of like a new thing, but it is a proper process and I did not know that the dollars would convert. So, you could get in on it now, so.
Martin Costas
>> Yeah, I can give you another information there. So we tried to do a direct listing in there, we didn't want to do a SPAC. The problem was we couldn't do it because we were already subject to exchange so there is legal things that didn't allow us, we were not eligible to do it.
John Furrier
>> Because you have a lot of investors, you had the viral program.
Martin Costas
>> Right. So we were trying to leverage our retail. We have a lot of retail investors, so we didn't really need to go into a table and negotiate an IPO. So, we're trying to go public fast to give liquidity to our investors, which is what they want, basically, right? So the easier way was SPAC, we found a great SPAC partner. We're working really well with them, and I think the process is going to be smooth.
John Furrier
>> And just in a little nuance, I have learned this, that your success dictated this because you had a successful viral raise campaign.
Martin Costas
>> Hopefully....
John Furrier
>> which is tens of thousands of investors.
Martin Costas
>> Hopefully.
John Furrier
>> It adds up, but-
Martin Costas
>> 50,000, 60,000....
John Furrier
>> it's not your classic it's not your classic series A, three institutional investors, next round.
Martin Costas
>> No.
John Furrier
>> So that process really goes public, you guys, success drove this behavior pretty much, is that what you're saying?
Martin Costas
>> Totally. And we will keep approaching the market, supporting our retail investors, again, protecting those that we have currently and adding more to our prospect.
John Furrier
>> All right. Well, thanks for coming on and clarifying.
Martin Costas
>> Well, thanks for inviting us.
John Furrier
>> Really appreciate you. Very innovative approach. Again, the housing revolution, the housing problem from homelessness to just cost, the stats are out there that we've been reading and reporting that home ownership is happening later in people's lives in their 40s because it's not affordable, not enough supply and inventory, and there's plenty of demand. So again, solving that problem with technology and innovative solutions is the key. Of course, it's theCUBE, bringing you all the leaders here in our Mixture of Expert series. I'm John Furrier, host of theCUBE, thanks for watching.
>> Hello, John Furrier with theCube, are here at the NYSE Cube Studios, the New York Stock Exchange, our East Coast access point. Of course, we got our Palo Alto Studio connecting Wall Street and Silicon Valley Tech and Money. This is again part of our NYSE Wired program with theCube, partnering with the NYSE. You've got a great Mixture of Experts program, we bring in experts who are in their field making things happen, a lot of innovation. Martin Costas here, the CFO of BOXABL, we featured the founder yesterday. Martin, great to see you back on theCube, a year ago we chatted here at the NYSE about BOXABL, a lot of momentum. Congratulations.
Martin Costas
>> Super exciting to be here again. After a year, a lot of things happens in the last 12 months. And again, I believe that your broadcast is very, very supporting high-tech, so, super happy to be here.
John Furrier
>> Yeah, the founder was on talking about the origination story and the innovation in housing, the revolution that's happening. You guys with your innovation, your cost structure, the unit economics, all looking good. Unique operational workflows, really changing the housing game, in terms of one, scale and ease of deployment. Still a lot of work to do, but great momentum. Last time we talked, you were doing Casitas, in-law apartments, now full houses, so the scale is moving.
Martin Costas
>> Yeah, yeah, and you just nailed it. I think that a lot of people when they discuss about the crisis that we are having in the nation, and also globally speaking in terms of housing, they have a tendency to confuse what is the real solution. But what is no question is the need of a scale, where five million houses in the lower numbers that you can see online that we're missing in the US. So, you really need a solution that you can scale. The initial product that we have is the Casita, it's our flagship. We are selling those, especially in the California market, but we actually introduced new products this year. We're already selling two bed and one bed setup up of the Casita, which is an 800 square feet almost. It's two 361 Casitas together, so now we have one bed, two beds. We're about to announce a three bed. So as you can see, the footprint of the house is starting to increase to actually address affordable housing needs.
John Furrier
>> Yeah. Process innovation always fascinates me and Dave Vellante and our team because it's always process, people, technology, and we've got some AI you're working in there too. And the story and the demand for housing is so strong. I think BOXABL is a great example of an innovative company at all fronts. Obviously on the product side, which we talked with you guys yesterday about, but also fascinating is the funding side. You guys went viral with funding, the demand and support was pretty massive. You guys going through a public process now, and how's that going? You've got, it's the FGMC is the ticker.
