Latest / AST SpaceMobile Podcast / Anpanman - The SpaceMobile Moat: Engineering, IPOs, and the Path to Global Connectivity

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Anpanman - The SpaceMobile Moat: Engineering, IPOs, and the Path to Global Connectivity · AST SpaceMobile Podcast

• 0:06
  This is the AST Space Mobile podcast.
• 0:10
  We just basically come your phone be seamless regardless of
• 0:14
  where you are. We don't want the user even to
• 0:16
  know that it's connected by satellite.
• 0:21
  Listen, the opportunity that we have is very, very, very large.
• 0:27
  Everyone, thanks for joining. It's been quite some time since
• 0:30
  I've done this space. I've been quite busy actually.
• 0:33
  One of our kids is in early spring break and then the other
• 0:38
  one goes on spring break next week.
• 0:39
  And so yeah, I had my hands full.
• 0:42
  But yeah, I wanted to touch base on ASD Space Mobile.
• 0:46
  I've seen some investors who seem quite frustrated at the
• 0:52
  delays and I wanted to talk about some of those delays and
• 0:55
  the reasons for it and and why in the overall grand scheme of
• 0:58
  things it actually doesn't matter.
• 1:01
  But but yeah, I wanted to do that and also talk a bit about
• 1:07
  some recent regulatory stuff that's been kicking around.
• 1:09
  And then the SpaceX IPO, which I think, you know, is becoming
• 1:15
  more real by the day and is going to draw more interest into
• 1:18
  the sector. So let's start with, let's start
• 1:21
  with Bluebird 7. So Bluebird 7, obviously we ship
• 1:25
  that to processing center at Blue Origin quite some time ago
• 1:29
  and that satellite launch is pretty much out of the company's
• 1:33
  hands, right. Like any delays related to that
• 1:37
  are on the Blue Origin side. And understandably Blue Origin
• 1:42
  is being very methodical and deliberate in terms of launching
• 1:48
  New Glenn three with the reused never tell me the odds booster.
• 1:53
  And so why that's important is that this is the first time that
• 1:57
  New Glenn is reusing a previously used booster.
• 2:01
  And so New Glenn, sorry, Blue Origin, you know, they've taken
• 2:06
  that booster there, they've gone through the process of
• 2:10
  refurbishing it. You know, there's been
• 2:11
  complications. Of course, as with any first
• 2:14
  time process, you're going to make some mistakes and you're
• 2:19
  going to learn from them. And each time you do it, you're
• 2:21
  going to learn and get better, right?
• 2:23
  And that's, that's the process of learning.
• 2:26
  And especially for space, where the margin for error is the
• 2:31
  difference between something successful and then something,
• 2:35
  you know, when you don't, when you don't do things properly and
• 2:39
  they have, you know, unplanned disassemblies or you know
• 2:45
  something bad happened, then you're going to you're going to
• 2:49
  focus on getting it right the first time every time, right.
• 2:52
  And so that's the DNA that Blue Origin has.
• 2:56
  It's not they're not they don't have the same approach as
• 2:59
  SpaceX, where SpaceX will rapidly iterate and throw a
• 3:05
  speed at the wall and see what works, Learn and keep iterating
• 3:08
  to get to a point where you know, you through multiple
• 3:11
  failures, you get to a point of success, right.
• 3:13
  And so, so this, this new Glen free mission is taking longer to
• 3:20
  get the to make, you know, from their perspective, make sure
• 3:23
  that everything is at a point where they're satisfied and they
• 3:28
  think that there's a high level of success.
• 3:29
  And so that, that launch has been pushed back because of the,
• 3:34
  the booster refurbishment process, right.
• 3:38
  And so I think probably at this point we're looking at perhaps
• 3:42
  the first week or second week, maybe at latest of April.
• 3:46
  And so it, it actually kind of introduces interesting timing
• 3:50
  because that that launch is going to happen probably around
• 3:54
  the same time as the first one or two batches of Bluebirds 8
• 3:59
  and beyond get sent down to the Cape, right?
• 4:02
  And so April is shaping up to be a very, will be a very
• 4:08
  interesting and busy month Now moving on.
• 4:13
  So that's Bluebird 7, right? And so in the hands of Blue
• 4:16
  Origin, not much the company can do about it.
• 4:18
  We're waiting to see when New Glenn is going to launch and,
• 4:24
  and yeah, we'll, we'll get a, a press release.
