Reddit Posts
$SATS booming. Why? DISH had 40% short interest prior to merge. Short brokers got trapped
SATS taking Off after heavily shorted!!!
$OZK will probably explode very soon, their revenue share and bridging are best on the market
Conventional wisdom says you should invest in companies that you have had a quality, personal experience with. Should you short the others?
To all the ASTS haters, you're going to lose money anywhere you go, even the ocean!
ANOTHER AWESOME SHORT SQUEEZE IDEA... $SATS
Stacking SATS -Oslo Stock Exchange!
Supergem lowmarket cap low total supply with BTCB rewards
EchoStar (NASDAQ:SATS) Short Interest Data Current Short Volume 6,830,000 shares Previous Short Volume 6,120,000 shares Change Vs. Previous Month +11.60% Dollar Volume Sold Short $180.93 million Short Interest Ratio / Days to Cover 11.1.
Mentions
James from Invest Answers is by far the best. Don't trust me, look up his calls this year. They are amazing. He called MRVL, AMD, SATS, ALAB, MU, Google, and Copper all before they ran.
Man that SATS1 is really dragging your portfolio down tho...
#TLDR --- **Ticker:** SATS (EchoStar) **Direction:** Up 🚀 **Prognosis:** Buy Jan 21 '28 $190 Calls **The Catalyst:** Playing the ultimate backdoor arbitrage into a confidential SpaceX IPO, combined with a $22.6B spectrum buyout from AT&T to squeeze the shorts. **Degeneracy Level:** Honey badger on pre-workout.
Check out SATS. It’s a back door way to get into SpaceX pre-IPO. Hence why it’s my biggest holding. My bet is being a space stock and being an Elon Musk company that SpaceX is likely going to pump to the moon initially. Wouldn’t surprise me one bit to find out later he fucks with the algorithm on X to push SpaceX content to pump it.
DXYZ, XOVR (43% of of this ETF is SpaceX exposure) SATS (owns 23 B spacex). Good luck to us all. 🤞🍀
>LUNR is speculative company based on lunar surface infrastructure. LUNR recently became the main manufacturer of satellite busses for LHX, IRDM, SATS, T/TPG (DirecTV), SIRI, and NOAA. They are also a significant guidance, propulsion, and navigation provider for LMT, B, GD, GY, Spectrum Astro, and NOC. This isn't even new news at this point. *Way* too many people are failing to understand the significance of the [Lanteris ](https://lanterisspace.com/about-us/history)and [KinetX ](https://www.kinetx.com/missions)acquisitions.
That’s a great approach, buying good reputable companies when they are down is going to bring a lot of profit to you for years to come. I also like purchasing companies that have big stakes in spacex and openai. MSFT has a 27% stake in openai, MSFT will do great over the next 2-3 years at least. Echostar (SATS) has a nice stake in spacex, I bought it about 3 weeks ago and I’m up about 25% since then. I just found out about VCX, it gives you exposure to private equity, I bought it last week and I’m up 20% on that, time to trim
I didn’t buy SATS for their business. I bought them b/c of the SpaceX IPO. EchoStar holds billions and billions of SpaceX common stock that I expect to go burrrrrrrrrr when it IPOs. This will make SATS go burrrrr. I’ll sell once the IPO hype hits peak levels this summer.
Looking at your portfolio, you've got good diversification across tech and space/satellite companies. Before throwing $20k into any single position, I'd suggest running your existing holdings through a due diligence scan first - especially EchoStar (SATS) since that's a smaller player in the satellite space. For new positions with that amount, consider adding some defensive value to balance out your growth-heavy tech portfolio. Maybe split between a solid dividend aristocrat and doubling down on GOOGL if you believe in their AI moat. The key is making sure any single position doesn't become more than 10-15% of your total portfolio. What's your total portfolio size? That'll help determine if $20k in one stock creates concentration risk.
I’d be careful; SATS is more of a hype-driven SpaceX proxy than a clean way to invest in SpaceX, and a lot of the move is already IPO expectation priced in. It can run further on sentiment, but it can also unwind fast if the IPO timeline or excitement shifts, so it’s more speculation than fundamentals. You can check this on TryLattice, but I’d treat it as a trade, not a long-term investment.
