SpaceX发射复盘电话会议

RatingBuy Special Report North AmericaUnited States IndustrialsSpace Technology "Launch" Debrief Valuation & Risks Edison Yu Following our "launch" of coverage (see initiation report here), we are hosting adebrief calllater today (Wed) at 11am ETto go through common questions andtopics, moderated by our TMT and Industrials sector specialists. Research Analyst+1-212-250-7263 Bryan KraftResearch Analyst+1-212-250-0117 To join, register here** Laura LiResearch Associate+1-212-250-2266 What will be discussed? nStarshipeconomicsnStarlink Mobilepath going forward (Build vs. MVNO?)nOrbital data center (Starmind) assumptions (refreshed ODC Excel modelavailable upon request).nNeocloudandCursornWhere do humanoids fit in? (Starworld) Time:July 8th(Wed), 11:00-11:30am ET, 4:00-4:30pm BST, 5:00-5:30pm CEST Speakers:Edison Yu (Senior Analyst, Space & Satellites and Mobility), Bryan Kraft(Senior Analyst, Media & Entertainment and Cable & Satellite) Appendix 1 Important Disclosures *Other information available upon request Disclosure checklist *Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors . Otherinformation is sourced from Deutsche Bank, subject companies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primarysubject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at https://research.db.com/Research/Disclosures/EquityResearchDisclosures. Aside from within this report, important risk and conflict disclosures can also be found at https://research.db.com/Research/Disclosures/Disclaimer. Investorsare strongly encouraged to review this information before investing. Important Disclosures Required by U.S. Regulators Disclosures marked with an asterisk may also be required by at least one jurisdiction in addition to the United States.SeeImportant Disclosures Required by Non-US Regulators and Explanatory Notes. 1.Within the past year, Deutsche Bank and/or its affiliate(s) has managed or co-managed a public offering for thiscompany, for which it received fees.7.Deutsche Bank and/or its affiliate(s) has received compensation from this company for the provision of investmentbanking or financial advisory services within the past year.8.Deutsche Bank and/or its affiliate(s) expects to receive, or intends to seek, compensation for investment bankingservices from this company in the next three months.15.This company has been a client of Deutsche Bank Securities Inc. within the past year during which time it receivedinvestment banking services. Important Disclosures Required by Non-U.S. Regulators Disclosures marked with an asterisk may also be required by at least one jurisdiction in addition to the United States.SeeImportant Disclosures Required by Non-US Regulators and Explanatory Notes. 1.Within the past year, Deutsche Bank and/or its affiliate(s) has managed or co-managed a public offering for thiscompany, for which it received fees.24.Deutsche Bank and/or its affiliate(s) is or has been over the previous 12 months party to an agreement with thecompany relating to the provision of services set out in Sections A and B of Annex I of Directive 2014/65/EU, or hasover the previous 12 months been obliged or entitled (as applicable) to pay or receive compensation relating to theprovision of services set out in Sections A and B of Annex I of Directive 2014/65/EU.26.Within the preceding 12 months, Deutsche Bank and/or its affiliate(s) has received compensation for the provision ofinvestment banking services or is currently providing or has provided investment banking services to this company. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of thisresearch, please see the most recently published company report or visit our global disclosure look-up page on our websiteat https://research.db.com/Research/Disclosures/EquityResearchDisclosures. Aside from within this report, important riskand conflict disclosures can also be found at https://research.db.com/Research/Disclosures/Disclaimer. Investors are stronglyencouraged to review this information before investing. Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s) about the subjectissuer and the securities of the issuer. In addition, the undersigned lead analyst(s) has not and will not receive anycompensation for providing a specific recommendation or view in this report. Edison Yu. 8 July 2026Space TechnologySpaceX 1.07/07/2026Buy, Target Price Change USD 255.00, Current PriceUSD 160.42 Edison Yu 8 July 2026Space TechnologySpaceX Equity Rating and Dispersion Key The Equity Rating Dispersion Chart depicts the following: The proportion of recommendations tha