• 4:27
  One thing to watch out for is when New Glenn 3 gets rolled out
• 4:31
  to the launchpad for a static fire test.
• 4:33
  And so once that happens, you should see, you know, probably
• 4:38
  within a few days there, there will be a, a launch date set
• 4:44
  that could happen within a few days or maybe at most a week.
• 4:48
  And so for those that are planning your travel, just make
• 4:51
  sure that you book refundable, you know, flights and, and then
• 4:56
  of course, don't pay for the hotel front.
• 4:58
  Make a reservation with a credit card and make sure it's really
• 5:00
  refundable, you know, pay the extra premium because this stuff
• 5:03
  can and does move around. So, so that's Bluebird 7 now
• 5:07
  moving on Bluebird 8 and beyond. So there's, you know, obviously
• 5:13
  the, the program is, is been delayed and this, you know, the
• 5:17
  company publicly disclosed that they were solving the stacking
• 5:21
  issue. And I want to make sure like
• 5:23
  people understand what that means.
• 5:25
  And so when working with composites, you know, you know,
• 5:29
  carbon fiber, these things that are, you know, you can mold into
• 5:33
  different shapes and they're extremely light and extremely
• 5:37
  strong, but they're very hard to work with.
• 5:40
  At least the we're doing it for the first time for a given
• 5:44
  application, it's going to take multiple iterations to get it
• 5:48
  right. And this stuff is hard, right?
• 5:51
  Like most companies that are doing, you know, space programs,
• 5:54
  they're not going to work with composites.
• 5:56
  They're going to use easy metals.
• 5:59
  I mean, the trade off with metals, of course, is that
• 6:03
  you're going to sacrifice weight for in order to have strength.
• 6:07
  But with composites, composites are kind of the Holy Grail,
• 6:11
  right? Where you are able to, you know,
• 6:15
  once perfected, you're able to have structural strength and,
• 6:20
  and very lightweight. And so that's it's unparalleled
• 6:23
  in terms of, you know, once that's deployed compared to a,
• 6:28
  you know, metallic, you know, comparable solution, you could
• 6:33
  have the equivalent strength, but somebody that's much, much
• 6:35
  lighter, right? And so for space where weight is
• 6:38
  really important for those companies that are willing to
• 6:41
  make a commitment, the payoff is really big, but the upfront
• 6:45
  investment is pretty high. And of course, learning curve is
• 6:48
  high too. I'm not a composite expert, but
• 6:52
  if you can imagine, you know, when I'm just thinking of
• 6:56
  different examples, like when Boeing first started making
• 6:59
  composite wings and you have layers of carbon and you've got
• 7:02
  to like, you know, put down, put down layer with some, some type
• 7:07
  of like adhesive. And then you've got to like heat
• 7:09
  it, you know, keep doing that. You have to make sure like
• 7:12
  there's no bubbles. You have to make sure the
• 7:15
  process is very consistent. Because if you don't do that,
• 7:19
  then you compromise the composite materials and then you
• 7:22
  lose out on what you were hoping to get from it, which is the,
• 7:27
  you know, the strength, right. And so I for ASD space mobile, I
• 7:33
  would assume that they probably went through some initial
• 7:37
  iterations and perhaps were happy with what they had.
• 7:40
  And then when they came down to doing testing, perhaps they saw
• 7:44
  things that didn't meet their standards.
• 7:46
  And so they iterated. They, they perhaps, you know,
• 7:50
  changed either the shape or design or perhaps some of the
• 7:53
  composite, you know, layering or where you strengthen it.
• 7:57
  And this is what they refer to as solving the stacking problem.
• 8:01
  Because if you think about like, you know, we'll call these
• 8:05
  things doughnuts, right? So if you have a composite
• 8:07
  doughnut and you stack one on top of the other one, then
• 8:11
  that's OK. But when you start stacking
• 8:14
  fully loaded, meaning there's like all the guts, the microns,
• 8:17
  everything into the, into the doughnut.
• 8:18
  If you start stacking or then the bottom ones have to be
• 8:25
  strong enough to support all the ones above, right?
• 8:27
  And and so in that instance, it's not just a matter of
• 8:32
  stacking, you know, for example, I think on, you know, some of
• 8:35
  these launch platforms, the Rockets will be sideways before
• 8:38
  it gets, you know, made to or pull pulled vertical.