To build on that; Pretty much all of Echostar’s satellites have been built by Lanteris (now under LUNR). SATS has already signed multiple contracts for new satellites this year. They are looking to expand, and now (or soon) have the capital to do so. Read into that as you will.
That’s awesome, I buy google on a fairly regular basis, not weekly, kudos to you. But I was just curious to what people’s perspectives on SATS ahead of the SpaceX ipo.
SATS doesn’t currently own any SpaceX shares. They have an agreement to sell their spectrum to SpaceX in exchange for SpaceX equity. That spectrum deal still needs to be approved by the regulators, and as of now it is contractually scheduled for Nov 2027. Both sides could agree to move the deal up, and most analysts think that SpaceX will do so given the influx of cash they’ll have. But it’s not as if you’re buying 2.5% of SpaceX. If all goes as planned, the value of their SpaceX equity alone is worth more than the current market cap, so you’re getting some of the legacy SATS business for free. But there’s always risk, no free lunch.
RKLB maybe, but I don’t understand how google would rise much higher than where it is at currently. SATS seems a greater opportunity for exponential growth.
This I’m betting on the growth of SATS through cash influx from others like me. And a big spike when the IPO happens.
SATS isn't a satellite company anymore it’s a SpaceX proxy. The market finally realized they’re holding a multi billion dollar **golden ticket.**
The value of SATS is significantly SpaceX shares, so that certainly benefits and it's still surprising that there hasn't been more discussion about SATS being heavily a SpaceX tracking stock. The concern with ASTS is that you have SpaceX and now Amazon has bought Globalstar - there will be competition.
Jim Cramer says "Jim Cramer Agrees With a Caller on EchoStar Being a “Great Proxy” for SpaceX" and SATS is showing double top at finviz !
What the heck with SATS??? damn
"But if you're planning to hold for years anyway, does that really matter?" So many people say that about high growth popular names until you have a 2022 and then the long-term investment time horizon shrinks to "why didn't I sell this yesterday?" " And yes, it's an interval fund so you can only sell quarterly." How much of the AUM can sell quarterly? With a lot of these funds, if a quarterly redemption becomes more than $x, a lot of people are going to be told to wait until next quarter. Can the fund be gated for any reason? I would look at the fine print. "read a Motley Fool article" Not something I'd recommend. " SpaceX" I'd much rather SATS. Or even BPTRX (33% of the fund as of March 31.) There's also other things out there that invest in private companies. I wouldn't want to give Cathie Wood any money and I really wouldn't want to invest in a Cathie Wood interval fund with limited liquidity.
idk if I’d call it the “best” pre-IPO exposure tbh. SATS has so much going on (DISH, Boost, etc) that SpaceX feels like a pretty indirect play, and the balance sheet isn’t exactly light either. Feels more like a complex telecom turnaround with a SpaceX angle than a clean proxy.
Depends on your style. I personally invest actively and am looking for: 1) High fraction of exposure (GOOG fraction is small) 2) Potentially undervalued (Funds like DXYZ and VCX are trading at high premiums) This gives me more control and some cushion. You can certainly argue that GOOG as a company is more stable than SATS and a way to get a small degree of SATS exposure, if that's your jam then sure.
not really, if spacex is worth 2 trillion or whatever, and SATS owns 3%, then SATS market share will be worth 60b alone SATS current market cap is 36b
There's also SATS, but comes with a lot of other stuff and not much SpaceX
why don’t you bet on SATS? they own 3% of Space X. interested to know your thoughts
Sweet I’ll check them out! My big winner was SATS and I have some BEPC who has a decent dividend
Why not buy SATS which is guaranteed returns based on your thesis?
Certain ETFs would likely include it as a holding, including index funds like VOO if it’s listed in the S&P 500. You can also buy SATS which is tied into SpaceX and has already seen considerable gains recently.
There are better ways to play spaceX. SATS and DXYZ have larger portions.
