Latest / AST SpaceMobile Podcast / Kook's Weekly - November 16

Transcript

Kook's Weekly - November 16 · AST SpaceMobile Podcast

0:06
This is the AST Space mobile podcast where?
0:10
We just basically come the phone be seamless regardless of where
0:14
you are. We don't want the user even to
0:16
know that it's connected by satellite.
0:21
Listen, the opportunity that we have is very, very, very large.
0:24
Large. Good evening everyone.
0:29
I go birds, I guess for for those who partake in the tush
0:34
push. I didn't watch it that
0:36
carefully. I watched it a little bit and I
0:38
did point out to my son, I was like a kook junior.
0:42
That's a tush push push. And he looked at me thinking,
0:45
this is one of the 500 things that dad regularly lies about,
0:49
including monsters under the bed and other things, which my wife
0:51
is like, why aren't you telling the kids there's monsters in
0:54
their closet? My philosophy is if you
0:58
blatantly lie about things that are absurd, you disarm fear
1:04
itself. And This is why Child Protective
1:09
Services has been called about 15 types of my house when my
1:12
kids call 911 because they say their dad says there's monsters
1:16
in the closet. But anyway, the Twitch push is a
1:18
very valuable lesson because it really is about the benefit of
1:22
being able to squat 600 lbs and basically do whatever you want
1:25
in life. And this is really a story that
1:29
Abell took a lesson from because he, like Jalen Hurts, decided
1:36
that he wanted to have a trunk the size of a Redwood forest.
1:40
And now he does because he has $3 billion of cash.
1:43
But we will get to that in a SEC.
1:44
But first, let's talk about monsters under the bed.
1:47
And so if you want to understand what it's like to be one of my
1:51
children, and, for example, last night we were camping when my
1:55
daughter and all our little friends were going to bed in a
1:57
cabin by themselves. And I said, yeah, you know, just
2:00
just watch out for the lady in the old cabin or referee where
2:04
it was like the wandering lady, which is of course some made-up
2:07
story about some scary lady that wanders at night and abducts
2:11
children. And of course then the children
2:12
all pulled their mattresses off the bed and slept in the middle
2:14
of the cabin to protect themselves.
2:17
And, you know, I view this as good training for my children
2:20
because how else is a child gonna learn how to take 40%
2:26
drawdowns regularly and realize that, yeah, there is a monster.
2:29
It's called the stock market, and it's spooky and it comes out
2:34
every couple months and basically causes most people to
2:37
lose money and do the wrong thing most of the time.
2:41
So now let's visit a little tweet from at Tough for you, who
2:46
is a kindred spirit. This person seems like he also
2:48
takes joy in trying to terrify his children with absurd stories
2:51
to desensitize them and make them tough so that they also can
2:56
buy the effing dip. And so at Tough For You, we're
3:01
leading with this. This is quite an accomplishment
3:03
for anyone to be the lead story on the Kook Report, which of
3:06
course is a highly esteemed Parity Weekly.
3:10
This is in fact seemingly following real life.
3:12
But to protect myself from legal liability, I will continue to
3:15
say it's parity account. But we have this interesting
3:17
chart which shows these 40% drawdowns which suck.
3:22
Anyone that claims sort of false strength of like, oh, I like the
3:26
cheaper price. I don't know, man.
3:28
Like I don't, I probably just kind of went straight up after I
3:32
bought all my shares. But these 40% draw downs are
3:34
brutal. And I've always just kind of
3:36
tell myself this is where you separate the men from the boys
3:39
is it's easy to lose perspective of these things.
3:42
And a lot of this draw down, you know, it always kind of
3:44
coincides with a financing, but a financing usually coincides
3:49
with a Peaky market. So kind of hard to have, you
3:54
know, a causal factor totally defined, but the market's
3:59
obviously being being thrown into this sort of AI bubble
4:02
narrative, which is an interesting debate unto itself.
4:06
And I don't know that I have a totally strong view, certainly
4:10
seems to be following in the track of the 1990s fiber build
4:14
out. But you kind of had to
4:15
participate. It's a little bit of the
4:17
Citigroup, Eric Prancer, Charles Prancer, can't remember his
4:20
first name, but where he said you kind of have to dance while
4:22
the music is going. And these hyper scalers, you
4:25
know, can't really take the bet of stepping aside.
4:31
And the market then is looking at all this money and you know,
4:34
it's credit funded and you know, blah, blah, blah.
4:36
Anyway, so it takes down the market in its entirety.
4:39
ASTS doesn't have a whole lot to do with this.
4:41
AI seemingly will exist. Whether the ROA on that
4:45
investment by the hyper sailors is good or bad doesn't really
4:48
matter, I don't think. Well, actually it does.
4:50
You know, to the extent the ROA is bad, all the more reason why
4:54
these guys are going to clamor for Asts so that there's more
4:56
connectivity and therefore more opportunities to use AI.
5:00
But I digress. Until you have these 40%
5:04
drawdowns, usually people are pretty beat up and sad.
5:08
I'd say that right now the sentiment is surprisingly strong
5:11
for Asts. Any people now in in this echo
5:14
chamber in particular? You know, the people we convene
5:18
with have been through this so much that I think we're no
5:21
longer really phased by it, which is not to say that the
5:25
decline isn't over because some people would say, well, then,
5:28
you know, if there isn't, you know, kook throwing himself out
5:30
of a window, then there isn't a kook bottom.
5:32
Therefore the stock must go lower.
5:34
I don't think that's true, but I'm physically broken and I've
5:37
been sick for a month. And so I've channeled the
5:39
negative ASTS energy as as I often do, but I think you have
5:43
more people in this space mob community now that really
5:46
understand like, hey, this draw down is kind of like the
5:49
September October boogeyman striking again, a Middle East
5:53
striking in late October and November, kind of an AI
5:57
correlation kind of crap. You know, a little bit of a
6:02
delay we'll get to in the in the earnings recap, but generally I
6:08
think people see that this is kind of a normal shake out to
6:12
take the heat out of the market and that is good.
6:14
You know, unfortunately trees don't grow the sky.
6:18
Wish they did. You know, I for one was actually
6:21
really bullish at $100 per share.
6:24
I thought we were going to potentially go straight to 140
6:27
or you know, really make a move. And that of course was exactly
6:30
the top. But I think we will revisit that
6:33
pretty soon. So let's get back to
6:34
fundamentals after we just contextualize that these 40%
6:37
drawdowns are actually pretty regular.
