ESG Express "Re-ignition" Gershuni

研报英文原文证据摘录

ESG Express "Re-ignition" Gershuni

market nearing $30T. Starship would effectively give SpaceX commercial control over

access to space for the next decade. (Full Report)

Space: With the development of the Falcon 9 reusable rocket, SpaceX

revolutionized the launch business, carrying 85% of US payloads to orbit in '25. It

is closing in on commercialization of its 5x larger Starship, extending reusability to

the entire vehicle, dramatically improving cost to orbit while setting SpaceX as the

gatekeeper to economic access to space in the NT

Connectivity: Starlink is a constellation of LEO satellites providing fixed internet

access to 10M global subscribers today. Our team believes Starship will enable the

deployment of next-gen satellites, super-charging the business with 10x the

capacity per satellite at ~1/10th the cost. Vertical integration and end-to-end

service provision enable high returns at lower prices.

AI: AI compute deals with Anthropic and Google put the company firmly in the AI

infrastructure space while inexpensive access to space opens up the market for

orbital compute. The design and manufacture of its own ASICs through Terafab

could do to compute what Starship has done to launch and together provide

SpaceX with an economic and time to market advantage in deploying and

monetizing GWs.

US Power -Expect Positive PJM Milestones Upcoming

On 6/30, Critical Issue Fast Path stakeholders advanced a proposal on reliability backstop

procurement but did not receive support on connect and manage proposals. The

PJM Board will use the proposals to move forward with a filing with FERC in the coming

days with the intent to complete the procurement before the December 9th '29/'30

capacity auction. Anticipation of large load connection has helped fundamentals in our