Latest / AST SpaceMobile Podcast / Kook's Weekly - April 12 - The New Glenn Era and Meta's Space Validation

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Kook's Weekly - April 12 - The New Glenn Era and Meta's Space Validation · AST SpaceMobile Podcast

0:06
This is the AST Space Mobile podcast, just basically.
0:11
From the phone and be seamless regardless of where you are.
0:15
We don't want the user even to know that it's connected by
0:17
satellite. Listen, the opportunity that we
0:22
have is very, very, very large. Large.
0:27
Good evening everyone, hope everyone had a good weekend.
0:30
I am exhausted, but I spent my Sunday catching up doing the
0:35
weekly just so I could make sure Stewie had something to read at
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the airport lounge, which he did admit to reading it, but he
0:43
denies listening to the spaces, which is good because this is
0:46
our place not not for experts. But as I reflect on the week,
0:51
just kind of going through everything today, there's
0:54
there's so many exciting things happening.
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So let's get right into it first.
0:58
I think a lot of us right now are watching or maybe this was
1:01
on delay, but the the erecting, I don't know what the right word
1:05
is, but the to say the erection of new Glen 3 sounds sounds odd,
1:13
but I think it is what they call it.
1:15
And so they have the rocket out of the pad and they're lifting
1:18
it up and it is super duper cool.
1:22
And so we have a tentative launch date set, but I believe
1:26
that these things aren't totally set in stone just yet because we
1:29
have to hot fire it. So make sure you have a
1:32
cancellation policy on your your flights to Orlando.
1:36
But it's happening soon. And a really important thing to
1:40
remember with this launch is it is Blue Origins third
1:44
certification flight. And so I guess they call it
1:47
upending. And so I hope New Glenn upends
1:52
some of the false short thesis that it's out there.
1:55
I saw some people tweeting that ASTS has a Blue Origin problem.
2:00
We, we've always thought that ASTS has a really exciting Blue
2:03
Origin opportunity. And so the general understanding
2:06
is ASTS has SpaceX flights booked this year as fall back
2:13
and that they're effectively fungible.
2:14
I'm not totally sure how the contract structure works, but
2:18
this is what I've certainly heard and what we've seen
2:21
actually the company say. So it really is an opportunity
2:24
for upside for Asts. If New Glen continues to be the
2:29
successful program that we believe it it is and will be
2:33
then we've become the anchor customer of really the the most
2:37
capable launch vehicle out there while also getting the benefit
2:41
of using SpaceX, which is obviously a very capable launch
2:45
vehicle and then diversifying into another heavy launch
2:48
vehicle that we have not yet had name but it but it sounds like
2:51
it's already on, although it could easily be Japanese
2:54
rockets. So all eyes are going to be on
2:57
New Glenn this week. First the hot fire.
2:59
Hopefully that goes well and then once we have the hot fire
3:05
then they should be good for launch and that will be a very
3:09
exciting event simply because the rocket is dropped in
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gorgeous. As many of you know I have many
3:15
superstitions, one of which is not to order my model rocket
3:19
from Kazakhstan until a successful launch.
3:22
And so I'm eagerly awaiting reaching out to my my boys in in
3:27
Kazakhstan to place an order for an ASTS liveried New Glen Three
3:33
rocket to complement my collection of existing
3:37
successful launch vehicles. So right behind me I have my
3:40
PSLV rocket, which is beautiful and my LVM 3 is on its way, as
3:46
well as my SpaceX because I'm going to have a nicer rocket
3:49
collection than this pumper and pan man who bought a bunch of 3D
3:52
printed crap. Oh no, not with Kook with me.
3:56
It is aerospace grade rocket models made in a former Soviet
4:02
bloc country with export controls on said rockets, which
4:05
is why they take so long to get to me.
4:07
So we have a lot riding on this, not the least of which is my
4:11
model rocket collection. So what was also interesting is
4:15
that we see more, I don't know that this would be a surprise,
4:18
but just more evidence of the obvious, which is Blue Origin is
4:22
building for scale. And so they filed the initial
4:26
documents to build a new launchpad.
4:28
And this is all just the build out of that company.
4:31
And so the way the market is probably going to look at this
4:35
for a while is that ASTS is in a way a loose derivative of the
4:40
success of Blue Origin. I don't think that that's the
4:43
right correlation, but I suspect that it might be viewed as such.
4:48
And so in a way, people looking to get exposure to SpaceX can
4:52
buy Asts for derivative exposure on the D to C opportunity, those
4:57
lucky bastards, because they will accidentally pick the right
5:00
horse. In the In the meantime, the
5:03
unlucky people are using Asts as again a proxy for SpaceX and
5:07
shorting it to hedge their risk. But then it the same way as
5:11
excitement builds around Blue Origin, which I think it will,
5:15
that's private company. And so the market being the
5:18
market might do some silly things and view Asts as the
5:22
derivative of that. I think that's going to be a
5:24
loose correlation because they're certainly separate
5:26
companies, but ASTS is a is a big customer of Blue Origin to
5:31
the extent that the rocket flies.
5:34
So last week we also had a little bit of drama with New
5:37
Glenn. You know, I know a lot of us are
5:39
really excited and then, you know, we're like, hey, raise the
5:42
roof guys, raise the roof and they like blew the roof off.
5:45
And so guys, come on like you, you can't let the space mob
5:49
enthusiasm actually infect your company.
5:52
And so Blue Origin did have a, a tank blow up when they were
5:56
doing some pressure testing and so blew off the siding door.
6:01
And so I guess something like this has happened before them.
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I this, this shouldn't impact will will not impact New Glenn
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three, apparently new van 4567 or 8:00.
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This might have been for New Glenn 9, although I'm not
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totally sure. I got to research this a little
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bit more and so, but just highlighting it here because
6:20
some people noticed it. And again, the definitive answer
6:24
is that that is a testing thing as they seek to find the limits
6:31
of their equipment, which is good and found it in the tried
6:35
and true SpaceX way of you don't know until you create an
6:39
entertainment spectacle for people by blowing something up.
6:42
But it certainly does not impact New Glen 3.
6:44
And again, ASTS has a bunch of SpaceX launches planned as well.
6:48
So 2026 should be really well covered with with plenty of
6:54
launch vehicles. But then people go, well, yeah,
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but where where are the launches?
6:59
And so my understanding is that is truly had been an ASTS delay,
7:04
not a launch vehicle issue. And that's where some of this
7:07
flexibility that they've dialed into their launch contracts.
