Latest / AST SpaceMobile Podcast / Kook's Weekly - August 18

Transcript

Kook's Weekly - August 18 · AST SpaceMobile Podcast

0:06
Welcome to AFT Space Mobile podcast.
0:09
Thanks for joining. Sorry for the ad hoc timing.
0:14
I'm on vacation and so that gets in the way of some time zone.
0:17
So I do have some sympathy for the East Coast people now that I
0:20
realize that my normal time is so late.
0:22
But then the other issue I had is the hotel I'm in doesn't have
0:26
a business center to my surprise.
0:28
And so I was trying to find a place to do the podcast cuz I
0:33
don't think my wife was thrilled about me doing this while my
0:35
children are trying to sleep. So she had the genius idea of
0:37
for me just to go sit in my rental car, which is where I am
0:42
right now. So I'm trying to figure out how
0:45
to get my hotspot to work so that I can actually see the
0:49
weekly and looks like I'm in business.
0:51
So anyway, so everyone has the visual.
0:53
I'm sitting in a Volvo in a cold parking lot right now while my
0:57
family is watching Amazon Prime. But that's my dedication to the
1:02
mob. Because you know what happens
1:03
when you go against the mob? You die.
1:05
And I know that. I know Corey will come after me.
1:08
I know he'll catch me off to sleep with one eye the rest of
1:10
my life. So there will be a weekly.
1:12
So let's start off with what happened last week just so that
1:16
no one comes after me for violating mob rules.
1:19
The first thing is we obviously had an earnings call and we
1:21
won't rehash that because I know that there were the calls for
1:24
calls and Pan Am beat me to it because he's a competitive MFR
1:28
and he gave a very serious call, which just let me then be the
1:32
clown that I am because I knew he actually covered the real
1:35
business. But I just want to bring
1:36
everyone's attention again to what I thought was the real
1:39
standout of the call, which is really more visibility on the
1:44
production and the launch schedule or really dare I say
1:47
launch, ha, ha. Would that be a funny concept,
1:49
the ready to ship schedule, which is a smarter way of
1:53
disclosing it in my view, because ready to ship is
1:56
something that is it really in the control of AST whereas
2:00
launching as we find out it have many steps in the kitchen and
2:04
what we really care about, we obviously care about launching,
2:07
but what we also what we really care about as investors is AST's
2:11
ability to control its destiny and ramp its operating
2:15
execution. That's ultimately what matters
2:17
because the launch will come the some of these slots shift around
2:20
and it's annoying, but ultimately we had to prove out
2:23
the technology, we had to finance the company and we had
2:27
to clear all the regulatory hurdles which were in the
2:30
process of doing. You have to prove out a
2:32
commercial model and commercial partnerships and then you
2:35
ultimately have to deliver and, and build this stuff at scale,
2:38
not build 1, not build 5, build 50 to 60 at A at a minimum.
2:44
But obviously if you get to 50 or 60, you're going to build a
2:47
couple 100. And so this schedule is very
2:50
interesting because it shows where they are in terms of the
2:56
microns completed. Let me just turn my car on real
2:59
quick, open my windows, because I'm realizing how to keep that
3:04
given the spaces. It'd be a noble end to a noble
3:07
life. But now I've got the window
3:08
open. So we've got the schedule for
3:11
microns for phased arrays completed.
3:14
Doesn't say satellites completed.
3:16
You know, the bears picked up on that.
3:18
But it's really showing some of the big critical path items,
3:20
which are the microns. And it's a good unit of measure,
3:22
and it shows that we're already good through launch #4 now we
3:26
think that launch one is ISRO, launch two I think is New Glenn,
3:32
but could be SpaceX. And these things could actually
3:34
didn't be flipped around as well.
3:37
That we've been debating this all day.
3:39
There's a working group we have and thinking about whether it's
3:42
SpaceX, ISRO, or if we're on New Glenn 2 because the Escapade
3:47
cargo isn't ready, which means that they can have some room for
3:49
us. But then launch three and launch
3:51
#4 are almost certainly Falcon Nines, which are going to take
3:55
3. And so that means they already
3:56
have 8 units ready to go, 8 satellites ready to go or
4:01
visibility ready to go. And it sets up for a really
4:04
interesting year because in my view, the first two launches are
4:07
going to be kind of sloppy in terms of the timing as we're all
4:10
finding out. And that other than just kind of
4:13
space mob neurotics, which I'm a key offender and said crime,
4:18
what ultimately really is going to matter for real investors is
4:22
launch three and four. Because once we're showing that
4:26
we're putting up 3 plus birds at a clip, which really means that
4:30
we're producing at that rate. Then the risk in the market of
4:34
us not hitting our business plan is going to go basically to 0 is
4:38
if you're starting to get ready for six satellites getting ready
4:42
to ship in November, then you know that the whole
4:44
constellation will come together.
4:46
The money's already there, things are good.
4:47
So that first slide is very important and it really sets the
4:50
tone for this being a very de risked investment by year end.
4:54
It's already a very de risked investment.
4:55
But really on that path to dramatic revenue rail, it's a
4:59
very exciting. For anyone that missed the other
5:01
details of the earnings calls or the calls about earnings calls,
5:04
I have those all linked out. A lot of great work was done.
5:08
I won't recap it all because we already did our earnings call.
5:11
Earnings call call that is, but now let's skip to what I'll call
5:15
reform traders Maxim. So for those of you who don't
5:17
know, reform trader is a is a friend of mine in terms of
5:22
Internet pen pal, but he's he's a very good trader, which I'm
5:27
not, and has reformed himself to actually become AST investor.
5:32
That shows we can really change the stripes on any tiger.
5:35
But it's interesting is like from his mentality and one
5:37
reason I really like to talk to him and read his stuff is he's
5:41
coming out this from a very different perspective than than
5:44
I do. And to him, and I really think
5:47
he's right, Is that with the company for the first time
5:50
really implying that they're done with the ATM, which I
5:54
wouldn't have otherwise come to that conclusion.
5:57
But they did not drop an ATM announcement on their earnings
6:00
call. And they were very clear about
6:02
feeling good about how much cash you had on the balance sheet.
6:04
And they're very clear that they expected the next money to be
6:07
coming from government and commercial opportunities that
6:11
when you look at reforms analysis, it shows just how the
6:15
stock will kind of trade sloppy after ATM filings and then notes
6:18
offerings and then RIP. And we have this pattern and
6:21
we're right now at the through of what is usually the post
6:25
offering pattern, which I think some people call this a bull
6:27
flag and we're we're right there.
6:29
And so these TA guys are really glomming on to this start
6:33
dynamic we have. But when you overlay the
6:35
fundamentals as reformed trader did, you can see why these guys
6:40
are really lining up for the kill to the upside, to be clear.
6:44
And that's good to know. I'm obviously a long term
6:47
investor, but I do deeply care about the short term.
6:50
And I'm, I'm very excited about what could be really our actual
6:53
pre launch rally as we're now toward the middle coming to the
6:58
end of August. And we know that we're going to
7:00
have a ready to ship on FM one pretty soon.
