{"id":28884,"date":"2026-08-12T09:49:37","date_gmt":"2026-08-12T00:49:37","guid":{"rendered":"https:\/\/official.gfs.tokyo\/blog\/?p=28884"},"modified":"2026-08-12T09:49:37","modified_gmt":"2026-08-12T00:49:37","slug":"ue-spacexs-first-q2-earnings-report-since-going-public","status":"publish","type":"post","link":"https:\/\/official.gfs.tokyo\/blog\/ue-spacexs-first-q2-earnings-report-since-going-public","title":{"rendered":"\u3010\u521d\u6c7a\u7b97\u3011\u30b9\u30da\u30fc\u30b9X\uff08SPCX\uff09\u4e0a\u5834\u5f8c\u521d\u306eQ2\u6c7a\u7b97\u3092\u5fb9\u5e95\u89e3\u8aac\uff01\u696d\u7e3e\u30fb\u7af6\u5408\u6bd4\u8f03\u30fb\u95a2\u9023\u9298\u67c4\u307e\u3067\u5b8c\u5168\u7db2\u7f85"},"content":{"rendered":"<h2 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style=\"text-align: left;\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa.jpg\" alt=\"\u76e3\u4fee\u8005\uff1a\u5e02\u5ddd\u96c4\u4e00\u90ce\" width=\"110\" height=\"110\" class=\"wp-image-2102 alignnone\" srcset=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa.jpg 700w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa-300x300.jpg 300w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa-150x150.jpg 150w\" sizes=\"(max-width: 110px) 100vw, 110px\" \/>\u3000<strong>\u76e3\u4fee\u8005\uff1a\u5e02\u5ddd\u96c4\u4e00\u90ce\u3000<\/strong><br \/>\n<span style=\"font-size: 10pt;\"><a href=\"https:\/\/official.gfs.tokyo\/\">GFS<\/a>\u6821\u9577\u3002CFP\u00ae\u30021\u7d1a\u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30fb\u30d7\u30e9\u30f3\u30cb\u30f3\u30b0\u6280\u80fd\u58eb(\u8cc7\u7523\u8a2d\u8a08\u63d0\u6848\u696d\u52d9)\u3002<a href=\"https:\/\/www.jafp.or.jp\/\">\u65e5\u672cFP\u5354\u4f1a<\/a>\u4f1a\u54e1\u3002\u65e5\u672cFP\u5b66\u4f1a\u4f1a\u54e1\u3002\u00a0<a href=\"https:\/\/mba.globis.ac.jp\/\">\u30b0\u30ed\u30fc\u30d3\u30b9\u7d4c\u55b6\u5927\u5b66\u9662<\/a>\u4fee\u4e86(MBA\/\u7d4c\u55b6\u5b66\u4fee\u58eb)\u3002<\/span><br \/>\n<span style=\"font-size: 10pt;\">\u65e5\u672c\u306eFP\u306e\u5148\u99c6\u8005\u3068\u3057\u3066\u8cc7\u7523\u904b\u7528\u306e\u5553\u8499\u306b\u5f93\u4e8b\u3002\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\u304c\u5275\u8a2d\u3057\u305f\u79c1\u7acb<a href=\"https:\/\/www.cyber-u.ac.jp\/teacher\/ichikawa_yuichiro.html\">\u30b5\u30a4\u30d0\u30fc\u5927\u5b66<\/a>\u3067\u6559\u97ad\u3092\u57f7\u308b\u307b\u304b\u3001\u8b1b\u6f14\u4f9d\u983c\u3001\u30e1\u30c7\u30a3\u30a2\u51fa\u6f14\u3082\u591a\u6570\u3002\u8457\u66f8\u306b<a