Martin Costas
>> Correct, correct. We are going at this pack. So basically we announced this pack early this year with an LOI and we were able to file our S-4 before the government shut down. So, right now we are waiting them to come back and review. As you know, we have been subject to exchange since 2023. That means that we're filing 10K, 10Qs, so we're in compliance. Consequently, we believe that the process of review is going to be smooth as soon as the folks that are coming back to review our prospect. So, we're exciting to go public.
John Furrier
>> And public listening gives a lot of benefits. Let's just say I'm an institutional investor and I want to support the company.
Martin Costas
>> Correct.
John Furrier
>> Are you guys going to open up another Reg A financing? Is that on the table?
Martin Costas
>> Yeah, no, no, we are not planning to do any other Reg A Reg V. So basically, we're going to go public with this S-4 process. What is going on nowadays is obviously the people is buying the ticker of FGMC, which means that everybody that is doing that will convert one-to-one into the VXPL. That is typically what happening in any SPAC that it is approved. So if the SEC approve our S-4, basically everybody at this point today, they will get one stock.
John Furrier
>> They convert.
Martin Costas
>> They will convert automatically. And again, you need to go read the prospect-
John Furrier
>> I'm not a SPAC expert, so, but what does that mean? So if I want to buy the stock today-
Martin Costas
>> Correct....
John Furrier
>> I can go to the ticker and I could buy?
Martin Costas
>> It's public trade, it's in NASDAQ, so it's about $10.
John Furrier
>> So I can buy as many shares as I want today?
Martin Costas
>> You can buy as many as you want.
John Furrier
>> And what does that mean to me? I convert to-
Martin Costas
>> So you need to read this for and the prospect, but basically in any SPAC, what happened is at the end of when the SEC approve and we go through the closing process, they will convert. So, one FGMC stock will be now a BXVL, which is our ticker once we go public, so virtually-
John Furrier
>> Yeah, on the front end, then, basically. Front end of the approval, read the prospectus, it's all the legal stuff.
Martin Costas
>> Subject to approval.
John Furrier
>> I got that, yeah.
Martin Costas
>> Yes.
John Furrier
>> I'm not a lawyer so I don't know, but I'm sure you got... you're the CFO, you got to keep... Okay, so it's going to be a nice process.
Martin Costas
>> Correct.
John Furrier
>> Investor's going to get converted, that's awesome. And then use of funds, obviously. What's the growth? Can you share the growth strategy?
Martin Costas
>> Yes, absolutely. Super exciting because we already saw, by the way, a big volume going through the FGMC ticker since we announced LOI, so that means that there is interest. And our investors, they keep supporting us, which is not a surprise because most of our Reg A and Reg D, they are recurrent investors. About 50% of the people, they re-buy. In terms of the proceeds, it's amazing because again, as you said at the beginning, it's a scale game. So ideally, we would like to build houses for everybody, five million houses are missing in US. With a CapEx that it is reasonable, around $100 million, you can do 5,000 units per year factory. But our dream is building a house as you build a car, a car is under a minute. One minute per house, that means 500,000 houses in a facility. I'm talking about 5,000, so you can imagine the need that we have.
John Furrier
>> What I love about the vision that you guys are doing, and this came up in our conversation, deep dive in yesterday's podcast was that the comparison was to Tesla. Tesla's not a car anymore, it's an AI factory.
Martin Costas
>> Totally.
John Furrier
>> But it's a car, it still goes from point A to point B. And people who have a Tesla kind of feel weird driving a car again because somebody's got to pay attention. So, house is a house, a car was built the old way, now is a new way. Automation without automation, Elon would not have where he is today. You guys have a similar kind of first principle.
Martin Costas
>> Correct.
John Furrier
>> Automation, large scale technology embedded.
Martin Costas
>> Correct. In the long run, we will have the same type of technology in the product. We cannot give a lot of looking forward statement, but definitely we're following the same path. And I would like to say something, that we're better in terms of a business prospect because nowadays you cannot sell a Tesla in South America or in Africa, but you need a house there.
John Furrier
>> Well, now you got to get Starlink and robots and AI factories built because... Can you have self-building houses?
Martin Costas
>> .
John Furrier
>> I meant joking, but look at Tesla, they're autonomous. So, a lot of technology, I mean, that's all. I'm kidding aside, probably not in the immediate plan, but fleet of robots connecting utilities.
Martin Costas
>> Look, I don't think it's a joke. I believe that companies that they're not native in AI, they will have a tendency to disappear and we have that very, very clear in BOXABL.