7:03
And I think the market will be really relieved when that
7:05
happens. And so when we look for external
7:08
confirmation of these things, it's worth noting in this next
7:11
week where I titled it, AT&T confirms it's quick, AT&T
7:16
confirms it's evolving quickly. Here's a quote, we will be
7:20
making announcements in the near future on timing and what those
7:23
services look like. And quote, he shared quote, it
7:27
is going to evolve quickly in support of more and more
7:30
services. Now AT&T is saying something
7:32
that really mirrors what a Bell said on the call.
7:36
One, is it the jump from continuous service, from
7:39
intermittent service is fast, That's interesting, but also
7:43
just the timing of the intermittent service which is
7:46
coming. This also pairs nicely with the
7:48
rumor I heard that AT&T is going to be launching a really big
7:51
media blitz in the fall, which is really around the corner,
7:54
which would also tie into really the defining of space mobile as
7:59
a differentiator into the Black Friday selling season when
8:04
people are upgrading their phones.
8:05
Like what is that selling message?
8:07
It's going to get people to go into a Best Buy, go to an AT&T
8:10
store, go to an Apple store to be excited about their phone,
8:14
but also, more importantly, from AT&T's perspective, their
8:17
carrier. And so it really does seem like
8:19
things are lining up. Another form of confirmation we
8:23
have is the deployment of the gateways.
8:30
Just looking at the comments that I see, Corey posted some
8:33
ridiculous picture of a guy inside the Best Western.
8:36
God help us. And so this rapid ordering of
8:41
these QV ground gateways, as Scott has said over and over
8:45
again is really the leading indicator of where the puck is
8:49
going to hit the net. So scanner is always really
8:53
incredible at being on top of details.
8:55
Found this really great. What was in an order so said
8:59
report just quoting that AST had ordered $20 million worth of
9:03
gateways and then those get sold onward by ASTS to the Amanos for
9:09
systems integration which is a source of revenue bookings as of
9:13
this quarter, which will soon be converted into revenue realized
9:18
down the PNL in the quarters to come.
9:20
So this Q3 and Q4, so most importantly, just showing that
9:25
people are really getting their act together to put the
9:27
infrastructure in place for the service to go live.
9:30
This is why I say, I say a lot of things.
9:32
I try to be somewhat serious in the important things.
9:34
But when I when you guys see me tweeting in general, you should
9:39
move on into life. But when you see me tweeting,
9:40
you dig a little bit deeper and you see me saying things are
9:43
inevitable. It's really how I feel, this
9:45
sense of an inevitability of whatever Marvel thing that was
9:51
the, I don't know, when the guy snaps his finger and the whole
9:54
world blows up, you know, it's inevitable.
9:57
The AST inevitability I think is going to be a really important
10:01
concept. And so wherever the stock is
10:03
going, let's say 100 or something, I think we could be
10:05
pleasantly surprised. There could be this big unlock,
10:09
which is another concept they talked about frankly in what
10:12
seemed like in vain what was now years ago.
10:18
But I would always say that there's going to be these
10:20
valuation unlocks. And it was very hard along the
10:23
way. And I took a lot of heat and
10:25
public coloring for always looking for unlocks that were
10:29
evasive. But the unlocks that we're about
10:31
to hit, I think are definitive. And so F1 FM one, FM 2 out the
10:37
door, which, which, whatever, get those things out of here.
10:40
They've caused me a lot of brain damage.
10:41
But really getting toward the FM 3 to FM 8, which are the first
10:45
kind of bulk shipments. That's when this is past the
10:49
point of inevitability because I think we're already inevitable.
10:52
And then these ground stations locked in the first revenues.
10:56
These are the things when the market I think is going to blow
10:58
past any sort of near term, near term detail mucking, just like
11:04
what we do all day. As Kevin Mack says, you know,
11:07
figuring out if there's been a punctuation change in an FCC
11:10
filing, which is in fact exactly what we do.
11:12
We're going to get run over by just a wall of money when the
11:16
inevitability is accepted by the market.
11:18
And I think there will be these lists when when analysts lead
11:22
the shape of Lord guy, who will put out these lists of like, oh,
11:25
hey, you're the monopolies in the world.
11:26
Asmli think next year it's going to become a fair complete that
11:30
ASTS is one of those monopolies. And that's the title of my DD
11:35
report that I put out. I want to call it a report my DD
11:37
notes that I put out last year where I said this is the next
11:40
telecom monopoly and I I really believe it.
11:42
And so then we have things that can be coming actually pretty
11:45
soon. And so under the tweet that's
11:46
titled Whoop, there it is, which dates me, but it's a great sign.
11:51
You have Google, and people have noted that ASDS is Google's
11:54
single largest public shareholding, which I believe to
11:56
be true. I didn't check it independently,
11:58
but you have Katzie figuring out that the Google Pixel is going
12:01
to support the Legato L bands. Now, is that a surprise?
12:04
No it shouldn't be because in the Legato docs themselves
12:08
there's a specific revenue share trigger based on Google
12:11
incorporating Legato L bands. We had this side letter in this
12:15
partnership with Google and everyone scratch their heads.
12:18
Well why do they have to have a partnership with Google if this
12:20
works with any device? Well, the answer is to make it
12:22
really work with any device, but also make it a more flexible
12:26
pronoun because ASTS is pronouns are low band, mid band, L band.
12:32
It identifies in lots of different bands.
12:35
It in fact identifies in some bands that phones don't yet
12:37
recognize. That's how progressive ASTS is.
12:40
And so with Google starting to integrate these other spectrum
12:44
bands, it's going to differentiate Google's product,
12:46
which is very important to Google, but it also lights up
12:49
the value of our spectrum. Oops, there it is.
12:51
We're ready to go setting stuff. Now some of you might be asking
12:55
what about Apple? And I throw back the same
12:56
question to you, what about Apple?
12:58
I think it's inevitable. Now.
13:00
Is Apple going to become a shareholder in ASTSI don't know.
13:03
I really hope so. Oh my God, could you imagine the
13:06
white flash at 3:00 in the morning?
13:09
That will be that Apple. A bomb to hit the shorts.
13:12
I can only think of a moment. So beautiful to see the final
13:15
end of the shorts. But what almost definitively
13:18
will happen is Apple will incorporate the L band into
13:22
their phones at the request of AT&T and Verizon.
13:26
That I'm willing to bet a kidney on and, and really not feel like
13:31
I'm taking a lot of kidney risk. So back to the concept of
13:35
inevitability. The long onlys are responding as
13:38
we would expect them to respond. And so as at Melnick 45, boss
13:43
man 45, I don't know why the difference between the apps and
13:46
the and the handle. I was so silly that I'm just at
13:49
the kook report and then my handle is the kook report.
13:51
Maybe I missed something when I was creating my online identity,
13:55
but Boss Man 45 is adopting some terminology that you might have
14:00
heard from me before of the terminal share count might not
14:02
be far off. And what he, which is of course
14:05
the point where the dilution really goes to a very modest
14:09
amount really through shareholder grants or share
14:12
grants to employees and things like that as opposed to massive
14:16
capital raises. That's the concept of the
14:18
terminal Share Account. My bogey for those playing at
14:20
home has been 400 million shares.