href=\"https:\/\/www.amazon.co.jp\/%E6%8A%95%E8%B3%87%E3%81%A7%E5%88%A9%E7%9B%8A%E3%82%92%E5%87%BA%E3%81%97%E3%81%A6%E3%81%84%E3%82%8B%E4%BA%BA%E3%81%9F%E3%81%A1%E3%81%8C%E5%A4%A7%E4%BA%8B%E3%81%AB%E3%81%97%E3%81%A6%E3%81%84%E3%82%8B-45%E3%81%AE%E6%95%99%E3%81%88-%E5%B8%82%E5%B7%9D-%E9%9B%84%E4%B8%80%E9%83%8E\/dp\/4532358825\">\u300c\u6295\u8cc7\u3067\u5229\u76ca\u3092\u51fa\u3057\u3066\u3044\u308b\u4eba\u305f\u3061\u304c\u5927\u4e8b\u306b\u3057\u3066\u3044\u308b 45\u306e\u6559\u3048\u300d\uff08\u65e5\u672c\u7d4c\u6e08\u65b0\u805e\u51fa\u7248\uff09<\/a><\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 10pt;\">\u516c\u5f0fX \u30a2\u30ab\u30a6\u30f3\u30c8\u3000<a href=\"https:\/\/twitter.com\/ichikawa_toushi\">\u5e02\u5ddd\u96c4\u4e00\u90ce@\u304a\u91d1\u306e\u5b66\u6821 \u6821\u9577<\/a><\/span><\/p>\n<\/div>\n<\/div>\n<h2 data-path-to-node=\"4\">\u7b2c1\u7ae0 2026\u5e74Q2\u6c7a\u7b97\u30c0\u30a4\u30b8\u30a7\u30b9\u30c8\uff1a\u5e02\u5834\u4e88\u60f3\u3092\u4e0a\u56de\u308b\u300c\u597d\u767a\u9032\u300d<\/h2>\n<p data-path-to-node=\"5\">\u4e0a\u5834\u5f8c\u521d\u306e\u6c7a\u7b97\u767a\u8868\u306f\u3001\u682a\u5f0f\u5e02\u5834\u306b\u304a\u3044\u3066\u300c\u516c\u52df\u6642\u306e\u4e8b\u696d\u8a08\u753b\u3092\u8db3\u5143\u3067\u3069\u308c\u3060\u3051\u6709\u8a00\u5b9f\u884c\u3067\u304d\u3066\u3044\u308b\u304b\u300d\u3092\u5be9\u5224\u3055\u308c\u308b\u6975\u3081\u3066\u91cd\u8981\u306a\u5c40\u9762\u3067\u3059\u3002\u7d50\u8ad6\u304b\u3089\u8a00\u3048\u3070\u3001\u30b9\u30da\u30fc\u30b9X\uff08SPCX\uff09\u306eQ2\u6c7a\u7b97\u306f\u3001\u58f2\u4e0a\u9ad8\u30fbEPS\uff081\u682a\u3042\u305f\u308a\u5229\u76ca\uff09\u3068\u3082\u306b\u5e02\u5834\u4e88\u60f3\u3092\u5927\u304d\u304f\u4e0a\u56de\u308b\u30dd\u30b8\u30c6\u30a3\u30d6\u30b5\u30d7\u30e9\u30a4\u30ba\uff08Beat\uff09\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n<h3 data-path-to-node=\"6\">1.1 \u6c7a\u7b97\u30b5\u30de\u30ea\u30fc\uff08\u5b9f\u7e3e vs \u5e02\u5834\u4e88\u60f3\uff09<\/h3>\n<table data-path-to-node=\"7\">\n<thead>\n<tr>\n<td><strong>\u6307\u6a19<\/strong><\/td>\n<td><strong>2026\u5e74Q2\u5b9f\u7e3e<\/strong><\/td>\n<td><strong>\u524d\u5e74\u540c\u671f\uff082025Q2\uff09<\/strong><\/td>\n<td><strong>\u5e02\u5834\u4e88\u60f3\uff08\u30b3\u30f3\u30bb\u30f3\u30b5\u30b9\uff09<\/strong><\/td>\n<td><strong>\u4e88\u60f3\u6bd4\uff08\u30b5\u30d7\u30e9\u30a4\u30ba\uff09<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"7,1,0,0\"><b data-path-to-node=\"7,1,0,0\" data-index-in-node=\"0\">\u58f2\u4e0a\u9ad8\uff08Revenue\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"7,1,1,0\"><b data-path-to-node=\"7,1,1,0\" data-index-in-node=\"0\">78.14\u5104\u30c9\u30eb<\/b><\/span><\/td>\n<td><span data-path-to-node=\"7,1,2,0\">40.70\u5104\u30c9\u30eb<\/span><\/td>\n<td><span data-path-to-node=\"7,1,3,0\">69.30\u5104\u30c9\u30eb<\/span><\/td>\n<td><span data-path-to-node=\"7,1,4,0\"><b data-path-to-node=\"7,1,4,0\" data-index-in-node=\"0\">+12.75% Beat (+92.0% YoY)<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"7,2,0,0\"><b data-path-to-node=\"7,2,0,0\" data-index-in-node=\"0\">\u55b6\u696d\u640d\u76ca\uff08Op. 