John Furrier
>> It's interesting, not to go on a tangent because it's not related, but somewhat related. Tongue in cheek, making that comparison to the Tesla about the robots, is a natural extension for BOXABL, because the physical AI trend that's coming is clear. We're seeing that in the market today with all the CapEx build out for AI factories, and then you see the agentic layer come in, this is on the enterprise and computing side. And then after agentic, the roadmap from NVIDIA for example, is physical AI, Elon's on the same parallel path with NVIDIA as he's competing with OpenAI as well, but he's buying NVIDIA dry.
Martin Costas
>> Correct.
John Furrier
>> So, CapEx build out for AI agents, and then physical AI, which is robotics, manufacturing, hospitals, robotic AI assisted to humans, that could be applied to physical houses.
Martin Costas
>> Will, will be. It's just that we are on baby steps because of the industry. So, you need to think about this parallel. If you see when we were building the first Ford T, and you see how we were building houses, the technique was a stick frame. It's the same that we use today. On parallel, you saw a car flying this weekend, say how we went from a Ford T to this and we're still doing the same thing.
John Furrier
>> Modularity, Dave Vellante brought this up yesterday when he was here in the studio about modularity. And if you look at cars, cars were built on an assembly line, but still skilled labor required. I saw at an NVIDIA conference, Mercedes announced with NVIDIA, the future of the AI factory car, which is obviously self-driving, the taxi, the robot taxi market's huge, and they're building a chassis.
Martin Costas
>> Correct.
John Furrier
>> Standard chassis frame with room for the computer. And the idea was templatize the frame and then custom build the car around the frame. So you might have different versions of say Mercedes, this is their thinking, but first party designed in as the spot for the factory AI system.
Martin Costas
>> Correct.
John Furrier
>> Homes could have a similar approach. Is that on the radar?
Martin Costas
>> Totally. Totally, totally. Indeed, again, we are in the baby steps, but I was very lucky through my career I was a CFO with one of the Fortune 100 companies that they do actually automation. I was able to go inside of a lot of automotive companies and I can tell you that for example, in a car, you're going to have more than 20,000 SKUs, unique, highly engineering parts, that you know a car is having a metal thing that you squeeze, it's highly engineered. My Casita, honestly, it's a parallel type of a product, but my parts, they are not highly engineered. I have 500 SKUs. And two, I am paying three times plus the cost in materials to that comparable car. You can see what the volume will do in the industry. And then again, it's what you're saying. If you see that the car is running every single under a minute or a minute in a company like Ford F-150 or Tesla, they are building a car. You can see a car popping up out of that production line in a minute. The labor cost has a tendency to -
John Furrier
>> The economies of scale are off the charts. I mean, basically having too many SKUs. What you're saying is too many SKUs create unique products that have to have their own demand. They still market that car, so-
Martin Costas
>> .
John Furrier
>> And everything is siloed and it opens up risk.
Martin Costas
>> Absolutely.
John Furrier
>> Versus standardizing.
Martin Costas
>> Totally. And imagine yourself again, 20,000 SKUs, the complexity of a manufacturing process of a car versus a house. Versus a house, we're going to go there because in the future I can say I am not talking in a generic way, houses are going to have obviously an AI solution that will enhance the life experience of the people. But still today, we're building a stick frame, so we are really, really baby steps. We really need the help from the government to give us flexibility on the legislation, permitting, understand that the advanced materials are the solution, advanced manufacturing is the solution. And we're going to have a huge revolution on the housing industry for good.
John Furrier
>> I think you guys are onto something pretty big. I mean, I could see the dots connecting in my head in real time because just master planned communities are a big thing. They have for a long time. Now you can rethink what a community would look like, a smart city. You can design in technology into the housing physical part and connect it into the overall system. That's not how it works today. You have all kinds of rules, you got a building inspector, you got five different departments that track it, you have the public utilities, the roads. Imagine connecting everything around the home.
Martin Costas
>> That's the solution that we actually need. And it's very sad because when you see the five million houses or eight million houses, depending on the source of information that you use, you may have a question. It's five versus eight, but where it's not a question is the super majority of that is affordable housing. It's the people that they really need a solution, and that is actually what bring me to this company because obviously we can actually make an impact in our people and give them an opportunity. You cannot even work, you cannot go to school.
John Furrier
>> Yeah, and NVIDIA calls it extreme co-design, where they design the system with their suppliers and partners. If you bring that to the physical world of homes and cities, imagine the synchronicity you could have around co-design. I mean, just we've been covering grid computing, rebooting with how energy in these cities could be changed, harnessed. Back in the day when I was ripping pirating music, not to show my age, but when the web came out, the number one applications besides the adult industry was ripping illegal music. And you have to use P to P technology to do that. You can apply that kind of P to P-
Martin Costas
>> , yeah....