14:22
We're at like 383 on my account for fully diluted right now.
14:26
So, you know, that's almost a billion dollars of extra capital
14:31
that could come in through the equity before you'd hit my
14:35
terminal Share Account assumption.
14:37
But he's picking the point that the setup is incredible because
14:40
right as we're really close to the terminal Share Account,
14:43
which is really the end of the, you know, quote UN quote
14:45
dilution buggy man, and you have Wall Street continuing to really
14:49
gobble up the shares. The setup is great.
14:51
And when I just look at this holders list too, I see the
14:55
Vanguard is taking the proper stake, but I'm seeing guys like
14:57
Fidelity that have like another 10% of the company to go.
15:00
So as we prove out the operating execution, I really don't think
15:05
long ollies are going to get to care about the price because you
15:08
you really have to. And this is something I hope to
15:11
get better at in my life, is you really just have to identify the
15:14
big secular trends. And then you have to went figure
15:17
out who the market share winners are going to be.
15:20
And then you need to put some blackout goggles on so that you
15:23
don't confuse anything and just buy.
15:26
That's how the wrong barons make money.
15:29
That's how the entrepreneurs make money.
15:32
And that's why I think as the inevitability becomes more
15:34
recognized that this is the next, but this is the global
15:37
telecom monopoly, I think that you're going to have that long
15:40
only share count, which is already really going in the
15:43
right direction, is going to go higher in a big way.
15:46
And that's going to reduce volatility to shares, create
15:48
higher floors and really just soak up the float.
15:52
So it's very exciting. So when we want to put the
15:56
exciting thing in context, we have Reg room showing us a
15:59
really incredible graphic of just what's happening here.
16:03
And So what does a block to satellite look like on an NBA
16:08
court? It looks like the refs would be
16:10
really upset because you would definitely be stopping play of
16:13
the game. These are big.
16:14
They take up the whole court. And so this is one of the key
16:19
innovations of this company is flying by far the largest fate
16:23
commercial phased array satellites ever built.
16:26
That allows for a lot of interesting technological
16:29
innovation, such as a lot of antenna which creates a lot of
16:33
waves in wave forms, which themselves create very directed
16:38
and powerful beams which create magic.
16:41
And so the next slide is why size matters.
16:43
And again, the simple answer is more waves, more powerful waves
16:47
and those waves create directed beams.
16:49
It's all about resonance and on resonance to do what you want
16:53
with the beam. And that's where we have this
16:55
nice tweet by Inner AL 51. We're just showing again, the
17:00
scale difference between what ASTS is doing, what Starlink is
17:03
doing, and then importantly, it works.
17:06
So I don't know why all these bears from the outside think
17:09
that they're able to armchair quarterback something this
17:12
complex without information. It always just kind of laughable
17:16
to me. And Pan man and I would always
17:18
joke where we'd see subtweet from consultants.
17:21
And then we're like, oh, I bet a bell sitting there in his
17:24
office, he's like, oh damn it, I didn't think about that.
17:27
The satellite goes into the sun and then on the dark side of the
17:31
Earth. So it's going to get hot and
17:33
then cold. Oh, if only I had thought about
17:37
that. It's like, guys, when you have
17:39
400 PhDs, they, they like read the chapter around heat
17:43
dissipation. It's not like a bell sitting
17:45
there. He's like, oh man, if Holy had
17:48
hired Tim Farrar, my satellite wouldn't have broken up in
17:51
orbit. Oh, it didn't break up in orbit
17:53
despite Tim thinking that. Why?
17:55
Because it works. And so then this next thing,
17:57
which I always found to be just the height of being an idiot, is
18:01
this attempt to kill Asts on a math equation around how many
18:05
satellites are required for continuous coverage.
18:08
That's like, all right, well, if it's not 60, maybe it's 70.
18:12
Who cares? Like the economics are so
18:14
awesome, it just doesn't really matter.
18:16
Then as it turns out, you know, some of these guys that don't
18:19
have an axe to grind will will run these simulations and figure
18:22
it out, take back feedback. Aha.
18:24
That's called the when you're doing it from the outside with
18:27
that information, it's really hard to get it perfectly right.
18:30
And then when people actually give you the information and you
18:32
redo it, you can actually get to the right answer.
18:34
But this guy, Carlos Placido, is an independent consultant, which
18:38
is very different from an expert consultant.
18:40
It's an independent consultant seems to actually take into
18:43
account facts and make good efforts to communicate in an
18:49
honest way to people. This is a very, very strange
18:52
concept to me. I don't know how this person
18:53
possibly has a job, but he posted his analysis on LinkedIn
18:57
and did a million samples of something and made a map.
19:02
And the map basically says that the constellation will have
19:05
coverage and maybe on some of the 10° look angles it will be a
19:09
little spotty. But I don't know.
19:11
That's a little different to me of, you know, maybe there's an
19:14
issue, 1010° look angle and maybe it's spotty.
19:17
That's a little different than three years ago when people were
19:21
that nothing would work. And it just goes to show you
19:25
when you see the evolution of, and I'm not saying anything
19:27
about this guy Carlos, he actually seems to be a totally
19:29
honest broker. But when you when you look at
19:32
people on the outside who have literally not achieved anything
19:35
in terms of a technical breakthrough or innovation in
19:37
their own right, trying to throw dirt at the doers of the world
19:41
who have filed documents with regulatory bodies, with banks,
19:46
with investors that say what they're going to do.
19:48
In my experience, having been through a couple of these rodeos
19:51
in the past, you give the tie to the company.
19:54
And so I've been through this exercise before with sure and a
19:59
lot of tank testing and. Fluid dynamic.
20:03
I'm trying to think of the right physics term because again, I
20:05
was clueless as always in these things.
20:06
But I had to predict a lot of things in the past.
20:09
And when you listen to the consultants, they'd find 1000
20:13
ways till Sunday, quoting all sorts of analogs about something
20:15
wouldn't work. But when you go to the primary
20:18
science, the primary scientists that are actually having hands
20:22
on data was something I found that they're usually right.
20:25
You have to use your own brain because sometimes the thing will
20:27
fail. And if you read the disclosure
20:29
correctly, the disclosure said that it really might fail.
20:32
But when the disclosure says it's going to work and you test
20:35
that, there are a lot of independent ways I experience
20:37
it's probably going to work. And that's kind of an
20:39
interesting observation here is that the coverage analysis,
20:43
after they adjusted it and used the right numbers, they conclude
20:50
that it's going to be fine, great, we can move on.
20:53
And so from all this, this is kind of a recap, but a good, I
20:58
kind of believe in the art of inculcation.
21:00
It's like beat people over the head with a mop until basic
21:05
things that will make them rich are understood.
21:07
And so that's kind of my way of trying to help people is beating
21:12
you in the head with a mop, which in a way also beats myself
21:16
in the head with a mop. So I don't do stupid stuff like
21:18
be short term, but regimen puts out a really cool sweet.