7:10
I don't have the contracts. Again, those weren't 8K to my
7:12
knowledge, but I do believe you pay some fees as you have to
7:15
reschedule. And I believe that that's what's
7:17
been happening with SpaceX. But once the satellites are
7:20
ready, SpaceX is like catching a, you know, a well oiled
7:24
machine, you know, they you'll put you on the schedule.
7:27
So it's interesting to see that space Mom, the reconnaissance
7:33
force known as Space Mob was able to photograph a shipping
7:36
container on its way to Midland. And so that looks like good
7:42
news. You know, how many of these
7:43
containers move around is something that is certainly
7:47
something we follow. It can be indicative of
7:50
shipments of satellites. So we're almost to the middle of
7:54
April. We know from the company that
7:58
the difficulties with the composite ring has been solved
8:01
and then the engineering challenge and the testing
8:03
related to stacking the satellites has solved.
8:07
It is our belief that that is the the final critical path
8:10
milestone for shipping the batch 1 of satellites.
8:15
And we saw some truly ridiculous stuff from experts, quote UN
8:19
quote that are currently having quote UN quote libations been so
8:23
painful to listen to this guy who speculated that the company
8:27
doesn't know how to stack its satellites.
8:29
And I, I talked to some actual experts on this, people who, who
8:34
do this for a living and stacking satellites, getting
8:37
them ready for launch integration is just literally
8:40
what happens every day. And so you ship one satellite at
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a time, or two or three, whatever the truck can bear, you
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get it to the payload processing facility and that, you know, so
8:50
that's going to be at Cape Canaveral and that's where you
8:52
made it to the rocket. And so for block one, that's
8:56
what happened is they shipped 5 satellites.
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They're smaller obviously than FM one and two, but then they
9:02
made it it to the launch vehicle and shot into space and work.
9:07
This is literally what happens every time you don't ship the
9:10
full fairing of satellites from Midland.
9:13
And so this expert really revealed potentially just a lot
9:17
a lack of payload engineering experience, which which I don't
9:21
have, but I could very quickly figure out what the answer was.
9:25
And so maybe a satellite engineer wouldn't know this, but
9:27
then to go out and spread FUD about it really belies any sort
9:32
of credibility someone might have.
9:35
But the other thing that was really exciting, and I think we
9:40
covered this last week too, but we're going to get back to it is
9:44
this visit by Meta Facebook that visited the facility.
9:50
And so we can see the the satellites and it's really
9:54
consistent with what Catsy had been thinking.
9:56
So it's good to see these pictures and then check it
9:59
against what Space Mob is thinking.
10:01
And so we're we're looking at the satellite and you know, the
10:06
support structure that helps bear the load.
10:09
So that's a little bit more information that we got.
10:13
So another interesting analog we want to study this is going back
10:18
to what I've so lovingly termed constellation Constipation,
10:21
which again, I believe that our fibers about to kick in and
10:25
we're going to get real regular real fast from the back half of
10:30
April onward. But you can see and as Kevin did
10:33
this really cool analysis on the pacing of Amazon's own
10:38
constellation, we can look at the timeline there just to see
10:41
what what's scaling A constellation looks like.
10:45
So they launched their prototypes in 2023 and then
10:49
about a year and a half later they had their first batch of
10:52
production satellite. So they had their two test
10:54
satellites and they popped out 27.
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Mind you, their little Leo satellites are teeny little
10:58
things. They're not nearly the same
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engineering scale is what ASDS is doing.
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But then they've been popping out these like wildfire.
11:07
And so they had a launch April 4th, and they have a launch
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April 27th and April 28th. And so they're banging these out
11:14
now 25 at a time. So it went from April 2025, they
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had 27. Then we had three months later
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another 27, then a month later, 24, a month later 24, a month
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later 24. So then they went to a monthly
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cadence. Effectively now they're banging
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out multiple launches per month. And so as Kevin points out
11:36
correctly, this is an excellent demonstration of production and
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launch cadence ramp going from barely any launches to a regular
11:43
monthly cadence, including some months of multiple launches.
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So when you're looking at this, it is useful to do these sort of
11:49
comparable curves and it just shows you just the industrial
11:57
realities related to an industry.
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And so if you assume you know a good in class, best in class
12:03
operator, you can start to appreciate the realm of the
12:06
possible as companies encounter whatever challenges they're
12:09
going to encounter and then resolve them to ultimately get
12:13
to the cadence that they want. And it's our belief that ASTS is
12:19
really at this tipping point and about about to get there.
12:23
So looking at the Amazon Leo pace and pacing should be really
12:30
dispositive of what ASTS is about to hit.
12:33
Again, we have maybe the burden of knowledge among the space
12:36
mob. I can see how a generalist is
12:38
thinking like delays, delays, delays.
12:41
And we're sitting here going, oh, yeah, OK.
12:42
So they had to, you know, deal with some composite issues and
12:46
engineering for stacking. And you know, of course it's
12:49
nice to hit guidance and never they wish they would, but you
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learn new things when you're doing new things and you'd
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rather get it right than get it wrong.
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And so a bell more than anyone wants to go fast and hard, but a
13:04
bell more than anyone also wants to get it right.
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And so does every owner operator of of any company, whether it's
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Elon or Jeff Bezos. So it's a good it's a good
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comparable just like the launch cadence is sort of on the way
13:19
up. I thought it was pretty
13:21
interesting to see Katzie's chart just on the subscriber
13:23
count for the ASTS space mobile Reddit account.
13:28
It it is pretty astonishing to you see how interest correlates
13:32
with price. And you know, I'm as it should
13:36
company gets bigger, gets the risk, more people hear about it,
13:38
more people get interested in it.
13:40
You know, I certainly see this in in my own community.
13:43
I was just last night, I was out camping and a guy comes up to me
13:46
and he's like, hey, thanks for thanks for that tip on AST space
13:50
mobile. And I was actually pretty
13:51
shocked when he then started like rattling off a bunch of
13:54
fundamental information about the company.
13:56
He's smart. He's a smart guy.
13:57
He's in the cosmetics business. So not certainly not an expert.
13:59
And he was, you know, he had already dug into the launch
14:02
cadence and some of the technical specs.
14:05
And so that's just pretty indicative of how many smart
14:09
people sort of hear about it from, from other people that
14:11
they deemed to be smart. You know, Asterisk, I'm not
14:14
saying that I'm smart, but he might think I am.
14:17
He might think I am smart. And, and then they dig in, they
14:19
do a little bit more, they join the, the community, which means
14:22
that they bought it and the stock went down 20%.
14:24
And that's of course how you join a community.
14:26
And then people, you know, when they join this community, they
14:28
stick around. I still think that this space
14:31
secular theme is the big one. And so I still think that we're
14:35
very early in the discovery of this community.
