Nicolas Owens

Absolutely.

And yeah, so TAM, the total addressable market is the way I interpret those numbers.

And it's interesting, actually, that the smaller of the three that they put in their registration statement was for the rocket piece.

Right.

Yeah.

So the one point six trillion addressable market that they list for the Starlink business, that's one point six trillion is pretty much what every human spent on telecoms on Earth this year.

So what I interpret from that, like you said, it's as if they're saying we could go get or dominate 100% of this market.

And so I actually interpret like addressable is sort of like in air quotes, like in theory, they're in that market for sure.

They are playing in the mobile telecom, broadband and wireless market.

That's kind of the service that Starlink provides.

But we did an independent assessment of what we think a more realistic or addressable, not in air quotes, market opportunity for them is.

And here, again, we're trying to give them some benefit of the doubt, given kind of these multiples that are being thrown around.

And we're saying they have a great niche, right?

There's stuff you can do with Starlink connectivity that you can't do with ground-based broadband or wireless.

And there's pretty big market for that.

And then we interpret also this most likely scenario is that they can sign kind of like partnerships with wireless carriers and use the wireless carrier spectrum in most cases

which is an important solution to a constraining problem that they have, which is radio spectrum is the limiting factor to get the information up and down from the satellite.

So that's where we get to the 129 billion global opportunity, which and we even give them.

I want to say it's in our 10-year forecast, they get to some 45 percent of that market, which is pretty aggressive, but that's in part because they define some of that market.

These niche uses, they are the most credible provider and they're way ahead in terms of the number of satellites that they have up there to be able to deliver that connectivity.