21:22
I don't know how he does this while he's designing custom ASTS
21:26
clothes all day, but very talented individual.
21:29
But he goes through in this tweet with all the different
21:31
moats with a very cool picture of free What it is some French
21:35
island that in high tide is an island has a beautiful church.
21:40
I think it's like Saint Michelle or something Fortress
21:42
nonetheless with a big Moat. So hope you guys get that point.
21:45
But he makes the point we have a technical barrier to entry.
21:48
It's hard to do. This took 10 years.
21:50
Some of the world's brightest minds.
21:52
We have a financial barrier to entry.
21:54
This costs at least a billion dollars to go replicate.
21:56
We have a regulatory barrier. It's very difficult to get
21:59
spectrum rights to get M and OS to give you contiguous spectrum,
22:02
to get the FCC to give you the right to launch.
22:05
Those are only going to go higher because someone coming
22:08
down the line won't be able to make a public interest case.
22:12
But why is in the public interest for a speculative
22:15
constellation with no M and OS to be put up in orbit?
22:18
Read only that we have a patent barrier.
22:20
So all of these novel inventions that were created to do
22:23
something for the first time, they lock the door behind them
22:26
with patents. And so you have to navigate that
22:27
trip wire. The switching costs are going to
22:29
be enormous. I just go back to the simple
22:31
thing of you're creating revenue for your M&O partners.
22:35
You're not charging them anything.
22:37
You're actually creating revenue for them.
22:39
So to switch off, they have to get rid of revenue, then they
22:42
have to deal with all the testing, core integration, all
22:46
this type of stuff. It, it frankly seems
22:48
insurmountable to me for there to be a real switching
22:53
opportunity here because it by its very nature is a natural
22:57
monopoly. And so switch to what is really
23:01
the first question. And then if you want to switch
23:03
to what the, how I think is going to be enormously complex.
23:07
So the only other constellation that's going to be around is the
23:09
Starling constellation, but that's not the same thing.
23:13
That's not integrating with the network core.
23:15
The E node B is in the air. It's a separate network.
23:19
It's a totally different architecture.
23:21
Doesn't seem fungible to me. And then you have the
23:24
distribution, which is really kind of the commercial note.
23:27
And so you really block out a lot of competitors because the
23:30
end customer is controlled by the MNL and you're not going
23:33
direct. That's a sucker's bet.
23:35
Ask a radio and how that went. Some people have tried and their
23:38
corpses are rotting right now. And then you have an economies
23:41
of scale business. I think what he didn't put in
23:43
here is the multi client effect that I put in there in my
23:46
lectures. But this is the type of thing
23:48
that you're able to spread the cost of all these geographies
23:51
over 1 constellation, which really makes it so that no MO
23:55
good or should ever do this themselves.
23:58
And also it's going to be very difficult for any other company
24:00
to justify this because you're not going to be able to have the
24:03
big MNO network base on here to deliver the lowest unitized
24:07
cost. And then he goes on and say, you
24:09
know, the scarcity of supply. Well, that's around the spectrum
24:13
that they're locking up. Then this hunting license with
24:16
the S band ITU rights, which we'll get to in a second.
24:19
And so it's just mode after mode after mode.
24:21
This is the part whenever I kind of lose, I don't know, it is
24:26
like lose strength or just want to become a total wimp.
24:29
I, which is often I remind myself of all of these motes.
24:34
And so in the darkest days of being an ASTS shareholder, the
24:37
thing that really got me through it, other than frankly talking
24:41
to Katzie and Pan Man and Steve Larrison all the time.
24:43
And now you know, we've expanded that group of people that I just
24:47
tell myself I've never seen a business with this many bears to
24:50
entry to before. If they can do it, the reward
24:53
will be insane. At the time it started to become
24:55
a bigger if to me because I was getting beaten up by the star
24:58
share price Nick in hindsight, it actually was enormously risky
25:01
bat and it it worked out and I'm not confusing some elements of
25:07
luck with skill very humble in that respect.
25:09
But but the barriers are enormous and that was always my
25:12
true north of if they can cross the Rubicon, Rome is ours.
25:16
And that was always what really guided me.
25:18
And I think that's in the future, what's going to be able
25:20
to take us to have people expecting that this could be a
25:24
multiple hundreds of billions of dollar market cap company to the
25:27
extent that it doesn't just become that quickly.
25:30
And then we have other tailwinds that keep on hitting until this
25:35
guy, Donald Trump, well, he's not flying B2 bombers over
25:39
Putin, which I find to be totally hysterical.
25:42
He is expected or did, I can't remember if he did it, but the
25:46
tweets were he was expected to sign an executive order
25:49
elevating the Office of Space Commerce.
25:51
And this is just showing you that we're really on the right
25:54
trend. They're going to, I don't know
25:55
if they're going to blow a bubble in space, but they're
25:57
going to try because this is something that the US government
26:00
wants more of. And So what do you do when you
26:02
want more of something? You make a massive, massive
26:05
bubble. What did they want when they
26:06
wanted housing availability? They created Fannie Mae and
26:11
Freddie Mac and they subsidized mortgage rates and they created
26:14
the biggest supernova of finance the world had ever known.
26:17
And I think they and you know, ended badly for banks, but they
26:21
created a lot more houses that that they did.
26:23
And they want more space and they really want more launch,
26:26
which is great for us because we're short launch costs.
26:28
And so everyone on this call, if you're an AST shareholder,
26:32
everyone should be clapping for Blue Origin launches.
26:36
Everyone should be clapping for SpaceX launches.
26:38
Everyone should be launching for Rocket Lab launches and ISRO.
26:42
And everyone, anyone that can light a candle, we wish them
26:45
happy birthday. It is good for us.
26:47
But then they want to have this vibrant ecosystem.
26:51
I think space is the next. AII think it's inextricably
26:56
linked to AI, and the government has acknowledged it and its
27:00
importance. Like they have AI, and I think
27:02
that they will facilitate and accommodate capital like they
27:05
have AI. Is it as big as AI?
27:07
No, but it's really big. And I think it's a super trend.
27:11
And I think we're early on to it.
27:12
And I'm looking forward to riding it.
27:14
You know who else is looking forward to riding it?
27:15
Jr. Wilson, let's meet the team.
27:18
And so Jr. Wilson is an executive or was an
27:22
executive importantly from AT&T. He was their head of towers
27:27
business and now he works AST Space Mobile.
27:30
And so one thing I've learned maybe in the past five years,
27:34
really because of the different, different seat I've sat in,
27:37
that's what's kind of good about having a little bit of a diverse
27:39
career as you put a lot of different perspectives together.
27:42
And I think that's one of my strong points.
27:44
So clueless as I am on RF engineering and FCC filings and
27:48
things like that, I have sort of a kaleidoscope when it comes to
27:52
putting together a lot of different angles, I think.
27:54
And I carefully watch talent flow.