14:38
And I wouldn't be shocked if space Mob, if you will, the
14:41
Reddit user community is ultimately 2, three, 400,000
14:45
people. And it's a lot of people.
14:49
And that's all, you know, a lot of people buying shares.
14:51
And when you tie that against the fundamentals, you have to
14:54
ask yourself, what's the development of a company's
14:56
fundamental? So is there, is there actually
14:58
value being traded? So I'm not interested in trades.
15:02
I'm not interested in meme stocks.
15:03
I'm not good at it. I wish I were.
15:05
But every time I try to buy a stock because I think there's a
15:08
meme momentum, as sure as the sun will rise, I lose money it.
15:11
I mean, if you don't believe me, ask King Tut.
15:14
It's comical at this point that I touch a stock and it turns to
15:17
shit like instantly. And so that is just not who I
15:20
am. And so I'm a fundamentalist at
15:24
at heart, Very, very strong first principles on what?
15:28
What generates value? And so first and foremost for
15:31
me, there has to be a company that generates a lot of value.
15:34
But to have a stock go up, you have to have other people
15:36
identify that value and be interested.
15:38
And that's where I think that the surefire way to do that is
15:41
find a winner in a big secular theme because then everyone
15:46
wants to get a piece of it. You don't have this generalist
15:48
dilemma where it's some niche thing that no one really knows
15:51
or some illiquid special situation where the only
15:55
liquidity coming into it is some, you know, jerky hedge fund
15:58
or you're praying to God someone pumps your bags.
16:02
That's a that's a tough, tough putt versus find something,
16:07
finding something that's going to be sort of like a NASDAQ 100
16:09
winner, then the money is going to hit.
16:12
And stock prices are at all times a function of liquidity.
16:16
And, and again, in my view, must be some more supported by very
16:19
strong fundamentals so that, you know, things aren't just pump
16:22
and dump. But I believe that there's going
16:25
to be a wave of people discovering this in a wave of
16:27
money. And that's going to allow the
16:29
price discovery, if not a premium to what price discovery
16:33
should allow on where the stock will go, which is why I feel
16:36
very, very comfortable owning it.
16:39
And I always sort of when I look in the mirror, first of all, I'm
16:40
like, maybe I should use more moisturizer.
16:43
But then I look deeper in the mirror and I go, wow, I'm a
16:48
sociopath. Like how do I sleep with the
16:50
stock position? It is a funny thing.
16:52
You know, I had a little fight the other day with that out
16:54
valuations guy or something and he's like kook, I really want
16:57
you to diversify. And I actually think he
16:59
genuinely really does want me to and, and I probably should, but
17:03
when you know what you own and you really think like an owner,
17:06
it is pretty funny. Where like I lose more sleep on
17:11
.1% positions that I'm down on then AFC space mobile where I
17:17
believe I'm the single largest non institutional non management
17:20
holder. I don't even like think about
17:22
it. I mean, I think about like, oh
17:24
wow, I didn't do my my weekly yet.
17:26
And their people are going to be giving me crap on the Internet.
17:28
And they did some guys like, Hey, kook, are you OK?
17:30
I'm like, dude, I know, I know, I know it's coming.
17:32
And so I think when you, when you find something that you
17:36
know, if you really believe it's going to be globally relevant
17:39
and everyone's going to be talking about it, that's the
17:42
place to be. And that's the the real goal I
17:44
have is having seen this enough times in my career, I want to
17:48
nail one and, and this is it. It's good to have other smart
17:52
investors like Google apparently lined up.
17:55
Now, is Google thinking of this sort of as like APA trade?
17:59
Probably not. Probably a strategic investor,
18:02
but it is really interesting to see Google's track record.
18:05
It is astonishing when, when you think about it for a hot 2nd of
18:11
how good they are at some of their investments.
18:13
But then it's not astonishing at all when you realize that Google
18:17
has the best information, really the best perspective of really
18:20
anyone in the world of where the trends are not the least of
18:25
which is due that they make the trend.
18:27
And so when you create your own weather, it is pretty good to
18:32
invest behind that. So it's pretty cool when we saw
18:35
Catsy's analysis of your showing when Google invested in SpaceX
18:41
and some some of the similarities.
18:43
What is also really cool is that you have to look at SpaceX on a
18:47
base 10 log chart because the value went so high and same
18:54
where the ASD space model now. But there's a lot of really neat
18:58
things that are happening. And I've always thought that
19:01
Google made sense as a potential strategic acquirer of the
19:04
business, but certainly a strategic party is very
19:07
interested and having a front row seat to the business.
19:13
So what's the commonality of Google and Meta both missed the
19:18
boat when it comes to space. So Google did have a good
19:20
investment in SpaceX, but from my understanding doesn't really
19:24
have their own thing. Meta is in the same camp.
19:27
And as we talked about last week, Meta is unique to Google
19:31
in that is still run by an owner operator.
19:35
And so Mark effed it up. Mark bet on VR, which is a
19:40
reasonable thing, I guess in hindsight, you know, there were
19:43
already the the flaws and concerns around adoption of VR
19:46
looked at this market a lot. But you know, he had to take a
19:49
shot. And now he's probably regretting
19:53
not doing space. But he's making up for a lost
19:57
time. And so again, this guy, Vinod
20:01
Samara Wickrama, runs what's called the Vamos in Acaso
20:06
programs. Which are Meta's global
20:09
initiatives to optimize voice and video call quality.
20:12
So we all saw this last week, stock was ripping on it, pretty
20:15
exciting. You know Meta visits Asts, but
20:18
you want to make sure you double click and understand why what is
20:22
going on here. It is curious that we've seen
20:26
quite a few things with Meta at this point.
20:29
We've seen them working with the Vodafone JV in Spain and so we
20:34
get some more information from this visit.
20:37
And so Vinod was kind enough to share with us on LinkedIn some
20:40
of his notes and so quote, he came away genuinely inspired by
20:45
the boldness of their approach in space based connectivity and
20:49
then also how fundamentally different the model is.
20:52
So here you directly compares it to SpaceX, not thousands of
20:57
small satellites, but a few massive high-powered phased
21:00
arrays designed to connect directly.
21:02
And it's exciting because Facebook needs to find new
21:06
growth and WhatsApp is one of those powerful levers of growth
21:15
and as a European would say levers of growth.
21:18
So I might start acting a little bit more sophisticated on the
21:21
spaces as more people join. So when we want to think about
21:24
the levers of growth, WhatsApp is really a big deal and
21:31
emerging economies. And so I use it just to complain
21:34
to Ann Pan man about the stock price and to tell Tut whatever
21:38
meme stock I'm about to buy. So he knows to short it.