Same. I thought I was overly invested in RKLB and SATS, then the past few week hit and I couldn't help but buy even more. The past 2 days have been crazy good
$ASTS 🎼 sing it with me! (Clap, Clap, Clap-Clap-Clap) 🎵 NO METAL IN SKY SHARE PRICE GO BYE (Clap, Clap, Clap-Clap-Clap) 🎵 ABEL TELLS LIES APE CAPITAL DIES (Clap, Clap, Clap-Clap-Clap) 🎵 SIXTY SATS PLANNED STILL ON THE LAND (Clap, Clap, Clap-Clap-Clap) 🎵 APES LOSE IT ALL WATCH THE GREAT FALL
$ASTS 🎼 sing it with me! (Clap, Clap, Clap-Clap-Clap) 🎵 NO METAL IN SKY SHARE PRICE GO BYE (Clap, Clap, Clap-Clap-Clap) 🎵 ABEL TELLS LIES THE CAPITAL DIES (Clap, Clap, Clap-Clap-Clap) 🎵 SIXTY SATS PLANNED STILL ON THE LAND (Clap, Clap, Clap-Clap-Clap) 🎵 APES LOSE IT ALL WATCH THE GREAT FALL
If the go Nasdaq they’ll be in the NSDQ 100 within a month. This will definitely skyrocket and I can see the shares going for $1000+. I bought some calls Oct 2026 $130 calls on $SATS for an indirect exposure to SpaceX. I’m hoping by that time Echostar goes to $180 minimum, and praying for $200+
Holding both. Long term just add to it when it dips like today. SATS is connected with SpaceX as SpaceX is paying for their band. Thats why sats jumped. Its like a 17-21 billion deal for those bands. Old dish network lol
Had a nice little pop today… Idk. I just bought SATS as they own 3% of SpaceX and it’s over half of their share value
My SATS call is going to work out 😲
CMBM and SATS will feed off of the IPO.
I think I’m waiting on a pullback to $20-$25 to snap up some shares. It’s on my space watchlist and I’ve also got BKSY and SATS too.
XOVR is hemorrhaging money, so they’re likely being forced to sell their SpaceX exposure because with all of the outflows, that exposure has become way larger than the 15% cap that an etf can have in illiquid assets. I don’t know how all of that will play out, but there might not be that much exposure left, and the rest of that portfolio hasn’t performed too well. SATS is complicated with all of the pivots, writeoffs, and lawsuits/settlements. The SpaceX exposure could be meaningful but also not entirely sure how everything is structured in that deal. If I read correctly, they need to transfer the licenses to get the SpaceX equity and that’s not a ‘26 timeline, so it’s not necessarily like you can buy SATS for IPO exposure
\> Are SATS and XOVR the best pre IPO spacex plays? No opinion on it, but check out VCX: [https://fundrise.com/vcx](https://fundrise.com/vcx)
SATS stock owns 23 billion$ of spacex stock. This is one way of getting into early spacex investment..
Buy SATS. They have 2.5% equity stake. Sounds like they are going to allow about 500B to be the tradable float and all the indexes are going to be forced to buy it up. Should do well until the lockup period expires
If you want a stonk that's an indirect investment in SpaceX before IPO, I think the best bet would be buying SATS, they basically just own SpaceX shares
SATS why are you not dropping? Please go down to $100
Aside from SATS, which I think everyone agrees was the most surprising additon, each company is growing top line 20-60% and all profitable with growing bottom line. This is why most people lose to just SP500. These new additons are adding value, yet you would just want to discard them with some lazy "AI/tech name". Do have any idea on their financials, what they do, and why their revenues (and stock prices) are booming? I own VOO, SPY (from before VOO existed), and the 3 other individuals VRT LITE COHR and did my DD on all of them.
They probably wanted to add ASTS but fatfingered SATS
SATS never should have been added to the SP500 but and SpaceX shouldn’t be added either but even if it does there won’t be a “rug pull”. SpaceX could be added and then go to $0 and the SP500 would only drop like 2%
How did $SATS gets added to the sp500 if they didn't have 2 profitable quarters? Isn't that a requirement?
SATS never should have been added. Virtually all of their value is in holding SpaceX shares from selling their spectrum last year. How can you add a company to the SP500 that is only valuable due to holding a completely separate business’ shares?