27:56
What I've noticed when building private companies is attracting
27:59
talent is often the differentiator between life and
28:03
death. And so when you see great talent
28:06
coming into a company, it's telling you a lot of things.
28:09
It's telling you that the existing team is is highly
28:12
capable and a smart enough to attract talent, smart enough to
28:16
know they need talent and have an opportunity sufficient to
28:20
justify talent until we've seen a lot of talented people.
28:23
This is where I really kicked off 4 years ago just profiling
28:26
people at the company for my own sanity of are they voting with
28:30
me or other people that know what they're doing who are going
28:31
to deliver this company? Are they actually there?
28:34
And with Jared Wilson, this is great.
28:37
A guy who ran the tower business bailing to go to ASD Space
28:40
Mobile. I mean, this is literally our
28:42
thesis. And what makes it better is Jr.
28:45
had been a Teledessec. And for those of you who don't
28:47
know Teledessec, we actually went over this a couple weeks
28:49
ago. But this was in the early days
28:52
and the 90s when the dream of space telecom really took off.
28:56
Teledessec was backed by Greg Macaw, Bill Gates and it was
29:00
really the who's who's company. They died for a lot of reasons.
29:03
It was just premature was directed handset.
29:05
They outsourced their manufacturing to Boeing who
29:08
scalloped them. So he saw their dream and
29:14
failure nodes 25 years ago, maybe 30 years ago at this
29:17
point. And then he's now seen the right
29:22
pitch and swing swinging at it. It's great and he's had a long
29:26
spoken track record about talking about ASTS is
29:32
technology. I know we've all watched some
29:33
webcast from him one or two years ago and learned a lot is
29:37
he'd go on there alternating with Chris Sambar.
29:39
It was really one of the key rocket tell supporters of space
29:44
mobile at AT&T that really allowed us to get the support we
29:48
needed. They're very exciting to see
29:50
more of these people jump ship. I know the Jennifer our new FCC
29:53
had coming from Echostar is incredible and we're just
29:57
starting to attract the best talent in the industry for each
30:00
of these specific roles. And that's really more important
30:04
to me than watching Morgan Stanley buy some more shares or
30:09
watching, you know, whatever investor name it, buy more
30:12
shares. And a good investor can be very
30:14
smart and certainly have a good track record, but it's very
30:16
different to see industry leaders join the company that
30:19
with their life. So then next thing that's
30:22
equally important is watching M and OS ditch their star to this
30:27
wagon. And so we also saw a meeting
30:30
with Scott this week where I believe he was saying that
30:33
they're pretty close to 2-DA's with M and OS.
30:37
I got some various copies of notes floating around.
30:40
So thanks for the people that were able to go.
30:42
And so my personal bet is Verizon and Bell Canada, but and
30:47
pan man, the rebel that he is, made a bolder prediction and
30:51
said Saudi telecom Zayn or mobility will sign D as all of
30:55
them have MO use with space mobile and we'll find out.
30:58
But now would be the time for these M and OS to jump.
31:01
And perhaps the Saudis make sense just because of where they
31:04
are in the world and maybe sit more nicely with the initial
31:07
constellation. But it also fits why Andy
31:10
Johnson on the earnings call said, we're good on money.
31:13
We're going to be funding with government and commercial stuff.
31:16
And you like to think that they're such ninjas that they
31:19
actually were dramatic about how they cancel the ATM as a way to
31:23
give the space mob yet another clue.
31:25
Because I feel like they really like, I know they really respect
31:29
their investors and they also respect Reg FD.
31:34
But they don't leak information from what I can tell.
31:36
But they can drop nuances that were, you know, as professional
31:41
semi colon analysts to study punctuation, do pick up on the
31:46
facts, really point out, see the idea that we're going to have
31:49
DAS pretty soon. And I think that's true.
31:54
And I've always said it makes no sense to sign the DAS early
31:58
until the constellation is right there.
32:00
Signing ADA early is just paper PR value that will fade and you
32:04
might have traded forever commercial value for that little
32:08
flash in the pan. And so if you're a short term
32:10
pumper, you do that. If you're running the company as
32:13
if it's your own money, which is what a bell does, you don't do
32:16
that. You do one thing which is the
32:19
right thing. And the right thing if I were on
32:21
the board would be to Braveheart it and you hold the line, add
32:26
some more face paint to look extra scary, but you hold, hold,
32:29
hold, hold, hold until right when you're about to get the
32:34
constellation going and then you're going to get the highest
32:37
price for your differentiated service.
32:39
And so I think that's exactly what's going to happen.
32:41
While we have DA watch going on, we also have Golden Dome Watch.
32:45
And so there continues to be a lot of interesting stuff.
32:48
The Pentagon is very much under a gag order right now from what
32:52
we can tell. But we continue to have really
32:54
cool stuff percolate out until there's some more meetings in
32:58
Huntsville, AL, where I believe the command and Control Center
33:02
is being built by Lockheed. Then you have Lockheed, by the
33:06
way, copying or formatting, which suggests that we're
33:09
working with them, which I do believe is true.
33:12
And then you have some other cool notes coming out.
33:15
And so this investor for future 100 or at for future 100 put out
33:21
a tweet where we have Clinton Austin, I'm back from this
33:25
Missile Defense Agency Golden Dome industry day.
33:27
This was in Huntsville. And the key takeaways from this
33:30
is speed is everything. They want to go fast, think,
33:33
think big. They want to get this the old
33:38
golden Dome up. Now this is a Humongo project,
33:42
$151 billion / 10 years. They want traditional primes and
33:47
non traditional players. This is not business as usual.
33:50
Companies like ASD Space Mobile are going to be invited to the
33:53
dinner. They are trying to solve
33:55
problems with industry, which we know we're doing too.
34:01
We're working with them and it's going to be a multi layered
34:03
defense system. We're an important part of that
34:05
layer. Every time I read more about
34:07
Golden Dome, I continue just to see more and more overlap to
34:10
what we are likely going to be doing.
34:12
At the same time, there is some news that's getting increasingly
34:16
public, which we'd found out about a while ago.
34:18
We just kept quiet because it seemed like it was pretty
34:20
sensitive to the company and we're not going to cut off our
34:22
nose to spite our faces. But there's more and more people
34:25
kind of letting the cat out of the bag, letting the cat see out
34:28
of the bag about the Homestead Air Force Base.
34:31
And so Homestead Air Force Base is the next expansion area for
34:36
the company. It's very exciting.
34:38
It's on an Air Force Base, it's in Florida.
34:40
There's a lot of missile defense things going on there.
34:43
And we're seemingly poised to get some really nice financial
34:47
incentives to build out our presence there.
34:51
And what is neat is that we could likely be getting Chips
34:56
Act money for it. And it's also very clear, if you
35:01
read very carefully, that the Homestead project is going to be
35:05
serving both public and Department of Defense
35:07
applications until we'll find out.
35:10
It doesn't even matter actually what they actually do there.
35:13
I don't know if it's going to be a dedicated Blackbird production
35:15
facility or just serve the greater throughput of the
35:18
company. I don't know that that actually
35:21
matters or if they will be different, but I think we are
35:24
lining up to be getting some federal money from this.