• 8:43
  And so not only does it have to withstand vertical stacking, but
• 8:48
  then also it has to be strong enough to hold all the members
• 8:51
  on top of it sideways, right? And so when thinking about
• 8:56
  testing these composite Donuts, you know, I would assume the
• 8:59
  company probably has, you know, you take an empty donut and a
• 9:04
  composite donut and then you put vertical pressure on it to
• 9:08
  measure its strength. You put then you turn it
• 9:10
  sideways and you you put pressure on it to measure, you
• 9:12
  know, the horizontal strength. You also come at it with various
• 9:16
  angles to make sure that that structure is going to hold up
• 9:23
  in, you know, multiple GS type of launch, right, in a New Glenn
• 9:29
  or Falcon 9 rocket. And not only that, but then you
• 9:33
  know, for the the, the doughnut that's on the bottom, it's got
• 9:37
  to support the weight of three on top of it or two on top of
• 9:40
  it, or in New Glenn's case, 5 on top of it or in the optimal
• 9:44
  configuration 7. And so that's not an easy
• 9:48
  problem to solve, right? And so I think that's where
• 9:51
  you've had some level of delays, but then out of that, it appears
• 9:56
  that the company has solved those stacking issues.
• 9:58
  And and so now they're at a point where they're integrating
• 10:03
  the payload into the Donuts, right?
• 10:05
  And so that's the microns, that's the, the, the guts, the
• 10:10
  the processing and everything batteries, you know, that go
• 10:14
  into the center that outside of what's in the Micron, but
• 10:18
  they're apparently through that, right?
• 10:19
  And so now it's a matter of finishing integration of those
• 10:23
  and then testing them and then shipping the 1st 2 batches in
• 10:27
  April. And so those first two batches,
• 10:29
  by the way, like there's been some talk on, on Twitter about,
• 10:36
  you know, whether it's going to go on New Glenn or Falcon 9.
• 10:40
  I'm pretty certain based off of work that Space Mob has done
• 10:44
  that the first two batches of three are going to be on Falcon
• 10:46
  9. And so as I said before, you
• 10:50
  know, we all see the Duke Glenn 3 launched sometime in first
• 10:55
  week or two of April and you'll probably see the first shipment
• 11:00
  of the first batch sometime mid to late April is my guess.
• 11:04
  And so I think it's important to understand, you know, where we
• 11:08
  are in the process. So the company is making north
• 11:11
  of 6 satellites worth of microns a month at this point.
• 11:15
  And I assume all the hardware that goes into the donut or the
• 11:19
  ring, they're already at six per month.
• 11:22
  And so now it's really just a matter of getting production of
• 11:26
  the donut that the composite ring up to that level 2 and then
• 11:32
  and then we're off, right. And so at this point, you know,
• 11:36
  there's been some questions about, you know, how many Falcon
• 11:38
  9 versus New Glen launches do we have this year?
• 11:41
  I think we have something on the order of 4 to 5 Falcon 9
• 11:45
  launches or perhaps more. And then we've got new Glen
• 11:48
  launches as well. For those that you have seen New
• 11:52
  Glen, there's been St. as filed for New Glen 4, New Glen 5, New
• 11:57
  Glen 6. And so some of those are going
• 11:59
  to be our launches, dedicated launches.
• 12:03
  And then additionally, the company has talked about, they
• 12:07
  publicly disclose that and they've signed on an additional
• 12:10
  heavy launch vehicle, which I think is likely Mitsubishi
• 12:14
  Heavy. But there is a possibility too
• 12:16
  that it might be Arian and or United Launch Alliance, right.
• 12:22
  Although I think as Kathy, as as duly pointed out, you know in a
• 12:27
  recent filing where we are planning to put up a, a shell,
• 12:33
  Equatorial shell, The only launch provider that can really
• 12:36
  do that is Arian because they're they launch out of I think it's
• 12:39
  like French Canada one of those places.
• 12:41
  But anyway, but yeah, so I think we, you know, this is something
• 12:47
  that we kind of discussed before that this is a new program do
• 12:55
  new spacecraft and you're going to have you're going to have
• 12:59
  production. You're going to have to go
• 13:00
  through production health to the initial upfront investment of
• 13:03
  getting the tooling, training, the people doing everything.
• 13:07
  And in this case, Microns, you know, the company has built a
• 13:10
  huge backlog of Microns, I think enough for 10s of I forget what
• 13:16
  the disclosure was, maybe it was like 20 or 30 satellites.
