Pre market looking promising.

Some Quick Facts From the $SPCX Prospectus Definitions: 1) Falcon 9 is its rocket system that launches satellites, people & cargo into orbit. 2) Falcon Heavy is Falcon 9 with 2 extra rocket boosters for much larger launch capacity. 3) Dragon is its spacecraft that carries people & goods. 4) Starship is its next-gen rocket currently moving from testing to commercial use. A lot of Launch Segment Firsts: 1) 2008 -- First private company to successfully launch a liquid-fuel rocket into low earth orbit. 2) 2012 -- First private company to guide & dock a spacecraft at the International Space Station 3) 2015 -- First company to use a rocket's own downward thrust to land (propulsive landing) 4) 2017 -- First rocket re-flight 5) 2020 -- First private company to dock astronauts at the International Space Station Dominant Launch Segment Positioning & Roadmap: 1) Falcon 9 has a 99% mission success rate. This is 85% cheaper per kilogram to launch than average (per NASA). The lead has only grown from there. Falcon Heavy is 92% cheaper per kilogram than the average substitute. 2) Cost edges come from things like the top piece of their rocket (the upper stage) costing SpaceX $5M to build vs. $50M for legacy competition. The power of vertical integration. 3) Falcon 9 Falcon Heavy have an 80% share of global mass to orbit since 2023. 4) Starship is next. This will come with a fully reusable design that can immediately refuel and launch again. Starship can also carry 3x-4x the weight vs. Falcon Heavy in low earth orbit... making it perfect to deploy giant satellites & data centers. They hope this will boost their cost per kilogram lead from 92% with Falcon Heavy to 99% for Starship use cases. 5) They aim to charge $90M/launch on Starship, which is far cheaper than other options. 6) A lot of launch capacity right now is dedicated to Starlink rather than 3P customers. This gives them a lot more flexibility to cater to demand while servicing their own needs. It also means they're not stuck with excess capacity if a partner cancels or delays a launch. They can use it for Starlink. 7) While margins for the segment are pressured due to investments right now, they make more than $67M per launch & it costs them $15M to run it. The unit economics are good & should support healthy long-term margins. Starlink & Connectivity: 1) 2022 -- First company to build "consumer-grade phased-array terminals." These are flat, stationary satellite dishes that use software to steer radio signals so they can track moving satellites without actually moving themselves. That simplifies design, lowers cost & improves durability. 2) 2025 -- First commercially scaled direct-to-mobile satellite cluster... bypassing the need to connect to cell tower service that is often unavailable. 3) Starlink has grown from just over 2M users in 2023 to 10M in Q1 2026. 4) Extending connectivity to deeply remote areas & using it for mission-critical things like emergency response around the world are resonating (not to mention commercial opportunities with airlines). 5) One thing to keep an eye on is pricing power. They cut pricing from $99 in 2023 to $81 for 2025. It fell from $86 in Q1 2025 to $66 in Q1 2026. While that's not amazing, it was to take advantage of excess capacity already in place & to steal share faster. It's also a byproduct of mix-shift to lower ARPU countries. 6) Starlink has a 63% EBITDA margin. 7) The larger, more distributed low orbit satellite base creates a 95% latency edge vs. the competition due to parking these machines closer to point of consumer connection. Setup is way easier, there are no cancellation fees & customers can easily pause service whenever they want to. Pay when you need to use it. 8) While overall cost for Starlink is a bit higher than some more antiquated solutions, the vastly better performance means cost per megabit is a lot lower. xAI: 1) Part of SpaceX as of January 31st. 2) Grok has 550M monthly active accounts. 3) These investments are why GAAP EBIT swung from a 2024 gain to a 2025 loss. Connectivity is deeply profitable. Launch Systems aren't losing nearly as much. 4) Floated a $28.5 trillion TAM for this segment. 5) Anthropic will pay SpaceX $1.25B per month for access to compute within its AI segment. That equates to $15B per year for a segment that did just $3.2B in 2025 revenue. Financials & Valuation: 1) Revenue compounded at a 34% clip from 2023-2025 to reach $18.7B. Q1 2026 revenue 15% Y/Y. 2) -$4.6B in GAAP net income for 2023, $791M for 2024 & then -$4.94B for 2025. Q1 2026 net income was -$4.3B vs. -$528M Y/Y. xAI M&A costs, Starship investments & ongoing compute investments are greatly weighing on margins right now. 3) Space segment revenue rose 8% Y/Y in 2025 to reach $4.09B. GAAP EBIT margin for the segment fell from breakeven to -16% Y/Y. They're front-loading a lot of Starship costs right now. 4) Connectivity segment revenue rose 50% Y/Y in 2025 to reach $11.40B. GAAP EBIT margin impressively moved from 26% to 39% Y/Y. 5) AI segment revenue rose 22% Y/Y in 2025 to reach $3.2B. GAAP EBIT loss worsened from -$1.56B to -$6.36B Y/Y as they aggressively fund future growth. 6) Nearly $16B in cash & equivalents; $29B in long-term debt. 7) $10.1B in Q1 2026 CapEx vs. $4.1B Y/Y. $20.7B in 2025 CapEx vs. $4.4B in 2023. 8) $135/share = a $1.7T valuation. Seeing projections for $23B in 2027 EBITDA. So that's 74x 2027 EBITDA with EBITDA growing around 70% Y/Y at that time if estimates are correct. It looks like it will open well over $135. Misc. Notes: 1) Only 4% of the share count is being offered at the open. 40% of locked shares unlock after 180 days. The full lockup expiration happens at 365 days. 2) Musk has next-level job security. Activists can't threaten his grip. Ousting him would require a majority vote within class B shares... and he owns most of those class B shares.