21:40
And as is why Tut has some of the best returns in the market
21:43
is he just waits for me to get interested in something and then
21:46
he shorts it. And so that's my use case of
21:48
WhatsApp, but I've seen it be used by certainly in other
21:52
countries. It was really sort of the
21:53
foundational platform and where a lot of commerce happens.
21:57
There's some interesting things about WhatsApp I learned.
21:59
And so in some countries with crappy cell phone service, you
22:05
can have more of an asynchronous approach.
22:08
And so like an app can just like break if it doesn't have a good
22:11
connection. WhatsApp does a little, you
22:13
know, better job forgetting all the details, but I was
22:16
investigating this maybe a year ago.
22:18
WhatsApp does a little bit of a better job queuing things.
22:20
So if you're, you know, waiting for, you know, an order or
22:24
something, you have more confidence that it just didn't,
22:28
the cycle didn't break, which helps helps consumers, but
22:31
WhatsApp has a very big interest in having the quality and the
22:35
integration with M and OS into WhatsApp as as good as possible.
22:40
So what I was digging into a little bit, you know, just a
22:43
little AI digging is really what is, what is Meta want or need
22:48
that they don't already have. And so I have a cell phone in my
22:51
pocket with AT&T, and all these apps magically work.
22:55
I have no idea what Meta has or has not done with AT&T in order
22:59
to make their apps run the way they run on my phone, or whether
23:03
that's really how they would run natively if Vinod didn't exist.
23:07
And then you'd ask, well, why would they have this executive
23:10
if they didn't do something? And so the first obvious thing
23:18
is that WhatsApp might want access to customers where M and
23:22
OS aren't and so in emerging markets and things like that.
23:25
So that's the obvious thing is that Meta might want to do
23:28
something directly with ASTS, especially as Asts begins to
23:34
have spectrum, they can open up met new opportunities for both
23:38
parties. That's neat.
23:41
But even though most people get their services through an M&O
23:46
effectively, so me for example, for AT&T and Meta rides on top
23:50
as a app. Meta has a history of wanting to
23:53
be closer, closer to the infrastructure layer and not
23:55
just be an application. And so they've made massive
23:58
investments and things like subsea cables and they've done a
24:01
large partnership in India with Geo, which I don't know anything
24:05
about and and some other initiatives, some of which
24:08
haven't gone anywhere. But there's a pattern where Meta
24:11
invest directly in connectivity infrastructure when it expands
24:15
the addressable market of their own products.
24:18
That makes sense. It makes sense for Meta.
24:20
It also makes sense for Google, makes sense for all of the MAG 7
24:24
to have things be connected more often.
24:30
And so we don't know if there's going to be a specific deal that
24:34
prints or not or you just have to wait.
24:36
But something seems to be cooking.
24:38
And so Meta has done large equity stake investments, but we
24:44
just really don't know. But what we do know is that
24:47
Vinod is not just a typical Corp dev person looking at financial
24:51
investments. So he's an operational leader.
24:54
And so he's doing the real work to make sure ASTS as a
24:59
technology works, not a financial bet.
25:02
And so all else equal, that's probably better for us as space
25:08
mobbers to know that the people who want to make sure things
25:11
work are at the ASTS shop and impressed with what they're
25:17
seeing. That's the type of actual
25:20
expert, not the PowerPoint expert who consults for a couple
25:24
100 bucks an hour. This is the person making sure
25:27
that Meta is working at the infrastructure layer.
25:31
And he's kicking the tires and apparently really likes what he
25:33
sees, so much so that he's actively basically throwing some
25:37
shade at SpaceX. Good information helps me sleep
25:41
at night so you know of all the things that can go wrong, which
25:48
I'm humble that there are many. It is good information to know
25:53
that people like this are taking their teams to our factory,
25:57
looking at batch 1 satellites and coming away impressed.
26:02
That is all else equal, good news.
26:05
Yet the Bears will say the tech doesn't work that I just don't
26:09
get it how these people always hide behind the well.
26:14
Niccolo had an investment from GMGMSA.
26:16
Bunch of dip shits. Like you had that Lady who's
26:19
freaking out, trying to be cool, getting into the moment, not
26:23
doing any work and got totally duped.
26:26
But then you have these M and OS, which are like the most
26:28
conservative companies in the world, dragging everything out
26:30
for five years, torturing Asts to death to get these DA's
26:34
across doing, you know, FCC water torture on on filings and
26:40
reviewing interference and comments.
26:42
You know, basically, I can't think of anything more painful
26:45
and from a from a more diverse and, you know, pool of
26:50
international interested parties who have all arrived at the same
26:55
answer. Seems to me to be dispositive of
26:58
we have a really interesting technology.
27:00
So yet the bears still try to introduce doubt.
27:05
The other thing that was cooking this week is this article that
27:10
in or out, in or out Italia. I can't say his name.
27:16
God, can you guys pick easier names like Kook?
27:18
So Italia 51 found this neat article and it notes Hughes,
27:24
which is a, you know, a big company had discussions with the
27:27
Department of Defense revealing significant interest in direct
27:29
to device solutions. Specifically, the Department of
27:32
Defense is exploring commercially based standards and
27:34
products to rapidly deploy services quote without having to
27:38
acquire yet another terminal or device.
27:42
You know, that's pretty cool. And it really speaks to, again,
27:50
the efficiency of something like AST Space Mobile.
27:53
There's no lock in open architecture, standards based,
27:57
and you can use the existing terminals.
28:00
Big deal. And I read some other quote, I
28:02
think it was in this article, is that soldiers have to choose
28:04
when they're packing their bags. Do they want bullets, Mr. ES or
28:08
comms? I would say if we can shrink the
28:11
comms, it's probably a better idea for our soldiers to have
28:14
more bullets and food then carrying around big monkey
28:17
phones seem seems obvious and the Department of War seems to
28:24
agree. They're also increasingly, and
28:27
they shouldn't be new to anyone, they're increasingly viewing Leo
28:30
as strategic. And so they want to deploy this
28:33
next generation of commercial technologies on the battlefield
28:37
and and harden them in a way to make them suitable for defense,
28:42
yet not mess around with them so much that you change the
28:47
underlying reason why their commercial systems.
28:53
And so my view is that with each war, there's always a new
28:55
learning. And so back in Desert Storm,
28:58
people are driving around in Hummers, other people figured
29:02
out improvised, the explosive devices, Hummer is no longer
29:05
really viable, blah, blah blah, M raps, enter the scene.
29:10
You know, there's always a new learning from each war, sadly,
29:13
that we have wars, but there's always a new learning.
29:16
And so as Mario Nawal points out that the Iran war is expensive,
29:25
but it's not the cost of burning the oil that is potentially the
29:29
thing that is catching people's attention.