• 13:19
  So microns are not the issue. It's really that composite donut
• 13:22
  ring that that the the secret sauce that brings the weight of
• 13:27
  the satellite down from what FM 1 and FM two were I think around
• 13:32
  6000 kilograms, bringing that down to like 4000 or so
• 13:35
  kilograms. And so, so, yeah, that's a
• 13:39
  really important piece of the puzzle, which I think as I said
• 13:42
  before, if you go out and look at what other satellite
• 13:47
  manufacturers are doing, I don't, I mean, I personally, I,
• 13:51
  I don't know if I've seen composites being used.
• 13:54
  Usually you see these satellites with metallic shells.
• 13:56
  And so, but of course no one's building something as big as we
• 13:59
  are. I don't know, maybe K2 is doing
• 14:02
  it. I haven't really looked closely
• 14:03
  at their satellites, but this is kind of this is where, you know,
• 14:08
  if you're going to build at scale large satellites, you're
• 14:12
  going to want to eventually get to composites, right?
• 14:14
  And so it's just on the one hand, people may look at and
• 14:17
  say, man, that's, that sucks, like we're delayed.
• 14:21
  But on the other hand, it's like that's part of the that's part
• 14:23
  of the competitive Moat friends. Like if you can work in
• 14:26
  composites. And you know, we've seen the
• 14:29
  hiring at AST over the last few months where they're bringing in
• 14:33
  a ton of people who, who are composite specialist in
• 14:36
  production and design. That's going to be a huge
• 14:40
  differentiating your competitive aspect that no one else really
• 14:44
  has. And so, so that's why, you know,
• 14:48
  that's why the inks are taking a bit longer.
• 14:49
  And as I've discussed before, that's OK.
• 14:53
  It's inevitable, right? Like as we saw recently with
• 14:58
  O2's disclosure of Starlink's direct to cell performance, you
• 15:02
  know, they're at 4 megabits per second in a given cell and those
• 15:06
  satellites only have 4040 cell beams that they can protect
• 15:09
  down. And so they're way, way, way
• 15:11
  behind in terms of the actual underlying technology.
• 15:14
  Are they there first? But service, yeah, they're
• 15:16
  there. But it's a minimally viable
• 15:19
  products, right. And so once the Block 2
• 15:21
  satellites are up and by the way, we have a Block 2 satellite
• 15:25
  out there in space, Bluebird 6, which you know, the government
• 15:29
  is doing testing and, and so are carriers.
• 15:31
  And so, you know, we're just waiting for the origin to put
• 15:34
  Bluebird 7UP. And in the terms of production
• 15:37
  cadence, we're pretty much there for Block 2 is just making sure
• 15:42
  that these composite shells are strong enough to survive launch
• 15:47
  and and live out their useful lives out in space.
• 15:51
  And so, so that's where we are. And I know people are, you know,
• 15:58
  lamenting the delays, but this is space.
• 16:01
  Like I, I put a meme out the other day, it's like you have to
• 16:04
  be a certain kind of crazy to invest in these companies
• 16:06
  because they're delays are inevitable, right?
• 16:08
  Doing hard things requires time and effort and money.
• 16:13
  And if that's not your cup of tea, if you want to go invest in
• 16:17
  a company that's making toothbrushes, then you should
• 16:20
  probably go do that, right? But that's not where outsized
• 16:23
  returns are going to be. It's going to be in stuff that
• 16:27
  has tremendous Tam and upside, but is really hard and and it's
• 16:33
  difficult, right. And so that's that's what ASD is
• 16:37
  in a nutshell. And so moving on, I think you
• 16:42
  know, we've seen some recent filings at the FCC where Verizon
• 16:47
  it looks like they're coming up the record.
• 16:49
  There's some some filings around 8 there 850 megahertz spectrum
• 16:53
  licenses that they they filed with the FCC probably to tidy up
• 16:58
  the the docket. And then of course Kathy and
• 17:02
  Tanner post yesterday that the that AST through the FCC filed
• 17:09
  additional satellite shells at the ITU.
• 17:12
  And so, yeah, all these things kind of point to what I
• 17:17
  understand, you know, management has indicated to people is that
• 17:20
  the FCC approval for U.S. market access is, is pretty close, like
• 17:26
  we're talking not months, but weeks or imminent.
• 17:30
  So yeah, keep your eye out for that.