6:40
You know, a lot of fortunes have been made by people who saw
6:44
these corrections as time to to really grow their position if
6:47
they thought it was appropriate. I'm not saying that that is
6:50
right for anyone or everyone. It certainly was how I certainly
6:56
changed my life. I by doing that, admittedly 2 to
7:00
$3.00 per share, which I recognize is different than 60,
7:04
but in the context of time buying it 60 bucks might look a
7:08
lot like $3 per share for right on this thesis.
7:10
So let's get to the thesis. So ASTS reported earnings last
7:17
week seems honestly like a lifetime.
7:19
I, I had to struggle like was it really earnings this week?
7:23
My God, that sounds like seems like a long time ago, but let's
7:27
do a quick recap I guess. Let's actually just do a recap
7:30
with myself. I gave 2 links.
7:32
One with was with ASTS investors, which is one of my
7:35
favorite accounts. And the other link I gave is we
7:38
were truly. Then I'll just kind of go
7:39
through my own notes because I'm more familiar with them.
7:42
And so first of all, you know, the big things we already knew
7:45
is the company going over the commercial accomplishments that
7:49
they had. So they signed Verizon and they
7:52
signed STC Saudi Telecom. And it really just gets to the
7:56
point they're making of we have a big, big market and they were
8:01
really adamant with an important point that they are working
8:08
through their big backlog of DAS.
8:13
And so this is a a really important point because then you
8:19
can start to say, well, we have 50 plus MN OS.
8:25
We have LO is with yet we've only signed a handful of DAS and
8:29
they're signaling to us that this is going to start to be
8:33
kind of wood that we're going to chop through.
8:36
And so as I practice with my son, he cannot say this yet.
8:40
The question the market should ask is how much wood would a
8:43
woodchuck Chuck if a woodchuck could Chuck wood.
8:48
And the answer is a lot of wood. If the woodchuck were Asts and
8:55
the wood were over 50 MN OS to penetrate over 3 billion users,
9:00
the woodchuck would continue to Chuck the wood as the initial
9:06
operations of the initial constellation became more clear
9:10
and it became time to start getting those prepayments.
9:14
But where the woodchuck would not Chuck wood is where an M&L
9:18
is more distant, potentially on that chain.
9:21
And you would really just rather wait to Chuck the wood when they
9:26
start to see the whites of our eyes.
9:28
And that's when you can probably start to get the best deals.
9:30
But it's happening. And so the other thing that
9:33
Scott said probably like four or five times, it was really pretty
9:37
clear that he was trying to get our attention is this $1 billion
9:44
of contracted revenue. You know, what have you done for
9:48
me lately, Scott? Seriously, dude, a billion
9:51
dollars, That's all you have and you haven't yet begun your
9:54
service. That's literally uncontracted
9:57
revenue for ants, except actually then when you think
10:01
about it, sure, my expectations might be running ahead of
10:04
themselves. A billion dollars is pretty
10:05
crazy, especially since most of it is from STC.
10:09
So they didn't give a breakout, but you can kind of figure it
10:13
out. We got some disclosure from STC,
10:16
but the fact that they said this is minimum revenue commitments.
10:21
So when that STC disclosure came out, you know, the fundsters as
10:24
usual said, oh, clues Colt is, you know, misinterpreting this,
10:28
blah, blah, blah. And turns out, no, we did not
10:32
misinterpret it. Apparently it was a minimum
10:36
contractual revenue guarantee. That's crazy.
10:39
So that's a lot more aggressive of a commercial posture than I
10:43
was anticipating. I always thought ASTS was going
10:46
to be sort of heads up. We take the risk.
10:47
It's all variable. If people don't use it, we don't
10:50
get it. This starts to sound like you
10:52
have revenue floors, and that is different from what my
10:57
expectation was, and that is better than what my expectation
11:00
was. And the other obvious corollary
11:02
from this is very, very important.
11:05
This starts to mean that you have a bankable revenue base.
11:09
What does that mean? Well, bankable means a bank will
11:13
look to it for credit support. What does that mean?
11:16
Credit support means they made a loan to you and they're looking
11:18
to understand if that loan is good or not.
11:21
And where you have minimum revenue floors that is good.
11:25
And that means that lenders are are willing to lend to you lots
11:28
of money at low rigs and people are like well, kook, they said
11:32
they're fully funded. Well, I go back to my point of
11:34
this, you know, things can exist in two states simultaneously not
11:39
be at odds. And I think as they showed in
11:41
the call, they are fully funded and they have been for various
11:47
milestones they previously guided to.
11:49
So they can be fully funded for block one, They can be fully
11:53
funded for the 1st 25 units. They can be fully funded for
11:57
continuous service of 45. They can also then be fully
12:00
funded for the full constitution of 100.
12:02
And then they can be fully funded for multiple shells which
12:05
include blackbirds, etcetera. They can be fully funded yet
12:10
continue to raise capital because then they're upping the
12:12
ante of what they are fully funded for.
12:15
And that seems to be something that a lot of investors sort of
12:18
missed or didn't really understand along the way this
12:20
year as we kept on raising money.
12:22
But then as you read carefully, they changed the definition of
12:25
fully funded. Fully funded for 45 satellites
12:29
is very different. Fully funded for 100 satellites.
12:32
And so then you might say, well then what are they going to do
12:34
next? Well, EXIM finance is a very
12:37
obvious thing they talked about for quite some time.
12:40
And when you start to have this type of minimum revenue
12:42
commitment, the bankers at XM are starting to salivate because
12:46
it's just an easy thing to do. They want to give this company
12:49
these these debt guarantees, which is how XM works.
12:52
Basically XM gives, I forget if it's a AAA wrap, but XM is a
12:56
wrap. And so it basically gives credit
13:00
support to a loan package that is in financed and funded by
13:05
commercial banks. The commercial banks then look
13:07
to XM as a guarantee of that debt in addition to the
13:11
creditworthiness of ASTS itself. This is how cruise lines have
13:16
funded themselves over time, things like that.
13:18
Boeing, this will open up additional capital so that ASTS
13:24
is one of the best funded space companies in history.
13:28
And the $1 billion of contracted revenue in part is them saying
13:32
look at how awesome our business model is, you know?
13:35
Noted Scott. Good work, but it's also a wink
13:38
link on the credit capacity of the company, which then goes to
13:42
non dilutive capital that's on the way and they're making good
13:45
of that process. STC was good non dilutive
13:47
capital. So then importantly in the thing
13:50
that's really going to drive the stock we're stepping back, what
13:54
were the things that really caused the revaluation of ASTS
13:57
overtime? One is did the technology work?
14:01
And so it's, and that was really the progression of the R&D
14:04
experiment. You know, could they unfurl Blue
14:06
Walker three? Yeah.