John Furrier
>> with energy.
Martin Costas
>> Absolutely.
John Furrier
>> So there's now a grid concept coming back to preserve energy-
Martin Costas
>> Absolutely....
John Furrier
>> in this industry. So I can see maybe houses built in for that intelligence.
Martin Costas
>> Totally. Totally, totally, totally. And to preserve energy, again, baby steps. Today we're going to the field in cars with the tools for 18 months. Imagine the impact on the energy if you build a house in a minute.
John Furrier
>> Yeah, I guess you're kind of public, but you can't say a forward-looking statement. I'm not saying it's a forward-looking statement, but I'm just predicting that the physical house can be a connected device because the AI trends are all pointing to physical, digital conversion. There are nodes on the network, you got tokens for AI for pumping out contextual relevance. On the crypto side, you're seeing tokenization as a utility, that could be applied to things like electricity, utilities, water, power, user.
Martin Costas
>> Absolutely.
John Furrier
>> Behavior.
Martin Costas
>> It's very interesting. So I cannot disclose names, but one of the biggest or one of the biggest appliances company in the world, one day we receive a call and the CEO came to visit us because their vision is the house is the next appliance, which is exactly what you are talking about. And I agree, I think the next step is enhancing the experience of living in the house that will provide you the value that you need. Face recognition is going to give you a message where your water-
John Furrier
>> You see the Ring cameras today, people love those because, why not?
Martin Costas
>> Totally.
John Furrier
>> But they have to bolt that on as a retrofit, so that could be all enabled. All right, Martin, I really appreciate you coming on and as the CFO, you're in the public process. I know you really can't talk numbers, but I will have to ask. What's next for you guys? What's the process look like? Are there deadlines? Are there are key dates? What should people know?
Martin Costas
>> Yeah, again, we're expecting the SEC to come back after the government shut down. We believe that the review should be smooth because we're already public, we're already in compliance, we're a very transparent company. So, we're looking maybe early next year to be a public company. Everything that we're trying to do now is to set the right strategy to protect our investors, current and future investors. We're trying to really build, go public without any toxic vehicle. We really want to be fair and support those guys that they supported us earlier, and the guys that they are coming on board. We are going to have, again, the strategy that will build an organic market presence without any type of other approach that actually focusing on building our business and keep growing the business.
John Furrier
>> Well, I really appreciate the insight and again, I don't know much about SPACs because it's kind of like a new thing, but it is a proper process and I did not know that the dollars would convert. So, you could get in on it now, so.
Martin Costas
>> Yeah, I can give you another information there. So we tried to do a direct listing in there, we didn't want to do a SPAC. The problem was we couldn't do it because we were already subject to exchange so there is legal things that didn't allow us, we were not eligible to do it.
John Furrier
>> Because you have a lot of investors, you had the viral program.
Martin Costas
>> Right. So we were trying to leverage our retail. We have a lot of retail investors, so we didn't really need to go into a table and negotiate an IPO. So, we're trying to go public fast to give liquidity to our investors, which is what they want, basically, right? So the easier way was SPAC, we found a great SPAC partner. We're working really well with them, and I think the process is going to be smooth.
John Furrier
>> And just in a little nuance, I have learned this, that your success dictated this because you had a successful viral raise campaign.
Martin Costas
>> Hopefully....
John Furrier
>> which is tens of thousands of investors.
Martin Costas
>> Hopefully.
John Furrier
>> It adds up, but-
Martin Costas
>> 50,000, 60,000....
John Furrier
>> it's not your classic it's not your classic series A, three institutional investors, next round.
Martin Costas
>> No.
John Furrier
>> So that process really goes public, you guys, success drove this behavior pretty much, is that what you're saying?
Martin Costas
>> Totally. And we will keep approaching the market, supporting our retail investors, again, protecting those that we have currently and adding more to our prospect.
John Furrier
>> All right. Well, thanks for coming on and clarifying.
Martin Costas
>> Well, thanks for inviting us.
John Furrier
>> Really appreciate you. Very innovative approach. Again, the housing revolution, the housing problem from homelessness to just cost, the stats are out there that we've been reading and reporting that home ownership is happening later in people's lives in their 40s because it's not affordable, not enough supply and inventory, and there's plenty of demand. So again, solving that problem with technology and innovative solutions is the key. Of course, it's theCUBE, bringing you all the leaders here in our Mixture of Expert series. I'm John Furrier, host of theCUBE, thanks for watching.
John Furrier