• 17:32
  I mean, the steps are all, you know, the progress is being
• 17:36
  made. The all the telltale signs are
• 17:39
  there. And so that could get sprung
• 17:41
  anytime now. And of course, you know, it's
• 17:43
  hard, I get it, like the market is volatile and and people's
• 17:48
  emotions tend to run high. But I think it's important take
• 17:51
  a step back. Like if you look at the space
• 17:53
  sector and this year's year to date performance versus like MAG
• 17:58
  7, we have outperformed the market, right?
• 18:01
  And you know, is that going to continue and is that guaranteed?
• 18:03
  No, it's not guaranteed, but is it going to continue?
• 18:07
  In my mind, yes, because you know, as we saw, SpaceX will be
• 18:11
  following their, their S1, their IPO prospectus.
• 18:15
  It's going to be confidential initially, but then once they
• 18:18
  get to a certain level of review, then that will be
• 18:21
  public. And as I understand, I believe
• 18:24
  Spacex's plan to go public in June, July.
• 18:26
  So that's going to be a pretty tremendous catalyst for the
• 18:29
  sector in terms of bringing institutional awareness to other
• 18:34
  players and bringing, you know, capital into the sector as well.
• 18:39
  And So what was a sleepy backwater, you know, new space
• 18:42
  companies. I mean, back in the day, you
• 18:44
  could only really invest in the large primes like Lockheed
• 18:47
  Martin, Boeing, and of course those guys are doing plenty of
• 18:50
  other things. They're they're diversified
• 18:52
  conglomerates, whereas now you've got pureplay companies
• 18:55
  that you can invest in. And so I think space is well
• 18:58
  positioned, right? You've got Golden Dome, which
• 19:02
  you know, of course it's, it's hard to keep track of all this
• 19:04
  stuff, but I think the company is very feels really good about
• 19:09
  getting Golden Dome Ward perhaps in the second quarter.
• 19:13
  And so that's something to look forward to.
• 19:15
  And you've got, yeah, you've got a ton of catalyst that are
• 19:18
  coming up for this company, which you know, I, I, I shared
• 19:22
  the updated list, which is long and confused to grow.
• 19:25
  And of course, yeah, there's a lot to look forward to.
• 19:29
  That said, obviously there's there's macro concerns going on,
• 19:34
  but if anything, I think I think Michael Pollock, who's the head
• 19:38
  of government, some of that quite well.
• 19:40
  I wasn't there when he spoke, but he was he was part of a
• 19:44
  panel at satchel and he closed by saying that if anything, the
• 19:51
  conflict on Iran and Ukraine have give it have made the
• 19:56
  government, you know, our importance of the government
• 19:58
  even higher. What do you mean by that is you
• 20:01
  know, I assume AST space, mobile, some aspects of the
• 20:05
  company's? Service has been used perhaps in
• 20:07
  those theaters and so as a test case, whatever the the 10 uses
• 20:15
  that AST, you know, the Bluebird satellites have applicability
• 20:20
  for military and defense. Perhaps they're showing showing
• 20:24
  their you know, their their their stripes like they're doing
• 20:27
  well. And so, so that's an exciting
• 20:30
  validation for Michael Pollack, who, you know, we've seen some
• 20:34
  of his presentations at these conferences, which have been
• 20:37
  quite informative. But but clearly the company has
• 20:41
  a ton of traction with the military and the US government.
• 20:44
  And so, so that that aspect, which is, you know, for this
• 20:48
  coming year in terms of financial impact is pretty big.
• 20:52
  So anyway, I've got a hop. I've got to take care of a few
• 20:55
  things with the kids. But yeah, I just want to give
• 20:58
  everyone an update. Obviously, the markets are very
• 21:01
  volatile. We're we're trading on headlines
• 21:04
  from the US administration, from Trump, from Iran, you know, and
• 21:10
  depending on which part of Iran, if it's like hardliners or
• 21:14
  moderates, you know, the headlines change minute to
• 21:18
  minute. And yeah, it's kind of hard to
• 21:21
  read this stuff, right? Because at the end of the day,
• 21:24
  there's back channels, there's like negotiations going on.
• 21:26
  But then also there's a lot of chest pounding, right?
• 21:30
  And so people are whether it's to save face or improve
• 21:34
  negotiating positions, you know, obviously the US is sending more
• 21:39
  personnel and military assets to to Iran.