Actually curious as well cause I thought the same, spot checked AI explanation. While S&P Dow Jones Indices generally requires a positive sum of the previous four quarters of earnings, SATS qualified due to the following factors: * **Non-Cash Impairment Carve-outs**: The $14.5 billion net loss reported by EchoStar for 2025 was primarily due to **$17.6 billion in non-cash asset impairments** and network decommissioning expenses. The S&P Index Committee often focuses on **operating profitability** and may adjust for one-time, non-cash charges that do not reflect the core business's viability. * **Operating Stability**: Excluding these massive non-cash impairments, EchoStar's core satellite and wireless operations showed improved clarity, with connectivity expenses projected to decline materially in 2026. * **Market Cap Dominance**: As part of the March 2023 quarterly rebalance, S&P aimed to make the index more representative of its **market-capitalization range**. SATS had become "oversized" for the S&P MidCap 400, making it a logical candidate for promotion despite accounting noise. * **Committee Discretion**: The S&P Index Committee is not a mechanical rule-follower; it is a **confidential group** that has the ultimate authority to grant exceptions if they believe a company is a major representative of the U.S. economy.
How did SATS get included, thought recent earnings had to be positive.
How is SATS in when they haven’t been profitable?
Seeing SATS in the list is super surprising
SATS also added. MTCH, MOH, LW, and PAYC are out. https://preview.redd.it/unlb6cnt3ing1.png?width=1020&format=png&auto=webp&s=d6fac9961771a4c1222a831e0df872ae9dd023be
I heard RKLB is motley fools high conviction stock. I wish I had held from under $10, but who can justify buying it over $100. Same with SATS.
Got in early on SATS. Feeling good right now.
Is that why SATS jumped? I treat it as SX proxy given it's 33% SpaceX stock by market cap.
SATS I love you. Calls please don’t fail me
First and foremost: over the last year, I've become much less interested in actual earnings reports, only in that they do happen at prescribed dates and times. What I AM interested in, is answering these two questions: 1. Which direction will the stock move at open? 2. How big of a move will it be? These two questions don't seem to be answered by the actual earnings announcement, but might be answered by a number of other factors, including PE, funds, recent price and volume, IV skew, sector rotation, etc. This has been an ongoing experiment/development that I am now posting about. As for SATS: I approached SATS with a bearish bias after evaluating the chart. But on reviewing more closely, I shifted to a bullish bias. Recent massive interest from more funds, and when you buy SATS you are de facto buying into SpaceX. The way it's setting up today looks like a pop on Monday. Though if taco blow-ups Iran over the weekend, that may affect Monday...
Curious on your catalyst that SATS will do well with outlook/eps despite being associated with declining satalite companies and boost mobile?
Closed today - Puts: PAR +254%, CRI +182%, FLUT +120%, DUOL +107% Opened today - Calls: SATS *Disclaimer: Buying random letters in the intertube is not recommended. This is not a vice. Or is it?*
Closed today - Puts: PAR +254%, CRI +182%, FLUT +120%, DUOL +107% Opened today - Calls: SATS *Disclaimer: This is not a vice. Or is it?*
Their value lies in the spectrum frequencies they own. Study what happened with SATS and TSLA.
Anyone got some insight for SATS?
Those motions are all like “LET IT DROP MORE SO I CAN STACK MORE SATS!!” lol
If you want SpaceX exposure, just buy SATS.
MSFT's -25% is brutal, but [$SATS](https://aimytrade.io/s/SATS?utm_source=reddit&utm_medium=comment&utm_campaign=smallstreetbets&utm_term=SATS&utm_content=variant_1771394665277_6qoh1) holding -4% through Berkshire trimming Apple and everyone rotating into experiences economy is worth watching.
If you want SpaceX buy echostar (SATS).
AST SpaceMobile (ASTS), EchoStar (SATS), and Viasat (VSAT). Other notable companies for space-based connectivity, data, and launch services include Rocket Lab (RKLB), Planet Labs (PL), BlackSky Technology (BKSY), and Redwire (RDW).
Goddamit dude. It CAN be 20, it CAN be 30 or whatever else it wants to be. The fact that the SATS spectrum cost this much and that ASTS bought Ligado for pennies doesn’t mean shit. If the market corrects, it takes it down with it. If they keep their mouths shut about the unfolding and virtually everything else, the market takes the stock down too. God damit dude, there’s hundreds of examples of mispriced stocks and so what?
How much translates the valuation of SATS SapceX stake to the 1.5T assumed valuation?
SATS current market cap = $32B SATS market cap before SpaceX hype = $5B SATS equity in space (2.8%) * 1T valuation = $28B where’s the upside? Same with SKM, ~8B market cap before hype + $2-3B = current market cap of ~11B.