14:08
Could Blue Walker three, you know, complete the link budget,
14:13
do various thresholds of communication, whether that's a
14:18
3G call, 5G call, video call, things like that.
14:22
Then we had block 1 and so then it was it could block one work.
14:24
Could they support basically more complex operations things
14:28
like that? The answer is yes.
14:30
What was the special efficiency going to be?
14:32
And so as you know, I think people getting very confident in
14:35
the R&D experiment. We've had Department of War
14:39
tests that show full and and completion of of the system.
14:45
We had each of the M and OS tested on their own core, which
14:49
is different than ASTS sort of mock up core.
14:52
That's, you know, great, wonderful, that's good for a
14:55
certain amount of dollars per share.
14:58
Then you have the diffusing of the financing short thesis.
15:02
So will this company, you know, go bankrupt?
15:04
Will it be able to fund itself? And then as the company, you
15:07
know, raise unimaginable money, frankly, then the financing
15:12
thesis evaporated and people go, OK, well, clearly the the
15:17
question in the market is not going to finance itself.
15:19
That's done, done. And then you have the commercial
15:22
thesis. Will will any of these MN OS
15:23
actually sign up with this company?
15:25
You know, we heard we read from Tim Ferrar that they're all
15:28
going to ditch Asts and go to SpaceX.
15:31
You know, easiest short thesis in the history of mankind.
15:34
Except for it was wrong and so none of the M and OS ditched
15:39
Asts to go to SpaceX. Whoops, short thesis.
15:43
You know you get what you pay for.
15:44
When you pay someone 2000 bucks for a report, you should expect
15:47
advice it's worth $2000 as opposed to listening to a parody
15:51
account that you pay 0 for. Turns out that parody account
15:54
did its work and cited a bunch of other super smart people that
15:57
were right and one of life's great inconsistencies that
16:01
actually the $2000 report you paid for cost you millions and
16:05
millions of dollars of opportunity cost.
16:07
And the free parody account that shut posts all day turns out to
16:10
have created an untold amount of millionaires.
16:13
So I don't know the advices of life basically don't really
16:18
overthink it. You know, it's in Ferrara.
16:20
Does it go indicate his own work available So you can test it,
16:23
whereas I do, but I digress. So we're talking about kind of
16:28
really the unlocks of value. And so even if tomorrow, if ASDS
16:34
announced Golden Dome, would we all communally have morning
16:38
glory? Yeah, we would, as Elon would
16:40
say, but that's just more revenue backlog.
16:43
We we've already done a lot of that.
16:45
So yeah, stock would go up a ton for sure.
16:48
But ultimately people are looking can this company build
16:51
satellites and are they on track and we continue to shake out
16:56
that production. So the stock obviously re rated
16:59
massively when they put out the press release on September 30th
17:03
I believe about FM one shipping and FM 2 to ship in October,
17:08
well, you know checks those, it's November 16th.
17:12
So I could see how the market is apprehensive and saying, well,
17:14
OK, hold on, what is this satellite production rate
17:18
actually going to be? And I'm sure, I'm actually not
17:21
sure, but I'm very convinced that FM 2 is an issue of just
17:24
coordinating with the ultimate launch vehicle.
17:27
We had John Stankey come and visit and sign it.
17:30
I'm not concerned about FM 2. I think they're gonna keep these
17:33
things in Midland as long as they can.
17:37
And so once the launch vehicle is ready, then they're gonna
17:40
start to coordinate these things.
17:41
But otherwise, you keep these birds in Midland to be testing
17:44
and doing everything possible. But they said Bluebird 8 through
17:49
19 are on track, 40 satellites will be done by year end, 26.
17:53
They expect to exit 2025 with six satellites per month
17:56
capacity. That's a big milestone.
17:59
But these guys, we don't need to hit.
18:02
But if they hit, it's a big deal for the market.
18:05
And it's really, as I said it, it's all about bird production.
18:10
And we're supposed to have Bluebird Six launch in the first
18:15
half of December. So that's really coming up.
18:17
And Bluebird 7 will ship in November and launch shortly
18:20
thereafter. And importantly, the ASIC chips
18:23
will be integrated in Q12026. Once the market sees ASIC
18:27
Bluebirds shipping launch, unfurling and communicating, you
18:34
really advance down, you know that old monopoly checkboard and
18:39
you're starting to put hotels on Park Place no longer sort of on
18:45
Baltic Ave. And we're, we're getting within
18:48
striking zone to that. And that I think is really where
18:51
then the, the stock price sort of shifts into whatever the
18:55
final gear is. I'm thinking of ASTS as sort of
18:58
like a nice 7 speed PDK transmission.
19:03
And then we're finally able to say, OK, we're going to take
19:05
this thing for 100 miles an hour to redline it at up to 200 mph.
19:09
We're finally on that last track.
19:13
And so that that Bluebird production is huge.
19:15
The other thing they really kind of opened eyes with in my view
19:18
is the spectrum discussion. And so they closed the Legato
19:21
spectrum every, everyone should know that.
19:23
But then interestingly, they told us something we already
19:26
kind of knew, but they said it in a different way that really
19:29
woke me up. For example, they said we have
19:32
80 megahertz in the US alone. And so then guys like Tanner, I
19:36
think some others, but Tanner specifically really went, went
19:39
and put pencils down, pencils up and start to figure out how to
19:42
tribulate that 20 megahertz, 80 megahertz.
19:47
And you know, they're getting to be pretty big in the USI gotta
19:51
do some. Yeah, check my notes 'cause I
19:53
actually did some work on this earlier.
19:55
But when you start to look at also, I'll pull it up.
19:57
Actually we wanted to talk. When you look at Asts actually
20:00
versus one of the major MN OS, it's actually starting to look a
20:03
lot like one of the main carriers in the US or or
20:07
certainly a baby version of it. And that 80 megahertz of this is
20:12
where I'm just trying to check my notes.
20:14
I think the US carriers have like 250 megahertz, something
20:19
like that. And let me just see what they
20:23
did. Yeah, Unfortunately, I think I
20:27
just hard pumped this in my numbers when I was looking at
20:28
what the revenue per megahertz was for AT&T in Verizon and just
20:34
as a proxy for Legato and monetizing their spectrum.
20:38
But if you use that sort of benchmark of how much revenue
20:41
per megahertz AT&T can generate per megahertz, which is quarter
20:45
of a, was it quarter of a billion dollars.
20:50
If you apply that say rubric just to ASTS for the US,
20:55
excluding any other opportunity to USA, then ASTS would have $20
21:01
billion of revenue generating capacity on the spectrum they've
21:06
already secured in the US. These are big boy numbers.
