Space Industry Gets a Lift (RKLB, LUNR, SATL); Tesla Rolling Out Broader FSD Globally; and Latest on SoftBank/OpenAI IPO - Cantor's Take

研报英文原文证据摘录

Space Industry Gets a Lift (RKLB, LUNR, SATL); Tesla Rolling Out Broader FSD Globally; and Latest on SoftBank/OpenAI IPO - Cantor's Take

May 26, 2026

adjusted with a net interest-bearing debt of ~¥8.2T. As of 3/31, SoftBank

Group's equity value consisted of ~40% in Arm, ~45% in the Vision Funds,

~6% in SoftBank Corp, and ~10% in Other. More specifically, as of 3/31, Arm

and OpenAI comprise ~65% of SBG's equity value of holdings. Additionally,

the company reported a LTV ratio of 17% (vs. 20.6% as of 3Q25). For 2026,

we expect SoftBank to continue expanding its 4 main pillars: AI Models, AI

Chips, Physical AI and AI Infrastructure. Our full takeaways can be found

HERE.

Self-Driving Trucking Industry Moves Closer to a Potential Federal

Autonomy Mandate - Bullish for AUR & KDK. Last week, the House of

Representatives' Transportation and Infrastructure Committees introduced

the BUILD America 250 Act, a bipartisan, five-year surface transportation

reauthorization bill to provide ~$580B investment in the U.S. for further

development of roads, bridges, transit, rail systems, etc. More specifically,

the bill would for the first time create a comprehensive federal policy

framework to regulate the safe deployment of autonomous trucks. The

bill would also set safety standards and equip the U.S. Department of

Transportation with the tools to oversee the scaled rollout of autonomous

trucks. From our coverage, we view this as materially beneficial for AUR

and KDK, with both having previously commercialized self-driving trucks in

the U.S. The committee is aiming for this legislation to be signed into law

before 9/30/26.

EVE's eVTOL Completes Hover and Low-Speed Testing Phase as Test-

Flights Continue to Ramp Up. On 5/21, EVE announced it had successfully