29:31
It's the destruction of some of the assets that the US has which
29:35
are the hardest to replace. So the eyes in the sky.
29:38
And so Iran, apparently not that dumb, figured out that hitting
29:44
America's radar systems was in fact the highest and best use of
29:49
their missiles if they could land them.
29:50
And so, sadly, they did land some.
29:53
And so some of our radars, which were half a billion dollars
29:56
each, were struck in Jordan and Qatar.
29:59
And then one of those early warning aircraft was hit.
30:03
Everyone saw in Saudi Arabia. I don't believe they're making
30:06
those anymore, but $700 million. So pretty expensive and pretty
30:12
strategic destruction when if you're calling a spade a spade,
30:17
Iran was targeting the right things.
30:20
It's sort of the war equivalent of, you know, give a man a fish,
30:25
you feed him for a day, teach him how to fish, you feed him
30:28
forever. In war, if you can knock out all
30:30
the radar systems, you ground all the missiles.
30:33
So why hit a missile system or knock out a missile or or hit a
30:39
tank if you can just whack the actual radar and really degrade
30:44
the war fighting capability? So the US needs to do everything
30:47
possible to prevent that from ever happening?
30:50
Seems logical. If I were in the Department of
30:52
War this is what I'd be focused on is how to have the most
30:56
efficient multi layered radar system possible, especially one
31:01
that would be impervious from destruction in the next go
31:06
round. And I think the answer is really
31:09
clear. Leo satellites.
31:12
And so I think the writing's on the wall that ASTS and others
31:15
are going to get business like this and it's going to be a
31:17
burgeoning secular theme. And I think it could be a big
31:20
one. No one.
31:21
I would say no. I'm sure someone knows, but I
31:23
don't know what the size of this opportunity is.
31:25
But as an investor, I'm banking on it being large and in tandem
31:31
with the other very large things I think are also possible in
31:34
other business lines, commercial, for example.
31:37
All these large things, only a couple of them have to pan out
31:41
as really large to have an amazing investment outcome.
31:44
And you're seeing more writing on the wall here.
31:47
And so if it weren't a big opportunity, the company
31:50
wouldn't be hiring against it. Very simple philosophy over here
31:55
at Koch Report is meet the team. People are what build companies.
32:01
I really hadn't appreciated this in my younger days.
32:04
Now, given what I do for a living, I have appreciated that
32:09
not to be too trite into West Coastie, but people are
32:12
everything. But not in the sort of like, hey
32:15
guys, great, great job hitting the quarter and you know, you
32:18
buy the team a pizza or something.
32:20
You know, it's really making sure you have elite talent in
32:24
the roles that drive important outcomes for your company.
32:27
And so following the hiring of these roles is important.
32:32
And for me, I don't do it as closely anymore because people
32:35
like ASTS, investors and others do a great job.
32:38
So I just document it, but early on when I was building
32:40
conviction in my investment, I had done this tweet thread
32:44
called Meet the Team. And it was just me going through
32:47
every single employee I could find and just learning about
32:50
them and seeing what they had accomplished.
32:52
Seeing if they look like a A level hires looking of like they
32:56
were poached from their employers.
32:58
Like people who had options and yet chose to Yolo their future
33:04
on this company. Because employees are not
33:07
diversified. How you invest your time in your
33:09
job is a big decision. And for people with options you
33:13
can usually only have one job. This is no longer the COVID
33:16
remote work thing where engineers could have like 10
33:18
jobs. Although I'm sure some of you
33:20
guys still figure out how to pull that off.
33:22
But normal people don't do that. And so ASTS hired David Lynch as
33:26
a program manager and the job description is to oversee a
33:31
complete, oversee the complete portfolio of defense programs at
33:35
AST. Space mobile programs, plural.
33:41
Exciting. So prior to that, use at Sierra
33:43
Nevada Corporation doing the same thing.
33:48
You've been the chief engineer at Northrop Grumman.
33:50
Have you heard of that? They make mail trucks, canoes
33:54
and B2 bombers, among other cool things.
33:59
And then he was a systems engineer at Raytheon for a long
34:02
time. So here's a very technical
34:04
person who now seems to be able to very credibly speak to the
34:12
world's most demanding counterparty, U.S. military and
34:15
others around the capabilities of our systems.
34:17
So I'm very excited to see that our enthusiasm as space mob for
34:22
these opportunities is being matched by the company
34:26
attracting elite talent to bring that value to fruition, which
34:32
ultimately someone's got to be on the field to come down with
34:35
the ball that that has to happen.
34:37
The ball doesn't come down if the players not there to catch
34:39
it. And so you want to make sure
34:41
that we have a lot of receivers on the field to come down with
34:43
the ball and score a touchdown. And when you look at Asts and
34:47
their talent flows, you're seeing a lot of people who are
34:51
able to come down with the ball and that is important and
34:54
necessary. Talent drives outcomes.
34:57
Simple observation that can save you a lot of angst in your life.
35:03
It's also good to check in with M and OS.
35:07
And so radar systems are all fun games, but M and OS are probably
35:11
what are going to butter our bread and certainly a very large
35:15
market for us. And so we have the guys out of
35:18
New Zealand. One NZ.
35:20
Truly an astoundingly beautiful country that I hope to visit
35:23
again. And what's cool is they come out
35:26
and they're just again doing our research for us.
35:28
And so Kevin Chen found a really cool article and they just talk
35:35
about how the service works with unmodified phones.
35:39
That's exciting and also hits on this day of sovereignty Point,
35:44
which we've talked about many, many times.
35:46
And so ASTS, because it is bent pipe architecture, which means
35:51
it really just reflects the signal from the user, user
35:56
handset to the base station on the ground.
35:59
So the network core, the network operator doesn't ever lose
36:03
control of the data. It's not processed by some
36:07
foreign entity. ASTS being the foreign entity,
36:10
SpaceX is a foreign entity in the eyes of New Zealand.
36:14
And so if you rely on that, you're giving your data to a
36:16
foreign company that can do whatever they want with it.
36:19
And so the US could search to run, you know, who knows what
36:22
the US is going to do with the data.
36:23
I mean, we of all watch homeland, we all know.
36:26
And so as much as I would like the US to have access to
36:28
everyone's data for our own purposes, each country is
36:32
equally motivated to not have that happen.
36:35
And so for a company and which is the the right outcome is that
36:39
company country should have sovereignty over their stuff
36:43
despite other countries desire to infringe upon that
36:47
sovereignty. And so ASTS is first principled
36:51
company and preserves data sovereignty for each of its many
36:55
customers. So the data never leaves New
36:58
Zealand's jurisdiction and that's a big time selling point
37:03
with foreign government customers M and OS.