21:10
Now whether that proxy is the right way to think about this, I
21:14
don't know. It's just a proxy, but you could
21:16
argue it both ways. ASTS should be able to and this
21:19
is gross revenue. ASTS should be able to monetize
21:21
more than the average revenue per megahertz of AT&T because
21:24
AT&T has a lot of commodity spectrum.
21:26
Commodity service versus this is premium.
21:30
This is what Vodafone and their interview really said.
21:32
Is this satellite enabled spectrum is is very scarce, very
21:37
premium, should not be the same price point as normal
21:39
terrestrial. So that's when you start to
21:41
think, well, I wonder if Kuke's little back of the envelope
21:45
calculation is dramatically conservative.
21:47
We'll find out overtime. But the important take away for
21:50
me is you sure to see that there is potentially not a pot of gold
21:56
at the end of the rainbow, but a pot of whatever is more valuable
22:01
than gold. I was gonna say diamonds, but
22:02
diamonds have depreciated so massively because of cubic
22:05
zirconiums. That analogy doesn't really hold
22:08
up anymore. But Needless to say, the
22:11
Spectrum Treasury company thesis is alive and well.
22:14
And this is where I believe that NAV type investors will will
22:18
start to go crazy when they figure this out.
22:20
Never mind that ASCs then drops this bomb of we have 1150
22:26
megahertz of global spectrum that's tunable with our global
22:32
M&O relationships. So that's different than
22:35
spectrum they control for sure. But it's showing just the
22:38
enormity of the opportunity in terms of their spectrum capture.
22:43
And when you break it out, and I believe I have this elsewhere in
22:45
my weekly, when you break it out, the spectrum they have is,
22:51
is largely the Lagata spectrum and then Firstnet spectrum.
22:53
It's just the teeny peanuts of the AT&T and Verizon spectrum.
22:57
I believe it's 2.6 or 2.8 megahertz from each of those,
23:02
just tiny little slivers. So that's going to grow
23:04
massively as the service comes to the line.
23:07
The theory was always that AT&T and Verizon, we're just going to
23:09
put in this little slivers for approval, not to upset the apple
23:12
cart. But then later once the service
23:14
is up and as they're using the capacity, they'll grow that.
23:17
And so it's very exciting for ASTS because they are really in
23:23
the spectrum alchemy business and the company is starting to
23:26
frame it in a way that TMT kind of telecom investors will really
23:31
understand it. The first time they start to
23:33
really give you numbers around their kind of aggregated
23:40
spectrum control, which is really exciting.
23:43
So then we look at launch, they gave updated launch guidance,
23:45
things kind of slipped about a month, but then we're
23:48
compressing in the back back part, which means that, you
23:51
know, there isn't really global slip issue, just sort of as they
23:55
shake down this initial production.
23:56
So they have to hit that. You know, you, it's one thing to
23:59
say, oh, things only slip by a month.
24:01
Well, you got to make sure they don't slip by yet another month
24:03
and another month. So there's, there's pressure on
24:05
these guys, but it really does look like the there's light at
24:09
the end of the tunnel for production.
24:11
And then they talked about how we're going to live steam in the
24:13
highest Hyatt's markets first. That's great.
24:16
And they kept on repeating this $1 billion aggregate revenue
24:19
commitment. It's a it's a powerful
24:21
validation of the business model and it also provides A framework
24:24
that other other people will follow until STC being the first
24:29
deal announced probably means that the other ones in the
24:32
future are going to be better, not worse.
24:34
SAT Co continues to expand and it really looks like it could
24:40
potentially could sweep Europe and have almost, you know all
24:46
where vast majority of the M and OS side up as well as getting
24:50
Iris squared, which is the sovereign European
24:55
constellation, which could be many, many billions of dollars
25:00
of revenue just for that opportunity.
25:03
And so the spin up of the ASTS money machine is something we're
25:08
really starting to see front center and you can only imagine
25:12
over the next 6 to 9 months, it's going to be a crazy pace of
25:15
development. The company continues to get
25:17
interest from the US government. They see no change in the trend
25:21
of AUS focus on space. They won another contract and
25:26
they said, quote, they plan for a long large contracts going
25:30
forward. I think all of us are really
25:32
hoping that means Golden Dome. Now that the government is open,
25:36
maybe we'll start to see some more things come in terms of
25:40
Golden Dome. Andy Johnson's done a great job
25:44
and so showed us that they have $3.2 billion of adjusted
25:48
liquidity. And importantly the average cost
25:51
of the satellite guidance has remained constant.
25:54
It's the same 21 to $23 million range that they had in Q12025 S
26:00
Things are under control. That is important for the market
26:03
to know and they really reiterated a lot of the other
26:07
prior guidance they had in terms of what the initial 25
26:11
satellites will mean and things like that.
26:13
All positive to here. And you know, to give some, some
26:17
more details around how they generate liquidity.
26:20
But importantly, they're now fully funded to manufacture over
26:23
100 satellites. And again, an important point
26:27
when people say, well, I thought they said that they were fully
26:32
funded and then they diluted me and Oh my God, it's a crime
26:35
against humanity. Well, take a report, sit down.
26:39
I don't know if people understand that.
26:40
Take a report reference. It was like this Citigroup
26:43
industrial analyst that ran a secret anonymous account, which
26:46
was absolutely hysterical back in like 2013 and then was
26:51
discovered and got fired. So there's the risk of running
26:55
anonymous accounts. But anyway, the key point is we
27:01
want to be fully funded for the biggest opportunity the company
27:05
could reasonably be in a position to seize.
27:07
We do not want to not pursue an opportunity for lack of money
27:11
when the money is not creating meaningful dilution.
27:15
And so we want these guys to be in a spot where they can grab
27:17
everything. We want a monopoly.
27:20
We want to kick the ever living shit out of SpaceX.
27:22
It's as simple as that. And we want to just basically
27:26
cause any would be competitor to stare in a mirror and hate
27:29
themselves because they have no chance because this Goliath ASTS
27:35
is going to destroy them like marauding Vikings.
27:40
And the company with its balance sheet is in a great position to
27:42
do that. So they can cross and really
27:47
part in the sea. At this point, they're on target
27:49
to execute their plant. So then they also dropped this
27:52
cool thing, this AI spectrum multiplier.
27:55
Holy crap. I'm assuming other companies are
27:58
innovative in the same way, but it just shows the power and the
28:02
scalability of this company. And so where we might have
28:05
previously thought maybe there's a spectrum limitation to how
28:08
much data they can process, what they're showing is that these
28:11
systems are going to be far more scalable than even the
28:14
optimistic people like myself could have imagined.