Kind of sort of extremely wild that a single person could end up owning 5 of the most influential companies in history. Equally wild that this same person posts things like this 😂🙂

100% of velvet:native protocol-owned liquidity on Base has now been migrated to @AerodromeFi As the leading DEX on Base, Aerodrome has become the primary trading venue for liquidity, volume, and users across the ecosystem By consolidating liquidity into a single venue, we aim to provide: - Deeper liquidity for velvet:native - Better trading experience - Lower slippage - More efficient capital utilization - Stronger alignment with the Base ecosystem This migration represents another step in optimizing the velvet:native market structure as trading activity across Velvet continues to grow

The New Home Base of VELVET ✈️ @Velvet_Capital protocol-owned liquidity has migrated from the competition to Aerodrome. Why? On Aerodrome, protocols can stake liquidity to earn maximally while contributing to the top pools by volume on Base. Swap & LP $VELVET today.

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Goodnight Web3! See you on the TL

Good Morning! Can I get a Gm?

Good Morning! Can I get a Gm?

$SKYAI Perps now live @Bybit_Official Keep grinding.

AI will stay and grow exponentially. But most AI companies will go bust. There are just too many. Even survivors will see huge price fluctuations. There will be new survivor entrants too. Same as any other new industry, really.

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New All In stock tomorrow. As always subscribers get first access to my trade before i post it to the public. If you want first access here you go. x.com/CKCapitalxx/creator-su…

SpaceX IPOs tomorrow at a $1.75 trillion valuation. $SATS owns more than 2% of SpaceX. It seems like almost nobody is doing the math on what that is actually worth. EchoStar swapped a chunk of its wireless spectrum for a stake of more than 2% in SpaceX last September as part of the FCC approved $40 billion deal with SpaceX and AT&T. At the time SpaceX was valued far below where it is about to list. Tomorrow that stake gets repriced against a $1.75 trillion company. At that $1.75 trillion price, TD Cowen pegs EchoStar’s SpaceX stake at roughly $31 billion and puts a $155 target on the stock. But SpaceX is widely expected to trade well above its IPO price. Run the same math at a $2 trillion valuation and that stake jumps to around $40 billion on its own, which is more than EchoStar’s entire $36 billion market cap today. You would be getting the SpaceX position alone for more than the whole company is currently worth, with everything else thrown in for free. And there is a lot else. A $40 billion spectrum sale to AT&T and SpaceX that wipes out the 2026 debt wall everyone was scared of. Around 5 million satellite TV customers. 2 million Sling subscribers. 7 million Boost Mobile customers. 700,000 broadband customers. One of the most valuable spectrum portfolios in the country sitting on top of roughly $10 billion in net cash. The market spent years treating EchoStar as a dying satellite TV company buried in debt. That story is finished. The spectrum deal cleared the overhang and the SpaceX stake quietly turned this into one of the only ways for public investors to own a real piece of SpaceX. The honest risk is the roughly $22 billion in debt and the fact that the FCC transfers do not fully close until 2027. This is not a clean bet. But at $116, with SpaceX about to list and likely run toward $2 trillion, the math points higher. TD Cowen sees $155 even using the conservative number. SpaceX prices tonight. EchoStar owns 2% of it.

24 hours to go.