There's a lot that you and I have to cover on a potential Space X IPO, which we've reported is for the entirety of the business, right. Not just StarLink, but actually important to start with. And you would note that SpaceX X is is the private company that users of your platform are most interested in.And in quantifying that for us, just transparently explain what Equity Z and relationship to space X is private market shares is. Sure. Thanks for having me.Yeah, you. You hit the nail on the head. Space X is ...

How significant then would this IPOB. Tom, it's really a significant IPO if it comes to pass. As you said, it's expected to raise is targeting to raise well over $30 billion, which would put it far ahead of the previous IPO record set by Saudi Aramco back in 2019 when it raised $29 billion.It's also a hugely well-known name. It's the most the world's most prolific launcher of rockets. It dominates the space industry and it's currently doing an insider share sale at a valuation of over $800 billion, which ma ...

I guess it was a question of just when. Right. Not if it was going to happen.Yeah. I just want to correct and clarify some things for you guys. There are two distinct things here.There is a tender offer which is an India side to share sale. What basically SpaceX's done does this annually or biannually. It allows employees and early investors to sell shares at a specific price and therefore valuation to give them some liquidity.So the Journal had reported that this tender was at a share price that would give ...

Core Insights - The report focuses on the development trends of the satellite internet industry, analyzing the global competitive landscape and opportunities for China, highlighting low Earth orbit (LEO) communication satellites as a core direction with significant investment value [1][2]. Group 1: Global Competition and China's Position - The competition for space resources is intensifying, with the US and China as the main competitors. As of September 2025, there are 15,621 satellites in orbit globally, with the US holding 10,490 (67.15%) and China only 951, indicating a significant gap [1][11]. - SpaceX's Starlink has over 10,000 satellites in orbit, covering more than 100 countries and regions, with 7 million active users, demonstrating a closed commercial model [1][6]. - China is accelerating its efforts with plans for the GW constellation and the Qianfan constellation, targeting over 25,000 satellite launches, with 188 satellites expected to be launched in 2024, entering a phase of intensive networking [1][2]. Group 2: Trends in Low Earth Orbit Communication Satellites - Low Earth orbit satellites are becoming the mainstream trend in the industry due to their low latency, high bandwidth, and cost-effective advantages, making up 89% of global satellites, with 73% being communication satellites [1][10]. - The implementation of direct satellite-to-phone technology is underway, with major manufacturers like Apple and Huawei deploying related features in high-end models. The Ministry of Industry and Information Technology plans for over 10 million satellite communication users by 2030 [1][2]. Group 3: Factors Driving China's Commercial Space Development - China's commercial space sector is entering a new phase driven by policies, capital, and technology. The government has classified commercial space as a strategic emerging industry, with numerous incentive policies introduced at both central and local levels [2][25]. - In 2023, over 22,000 new companies were registered in the commercial space sector, accounting for 82.4% of the total industry, indicating a strong influx of private capital [2][29]. - The launch of the Hainan commercial launch site enhances the efficiency of satellite launches, supporting the networking efforts [2][36]. Group 4: Investment Opportunities - Investment suggestions focus on three main areas: satellite internet networking and operators, satellite manufacturing companies, and core component manufacturers [2][10]. - Key components such as phased array antennas, inter-satellite laser communication, Hall-effect thrusters, and flexible solar wings are highlighted as high-value segments benefiting from industry growth [2][10].