37:06
In fact, governments might require as much from their M and
37:11
OS. So I think this is one of these
37:13
subtle points that ends up mattering in a big time way.
37:19
And on the margin, it just helps validate your thesis.
37:24
I don't know that it like swings you one way or another really
37:27
hard, but just to understand it is to understand this mosaic of
37:29
many things that are happening to AST space mobile, which which
37:34
are important. And let me just see what my next
37:37
tweet was another Kevin Chen. He's going to call this the
37:40
Kevin Chen Show tonight. And so he found another cool
37:43
article from an industry consultant named Joe Madden,
37:49
who's more than a typical consultant.
37:51
This guy is actually really plugged in.
37:53
He's gone and visited the facility, done detailed first
37:56
hand research. He's hired by M and OS and
38:00
others for real advice. So I think unfortunately we've
38:04
degraded the term expert consultant in our, you know,
38:10
basically diminishment of all Tim Ferrar's accomplishments.
38:14
But there are actually some of these people that do good work.
38:17
And Joe Madden is certainly one of those people that I've been
38:20
following for a while and can attest that that person
38:24
certainly has good perspective. And so he points out that
38:31
there's a lot of buzz on Starlink IPO blah, blah, blah
38:35
and says that a lot of people really just don't know what the
38:38
Tam is for the DTC opportunity, which is fair.
38:41
It's a hard question to answer. But he points out that if AST
38:46
Space Mobile can really achieve some indoor performance, the
38:48
size of the revenue pool could double or triple in size.
38:51
And that just goes to whether or not ASTS has been able to create
38:54
the killer app. And I believe they have.
38:58
And it's just important to recognize that the competing
39:01
systems are not the same. Using low band spectrum with the
39:05
characteristics and beamforming ability of Asts allows you to
39:10
use the service much more like a typical cell phone versus the
39:14
line of sight outdoor services that some of us currently have
39:17
access to. And so this weekend, for
39:19
example, I was out like truly in the middle of nowhere, kind of
39:24
on the border of California and Nevada and didn't have cell
39:26
phone service. I was kind of behind a mountain
39:28
and I didn't realize none of my texts had gone through.
39:31
And so my wife hadn't heard from me for 10 or 10 plus hours.
39:36
And she will say those were the 10 best hours of her life, pure
39:40
peace and quiet now. But eventually she was like, uh
39:42
oh, this guy's usually pretty good at letting me know that
39:46
he's OK. And so I had never used the
39:49
Apple system before. And so it's, I think the system
39:53
recognized that I needed it. And so I went out.
39:56
I was able to hit a satellite and get connected and send some
39:59
texts and it was great. It worked.
40:01
It worked well. And in that moment, you know, I
40:04
didn't have cell phone service for, you know, a good 12 plus
40:07
hours plus overnight. I was I was grateful to be
40:10
connected. And it just so happened I was
40:12
sort of in a desert with literally nothing between me and
40:15
a satellite except for the atmosphere.
40:18
Pretty good environment for it. And true to form, it worked
40:21
really well. And you can see that this is
40:23
going to be the expectation. But then, of course, I got
40:25
greedy. You know, what person is like
40:29
content with just a couple of texts to their wife?
40:31
I want to go on X in doom scroll.
40:34
I didn't know what sort of things I'm supposed to be mad
40:36
at. I didn't know that Martin
40:38
Shkreli was posting videos of Eric Swalwell.
40:41
These are the things that I did not know, and I could not know
40:44
because I only had Apple's tech satellite service.
40:47
I was out of the loop, couldn't do the weekly things like that.
40:50
And so people get greedy. Once you get a taste and you
40:54
get, you know, a little satellite text, you immediately
40:56
want the full enchilada and you want mobile broadband, basic
41:00
human tendency, you know, give me an inch.
41:03
I want a mile. And that's, that's what ASTS is
41:07
going to do. And so we're the killer app and
41:10
that's going to, I believe explode the market potential
41:13
beyond what people generally think.
41:15
And that's where we'll end up looking like smart, smart
41:18
investors. If that pans out, the MNO
41:22
perspective is somewhat similar. They will get a lot of spectrum.
41:28
But then one reason or another, they're only given an inch, but
41:32
they want a mile too. So Katzie does an interesting
41:35
job analyzing what is this 5G issue, which I remember this
41:40
back from the day where all of a sudden there was, you know,
41:42
these issues, issues with 5G screwing around with airports.
41:46
And so I think a lot of people usually mystified, like why
41:49
don't I have good cell phone coverage at an airport?
41:51
Well, the reason is because you can't have 5G near, you can't
41:54
have those antennas nearby because it's screwing up
41:57
airplanes. And so all the M and OS spent a
42:01
vast fortune to buy all of this C band spectrum, but haven't
42:10
been able to deploy it efficiently because of
42:13
interference issues with airplanes.
42:15
And so there's I guess a grand bargain with the regulators, but
42:19
it's going to take many, many years to do in terms of
42:21
switching out the avionics of aircraft with the right sort of
42:27
electronic filters. I'm not an expert on this by any
42:30
means, but what is interesting and it's very similar to Legato,
42:33
is Legato created a problem with GPS because Legato as originally
42:38
envisioned was going to use ground stations.
42:44
That's where the power was is on the ground and that's what was
42:48
going to overpower the faint GPS signal.
42:50
When you use Legato spectrum from a satellite, the power is
42:55
very far removed from ground, therefore no interference.
43:02
So what's interesting here is the M and OS might be able to
43:06
really dramatically shrink the time to value on these massive
43:10
spectrum investments they've made by lighting up that
43:12
spectrum via satellite immediately.
43:15
And then over time they can swap it as they as they see fit.
43:20
But it's just another example where M and OS and people like
43:24
us might have very different perspectives on why the value of
43:30
satellite enabled spectrum is there.
43:33
And this goes against the simple consumer minded thinking of,
43:36
well, I have good cell phone service in the middle of New
43:39
York City. So this must be a short that's
43:42
sort of the Patagonia vest way. And they'll, they'll even say
43:46
tonight, you know, Coop just defined the bear case because he
43:49
only used his satellite service when he was literally in the
43:51
middle of the desert. Oh, yeah, I did.
43:54
But there's so many different angles to where satellite
43:58
enabled spectrum becomes useful when lighting up pieces of
44:03
spectrum that might otherwise have some interference issues or
44:07
deployment issues, for example. So that's what gets really
44:10
interesting to just keep absorbing some of these
44:12
perspectives so we can really have a better vantage point.