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data-index-in-node=\"0\">+191.0% YoY<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"7,4,0,0\"><b data-path-to-node=\"7,4,0,0\" data-index-in-node=\"0\">\u8abf\u6574\u5f8cEPS<\/b><\/span><\/td>\n<td><span data-path-to-node=\"7,4,1,0\"><b data-path-to-node=\"7,4,1,0\" data-index-in-node=\"0\">-$0.09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"7,4,2,0\">-$0.28<\/span><\/td>\n<td><span data-path-to-node=\"7,4,3,0\">-$0.26<\/span><\/td>\n<td><span data-path-to-node=\"7,4,4,0\"><b data-path-to-node=\"7,4,4,0\" data-index-in-node=\"0\">+65.38% Beat\uff08\u8d64\u5b57\u7e2e\u5c0f\uff09<\/b><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul data-path-to-node=\"8\">\n<li>\n<p data-path-to-node=\"8,0,0\"><b data-path-to-node=\"8,0,0\" data-index-in-node=\"0\">\u30c8\u30c3\u30d7\u30e9\u30a4\u30f3\uff08\u58f2\u4e0a\u9ad8\uff09\u306e\u7206\u767a\u7684\u6210\u9577<\/b>: \u4e3b\u529b\u306e\u885b\u661f\u30d6\u30ed\u30fc\u30c9\u30d0\u30f3\u30c9\u300cStarlink\uff08\u30b9\u30bf\u30fc\u30ea\u30f3\u30af\uff09\u300d\u306e\u52a0\u5165\u8005\u62e1\u5927\u306b\u52a0\u3048\u30012026\u5e74\u521d\u982d\u306b\u7d71\u5408\u3057\u305fxAI\u95a2\u9023\u4e8b\u696d\u304c\u5bc4\u4e0e\u3057\u3001\u524d\u5e74\u540c\u671f\u6bd4+92%\u3068\u3044\u3046\u9ad8\u6210\u9577\u3092\u8a18\u9332\u3057\u307e\u3057\u305f\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"8,1,0\"><b data-path-to-node=\"8,1,0\" data-index-in-node=\"0\">\u53ce\u76ca\u6027\u306e\u5287\u7684\u6539\u5584<\/b>: \u55b6\u696d\u640d\u76ca\u30d9\u30fc\u30b9\u3067\u306f\u4f9d\u7136\u3068\u3057\u3066\u5148\u884c\u6295\u8cc7\u306b\u4f34\u3046\u8d64\u5b57\uff08-$1.43\u5104\u30c9\u30eb\uff09\u3092\u6b8b\u3059\u3082\u306e\u306e\u3001\u524d\u5e74\u540c\u671f\u306e8.2\u5104\u30c9\u30eb\u306e\u8d64\u5b57\u304b\u3089\u5927\u5e45\u306b\u6539\u5584\u3002\u73fe\u91d1\u5275\u51fa\u529b\u3092\u793a\u3059\u8abf\u6574\u5f8cEBITDA\u306f35.38\u5104\u30c9\u30eb\uff08EBITDA\u30de\u30fc\u30b8\u30f345.3%\uff09\u3078\u6025\u62e1\u5927\u3057\u307e\u3057\u305f\u3002<\/p>\n<\/li>\n<\/ul>\n<h2 data-path-to-node=\"10\">\u7b2c2\u7ae0 \u640d\u76ca\u8a08\u7b97\u66f8\uff08P\/L\uff09\u8a73\u7d30\u5206\u6790\uff1a3\u5927\u4e8b\u696d\u306e\u53ce\u76ca\u69cb\u9020<\/h2>\n<p