I have worked with @CernBasher to analyze Echostar. Full disclosure I own Echostar and SpaceX. $SPCX $SATS @elonmusk @chamath @ARKInvest @altcap @bradsferguson Based upon this analysis, the value of SpaceX within Echostar works out to an implied price of $80-113 per share depending upon how the parts of Echostar are valued. Echostar has 266 million shares of SpaceX spread over 288 million shares. The FCC has given approval for the ATT deal and the SpaceX spectrum deals but the final transfers of shares and cash require more time and bureaucracy. The May 12 approvals are past the 30 day open for challenges period as of June 11. There is ongoing auction of Echostar AWS3 spectrum now. $2.9 billion has been set aside for this but the auction is ongoing and each round that bidders are still involved is now adding over $130 million in value. FCC Auction 13 is ongoing. 6 rounds per day. 185 licenses out of 200 still ongoing. New street estimates $4-8 billion for auction. Every billion added bids will be worth $3.5 per share to Echostar. If the auction lasts extra days into Tuesday to Friday or even next week will be meaning that $1-2 billion per day is being added. SpaceX has Russell and other index inclusion for $10 billion of buying on Friday, June 19. Nasdaq inclusion is 2 weeks after June 19. Echostar is over 50% owned by the CEO Charles Ergen. He is not selling his shares. Echostar is in the SP500. another 10-15% is held by institutions. 35% is being shorted. This seems to be a short against SpaceX placed before SpaceX opened. SpaceX will not have options trading for a few more days. It will take 5 days of normal $SATS trading if the shorts were to unwind wither position. Every day this coming week will see clarity on Echostar AWS3 value. Each day adding $3-6 of cash value. Echostar skipped a $100-200 million in debt payment a couple weeks ago. They will get the account with potential payment of $2.9 billion unlocked with the auction. Already $1.33 billion will be returned. All of that after Monday would be returned if the auction continues.

More details here: x.com/CernBasher/status/2065…

This channel needs to be reinstated @TeamYouTube

SpaceX's President, Gwynne Shotwell, stated that over half of SpaceX's 22,000 employees bought stock in the IPO, totaling almost $1 billion.

Interviewer: "If I made that money, I'd sit on a beach, I'd drink beer, and I would just watch the sunset. Kind of like a Corona beer commercial. Have you ever thought about that as a career option?" Elon: "Uh, you know, I find that really pretty boring. So, that would be torture if I had to do that every day. That would really be pretty awful for me."

What are you looking forward to on Friday, June 12th?

The metric I keep coming back to for SpaceX is $/Mbps to orbit Starlink exists because Falcon 9 dropped bandwidth deployment costs ~10x to ~$6.55/Mbps. That’s about to drop again to just $0.30/Mbps because of Starship. A business that is doubling users annually with a 63% adjusted EBITDA margin is about to cut their biggest cost by 95%… It really seems like people don't understand the implications of this. The math assumes a reusable Falcon 9 launch is 17 tonnes at $1,000/kg and 2,600 Gbps per launch. Starship is targeting 100 tonnes at under $185/kg and 61,000 Gbps per launch. That's $17M for 2,600 Gbps ($6.55/Mbps) verse $18.5M for 61,000 Gbps ($0.30/Mbps). Starship's additional volume allows for larger satellites, enabling simultaneous gains on multiple cost curves. The math suggests V3 satellites are ~600 Mbps/kg vs ~150 Mbps/kg from V2 mini. Combining the 4x improvement on satellite bandwidth density with a 5x improvement in launch gets you the 20x improvement to 30 cents per Mbps to orbit. These are fairly conservative assumptions because launch probably comes in even lower as Starship ramps, and satellite improvements probably keep coming. At $0.10 / Mbps, $1 billion spend on launch represents 10,000 Tbps or about 15x the bandwidth of Starlink's constellation today. $1B is 90 days of operating income for Starlink... at it's current scale... Yeah, I really don't think people are getting this. Starlink is the internet now.

I may not get any SpaceX shares, but I do have a printed copy of the prospectus - all ~400 pages - it contains lots of big beautiful words and many stunning images!

And Belgium joins the wise (now 5 European countries that have approved FSD Supervised)!