Alex🅰️nder

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Expert on neoclouds: "At the moment, both Meta and SpaceX are already denting demand for neoclouds and AI-infrastructure providers, because we're getting bare-metal contracts from Anthropic, Google, and other frontier labs — all contracts that could have gone to leading neoclouds like Nebius, CoreWeave, or IREN, or to another infrastructure player, but instead are going directly to Meta and SpaceX." $SPCX $META $NBIS $IREN $CRWV

$NBIS Expert Takeaways: • Nebius enforces 60-65% upfront contract payments • Short-term spot capacity generates $40-50M/MW • Sort-term deals have potential to reach $60M/MW after full 20% auction-based price uplift

Leopold got rugged by Ken so hard in the public markets that he's doubling down on private, where the marks only go up. Fluidstack @ $40B valuation btw as a bare-metal TPU operator with no managed cloud. Meanwhile, $NBIS only @ $47B today. "Fluidstack has (currently) exited the managed clusters market, as far as we are concerned, because their focus has shifted from managed Nvidia clusters to bare-metal TPU deployments at 100K+ chip scale." - SemiAnalysis ClusterMax 3.0

Nscale's IPO was seeking ~$30-35B. Investors now pushing back to $16–19B is much more reasonable given the 2028 ramp, bare metal overhang, and all the execution headline failures. And anyone selling you a software story is putting a hood over your head and mugging you blind.

1/16 the ai industry is making an unusual bet: buy compute for years, sell intelligence by the token. banks, commodity merchants, airlines, utilities and cloud providers each explain a different part of the risk.

$VSAT: Viasat and Space42 just signed Canada's Terrestar to their Equatys direct-to-device platform. Under the MoU, Terrestar's planned Canadian LEO constellation, CaStar, will interoperate with Equatys while Terrestar keeps full control of its own assets. It's the venture's first "sovereign shell" deal, and its two founders have committed up to $1B in equity. The deal was signed during the Abu Dhabi Crown Prince's visit to Canada.

$ASTS: This story is making the rounds so I am going to address it: floridatoday.com/story/tech/… On October 21, SpaceX VP Kiko Dontchev stated that SpaceX has a 6 week gap before the next Falcon 9 launch out of Florida, reason being for prep for Starship's debut in Florida. The 6 week gap aligns with Ben Cooper's manifest noting a "late November" launch for the Northrop Grumman Cygnus NG-25 mission, so this should be the next F9 launch being referenced by Kiko Dontchev. What this means for @AST_SpaceMobile: + BB14-16 are at Astrotech integrating for launch, and will be ready to go as soon as SpaceX Falcon 9 can launch them probably in December. + Why did AST ship if they don't have a launch? In my view it's one or both of two reasons: (1) AST was blindsided by SpaceX's sudden pause and/or (2) AST shipped to make room at their factory + This 6 week gap explains AST's silence on launch date PR. Their hands are literally tied. + Note that this Falcon 9 pause is not unique-to-ASTS as it impacts all Falcon 9 launches out of Florida, although you could make an argument that AST's payload is really the only one being impacted by this pause. That being said, I don't know the status of other Falcon 9 payloads that may or may not be impacted. Prep for Starship is a good excuse/reason though but yes it is unfortunate that AST's launch is being impacted. + How AST manages the narrative from here will be key, whether they do it with an interim update now or wait for the Q3 earnings call on November 9. The best thing for us shareholders and sentiment would be if AST can signal that production is going well and batches are continuing to get done and stockpile for a more rapid launch cadence starting in December when Falcon 9 returns to operation in Florida. --> Note that if AST's production is going well in the background, then I think this pause from SpaceX helps explain the unusual gap between BB11-13 and BB14-16. And as mentioned in bullet 3 above, this explains the weird comms from AST surrounding BB14-16 batch. --> Astrotech should have plenty of room to accept more BlueBirds if we can ship another batch or two while we wait for SpaceX to resume F9 operations in Florida. In adjacent/related news, our boots on the ground are reporting that more shipping containers are arriving in Midland soon, which is a positive sign for more shipments coming in the near term: teapaw.org/DanteePacheco/status/2…

$ASTS | Christel Heydemann, CEO of Orange, during the Q3 2026 earnings call: “Last week we signed, together with Deutsche Telekom Telefónica and Vodafone, a letter of intent to prepare a potential joint bid for the future allocation of spectrum for mobile satellite services in Europe. The initiative supports the European Commission's ambition to strengthen Europe's sovereignty, security, and resilience in critical connectivity infrastructure. Overall, we see satellite connectivity as a core complement to our networks to provide coverage completeness and resilience. Also in terms of innovative growth, Orange Business obtained a new Secnum Cloud qualification, extending its portfolio of trusted cloud offers. Orange Business was also selected to provide the European Union's backbone network for trusted data exchange. Our Maxit in Middle East Africa keeps gaining traction, with 38.5 million active users.” “On the satellite and MSS spectrum, as we commented, we signed a letter of intent with Deutsche Telekom, Telefónica, and Vodafone to potentially bid for one part of the MSS spectrum that is being auctioned end of 2027 for implementation in 2029. The bid for this spectrum would then be open and wholesale to all telecom operators in Europe. We see MSS spectrum really as a complement to our terrestrial network. As we've always said, for us, the key element will be the customer experience and the handover from terrestrial to satellite and back and forth between our networks, which really requires mastering both side of the experience, working also on the end sets. This is really the way we see it. When it comes to the bid and the consortium to bid for spectrum, it's still early stage, so we can't provide you more details. Again, the process is second half of 2027, so we will provide more detail as soon as we have.” “On satellite, you are right to mention we launched this first offer a year ago, actually, with Skylo in France. As you know, we are testing several solutions. We are also testing Starlink in Spain. We have a pilot under preparation in Romania with AST. When it comes to the Skylo offer, we've been able to test the willingness for customers and the appetite in the market for this type of offer. That being said, the Skylo experience, given its geostationary solution and it was only available on a few devices, was as expected. It was for us a test in the market to test the appetite, to position ourselves on this segment. However, we plan to continue to add especially more device options, given it was limited to only customers buying this new Pixel devices which was a very small part of the market.”

BREAKING: The Pentagon has announced a $150 MILLION conditional loan commitment to Stoke Space, backing the development of a second launchpad at Cape Canaveral for its next-generation fully reusable rockets. The financing, announced through the Department of War’s Office of Strategic Capital, would support infrastructure for Stoke’s larger Nova Block 2 rocket. Nova Block 2 is designed to deliver 15 metric tons to low Earth orbit with both rocket stages fully reusable, targeting rapid turnaround and lower launch costs. Stoke is pursuing two major milestones: • Nova Pathfinder: First orbital launch targeted for 2027. • Nova Block 2: First launch targeted for 2029, supported by the proposed new launchpad. The company also announced a $1 billion private funding round in September, bringing total capital raised to $2.3 billion. The Pentagon says expanding domestic launch capacity is critical to supporting military satellite deployments and reducing dependence on limited launch infrastructure. The $150 million commitment remains conditional on financial, technical and legal requirements. No loan funds have been confirmed as disbursed.

Starlink Mobile is now live in Brazil with @vivobr! 50M customers can use apps and messaging in cellular dead zones — with 7M phones already connected. This is the first nationwide service to cover the entire country.    The next-gen service - Starlink Mobile V2 - will make sure all Brazilians have access to high-speed mobile internet, from small fishing villages deep in the rainforests to remote stretches of highways 🛰️📱