35:26
Just like Trump is throwing Chips Act money at Intel.
35:29
I wouldn't be surprised if we get some money because we are a
35:33
chip company. And then there's continued
35:36
confirmation of military ties. And so at Rocket tank 123, whose
35:40
rocket tank is freaking full of liquid oxygen.
35:44
This guy does not sleep. He's like another Kevin Chan.
35:48
He noted that AST just posted a new job application for, quote,
35:53
environmental test engineer and it requires military standards.
35:58
And So what is mil dot STD .810? Well, I don't know what a mil
36:04
STD is. That sounds spicy too.
36:07
Too many tours overseas, young war man.
36:10
But it's not an STD. It is United States military
36:14
standard, and it is the test methods for assessing the
36:18
durability and performance of military equipment under various
36:21
environmental conditions. Basically, it's a requirement
36:23
for working with the DoD. It may not come as much of a
36:26
surprise to most paying attention, but ASTS may be just
36:30
as much of A defense company as it is a commercial company.
36:33
Thank you, Rocket Tank 123. And so it's pretty exciting.
36:37
Now let's look a little bit more into the military.
36:39
So we have Geist, who is a military official in an
36:43
interesting article that was shared with us.
36:45
It's under the tweet military multiclient.
36:48
And they say, quote, the military business does not scale
36:50
enough by itself to warrant a standalone constellation, Dice
36:54
noted. Quote.
36:54
Nor do I think the military wants to have its own standalone
36:57
constellation. So if companies can provide them
37:00
with the full capabilities that augment an existing network that
37:03
fulfill their operational and usability needs, then that's a
37:08
solution. Whoop, there it is again.
37:11
I think we got the whooping cough for like just everywhere
37:14
the world wants us to be. It's a great solution for the
37:16
military and that's why I think there's going to be more and
37:19
more government business coming our way and more and more
37:22
acknowledge of the acknowledgement of this.
37:24
But that's not all. If you order now, you also get
37:27
APNT solution thrown in, which is positioning, navigation and
37:31
tracking. And so the FCC has its own PNT
37:34
initiative. There's a separate docket for
37:35
this and ASTS is front and center.
37:38
It's very interesting. This actually was super
37:40
interesting. They in their filing are
37:44
combining the capabilities of their Leo constellation with the
37:47
free sky Terra satellite that we picked up in Legato deal.
37:51
So like all jokes aside, order now and you get like a free
37:54
sponge included. We literally got a free
37:56
satellite. And so like true ASTS space
37:59
mobile trivia would be how many GS satellites do we have?
38:02
And all the young folk would be like trick question, it's Leo.
38:06
It's like, no, we have a GO satellite bro.
38:08
We got it set a low cost of $530 million and some penny warrants.
38:14
And so ASTS puts in an SEC filing.
38:16
The tiny portion of PNT can provide critical information on
38:19
its own. ASTS Space Mobile has been
38:21
designed to provide accurate time signals across the full
38:24
coverage area leveraging the 40 megahertz of L band MSS spectrum
38:28
that AST Space Mobile will be using for its low Earth orbit
38:32
space space cellular broadband service.
38:34
Combined with access to this spectrum on the L band MSS Sky
38:38
Terra geostationary orbit satellite, ASTS will be able to
38:41
bring to users across the United States resilient, high quality
38:45
alternative PNT service as well as providing precision timing
38:49
for critical infrastructure. This is so cool.
38:51
So first of all, we're seeing more and more cards flip around
38:55
how this legato spectrum will be used.
38:57
While I have not been able to prove it, and I've asked people
38:59
who that have been able to prove it, so I think they're just
39:03
being tight lipped around me. I think that the DoD already has
39:08
an agreement with AST Space Mobile around the Legato
39:11
spectrum, or it's so blindingly obvious about what's happening
39:14
that they just stepped aside. There's just no state of the
39:16
world where the DoD, which stole the spectrum from Legato, was
39:21
sitting there during a federal bankruptcy case and didn't have
39:24
their pager go off from the judge saying Sup.
39:28
Is this feasible? There's just no chance to me
39:31
that someone would have missed that.
39:32
And so now you're seeing the use cases of this L band spectrum
39:36
for the military being disclosed in the FCC docket before we are
39:39
actually close the deal. But to show that we could be
39:42
providing the backup GPS system that's important.
39:45
That is a critical piece of national security
39:48
infrastructure, which is coming into the frame with what we just
39:53
saw happen in Israel and Iran. And, and obviously those
39:56
Russians are sitting problems all over the place.
40:00
There's a plane crash the other day, I think it was in
40:02
Azerbaijan because the Russian spoof the plane's GPS and then
40:07
wouldn't let it land. It's very, very important that
40:09
we have a backup PNT system system.
40:12
And I think ASTS is very well positioned to do that.
40:15
And now it's no longer injection on our part.
40:19
We're, we're seeing in the documents, they're telling us
40:21
how they're going to do it. The Speaking of the FCC, they
40:24
keep chugging along with our application.
40:26
So our constellation is called S. 3065 and there continues to
40:31
be more filings, some compromises in terms of how the
40:34
backhaul is going to work using some specific spectrum that
40:37
won't piss off all the astronomers.
40:38
Which by the way these astronomers need to turn off
40:41
their telescopes anyway because they evidently are signalling to
40:44
aliens that if you saw that Harvard professor there's some
40:46
large alien coming to Earth to destroy us.
40:49
We really should rethink about broadcasting radio signals out
40:52
into the Galaxy without knowing exactly who's listening to.
40:55
Maybe Space Mobile will save the world by blinding them all with
40:59
Block 2. But it looks like we reached a
41:01
compromise so that they would continue to use their radio
41:04
telescopes to invite aliens to destroy us.
41:07
If it's like, why didn't you guys watch Independence Day?
41:09
It's all laid out right there. But we're moving so end of the
41:13
world, which might happen anyway.
41:14
We will have FCC approval before then.
41:16
And there was another interference study that came
41:19
out. And so the filing, I'll redo
41:22
what ChatGPT said. The filing provides A defensible
41:24
engineering basis that Asts can coexist with terrestrial Co
41:28
channel licensees and meet the SCSR.
41:32
Now rule and order. OOBE is out of bound.
41:36
What does it stand for emissions, something like that?
41:39
Constraints. That's the Meg 120 threshold,
41:42
but still offering usable 4G5G service over large swaths of
41:47
continental US. Residual risk is concentrated in
41:50
operational execution, EG the timing of beams and power
41:54
coordination and dynamic cell meeting in type orders.
41:57
That's exactly what you want to hear.
41:58
I think the best possible answer I can imagine hearing is there
42:02
is no interference risk and that that remains is totally
42:06
controllable through operating execution.
42:11
In other words, we're not spamming the US with these large
42:15
side labs, which Catsy has done kind of an incredible job
42:18
educating this all on this. The interference that would be
42:21
at risk is within our control because of our beamforming
42:24
technology. That is a great answer and
42:26
that's why I think we're going to get approval pretty soon.