28:18
And so if you can create more spectrum, you can create more
28:22
revenue for yourself. This is exactly what happened to
28:25
Verizon when Charlie many moons ago was trying Charlie Ergen.
28:30
I should be work there was trying to hold them hostage to
28:33
to buy all the dish spectrum. Verizon said we don't like being
28:37
held hostage, thank you very much.
28:39
And so then they started doing more densification with five GI
28:43
forgot the exact term, but they basically figured out a way to
28:46
multiply their spectrum using the then available technology to
28:49
do so. And that allowed Verizon to
28:51
scale its revenues more capital efficiently or at least without
28:56
the constraints of spectrum than it otherwise previously.
28:59
It's not possible. And I just present that as an
29:01
analog to what AST is telling us they're going to be able to do,
29:05
which is going to be great for our overall opportunity and just
29:09
shows you the general innovations in the market and
29:11
specifically the innovations by ASTS Space Mobile.
29:17
So I think that really covers our earnings review.
29:21
If that wasn't enough for you, I really some of you, you know
29:25
need all things Space Mobile. I gave you the link for and Pan
29:29
Man's spaces on the topic and then I talk a little bit more.
29:35
You know when I'm looking at my posts really just about this
29:37
ASTS spectrum treasury concept and we just make one highlight.
29:43
Catsy of of course was first this observation, but it really
29:46
goes into the understanding of band 14 and Band 14 is the first
29:53
set spectrum and so ASTS is integrating Band 14 into the
30:00
supplemental coverage from space.
30:01
That's all in the FCC filings. And so AT&T can use this
30:05
spectrum for general users. So basically for commercial
30:09
users when band 14 capacity is idle and then it can
30:13
automatically preempt that commercial use if and when
30:16
public safety demand rises, which is exactly how the
30:19
Firstnet network works today. And so this is a stroke of
30:23
genius because it effectively through AT&T and Firstnet and
30:27
ASTS being clever together was able to create 20 megahertz of
30:33
commercial spectrum for use by AT&T when it's not in need to be
30:38
preempted by first night for commercial capacity without
30:42
having to build out all the towers and things like that.
30:46
Really smart stuff. And it just goes to why ASTS is
30:53
so loved by the M and OS. And this we'll get to in a
30:57
second about the Vodafone call. But when we talk about the AI
31:05
spectrum multiplier, that's one thing.
31:08
Another aspect is just to remember not to overthink it.
31:13
Now who am I to give advice, but you might want to just reflect
31:16
on this tweet from at Luke trades ASTS where he just he or
31:21
she Luke probably he says NVIDIA makes the chips that run AIASTS
31:26
connects the devices that you use AI.
31:29
Don't overthink it. This is how this is how I think
31:32
about it as well as you got to think about the value chain.
31:35
You, you've seen the security price movements as people
31:37
realize. I think we've talked about this,
31:39
you know, oh wow, they need a lot of chips.
31:41
Oh wow, they need a lot of data centers.
31:43
Oh wow, they need a lot of DRAM. Oh, they also need a lot of
31:46
power and they blah, blah, blah, blah.
31:47
And so now we're going to have all this stuff and people are
31:50
going to want the connectivity because the use cases for AI are
31:53
going to expand massively beyond all of us using chat ship, BT
31:58
you're going to have all these AI enabled robots, drones,
32:01
things like that. These things are all going to
32:03
need to have positive control and that's going to require
32:06
satellite network that is ASDS. And this is a really exciting
32:11
place. It could of course be a
32:12
terrifying place 'cause this is also what gives rise to Skynet.
32:16
But what I understand is that Skynet will spare all of those
32:20
who can show positive ownership of at least one shared ASDS
32:23
space. Mobile is at least what what
32:27
Scott told me once we try to get me to own those shares.
32:31
So now let's think about the March toward Golden Dome.
32:35
It sure seems like there's progress.
32:37
And so let's go revisit our friend at Tough for you.
32:43
Sorry, Tough for R. And so this person I believe has
32:47
a military background just based on the nature of their posts.
32:50
I don't, I don't actually DM with this guy very regularly or
32:52
probably should, but seems like someone that knows what they're
32:55
doing. And so there's just more data
32:58
he's picking up on in terms of what they're negotiating.
33:02
And so he's convinced this, a lot of the stuff we're seeing is
33:05
this SDA Halo program and that this is a precursor to to larger
33:13
things. Now we'll all find out, but the
33:15
March to Golden Dome seems to be well established.
33:18
The new thing we're looking at. You know what's what's more fun
33:21
than one hike? You know what I said to my kids?
33:25
Two hikes. So the other March we're going
33:28
to go on is toward Iris. And so Iris squared is again,
33:32
this European constellation I've written not previously because
33:35
the original, the original idea that Europe had was super dumb,
33:40
almost as dumb as the creation of the euro itself.
33:43
But the Iris squared idea was basically like how to make all
33:48
these countries happy. So like, let's get a little
33:50
German contribution. Let's get some French
33:51
contribution. I don't know.
33:53
Why don't we have every European country that previously fought
33:56
to the bone in a war trying to create one integrated
33:59
constellation and then not think about the economic case.
34:02
That seems like a great mandate from Brussels.
34:04
And that's what they did. And of course, it's basically
34:07
dead on arrival. And then, you know, and seeing
34:11
Vodafone is sitting there with this incredibly powerful Satco
34:15
system, gobbling up all the MNO interest, already testing this
34:19
thing in Malaga, already having Facebook using it.
34:23
And so Satco just seems like it's prime to take Iris Square
34:28
and the press releases out of Vodafone and ASTS all but tell
34:32
you that they're either gunning for it or already want it with
34:37
the talk about the day of sovereignty, which is a
34:39
recurring theme, the command switch, the fully European set
34:43
up, all this stuff. Very exciting to see this
34:47
progress. For all I know, Iris Squared
34:50
could be a bigger deal than Golden Dome, which is not to
34:52
diminish Golden Dome. It's just that Iris Squared
34:56
could potentially be as big or bigger because it's also going
34:59
to wrap in Firstnet and things like that.
35:02
So keep an eye on that. But then the other interesting
35:05
part of this is how those Sapco, Iris Squared, whatever you want
35:10
to call it, is also leading us on a journey to potentially grab
35:17
a lot of this European 2 gigahertz spectrum.
35:23
And so Vodafone is going to be in a very interesting spot.
35:26
The people that currently hold the spectrum, I believe are up
35:30
for license renewals in May of 2027.
35:35
And so I've quoted 2 links from Doctor Mike.
35:38
When in doubt, always trust the doctor.
