Verizon's CEO said today that SpaceX will need at least 4-6 years and $300B-$500B to fully build out its @Starlink Mobile U.S. carrier network: "Their service just can't compete with a terrestrial network. In suburban and urban areas, where 98% of our revenues are, we're somewhere between 100x–1,000x more efficient than they are. We know exactly what they're going to do. We know who they're talking to on towers. There's no magic wand. There's no secret sauce. There's no shortcut. They're going to look at 65,000–80,000 macro sites. They're going to need backhaul, RAN, and a tremendous amount of spectrum. It's going to take a minimum of four to six years to fully build that out. It's going to cost hundreds and hundreds of billions of dollars, I assume somewhere between $300 billion and $500 billion. Then they need to build retail, customer service, back office systems, et cetera. All of that gets them basically the same network and same capabilities and same cost structure as what we have today. Then sometime over the next four to six years, they have the possibility of becoming the sixth, not the fourth, the sixth competitor in the market. You can be sure over these next three to five years or six years, we are not going to be standing still. Four to five years from now, we will be two to three generations better than where we are today. We will have high-speed broadband gig-plus coverage across the country with our millimeter wave. We are ahead of most people and already experimenting with what 6G applications will look like." (via Verizon's Q3 earnings call earlier this morning)

Did $MSTR take the week off?

Strategy has repurchased $205M of $STRC. As of 10/25/26, we hold 848,517 $BTC and $5.1B of USD Assets. $MSTR strategy.com/press/strategy-…

Strive acquired 6,182 $BTC for $511.4M at an average cost of $82,732 per bitcoin, bringing total holdings to ₿43,000. - Cash and marketable securities increased by $187.7M to $554.6M. - Established a $1B $SATS ATM program. $ASST $SATA $SATS

Strive acquired 6,182 $BTC for $511.4M at an average cost of $82,732 per bitcoin, bringing total holdings to ₿43,000. - Cash and marketable securities increased by $187.7M to $554.6M. - Established a $1B $SATS ATM program. $ASST $SATA $SATS

Coldcard Hack Iran War Ledger incident Treasury yields gone wild Housing market broken $MSTR selling Quantum threats Chamath Bullshit call Doesn’t matter Bitcoiners HODL!

Pretty much. As of the past few weeks, debt markets have almost entirely shut off access to money for any company that doesn’t have substantial revenue independent of AI data centers. SpaceX closed $40B of debt for GPUs, but we’re investment grade and have Starlink & launch revenue. That means the 200+ neoclouds are going to see guppy-level death and consolidation. Some will make it through, but not many.

Schools in America are giving out META Data Center Lego Kits These legos let kids “Build a mini Data Center” to get kids familiar and accepting of the idea of Data Centers Students at this META presentation were also taken into a bus and shown VR demonstrations to get them interested in Data Centers. They were also told they could make a lot of money if they worked at a META Data Center when they got older (proof shown) Many Americans feel like this is propaganda being directed directly at their children and dystopian. I agree This shouldn’t be allowed This is happening all over the country, in the video I’ll provide a in depth list of where these programs are

As someone with a portfolio of energized land assets here is what I am seeing: 1. Neoclouds are disorganized and poorly capitalized. Some are definitely better than others however. 2. Hyperscalers are intractable, bureaucratic organizations that take 3 months to do an NDA and want 18mo escrow periods. We built our portfolio by competing against these terms because of our speed and simplicity. The more future assets orgs like ours win, the bigger the problem for the hyperscalers downstream (see 3). 3. There are delays in the existing pipeline that will catch people off guard in 2027. Hyperacalers will (obviously) react by focusing on their own internal compute needs over any third party. If the third party is a model company, they will tell them to go through their model router where they will also take a non-trivial vig. Them telling Ant they have no compute for them (rumored in Ant’s S-1) if true is a huge tell that this is already happening. All of this is to say that it does look like there will be a lot of partially stranded compute and compute sitting in inventory in 2027 than is currently forecasted. This is bought and paid for but effectively underearning (below total cost of capital) or collecting dust. We see this as true for everyone - model companies, hyperscalers, neoclouds except ONE (you can guess which one). This dislocation will benefit two kinds of orgs: the non-bureaucratic big scalers who can build industrial scale quickly and the nimble, well capitalized players feeding them. 2027 will be a turbulent year because it will clear out a bunch of wrong/bad bets. It will also be a consolidation year for a few.

Pretty much. As of the past few weeks, debt markets have almost entirely shut off access to money for any company that doesn’t have substantial revenue independent of AI data centers. SpaceX closed $40B of debt for GPUs, but we’re investment grade and have Starlink & launch revenue. That means the 200+ neoclouds are going to see guppy-level death and consolidation. Some will make it through, but not many.

You are NEVER too late to Bitcoin.

The sats/$SATS perpetual swap has been activated.