42:28
So let's continue on spectrum. So I find it always very
42:32
interesting to see the difference between strategic
42:34
thinkers and peasants. I fancy myself to one day be a
42:38
strategic thinker, but I'm merely a spectator of those who
42:42
have the actual title. And then you have Tim Ferrar.
42:45
So it's interesting is at every opportunity people want to throw
42:48
stones at AST Space Mobile, but they often truly don't recognize
42:53
the difference between chess and checkers.
42:55
The company is very clear to people that this ITU priority
42:59
deal they got two weeks ago that does not give them 60 megahertz
43:04
of global spectrum. What it does is give them an
43:07
unequal playing field to get it. It is merely just an initial
43:10
move on what is going to be a multi year chess game to
43:14
aggregate as much attractive MSS spectrum around the globe as
43:19
possible, which then they monetize as terrestrial
43:22
spectrum, thereby having one of the world's most incredible.
43:25
I don't think this is an understatement.
43:26
This is one of the world's most incredible arbitragers of taking
43:30
fallow MSS spectrum and lighting it up as terrestrial.
43:33
This is just giving them one more advantage in doing that,
43:39
but before the world can catch up.
43:41
If you're a flexible strategic thinker, you'll see while you
43:44
didn't actually learn anything about them securing additional
43:48
spectrum of that announcement, that is true.
43:50
What you saw is a an intent and BA means by which to effectuate
43:56
that strategy over a multi year period.
43:58
That's what you want if you're a long term thinker, if you're
44:02
looking to find the next Jensen, the next Sacha, the Neph, next
44:08
Bezos, I wouldn't even put Buffett in there because he's
44:10
not thinking. I don't think he's thinking like
44:12
multiple steps ahead for a competitive checkmate.
44:17
That's I don't really think of Buffett that way.
44:18
But Bezos, Sasha, Steve Jobs, Elon Musk, frankly, like these
44:22
are the people that are playing true industrial chess to find
44:26
ways to have checkmates in their industry.
44:29
And I believe a bell will be put into that pedestal in the years
44:33
to come. And this is just another tell
44:34
tale that this is not your father's satellite company.
44:38
It is not that this is a future Maggie constituent and they're
44:42
playing a bigger game. So then we have Elena Naira,
44:45
who's a look at her resume, let's put it that way.
44:47
She definitely did Kumon math when she was young and almost
44:52
certainly ate oatmeal instead of fruit lifts.
44:56
Very smart cookie. And so she points out in a
44:59
tweet, which I agree with that says M and OS have one and only
45:03
one strategic asset license spectrum.
45:06
You might have heard something similar from me in the past
45:07
because I have made the point that we are AWS to the telecom
45:12
industry. They should get out of the
45:13
business of hanging towers and owning all this capital
45:16
equipment. They'll never be able to get out
45:18
of it totally, but they should seek to diminish their CapEx
45:20
toward this low return commoditized part of the value
45:23
chain and focus on the two things that really drive of
45:26
value spectrum. And then the thing that Emma
45:29
that Elena missed is a relationship with the consumer.
45:33
And so the scarce thing is the spectrum, the hard fought thing
45:38
is the consumer. The two of those things make a
45:41
valuable enterprise. Right now you have to load in
45:44
all this crap in the middle, which dilutes the returns and
45:46
makes Emma knows not really great businesses.
45:49
But the reason why the Mnos should love ASTS is because it
45:53
is a spectrum expander. They're going to bring
45:56
additional spectrum to the party because they, and only they can
46:00
light up MSS spectrum as terrestrial.
46:03
But then they allow the existing spectrum to be used much more
46:05
efficiently. They fill in the black holes
46:08
without having to put in new capital equipment.
46:10
They can utilize wasted spectrum guard band spectrum in ways that
46:15
are not previously possible. This is why ASTS is the dream
46:19
team of an M&L, which is why you have them all piling in.
46:22
And then we have another tweet just as a reminder to focus on
46:26
the spectrum by only 6 inches. And so, as I said just a second
46:30
ago, STS Space Mobile has created alchemy.
46:32
I repeat alchemy, sticking my fists at the clouds.
46:36
And so only 6 inches pulls out great quote from the earnings
46:41
call. And it's when a bell said quote,
46:43
yes, I mean, you obviously 16 megahertz of global spectrum.
46:46
If you if it were purely terrestrial, it would be a
46:49
number that nobody can afford. And it's so funny because he's
46:53
right, you know, it's just it's an asset that would be too big
46:56
for anyone to pay for. We could do the math of how many
47:00
megahertz pops that is and it's a lot but almost extensions
47:03
arrives at the same statement that I I just made that the
47:06
thing ASTS is technology does is it de facto takes MSS spectrum
47:10
and makes it terrestrial. He says most still don't get
47:13
that they're turning water into wine.
47:15
This was the critical observation I think back in
47:17
January when we got the legato deal to the tape and that I
47:21
remember just telling anpan man, I said dude, this is alchemy.
47:25
It's so elegant they they are turning MSS into terrestrial and
47:30
the whole thing that people had tried and failed at is they were
47:34
trying to actually repurpose this MSS as terrestrial with ATC
47:39
clearances. They actually hang the towers on
47:41
the ground and that's where all the interference stuff happened
47:44
and just a nightmare, nevermind the capital intensity that would
47:47
have would have occurred had they been successful in this.
47:50
But to actually utilize it with the capital efficiency of a
47:53
satellite constellation is, is truly genius.
47:56
And I think that this will will be, this is a nuanced point for
48:00
sure. But to have this in your back
48:01
pocket, knowing the value creation engine that will be
48:06
released in the future when we have simple things like
48:08
satellites being launched. It was a powerful observation
48:11
that I highly recommend people sit on so that you think like an
48:15
owner. And then, yeah, I just have some
48:17
other tweets here where we're getting the 13 FS come in and so
48:20
the pod monkeys arrive. So the Millennium, Millennium
48:23
guys bought shares. Good for them.
48:25
You know, if the stock goes on 3%, they all get fired.
48:27
But then we also have ADB report came out most of the same
48:30
Ernie's recap we've given. UBS came out with a report.
48:34
They're no longer restricted. They had their fireside shot.
48:38
Scott. Scott was apparently wearing a
48:40
Blue Origin shirt and people are like, well, why do you guys
48:47
think they're going to be launching early on Blue Origin?
48:49
Oh, I don't know, Scott's Lily wearing a shirt, but why?
48:51
Why is it Scott wearing Red Room swag?
48:53
I mean, we have like big questions here.
48:55
Now that I think about it, I really want to see Scott wearing
48:57
a Catsy shirt. Out of respect, I might write a
49:00
13D if I figure out how to do that and make that point.
49:04
So then we also have Catsy or we have cancer.
49:07
Not catsy. We have cancer writing a report.
49:10
And then we also have Rocket Man strikes again, like a tank 123.