So should I just take a leap on SATS?
https://www.ainvest.com/news/spacex-xai-merger-rumors-catalyst-echostar-valuation-uncertainty-2602/ Good points.. In case as per article they redo the SpaceX valuation it’s gonna hit the SATS..
this is some next level hopium but i actually dig the logic on SATS, didn't know they had that much spacex exposure the SKM play is interesting too, korean telecom with anthropic stakes sounds like the kind of weird angle that could actually print. though calling MSFT a "23% discount" when it's been trading sideways for months feels optimistic your strike prices are pretty aggressive though, especially that $600 MSFT call lmao. but hey if these IPOs actually drop this year and the hype train gets rolling you might be onto something
"One company is SpaceX with a 34.6% exposure. " SATS is heavily SpaceX. As others have noted, DXYZ trades at a substantial premium although the current high premium is somewhat better than the absolutely absurd premium this traded at for a while. There was a huge decline in this last year and it's still trading at a meaningful premium to NAV.
This was my response to another poster a couple of days ago and still same in terms of broad baskets: Selected tech (Japanese suppliers, memory, optics, semicap/semis) but that's even run so quickly opportunities have largely run dry. Have started trimming some memory exposure, which I won't time right but has gotten absurd. If I'm not buying anymore at this point and I don't see it as a long-term holding, I'm very, very gradually trimming. Defense (largely in other countries) AI power (turbine names, BE, etc) Hard assets, some US listed names but a lot in various other countries and via ETFs. Copper miners, uranium miners, aluminum, metal recyclers, gold miners, royalty plays, oil/gas + pipelines, etc etc etc. A lot of this stuff has already run a lot YTD. Commodity futures ETFs would also go in this basket. Biotech. I continue to enjoy dabbling in biotech and have done well with it, although keep it to a reasonable allocation. Financial markets names. (CBOE, etc.) Other odds/ends that don't fit in the baskets above (not as much here as there sometimes is; SATS for example is one.)
As a SATS holder this is very annoying
AI is an infinite cash drain with no end in sight SpaceX is a cash cow I'm not familiar with ways to synthetically invest in xAI but if you own SATS for example as a way of getting SpaceX exposure, you can see what the market sentiment of mixing these two companies is like...
Just a reminder SATS owns 3% of spaceX and you can get in before the IPO
> What other countries? Companies/stocks based in Australia, Canada, Mexico and a bit of Latin America (I should probably be looking further at Latin America.) There is a point - and I'm about there - where I will probably stop with further allocation to real assets unless things go further South. I think that there's a lot of validity to owning real assets in the years ahead but I don't want to go full "the dollar will collapse!"-style putting everything into that because I don't see that as likely (I do see the world as likely in the midst of potentially lasting negative change but I see it as negative, not apocalyptic), nor do I want to be entirely reliant upon one playbook. AI is still absolutely a theme of interest (not only in terms of technology, but ai-adjacent themes like power) but to me it's still very much about where companies are spending rather than about who is doing the spending. The where has changed and evolved a little over the last couple of years but that's still what's doing best. Meanwhile, if you look at MSFT (down 7% this morning), it's been outperformed over the last 5 years by a lot of boring things. Maybe it's just me but if something is a growth tech play and things like Walmart and the parent company of Chili's have outperformed it over the last 5 years, that's...not great. Maybe all this spending eventually results in a giant payoff for things like MSFT and we get a flip back to investing in the spenders instead of where they're spending, but 2-3 years of so-so returns is a lot of opportunity cost while other things (semis, even boring contractors like FIX - the latter has outperformed even NVDA over the last 5 years) have largely flown higher. "Would like to hear about others that don't fit into the baskets" There's less than there used to be. Couple of examples: I have done well with generic drug co Sandoz - boring name but has worked and generic GLP-1s start next year in some countries. I bought SATS last Fall shortly after the deal that involved SpaceX stock because I thought there would be demand for something that was heavily a SpaceX tracking stock. As there's been more discussion of a SpaceX IPO in the last month or two, it's taken off more. If we really go towards a scenario where the dollar continues lower and investing in resources becomes clearly a multi-year thing, I can imagine investing more in various resource country economies (airports and other infrastructure, perhaps staples, etc.) Some of that stuff has already done well in recent years but if resources turn into a multi-year theme I could see further tailwind. Sometimes with themes, I have a primary focus but then that primary focus becomes too much and it spills over into complentary subcategories. Really, when I talk about themes/baskets, it really is sort of an ETF of my own creation within a broader portfolio. It's not just owning metals and miners, it becomes owning something like Sprott or metals recycling companies and I owned FCFS (largest pawn shop owner) for a little while on the idea of how much prec metals are being transacted there. Something like data center power is never just one thing but a basket of complimentary/varied things. Lastly, I have no problem removing/reducing large chunks of my portfolio if a theme turns or new information/events happen that are negative in a lasting way or some other theme becomes more compelling. I am ab-so-lutely not always right by any means but I am not someone who sits with something that isn't working and goes, "the market just doesn't get it." Sometimes that's right sometimes that's wrong but for me everything is potentially some sort of learning experience. The market post covid imo moves a lot faster. I am relatively happy YTD because of positioning I started putting into place months ago, but at the same time I'm now sitting here thinking about what does 6 months from now look like and does that require positioning changes? "Thanks for your ideas! Your posts make a lot of sense to me." Thanks! I really appreciate that.
