Coverage of SpaceX and Starlink: reported results and estimates, free float, lock-up releases and index inclusion, ownership and voting control, and the AI infrastructure build-out.
Size and timing of the lock-up release relative to index weighting and float.
First-quarter 13F positions, dual-class voting and lock-up structure.
Remaining eligibility criteria and how the Tesla precedent was executed.
Mechanics of index-fund buying at the quarterly rebalance close.
How the float-based cap determines index weight.
Index demand relative to the next lock-up release.
Where Musk’s economic and voting stake would sit in a combined company.
Interactive model of control in a combined company.
Interactive calculator for Musk’s blended stake under different exchange ratios.
Free float, scheduled lock-up releases and Korean ETF exposure.
Interactive supply-and-demand model for the free float.
Reported results versus our estimate, segment mix and the free-cash-flow effect of AI capital spending.
Pre-results estimate of revenue, segment profitability and capital expenditure.
Earlier (September 8) estimate, superseded by the October 19 estimate and reported results.
Event calendar and positioning ahead of August 2026.
Capital expenditure, AI infrastructure delivery and valuation sensitivities.
Operating cash flow, capital spending and the funding of the free-cash-flow gap.
Drivers of Starlink segment margins.
Launch, satellite connectivity and AI infrastructure competitors.
Revenue drivers in aviation connectivity and the spectrum position behind direct-to-cell service.
Infrastructure briefing on the Colossus build-out and AI capital spending.
Compiled capital-expenditure data and comparison with peers.
Assessment of capital efficiency and organizational advantages.
Effect of V3 satellites on capacity and unit economics.
Capacity growth and addressable market relative to fixed broadband.
Historical simulation of a monthly covered-call strategy on SPCX.