Market Overview - U.S. equities are experiencing another record-setting day, driven primarily by strong performance in tech stocks [2][7] - The S&P 500 is in record territory, with a gain of approximately 39 points, while the Nasdaq composite has seen a significant increase of over 300 points [7][8] - The Dow Jones Industrial Average closed nearly unchanged, while the Russell 2000 gained about 1% [8] Federal Reserve Insights - There is ongoing uncertainty regarding inflation risks, with the Federal Reserve discussing potential upside to inflation and its implications for interest rates [4][5] - The market appears to be largely unconcerned about inflation pressures for the time being, focusing instead on tech stocks [5] Sector Performance - The tech sector is outperforming, with a notable increase of 1.5%, while industrials also had a strong day [9][10] - Financials were the biggest decliners, with expectations for upcoming big bank earnings [10] Notable Stock Movements - AST Space Mobile shares rose by 8% after signing an agreement with Verizon for direct cellular connectivity [12] - AMD shares increased by 11% following news of a significant investment from Nvidia into OpenAI for data center development [13] - Beauty brand Road, associated with Hailey Bieber, saw a 3% increase in shares due to a price target lift from Morgan Stanley [14] Decliners - FICO shares fell due to competitive pressure from Equifax's new credit scoring service [16] - Warner Brothers shares declined amid reports of acquisition discussions involving Paramount Skydance and Legendary Entertainment [18] Other Noteworthy News - Poly Market's CEO Shane Kaplan became the youngest self-made billionaire following a $2 billion investment from ICE, raising the company's valuation to $8 billion [26][27]

Starship Development & Testing - SpaceX needed this test flight to achieve after a volatile year, deploying satellites is a key objective for Starship [1] - The test demonstrated Starship's ability to launch satellites, bringing it closer to becoming a functional launch vehicle [2] - Reentry remains a difficult aspect to perfect for the fully reusable vehicle [3] - Chunks broke away during reentry, indicating further learning is needed for the reusable orbital heat shield [4] Starship's Role & Future Plans - SpaceX is heavily invested in Starship, aiming for it to replace the Falcon 9 [5] - Starship is designed for human and cargo transport to deep space destinations like the Moon and Mars [6] - In-space orbital refueling at an unprecedented scale is crucial for Starship's deep space capabilities, with demonstrations planned as soon as next year [7]

Core Points - StarLink experienced a significant network outage affecting over 60,000 users globally, lasting for 2 hours and 15 minutes, marking the longest disruption since its establishment as a major communication service provider [1][3] - The outage was attributed to a failure in critical internal software services, as confirmed by StarLink's Vice President Michael Nichols [3] - The incident has raised concerns about the long-term stability of StarLink's network, especially in light of warnings from NASA regarding solar activity potentially threatening its rapid expansion [4] Group 1: Technical Issues - The outage duration of over two hours is the longest in StarLink's history, raising questions about its technical reliability [3] - NASA's research indicates that solar flares could increase drag on StarLink satellites, leading to faster-than-expected orbital decay [4] Group 2: User Sentiment - Users have expressed dissatisfaction with StarLink's reliability, particularly during geopolitical conflicts, questioning its role as a defense contractor [5] - Complaints have emerged regarding the company's obligation to provide stable service, with some users demanding refunds or discounts for the disruption [5] - Elon Musk publicly apologized for the outage on social media, promising to investigate the root cause and prevent future occurrences [5]

Core Viewpoint - StarLink experienced a significant network outage affecting over 60,000 users globally, raising concerns about its long-term stability as a major communications service provider [1][2] Group 1: Network Outage Details - The outage lasted for 2 hours and 15 minutes, marking the longest disruption since StarLink became a major communications provider [1] - Affected regions included the United States, Europe, Africa, Asia, and Australia, with many users describing the incident as a complete failure [1] Group 2: Market Concerns - The incident intensified worries regarding StarLink's reliability, especially in light of previous warnings from NASA about solar activity potentially threatening the network's expansion [1] - The increased drag on StarLink satellites due to rising temperatures in the upper atmosphere from geomagnetic storms has led to concerns about satellite deorbiting rates [1] Group 3: Criticism and Accountability - StarLink, a key business of SpaceX, has faced scrutiny over its technological issues, with critics questioning the cybersecurity infrastructure supporting Musk's growing digital empire [2] - Customers have expressed dissatisfaction, particularly regarding the service's reliability during geopolitical conflicts, suggesting that reliance on private technology for critical infrastructure could have widespread implications [2] - There are calls for Musk to take responsibility for the outage, with demands for refunds or discounts on future subscriptions due to the failure to provide consistent service [2]