(https://www.marketwatch.com/story/the-big-question-facing-spacex-investors-what-are-you-really-buying-8c5c2a10?mod=mw_rss_topstories) that's supposed to rotate capital away from the Magnificent Seven is actually revealing a deeper problem: nobody can hedge this thing without getting political fallout and execution risk. Starlink's satellite broadband economics are unproven at scale. Starship's payload costs are still theoretical.

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