49:15
And there's this cool article, it was in Spanish, a test of my
49:19
Duolingo. And it is about a round table
49:25
meeting in Columbia, including their agriculture, environmental
49:30
sciences, finance, cartography, the British Embassy, Navy to
49:33
blah, blah, blah, everyone. And they're just talking about
49:36
all the use cases and applications of this technology
49:40
with all these different verticals.
49:42
And that's where I just go back to the Tam here is going to be
49:44
wild. I really wouldn't be surprised
49:47
if the Tam we ultimately under wrote about kind of consumers
49:50
and dead spots. I don't think I'd be surprised
49:53
if that ended up being a minority of the revenue versus
49:56
all of the other stuff. And that's going to be really
49:58
exciting is ASTS based mobile as a platform where people with
50:02
problems come to us with a solution that we enable versus
50:05
having to be clairvoyant and think of all the problems in the
50:08
world. I think that reverse inquiry of
50:10
let builders build on your platform is going to be a really
50:13
enormously powerful way of thinking.
50:15
And then I hope that's how ASTS pursues it.
50:18
But you know when looking at the opportunity for the consumer
50:22
market, to me it is pretty crazy that T-Mobile already has a 1.5%
50:26
penetration rate on their Starling product.
50:30
It is just been so massively maligned in the market as a
50:34
crappy service that to have 1 1/2% of people signing up for it
50:37
at that price seems really positive to me in terms of what
50:41
the baseline number is going to be for AST space mobile.
50:44
So that's a good number to see because it's it's setting what I
50:48
think is a very high floor. And then Speaking of Starlink,
50:53
this is also kind of funny. And so at for future 100 strikes
50:57
again. And so there is this LinkedIn
50:59
post by Jason precedent and he says Elon Musk sterling makes a
51:05
desperate move in a brutal satellite Internet war.
51:08
They're reducing their hardware price by 50% and some reductions
51:11
in monthly subscription pricing with a low cost entry point, no
51:15
service contract. How does this secure a customer
51:17
prevent churn to something paren coming soon.
51:20
They'll likely include some very attractive promotions and a bell
51:25
like the post and I just got to read this to be Starlink is
51:28
about to get disrupted in a big way.
51:30
I still have always maintained that, you know, never let good
51:35
enough get in the way of anything.
51:40
I think the right quote is never let perfection be the enemy of
51:43
good enough or something like this.
51:44
And you're even as I sit here doing this spaces in the parking
51:49
lot in a hotel while on vacation with the window open so I don't
51:53
suffocate, but now suffering the wrath of mosquitoes.
51:56
Do you need a, do you need a Starling terminal?
51:57
I mean, we've, we've seen all these videos of people bolting A
51:59
Starling terminal to their car. If you're getting 35 megabits
52:03
per second or the high end when they have multi and multi,
52:07
you're getting 120 megabits per second.
52:09
You're just going to use your phone.
52:10
There are going to be so many other options that are going to
52:13
be so much less friction that I do think that as TS Space mobile
52:17
is going to be eating into the fixed wireless business, the the
52:23
fixed satellite business, even even if they're not actually
52:25
targeting it, people are pretty creative and people figure it
52:28
out. It's going to be so much cheaper
52:30
to do. And that's exciting because we
52:31
know that Starlink is the most exciting telecom story or was
52:36
there's a reason why it trades like that.
52:37
And I think we get to come in hot and you're going to have all
52:40
the M and OS who are not born yesterday knowing exactly how to
52:42
cross sell this exact same service offering.
52:45
Wait till these guys at AT&T taste blood and it's going to be
52:49
like a great white shark just ripping to shred Starlink in
52:52
every possible way they can with all of their B to B units going
52:56
their enterprise salespeople. It's going to be, I think it's
52:59
going to be wild as our constellation skills and we have
53:01
the capacity to really sell through services like that,
53:04
which will be a while because you're going to have to have a
53:06
lot of satellites up before meeting our base service goals,
53:09
which are going to be to have a continuous consumer service.
53:12
But then once this thing is really densified, I think the
53:15
opportunities are going to be pretty exciting.
53:17
Then last thing to Reg Room is making it a little easier for
53:20
people to consume these podcasts.
53:22
So thanks, Reg Room, it takes a village.
53:24
I don't really have the time to think like a normal influencer
53:30
because I'm not. And so I love it when people
53:32
figure out ways to make things easier and, and just repost my
53:36
stuff. So and he's reposting my my
53:37
spaces and, and demands and probably thoughts and everyone
53:40
else's. That's great.
53:41
Thanks for him for making our clothes and making our content.
53:44
And then I posted some other news articles.
53:47
They came out. So CNBC fine, but then
53:49
interestingly came out again, which is great.
53:52
Aaron's as a really nice reach of, of a different type of
53:56
investor. I like to read Baron's most
53:58
weekends. It's it's what I do just to kind
54:00
of take tabs on a lot of different companies and it just
54:03
shows that the the tent is broadening and it just expect
54:07
more and more of it over the next year.
54:09
And we're finally noticed. I had actually emailed this guy
54:12
for his name on route back years ago saying, you know, you should
54:16
cover ASTSI promise. I'm a real person and you know,
54:20
this is exciting. I've been reading your articles
54:22
for years and years and years and I promise you should read
54:25
this. And you know, of course, when
54:26
you e-mail someonefromthecuckreport@gmail.com,
54:30
your emails go straight to spam. But at least I tried.
54:34
And it's just like when I emailed Ron Berenson to my
54:37
report and I'm sure, you know, you get like the PDF from at the
54:41
kook report. And he's probably like, yeah,
54:43
you know what? I'm not opening that PDF.
54:45
Definitely like APLA hacking e-mail.
54:48
But it wasn't. It was actually my attempt to be
54:50
helpful to someone that I don't know, but respect his dad.
54:54
And, you know, he'll maybe one day hear the story and look at
54:57
his deleted items and go, I was served some quality DD on a
55:01
platter and I deleted it. And you know what, He's still a
55:04
billionaire, so he won't care. But that's what I have for
55:06
everyone. Hope we have an exciting week
55:09
ahead. We've been spending a lot of
55:11
time trying to, I say we just kind of low working group trying
55:14
to figure out some of the launch specifics and you know, think
55:18
that we're going to have, you know, a nice three to four week
55:23
period is kind of our latest thinking of some news
55:27
developments on that front. But we're really trying to dig
55:30
as deep as we can. And when we find anything really
55:32
great, I'm sure you'll see it posted on Twitter everywhere.
55:35
So thanks for joining on the ad hoc.
55:37
I'll be back at home next weekend, so we'll be back on the
55:40
normal schedule. So sorry for just doing this
55:42
with 5 minutes advance notice. You know, for unpaid content,
55:47
you get what you pay for. I'll leave it running for a
55:49
couple minutes so it doesn't cut off on replay.
55:51
Hope everyone has a great night. Thanks for listening to the AST
55:55
Space Mobile podcast. If you enjoyed this episode and
55:58
you'd like to help support the podcast, please share it with
56:01
others, post about it on social media, or leave a rating and
56:05
review. To catch all the latest news
56:07
about AST Space Mobile, make sure to subscribe.
56:10
Thanks again and I'll see you next time.