• 21:43
  And is that to pressure them or is that to actually do
• 21:46
  something? Yeah, I mean, you can, you could
• 21:49
  pretty much, you know, justify or, or think of a scenario as to
• 21:56
  why Iran saying certain things, US is saying certain things.
• 22:00
  We're we're doing, you know, we're taking certain actions,
• 22:03
  but but yeah, I, I don't, I don't know what's going to
• 22:06
  transpire, but I do know that ACC bubble has four billion in
• 22:11
  cash is going to launch the consolation and and startup
• 22:16
  service this year. I know that we're going to get
• 22:20
  additional military awards and our importance to military and
• 22:23
  defense has become an even that much greater.
• 22:27
  And then on top of that, you know, you've got Firstnet here
• 22:31
  in the US, of course, and then you've got the commercial
• 22:33
  business, which is going to take off.
• 22:35
  So anyway, I'll close with that. Hope this was informative for
• 22:40
  people. And if you have questions, maybe
• 22:43
  I'll do another space or you know, leave comments and maybe
• 22:46
  I'll try to reach, reach out and reply to this.
• 22:49
  Thanks and we're enjoying. Thanks.
• 22:50
  You'll check the site Fest the mob in the room.
• 22:53
  Mob in the room. He says it, It can't be done
• 23:23
  with the smirk on the chin. But the space of mob is deep.
• 23:26
  Let the games begin. It's a clash of the Titans, The
• 23:29
  believers in the doubt. We know what this revolution is
• 23:32
  really about. Space of mob rules.
• 23:34
  Word up. We the heavyweights chasing
• 23:36
  constellations. Opening the celestial gates to
• 23:39
  fly shark and Cata sea. We salute the deep dive.
• 23:41
  Keeping the truth in the moment. And I'm alive.
• 23:43
  Yeah. We love the wrist.
• 23:45
  Let the skeptics all talk. The futurism flight while Tim
• 23:48
  takes a walk. The futurism flight while Tim
• 23:50
  takes a walk. The.
• 24:05
  Tim is a ghost in the machine quote in the past while we
• 24:08
  moving out of speed that's too heavy and fast.
• 24:10
  They call it a gamble. We call it a design linking up
• 24:13
  the satellites crossing the line from the cell tower deserts to
• 24:17
  the mountain peak high. We painting the network across
• 24:19
  the entire sky to tell the consultsman with the well regard
• 24:23
  degree that the space of Mazzatati is just a Pebble in
• 24:25
  the sea. We love the wrist.
• 24:27
  Yes, a Pebble in Lee. At first I pair my hide.
• 24:30
  He's just a Pebble in sea. We love the risk.
• 24:33
  Yeah, it's etching our soul. Taking back the power.
• 24:35
  Taking back the control. Space of mind.
• 24:38
  Rules. Word up.
• 24:39
  We the heavyweights chasing constellations.
• 24:41
  Opening the celestial gates to fly shark and cata scene.
• 24:44
  We salute the deep dive. Keeping the truth in the moment
• 24:46
  and them alive. Yeah.
• 24:48
  We love the risk. Let the skeptics all talk.
• 24:50
  The futurism flight while Tim takes a walk.
• 24:53
  The futurism flight while Tim takes a walk.
• 24:55
  The futurism flight while Tim takes a walk.
• 24:58
  Yeah. Space of mind.
• 25:02
  Fly shark out of sea. We out here in the vacuum, Tim,
• 25:11
  go home. The future is connected.
• 25:15
  We love the risk. Peace.
• 25:25
  Thanks for listening to the AST Space Mobile podcast.
• 25:28
  If you enjoyed this episode and you'd like to help support the
• 25:31
  podcast, please share it with others, post about it on social
• 25:35
  media, or leave a rating and review.
• 25:37
  To catch all the latest news about AST Space Mobile, make
• 25:41
  sure to subscribe. Thanks again and I'll see you
• 25:44
  next time. We're doing something very, very
• 25:49
  big and I think with this technology we can really affect
• 25:52
  billion lives. AFT Space Global is the only
• 25:55
  company that has proven technology to deliver cellular
• 25:59
  broadband connectivity directly from state to do everyday
• 26:03
  smartphone. People will just basically turn
• 26:06
  their phone and be seamless, regardless of where you are.
• 26:09
  We don't want the mutual even to know that it's connected by
• 26:11
  satellite. Our role is to bring this into
• 26:15
  reality, always in partnership with the MMO.
• 26:24
  Listen, Waffles.