35:40
They went to medical school, which is why they're perfectly
35:43
positioned to tell you about spectrum, of course.
35:46
But ASCs is a very interesting spot.
35:49
And when you think about it, what's happened, ASCs has
35:52
basically grabbed spectrum in interesting ways through Legato,
35:55
which was basically $0.10 on the dollar to get their spectrum or
35:59
getting it effectively for free with partnerships with MN OS.
36:04
Now, by contrast, SpaceX paid $22 billion for their spectrum.
36:10
That's what it's like to be lonely.
36:12
You got to pay for companionship.
36:16
But if you just ask people, may I meet you?
36:21
To quote the great Romeo of our time, Bill Ackman, you just
36:26
never know. Maybe you get the spectrum for
36:28
free. And so ASTS is really sort of
36:32
the Bill Ackman spectrum. They're just going around all
36:36
slick and saying, listen, may I meet you?
36:42
And honestly, it's like, just take my spectrum.
36:45
Whereas SpaceX is being like, yo, what's up?
36:48
Do you want some drinks? Like, want to go back to my
36:50
place? And people are like, yeah, I
36:51
went back to your place for $22 billion.
36:54
You know, it's a Pretty Woman in the extreme.
36:58
And it's really interesting to see this divergent in spectrum
37:02
strategy. And I would just say that I am
37:06
pretty, pretty, pretty excited about how our strategy is
37:10
unfolding and the possibility again, and I don't say this
37:13
facetiously, you know, as a parody account press this, I
37:19
feel like I'm a very serious parody account.
37:22
Well, I I don't have anything in the future to be clear, but I do
37:28
see founder thinky. That's one thing I think I now
37:33
understand in my life. And I understand if someone sees
37:36
a path for something big now, will they hit it?
37:39
I don't know. But I do feel like I'm pretty
37:41
well equipped to understand if a founder has a vision and they
37:45
see a path that the rest of the world didn't see or thought was
37:49
stupid, but they see an opening to do something big.
37:53
I see ASTS having a path to become a $1 trillion company
38:00
again. I don't start a price target,
38:02
but I but I see how Abell understands that he can go for
38:09
it, run the gauntlet and get there.
38:10
I see how Scott sees the cards on the table and go.
38:15
I almost have checked me like there's a path and the spectrum
38:19
strategy is so fascinating to me because you could really see the
38:22
world wake up, the world being investors, wake up and go God
38:25
damn it. These guys basically became the
38:30
black hole were all spectrum wanted to go and they didn't
38:34
have to pay for it. You know, Isabel said it was
38:37
it's a price no one can afford. But when you say may I meet you,
38:43
as it turns out again, you just don't know what you're going to
38:46
pick up. I just wish I had had this
38:47
insight when I was in my 20s instead of like going on
38:50
match.com and getting iced. And so then here we are.
38:54
But anyway, Speaking of people with big plans for date night, I
38:58
would suggest that you listen to this interview by Vodafone, Luke
39:03
Ibbotson. I listened to this when I was
39:04
driving up camping. Of course, my daughter really
39:07
loves it when we head up and get in the trap and she's like, all
39:10
right, dad, let's bond. I'm like, yeah, let's bond.
39:13
Let's listen to a 15 minute interview with the head of group
39:18
R&D from Vodafone. And she's like, where do I get a
39:21
new dad? She can't, she's stuck with me.
39:24
But I was like, look, it's a very important to learn a little
39:26
bit about RF engineering. So she she listened.
39:29
But this Luke Ibbotson interview is great.
39:32
They really again talks about the architecture.
39:34
They're not trying to pick a winner.
39:35
They just literally picked the winner.
39:37
And I think that's a nuances. They weren't trying to put
39:40
anyone in business. They were just looking at all
39:42
the solutions and ASTS was the good one and they're really
39:46
excited about it. So it really please listen to
39:48
that and then we have a lot of other upgrades.
39:51
So I've linked out all this outside reports.
39:52
Appreciate those of you that send me to this.
39:55
I always ask for permission before I share it.
39:57
When I see that Anpan man already posted it, I'm always
39:59
just going to link him out so I don't ever accidentally post
40:03
something that's watermarked. But we've got B Riley, we've got
40:07
Deutsche Bank, we've got Roth, we've got Bammel.
40:09
Then we have a fireside chat with Bammel, which is
40:11
interesting and I'll get to that in a SEC.
40:14
Then Anpan man has done God's work by.
40:18
Organizing all this sell said research so we can really
40:20
understand what we have sometimes, you know, I would say
40:25
it here, we'll say it again. Impair man is an AI from the
40:27
future. We're very, very blessed to have
40:30
him. And then it's interesting, and I
40:32
don't want to dish rag on on Rocket Lab, but will is you have
40:38
this dynamic of like, did the market just move away from these
40:42
guys? And so let's just take a quick
40:45
visit with Mega Constellations. You have this interview and
40:50
megaconstitution calls about saying that they're not spending
40:52
billions on spectrum yet. They're looking at tuck
40:54
insurance and quote big needle moving stuff.
40:57
And so there's speculation that Iridium and Rocket Lab might
41:01
actually kind of have a shotgun wedding because both companies
41:05
might have kind of found themselves outplayed.
41:07
Iridium just was the classic example of Innovator's dilemma.
41:12
They were sitting there, they had me a cool little cash
41:14
flowing business. And so, you know, the guy
41:17
probably went to Harvard Business School night school and
41:20
it was like, hey, went to Harvard Business School night
41:22
school. I should pay some dividends and
41:23
buy back stock. And look, it's capital
41:26
allocation that makes me smart. No, makes you pretty susceptible
41:32
to disruption. And so, you know, it's what you
41:36
get for not thinking. And so the guy embarked on a
41:40
capital return strategy, right? It's the fraud with innovating.
41:43
And then they find themselves basically unable to catch up,
41:49
but they are left with some valuable assets.
41:51
They have, you know, again, $500 million of EBITDA and they have
41:55
some spectrum. And so there's a possibility
41:58
Rocket Lab, which I don't know why Rocket Lab stock is up.
42:01
Honestly, when looking at what's happening with Blue Origin, you
42:05
just have to ask yourself like, what's the opening?
42:09
And I'm sure Rocket, a lot of people have a great response for
42:12
that, but you know someone who doesn't really, I have no axe to
42:15
grind it in this. I'd be thrilled if Rocket Lab
42:17
was a super successful company to provide more launch, but I'm
42:21
just kind of struggling what I'm missing here in terms of what
42:26
looks to be a crowded market for launch.