SATS Echostar holds 50%
SATS is the way. They own 2.8% of spacex..
SpaceX ipo potentially June. https://www.reuters.com/science/spacex-weighs-june-2026-ipo-15-trillion-valuation-ft-reports-2026-01-28/ long SATS
Here we go tards... The secret is out today - been trading a lot in the emerging tech space. For those interested in getting exposure to some of the bigger names coming out: 1. SpaceX: Buy SATS: Echostar owns \~3% of SpaceX through a spectrum sale and is ripe to reap the benefits of the IPO. A disproportionate vlue of its market cap is tied to the SpaceX stock and is considering of of the best tracking stocks for SpaceX. For 2X, you can also buy SATG 2. Anthropic: Buy SKM: SK Telecom holds about \~0.58 % of Anthropic. 23% of the SKM market cap is based on their Anthopic holdings. Ride the wave 3. SK Hynix/Samsung: Buy EWY: South Korea ETF with SK Hynix and Samsung weighing a large component (43%). 4. Boston Dynamics: Buy EWY: Hyundai (which owns Boston dynamaics) makes up 3% of the ETFs holdings. My Positions: \- 310 shares of SATS \- 100 shares of SATG \- 100 x March 20 30C SKM \- 500 shares of SKM
SATS '27 LEAPS are likely one good way to get on the SPACEX hype. I think Elon will try to nail Sam with his OpenAI IPO with his own company.
In theory, yes, but as many others have pointed out, it depends on the rest of the business. Are they losing money elsewhere? How is the land being used? Is it worth the market price? Is management shareholder-friendly and working to unlock the value of the land? These and many more questions can influence your investment decision. As a recent and somewhat related example, SATS owned a lot of spectrum (electromagnetic “land”). However for years they traded far below the value of that asset because it was underutilized and management was unwilling to sell it. Last year, they finally relented and sold the spectrum to SpaceX, unlocking the value and the stock skyrocketed.
Own it but not buying more. In related stocks, I did add a little to SATS yesterday.
BE dip bought earlier as well. In terms of satellite, SATS (much of the value of which is SpaceX shares) green.
I’m not sure why OP is getting slammed here. SATS owns 2.5%+ of SpaceX. The only other way to get into SpaceX is through an ETF with a super high premium. SATS will hit $200 when Space X IPO nears and it’s widely discovered. I anticipate the value of Space X to be 1.5 Trillion when it IPOs. Anthropic, Open AI are all reaching insane valuation in pre-ipo. Retail can get into SATS and play this call option.
#TLDR --- **Ticker:** SATS **Direction:** Up **Prognosis:** Long Shares (User holds @ $119, avoiding calls due to timing) **Thesis:** EchoStar sold spectrum to SpaceX in exchange for equity. SpaceX's private valuation has doubled since the deal, but EchoStar's balance sheet hasn't marked it up yet. Basically a backdoor SpaceX ETF with a cash-rich balance sheet attached. **Wen Lambo:** When Elon IPOs Starlink/SpaceX
#TLDR --- Ticker: SATS Direction: Up Prognosis: Buy Shares (Avoid short-dated calls due to IPO timing uncertainty) The Play: SATS holds ~3% of SpaceX equity which is hidden on the balance sheet due to GAAP accounting rules. Catalyst: SpaceX IPO revealing the true NAV.