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Tech – SpaceX IPO on the radar
Next June, SpaceX aims to raise $75 billion, bringing the company’s total valuation to $1.75 trillion… Despite the euphoria surrounding this record-breaking IPO (surpassing even the historic Saudi Aramco IPO), caution is warranted regarding the sustainability of the Starlink model in the face of the ubiquity of high-performance terrestrial networks. Indeed, the initial reports from the US are damning: whilst the SpaceX network is technically operational, subscribers hardly ever use it. The risk of a repeat of the Iridium scenario[1] – costly infrastructure for marginal demand – calls for a rigorous analysis of actual revenues before any investment. Prudence dictates waiting for the publication of the first post-IPO quarterly report to verify whether Starlink’s actual revenues confirm the promises made in the prospectus. A valuation of $1.75 trillion leaves no room for technological or commercial error… especially in such a volatile financial climate.
Defence: CSG vs Rheinmetall
Two months ago, we drew your attention to this ‘young’ Czech defence firm, the Czechoslovak Group, which was recently listed on the Amsterdam stock exchange (January) and has been buying up factories left, right and centre in the US and Europe (Italy, Spain). We had even suggested an entry point at €22. Since then, the share price has fallen below €16 following a major attack by the firm Hunterbrook Capital[2], accusing the group of inflating its actual industrial capacity and “recycling” old Soviet ammunition rather than producing the cutting-edge technologies it had announced.
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EDITORIAL For the past 20 years, we'been observing, analysing and anticipating as best we can the stages of the massive transition from a functional Western-centred world to a functional multipolar [...]
ANALYSIS Anthony Trad, Geopolitical Analyst Chairman of Stradegy Advisory For over 20 years, the GEAB has been studying the transition from a relatively simple Western-centred world – characterised by [...]
ANTICIPATION If we are correct and Donald Trump’s America is systematically dismantling all the ties paralysing and crushing the United States, preventing it from taking its place as ‘primus inter [...]
AGENDA 14–15 May – BRICS+: new candidates, new challenges The BRICS foreign ministers are meeting on 14 and 15 May 2026 in New Delhi under the Indian presidency, a gathering [...]
EVENT In 2026, Switzerland will assume the chairmanship of the Organisation for Security and Cooperation in Europe (OSCE) for the third time – following 1996 and 2014. This term of [...]
VISION I was sixteen. It was December 1983. WarGames had just come out. I saw it back then, as a teenager, and something took root inside me. A fascination with [...]