42:29
And then the key with launches, you got to have some captive
42:32
cargoes like that. Just seems like that's a pretty
42:34
established part of the strategy here where SpaceX can always
42:39
fill a rocket. So that means that their rocket
42:41
refurbishment facility and their booster production can be
42:43
running, you know, on OverDrive because they always know they
42:47
can shoot those up and that means they can absorb the costs.
42:51
And that's very important in a business like this.
42:54
And then you have Blue Origin, which is going to have a lot of
42:57
Kiper cargoes, is already stacked it with a bunch of NASA
43:01
work, things like that, stacked it with AST space mobile.
43:05
Now I think we actually really do know what congratulations
43:08
meant. As much as I was hoping, and I'm
43:12
not saying that there won't be a strategic investment, but I
43:14
really now I'm understanding the magnitude of what a Bell did.
43:20
A Bell effectively vertically integrated with Blue Origin on a
43:26
contractual basis to get massive amount of launch.
43:32
That's what congratulations meant.
43:34
He basically threw the stroke of a pen, got his own Starship
43:40
without having to work on it for 10 years and blow billions and
43:44
billions of dollars of risky R&D and the whole professional
43:50
apparatus required to do something like that.
43:52
That's what you do if you're a Bell.
43:56
And that's why Adriana said congratulations, because he got
44:01
his own rocket company on Prime Day where they were giving it
44:06
away. That's my idea.
44:09
So anyway, then I digress. So this is where my point was.
44:14
The stragglers are going to start to have to get really
44:16
creative. Now, some people might
44:18
appreciate the irony of me linking Pierre Linley, who I
44:22
previously have dish ragged relentlessly in earlier sessions
44:26
of the Kook Weekly. But again, as a parody account,
44:31
I have really no need to be consistent.
44:35
And so I wanted to just say when I disagree with this guy and
44:38
when I do agree with this guy, I think he's kind of a Luddite
44:42
when it comes to understand disruption.
44:44
I think he's got kind of a classic legacy European view of
44:48
not really liking these American companies that come and disrupt
44:52
their businesses, which I can fully appreciate, but that's
44:54
life. And so that's when I I think he
44:57
has somewhat of a narrow view when thinking about things like
44:59
ASTS, but I think he has somewhat of a realistic view in
45:02
in other times. And here when he's looking at
45:04
the Rocket Lab quote, he says quote, disturbingly vague
45:08
approach. And he quotes Rocket Lab
45:11
building our own constellation. And whether that's providing
45:13
services or infrastructure, I think is yet to be determined,
45:18
which is a quote from Peter Beck.
45:19
And I think that just goes to these other companies.
45:24
Again, nothing, you know, overtly negative to Rock Lab.
45:26
I'm not trying to piss off the hornet's nest, but I'm just
45:30
trying to state that I do believe the market is now seeing
45:33
that there are really some winners that are breaking away
45:36
from the pack. SpaceX is the incumbent.
45:38
That's the that, you know, that's the the secretariat, the
45:42
beautiful horse. Everyone knows.
45:45
And then I think what is becoming very clear as the ASTS
45:49
is, is really the actual breakout for Leo.
45:53
And then the lodge guys have this problem of as Leo and the
45:57
cargos are effectively spoken for with SpaceX and AST space
46:00
Mobile, there's not a lot of room for other cargos to go up.
46:03
And if there's not a lot of other room for cargos to go up,
46:06
it's really hard to underwrite your own lodge capacity and
46:09
that's gonna leave people in the lurch.
46:11
And now again, I think Rocket Lab will will be at least maybe
46:15
they're successful in to a breakout, don't know, don't
46:18
really care. But I do think that they're
46:19
going to be at very least sort of like the AMD of 2010 that no
46:25
matter what, they're going to be kept in the game because the
46:28
government, for example, wants diversity of supply and everyone
46:32
wants Rocket Lab to be successful at the Department of
46:35
War. I could almost guarantee you
46:36
that. And so then we're really just
46:39
isolating the debate to the magnitude of their opportunity.
46:42
And that's where I think they seemingly are being outplayed in
46:45
a in a market where people who are specializing at certain
46:48
things are going to break ahead versus companies that kind of
46:51
now have to be jacks of all trades.
46:53
So now Speaking of things where a company specialized, holy
46:58
crap, this Blue Origin lodge can bring grown men to tears.
47:03
This has to be one of the most beautiful things I've seen.
47:08
I vividly remember when the Falcon Heavy went up with the
47:11
Tesla Roadster cry. And I don't, you know, it's,
47:14
it's a weird human response. Like, well, Cook, why'd you cry?
47:17
You know, did you have like a Polly Market vet saying it was
47:20
going to blow up? No, I didn't.
47:21
I cried because I think, you know, for a lot of people
47:26
myself, at least when you see this stuff, you you kind of
47:29
realize the enormity of the universe and the trivialness of
47:35
the human state. And it's just unbelievable that
47:38
we're going into space like this.
47:39
It's just so cool and, you know, it's, you think about what this
47:43
means for your children and things like that.
47:45
It's just so exciting to to, to be alive today.
47:49
And these pictures are unbelievable.
47:51
And, and frankly, the live streaming of, of these launches,
47:54
whether it's SpaceX or Blorogen or, or others, the, the wave of
48:00
emotion of, of the people working at these companies.
48:04
I mean, if you're not affected by this and getting caught up,
48:07
then, you know, maybe you got to join Brian Johnson and, you
48:11
know, try 5 grams of mushrooms and, you know, talk to God and
48:15
then this is this is inspiring stuff.
48:18
But most importantly, never mind just how cruel it is to to watch
48:22
these teams do this. You know, I I just can't begin
48:25
to imagine the complexity of this.
48:27
This has big ramifications for AST space mobile.
48:31
And so they now now I think I have a pretty clear picture of
48:35
this. Congratulations on what you
48:36
know, the meme we have with Ariana standing there.
48:40
Ariana for for those who are newer to ASP space bubble, she's
48:44
the daughter of a of a billionaire telecom executive
48:46
who sadly passed away last year or this year.
48:49
She's in a with a picture with Abell or our fearless leader and
48:52
then Jeff Bezos, who some of you might remember from a, a book
48:56
company he built like Amazon or something.
49:00
But he also is CEO of Blue Origin for anyone who hasn't
49:03
heard of him before. And they're all smiling
49:07
together, positive body language.
49:09
They just concluded a deal. This had been tweeted out or
49:13
Instagram back in May. And we were all speculating,
49:16
well, what? Congratulations on what?
49:18
And now we know that ASCs contracted, you know, something
49:23
probably like 30-40 plus satellites to go up on Blue
49:27
Origin. So they bet big that this rocket
49:31
was going to be the first big boy rocket that was going to be
49:34
operationalized and and they were right.