44:19
AT&T definitely got a vantage point when Kevin Chen singularly
44:24
pulled off his own Russiagate and like tilted the outcome of
44:27
an election. In terms of this poll on what
44:29
was the most historic AT&T technology event, I guess it was
44:34
ASTS against literally the invention of the phone.
44:38
And ASTS was able to win the vote with how many of us we get
44:43
2900 votes, showing that ASTS was the most impactful
44:48
innovation in the life of AT&T. So I would just think that
44:52
that's the ultimate flex of our political power at this point.
44:57
But it is also true that people are going to value kind of what
45:01
do you do for me lately and having your phone work anywhere
45:04
with broadband will be that thing and people are going to
45:06
love it and Apple gets it. Catsy found some filings that
45:11
showed that ASTS have been certified with Apple.
45:14
So if we were SpaceX, we would have a front page Bloomberg
45:17
story saying Apple working with AST Space Mobile on innovation
45:22
that will displace everything. But because we're AST Space
45:25
Mobile, we'll have no such article.
45:27
It will be buried in FCC documents for only us to know.
45:31
But it just points out the handset makers care.
45:35
And so despite the large investment that Apple has made
45:39
in Global Star and things like that, they're still working with
45:44
AST space model. I don't think they're married to
45:48
Global Star, for example. And we know that Samsung is
45:53
working with them. So everything happens the way
45:58
the way it should and SpaceX continues to be threatened by
46:02
the company. So FCC filings are replete with
46:06
complaints from SpaceX basically just saying that ASTS is a
46:11
threat to their business. So AST investors did a great job
46:14
in this somewhat long post, and I won't belabor it, but it's the
46:20
same normal sort of law fair that SpaceX is waging.
46:23
I don't take any of this stuff very seriously anymore.
46:25
I try to read it to learn, but basically these companies are
46:29
all posturing, especially over this global 2 gigahertz spectrum
46:33
the ASTS is making a play for. And it just shows how vulnerable
46:37
SpaceX feels in this regard. But we'll see.
46:41
I think I'm going to be more like Scott in this where he
46:43
doesn't really read these FCC filings anymore because it's
46:46
just going to happen. But the more important thing for
46:48
SpaceX is the slowing growth rate.
46:52
And so there's an account called Lost Fundamentals, Lost
46:55
Fundamental, which did some analysis just on the pretty cool
47:01
ratios actually days to add a million net new Starlink
47:05
customers. And so as the company was really
47:08
ripping, it was hit a through of 47 days per million customers,
47:14
but that was after some big promotional activity.
47:17
But now it's been kind of constant and the number of the
47:22
number of Starling customers added per day has started to
47:25
basically steady off. I wouldn't call it a decline
47:28
because it was sort of this peak promotional number, but it's
47:31
kind of been steady and it's still a very high number.
47:34
So we're not going to be calling SpaceX the next Blockbuster
47:38
Video anytime soon, but it's going to be very hard to show
47:42
upward inflecting growth for SpaceX really just as a function
47:45
of the astounding results they've already achieved.
47:48
Anyone like Tim Farrar that starts crapping on SpaceX, it's
47:52
kind of like, yo, hey, dude, they like created a $2 trillion
47:55
company or wherever it's going to trade.
47:57
I would say they did a couple things right.
47:59
So if there's growth is slowing, look at the level from which it
48:03
is slowing, a level that is astronomically higher than a
48:07
level than this little peanut brain could have ever possibly
48:10
expected. But yet the dumb wits will come
48:13
out and be like, SpaceX growth is slowing.
48:16
I was right the entire time, You know, meanwhile, countless
48:19
billionaires have been created. And so I don't want to be
48:23
falling into this trap of crapping on on SpaceX for the
48:27
astounding success that they've been, but they are.
48:30
But I will, but they they are having the law of large numbers
48:36
catch up with them. And that's why Elon has to
48:39
continue to find new growth areas.
48:42
And that's where D to C was really a reaction from him.
48:46
But I believe that he's going to probably go a little bit more
48:50
toward the AI data center pitch because that's kind of a bigger
48:54
easier story. And what people are expecting
48:57
that he's going to be out pumping the D to C opportunity.
49:00
I just don't know if that's really what he wants to talk
49:02
about because he doesn't have the M and OS to show for it.
49:05
But we'll, we'll find out and he's got to find a good story to
49:13
tell. And we do have an article from
49:16
Ryan Connor found an article in the information that says Elon
49:20
Musk is pitching Starlight mobile as a major driver of
49:22
Spacex's valuation despite limited revenue and uncertain
49:26
demand. I don't have the full story.
49:27
I actually think I have a subscription of the information
49:30
through my firm, so I'll go find it, but we kind of know the
49:33
drill. I, I still just scratch my head
49:35
because when all the M and OS are basically spoken for, I just
49:38
don't really know where that growth is going to come from.
49:40
But I could see the SpaceX phone happening.
49:44
So I just saw that Grok is going to be coming out with a
49:47
competitor to WhatsApp. I'm actually pretty anxious for
49:50
that. I'd, I'd be interested to be
49:52
using a WhatsApp that didn't require a phone number because
49:55
then I could use it on my iPad when I want to complain to Mpman
49:58
at any hour of the day. And so I could see myself using
50:01
that. I'm a big user of X and I don't
50:05
have a Tesla, but a lot of people do.
50:08
And so I do. I do see a world where Elon
50:12
comes out with a, a SpaceX phone and I see how it could be cool.
50:16
And so that might be what he's really pitching because he does
50:19
have the pieces in play now that are vertically integrated to
50:22
make a go for that. And, and maybe he does, maybe he
50:25
doesn't. But this just becomes really a,
50:28
a movie where, you know, the empire must strike back and the
50:32
M and OS are the empire. And it's not clear to me that
50:35
Elon can defeat the world's M and OS.
50:39
So if he tries to defeat the world's M and OS, you're going
50:44
to have an intergalactic alliance of all M and OS and all
50:49
many governments uniting all against him.
50:54
And ASTS appears to be, you know, the arms dealer to all of
51:00
those people to fight him. So we'll see how it pans out,
51:04
but I like our odds. SpaceX is getting a gift from
51:11
Brendan Carr as well. So it looks like the FCC is
51:14
going to ease the satellite power rules.
51:17
And so I've read this and all the briefings on this and I
51:21
don't really know what the right answer is.
51:22
And so the the power limits are currently in place to prevent
51:27
interference, which is what the FC CS job is.
51:32
SpaceX argues that these are outdated rules, which which
51:35
might be true, but the data appears to show that SpaceX does
51:38
interfere with adjacent frequency bands, which is a
51:42
problem. And so in that respect, then
51:46
easing the rules should not happen, but so we'll find out.