49:37
That's it turns out. And so if you missed it, Blue
49:41
Origin not only had its two for two orbital success rate until 2
49:49
launches, both times they hit successful orbit very hard to
49:55
do. And then what was still amazing
49:57
this time is they were actually able to land the booster in what
50:00
was had to be one of the most dramatic things the space
50:03
industry is really seeing watching this thing course
50:06
correct and hover like 200 feet. And So what this allows is is a
50:10
more rapid scaling of Blue Origins operations.
50:15
Even though they have a lot of boosters in production, they
50:16
could have easily lost this booster and it wouldn't have
50:18
been a problem. But it just shows that they're
50:20
going to be on a faster path to scalable launches and economics.
50:25
They're going to be very compelling from Blue Origin,
50:28
which that allows them to have lower prices, which benefits all
50:31
the people who have cargoes. This successful launch is a big
50:35
deal for diversifying access to launch for people like ASTS.
50:39
But again, it's also very important to remember ASTS is
50:41
going to be a prolific customer of SpaceX.
50:45
And they also can launch on the Japanese rockets, the European
50:48
rockets, the Indian rockets and others until they're really
50:51
going to be in a nice position in the next couple years with
50:55
lots of diverse launch vehicles to use, excluding Russian and
50:59
Chinese supply, which puts them in a really good spot.
51:04
On the other end of the spectrum, while we have this
51:06
really exciting development with Glue Urgium, we did get an
51:09
update from Deutsche Telekom and we'll end on this about the
51:12
Starlink satellites. They're going to utilize the new
51:16
spectrum. These satellites are now looking
51:18
like they're going to be delayed to 2028 or 2029.
51:23
And so this is pushing back Spacex's incremental response to
51:29
Asts by three to four years from today by then.
51:36
Never mind that SpaceX doesn't have any MNO contracts by then.
51:41
ASTS should be the very clear dominant provider in the market
51:45
already well oiled machine, cash flowing, providing very
51:49
effective and efficient services to M and OS, gobbling up deals
51:53
with all of those M and OS and more likely to not advancing on
51:56
their product product road map to have yet more advanced
51:59
satellites than we presently see.
52:01
So my point has been for quite some time, when people say it,
52:06
it's not gonna be one player in the market there.
52:10
You know, there's going to be multiple players.
52:13
I always feel like people are insinuating that ASTS is going
52:16
to be a minor #2. An AMD from 2010, for example.
52:22
My view has been and continues to be Reef, you know, really
52:25
strengthened every day that ASTS is going to be the winner take
52:30
most in this market and they will be the strong #1 and that
52:34
there will be a distant number 2IN Starlink that will provide
52:39
some DDD service as well. But then there's very unlikely
52:42
to be really even a distant #3 or 4 player.
52:47
Maybe there's some of the link Omni space think it's cobbled
52:49
together, but I think you're going to have a market structure
52:52
looks like that looks like that. There's a lot of analogs where
52:55
there's markets that look like that.
52:57
And I, I do, you know, it's very important to, when you see the
53:01
guy that is going to be #1 to appreciate what that can mean
53:05
for value creation. And I think, you know, as we
53:07
said before, I increasingly see a path where these guys could
53:12
with a straight face, say we've got internal milestones where if
53:18
we hit them, we've got a path to create a trillion dollar
53:21
company. And that, that type of vision,
53:24
I, I think is something that a Bell could be sharing with his
53:27
partners and executives with a straight face, has something to
53:30
execute upon. And it's, it's really incumbent
53:32
on us, the investors to do the work, to do the diligence to
53:36
find companies with that type of opportunity before it's commonly
53:40
understood. And maybe we're wrong, that
53:43
would suck. But if we're right and you stick
53:46
to your conviction and you survive these 40% draw downs,
53:49
which is the concept we started with, and keep your eye on the
53:52
ball, the result can be pretty fantastic.
53:55
And that's really what I hope you know, my contributions to,
53:59
you know, people who write out on, you know, online with me
54:03
late at night. My contributions can be to share
54:05
my work, my path on this so that others can form their own
54:09
opinions and hopefully increase their conviction through shared
54:13
work and community to, to ride it out 'cause the stock market
54:16
will always be volatile. Most people will get knocked out
54:20
'cause they're tricked by the fall.
54:21
They think something's wrong. And, and that's how the market
54:24
makes it so that very few people get rich, which is really, you
54:28
know, the way it probably should be.
54:30
So I'll end with that. I'm excited for another week.
54:33
It's week before Thanksgiving week, So maybe this is when some
54:38
news gets flushed out because I, I can't imagine that there's a
54:42
whole lot that's going to happen during Thanksgiving week.
54:44
But leave it to ASD Space mobile.
54:46
I'm sure we're going to paint the tape with a bunch of
54:48
exciting stuff on Friday when retail is bored and eager for
54:52
news. But you know, there's a real
54:54
chance that we're going to get shipment of FM 2, which I do
54:58
believe could be a big excitement for the market.
55:01
Just a a reminder these guys are executing even though you know,
55:05
it's a little bit of a delay in terms of the press release we
55:09
were all expecting based on earlier guidance, but it doesn't
55:11
mean they were actually delayed. There could be a lot of reasons
55:14
why they held the satellite back in terms of timing against the
55:17
launch vehicle, but just market doesn't know that.
55:20
And so clarification of that through some, some PR, which
55:24
which again, could be happening in any day, I think would be
55:26
something to to look forward to. And then also the, the, the
55:32
comeback of the government and what that might mean for Golden
55:36
Dome developments is another thing that's really high on my
55:38
list. I'll end there.
55:39
Thank you everyone for joining me and I'm looking forward to
55:42
another exciting week. Bye.
55:46
Thanks for listening to the AST Space Mobile podcast.
55:50
If you enjoyed this episode and you'd like to help support the
55:53
podcast, please share it with others, post about it on social
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media, or leave a rating and review.
55:59
To catch all the latest news about AST Space Mobile, make
56:02
sure to subscribe. Thanks again and I'll see you
56:05
next time. We're doing something very, very
56:11
big, and I think with this technology we can really affect
56:14
billion lives. AFT Space Nobody is the only
56:17
company that has full technology to deliver cellular broadband
56:21
connectivity directly from space to do everyday smartphone.
56:26
People will just basically turn their phone and be seamless,
56:29
regardless of where you are. We don't want the user even to
56:32
know that it's connected by satellite.
56:35
Our role is to bring this into reality, always in partnership
56:38
with the MMO. Listen, Waffles.