51:53
And so if they do, if they do loosen the rolls, that is just
51:56
more power that Asts can have as well.
51:59
So a company with superior beamforming technology, they can
52:02
already work under a much stricter regime if loosened up.
52:08
Our ability to work indoors and things like that goes up on a
52:13
log scale. So if they do loosen these
52:17
rules, I think that the net beneficiary is still AST Space
52:19
Mobile because our service goes from really good to astounding
52:23
if that happens. So we'll watch that carefully.
52:27
I could almost bet you my life that Catsy is going to do a
52:30
really interesting post on this that will put a little bit more
52:33
perspective on what happens if, for example, the power flux
52:37
density rules go from -120 watts per square meter to 110 -110.
52:46
And again, it's base 10. So it's not, you know, 10% more
52:50
power. It's a big deal.
52:54
So we'll wait for Katzie to help break that down a little bit
52:57
more. And then you also had some total
53:00
dope named Sasso, which is close enough.
53:04
You know, I'll sell him an F. And he's now going to be Fafo
53:08
doing some Flutter article about why the beamforming doesn't
53:12
work. So I posted his work just in
53:13
case people hadn't seen it. Then all it takes is 3 seconds.
53:17
Just run it through AI and it'll tell you why it's wrong.
53:19
I've never done you read my work on it, but it just shows where
53:23
his research is all just tragically wrong, conflating a
53:26
lot of concepts incorrectly, blah blah blah.
53:30
So you got some fudsters out there.
53:33
Just wanted to highlight this one as well as the rebuttal to
53:36
it, just so that if anyone saw it and freaked out, you could
53:40
unfreak out and go about your life.
53:43
So there's there's that that's put out there.
53:46
And then lastly, we are having more out with some spectrum
53:51
holders they're looking to repurpose or get authority to
53:55
use D to C on their spectrum. So grain management, which we've
53:59
talked about for a couple weeks now has this T-Mobile spectrum
54:03
and 800 megahertz band and they're, you know, looking to
54:08
get authorization to use it for D to C.
54:11
You have Antarex doing the same as well.
54:14
So it looks, you know, like the catsy prophecy was right where
54:19
spectrum will find its most efficient system.
54:24
And so you have a lot of spectrum out there, Legato being
54:27
sort of the first domino to fall, which someone owned but
54:31
really couldn't figure out how to use it or use it efficiently.
54:34
And now they're seeing this opportunity to light it up in
54:36
this way. And that's going to hopefully, I
54:39
think it will happen because Brendan Carr is, is really
54:42
motivated to free up spectrum for this type of use.
54:45
And that will give more capacity for these DTC applications,
54:48
which should allow MN OS and the owners of this to monetize
54:52
spectrum however they see fit. But although ultimately bringing
54:57
these services to consumers, which ultimately will have
54:59
revenue generation to the, you know, the system that is doing
55:03
it. And so we're seeing more
55:05
velocity around that. And there keeps continues to be
55:08
a little clues around T-Mobile. And so will the flipping in
55:14
happen of T-Mobile going to AST Space Mobile.
55:17
We should get a calcium market on this.
55:20
I'd be actually pretty curious to see what the invisible hand
55:23
would say. So if anyone knows how to
55:25
actually get a calcium market up, that actually would be a
55:27
really good one. Is T-Mobile contracting with AST
55:30
Space Mobile? I don't even know if you want to
55:32
say flip entirely because that maybe they'll just have both.
55:36
But this is something that I think we just have to say is low
55:39
probability because it seems so sensational.
55:41
But there seems to be enough little hints in the FCC
55:44
documents that suggest they're analyzing it.
55:48
And if it happens, that would be the ultimate gut punch to SpaceX
55:53
and I think cause a true shock in the market in favor of AST
55:57
Space Mobile. So in that respect, I hope it
56:00
happens. But I think right now we have to
56:01
assume it's pretty low probability, but something I
56:04
certainly have my eye on. So thank you everyone for
56:07
joining. We had another busy week.
56:09
And this next week, it's really going to be all eyes on New
56:13
Glenn. And remember that Blue Origin is
56:16
a very conservative company. This is their third
56:19
certification flight. So they have a monstrous
56:22
incentive to get this one right. They're 2 for two in terms of
56:26
reaching orbit. They're one for two in terms of
56:29
landing the booster. And so hopefully, they're going
56:31
to go 3 for 3/2 for three in each of those respective counts.
56:38
Have a great night talk soon too.
56:40
Good to be true. Will it work?
56:51
We don't have a clue. Lily awaits.
56:58
We will be there soon, swinging for the stars, the earth and
57:03
moon. The whisper through the static
57:07
hits. We love the risk.
57:14
Yeah, we love the risk. We love the risk.
57:35
We love the risk. Blue Bursar Connect The World.
57:41
Fortune's Rise. The Sea.
57:43
Travers, We hope, 'cause we're the model space of the race.
58:05
Tears of joy from our first call.
58:12
Reaching life, connecting all hills and seas where no tower
58:23
stands, connecting voices in forgotten lands.
58:29
Each day feels like a Bluebirds kiss, A journey to Leo.
58:36
With this, we love the risk. We love the risk Bluebirds.
58:43
Or connect the world. Right, let's see some food.
58:53
We all live through the fear and bliss 'cause we're the marble
59:01
space. We, we love the rich right
59:17
spectrum. Chase the beam, never foolish in
59:21
Earth. Hold, hold, hold only them.
59:31
We love, we love it Bluebird soar, connect the world fortunes
59:46
rise and sea jumpers we hold the line through the fear and bliss
59:54
'cause we the marble space. We love the race, have spectrum
1:00:04
chase, the being that a boy should know, Hold, hold, hold it
1:00:18
in that time. 321 We love the risk.
1:00:48
Thanks for listening to the AST Space Mobile podcast.
1:00:52
If you enjoyed this episode and you'd like to help support the
1:00:55
podcast, please share it with others, post about it on social
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media, or leave a rating and review.
1:01:01
To catch all the latest news about AST Space Mobile, make
1:01:04
sure to subscribe. Thanks again and I'll see you
1:01:07
next time. We're doing something very, very
1:01:13
big and I think with this technology we can really affect
1:01:16
billion lives. AFP Space globally is the only
1:01:19
company that has proven technology to deliver several
1:01:23
mobile connectivity directly from state to do everyday
1:01:27
smartphone people will just basically.
1:01:29
Turn their phone. Can be syntax regardless of
1:01:32
where you are. We don't want the user even to
1:01:34
know that it's connected by satellite.
1:01:37
Our role is to bring this into reality, always in partnership
1:01:40
with the MMO Listen. Waffles.