data-path-to-node=\"11\">\u30b9\u30da\u30fc\u30b9X\u306e\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u306f\u3001\u5358\u306a\u308b\u300c\u30ed\u30b1\u30c3\u30c8\u6253\u3061\u4e0a\u3052\u4f1a\u793e\u300d\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u73fe\u5728\u306e\u540c\u793e\u306f\u300c\u5b87\u5b99\u30a4\u30f3\u30d5\u30e9\u300d\u300c\u5b87\u5b99\u901a\u4fe1\u300d\u300cAI\u30b3\u30f3\u30d4\u30e5\u30fc\u30c6\u30a3\u30f3\u30b0\u300d\u306e3\u3064\u306e\u5f37\u56fa\u306a\u8ef8\u3067\u69cb\u6210\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p><response-element class=\"\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c3591150031=\"\" class=\"ng-tns-c3591150031-3077 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c3591150031=\"\" class=\"code-block ng-tns-c3591150031-3077 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:[[&quot;r_e83980330dd5f9c5&quot;,&quot;c_6624612ea2b24fdd&quot;,null,&quot;rc_06d30f6fd29b45d1&quot;,null,null,&quot;ja&quot;,null,1,null,null,1,0]]\">\n<div _ngcontent-ng-c3591150031=\"\" class=\"formatted-code-block-internal-container ng-tns-c3591150031-3077\">\n<div _ngcontent-ng-c3591150031=\"\" class=\"animated-opacity ng-tns-c3591150031-3077\">\n<pre _ngcontent-ng-c3591150031=\"\" class=\"ng-tns-c3591150031-3077\"><code _ngcontent-ng-c3591150031=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c3591150031-3077 no-decoration-radius\">                    \u30102026\u5e74Q2 \u30bb\u30b0\u30e1\u30f3\u30c8\u5225\u58f2\u4e0a\u69cb\u6210\u3011\r\n\r\n                  \u5b87\u5b99\uff08Space \/ \u6253\u4e0a\u3052\u30fbR&amp;D\uff09\r\n                          $9.62\u5104 (12.3%)\r\n                              \u2502\r\n            \u250c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2534\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2510\r\n            \u2502                                     \u2502\r\n   AI\u30a4\u30f3\u30d5\u30e9\u30fbxAI                        Starlink\uff08\u901a\u4fe1\uff09\r\n   $25.61\u5104 (32.8%)                       $42.91\u5104 (54.9%)\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<h3 data-path-to-node=\"13\">2.1 \u30bb\u30b0\u30e1\u30f3\u30c8\u5225\u696d\u7e3e\u30d6\u30ec\u30a4\u30af\u30c0\u30a6\u30f3<\/h3>\n<h4 data-path-to-node=\"14\">\u2460 Starlink\uff08Connectivity \/ \u901a\u4fe1\u4e8b\u696d\uff09<\/h4>\n<ul data-path-to-node=\"15\">\n<li>\n<p data-path-to-node=\"15,0,0\"><b data-path-to-node=\"15,0,0\" data-index-in-node=\"0\">\u58f2\u4e0a\u9ad8<\/b>: 42.91\u5104\u30c9\u30eb\uff08\u524d\u5e74\u540c\u671f\u6bd4 +66%\uff09<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"15,1,0\"><b data-path-to-node=\"15,1,0\" data-index-in-node=\"0\">\u55b6\u696d\u5229\u76ca<\/b>: 16.56\u5104\u30c9\u30eb\uff08\u524d\u5e74\u540c\u671f\u6bd4 +79%\uff09<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"15,2,0\"><b data-path-to-node=\"15,2,0\" data-index-in-node=\"0\">\u89e3\u8aac<\/b>: \u5168\u793e\u306e\u58f2\u4e0a\u9ad8\u306e\u534a\u5206\u4ee5\u4e0a\u3092\u5360\u3081\u308b\u6700\u5927\u306e\u7a3c\u304e\u67f1\u3067\u3059\u3002\u5168\u4e16\u754c\u306e\u5951\u7d04\u8005\u6570\u306f1,200\u4e07\u4eba\u3092\u7a81\u7834\u3002\u4e00\u822c\u5bb6\u5ead\u7528\uff08B2C\uff09\u306eARPU\uff081\u30e6\u30fc\u30b6\u30fc\u3042\u305f\u308a\u5e73\u5747\u53ce\u5165\uff09\u306f$66\u4ed8\u8fd1\u3067\u982d\u6253\u3061\u50be\u5411\u306b\u3042\u308b\u3082\u306e\u306e\u3001\u822a\u7a7a\u4f1a\u793e\u3001\u8239\u8236\u901a\u4fe1\u3001\u305d\u3057\u3066\u653f\u5e9c\u30fb\u9632\u885b\u5411\u3051\u306e\u300cStarshield\uff08\u30b9\u30bf\u30fc\u30b7\u30fc\u30eb\u30c9\uff09\u300d\u3068\u3044\u3063\u305f\u9ad8\u5358\u4fa1\u306a\u6cd5\u4eba\u30fb\u653f\u5e9c\u5951\u7d04\u304c\u524d\u5e74\u540c\u671f\u6bd4108%\u5897\u306e18.06\u5104\u30c9\u30eb\u3078\u6025\u62e1\u5927\u3057\u3001\u5168\u793e\u306e\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5f37\u529b\u306b\u652f\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h4 data-path-to-node=\"16\">\u2461 AI Services &amp; Compute\uff08AI\u30a4\u30f3\u30d5\u30e9\u30fbxAI\u4e8b\u696d\uff09<\/h4>\n<ul data-path-to-node=\"17\">\n<li>\n<p data-path-to-node=\"17,0,0\"><b data-path-to-node=\"17,0,0\" data-index-in-node=\"0\">\u58f2\u4e0a\u9ad8<\/b>: 25.61\u5104\u30c9\u30eb\uff08\u524d\u5e74\u540c\u671f\u6bd4 +247%\uff09<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"17,1,0\"><b data-path-to-node=\"17,1,0\" data-index-in-node=\"0\">\u55b6\u696d\u640d\u76ca<\/b>: -12.57\u5104\u30c9\u30eb\uff08\u8d64\u5b57\uff09 \/ <b data-path-to-node=\"17,1,0\" data-index-in-node=\"22\">\u8abf\u6574\u5f8cEBITDA<\/b>: 11.46\u5104\u30c9\u30eb\uff08\u9ed2\u5b57\uff09<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"17,2,0\"><b data-path-to-node=\"17,2,0\" data-index-in-node=\"0\">\u89e3\u8aac<\/b>: \u30a4\u30fc\u30ed\u30f3\u30fb\u30de\u30b9\u30af\u6c0f\u306e\u751f\u6210AI\u4f01\u696d\u300cxAI\u300d\u306e\u7d71\u5408\u306b\u3088\u3063\u3066\u8a95\u751f\u3057\u305f\u65b0\u30bb\u30b0\u30e1\u30f3\u30c8\u3067\u3059\u3002\u5730\u4e0a\u30c7\u30fc\u30bf\u30bb\u30f3\u30bf\u30fc\uff08Colossus II\u306a\u3069\uff09\u3084\u8ecc\u9053\u4e0a\u30c7\u30fc\u30bf\u30bb\u30f3\u30bf\u30fc\u69cb\u60f3\u306b\u4f34\u3046\u6e1b\u4fa1\u511f\u5374\u8cbb\uff08\u56db\u534a\u671f\u306718.85\u5104\u30c9\u30eb\uff09\u306e\u91cd\u307f\u306b\u3088\u308a\u55b6\u696d\u640d\u76ca\u306f\u8d64\u5b57\u3067\u3059\u304c\u3001\u58f2\u4e0a\u9ad8\u306f\u524d\u5e74\u6bd43.5\u500d\u306b\u6025\u6210\u9577\u3057\u3066\u304a\u308a\u3001EBITDA\u30d9\u30fc\u30b9\u3067\u306f\u65e9\u304f\u3082\u9ed2\u5b57\u5316\u3092\u679c\u305f\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h4 data-path-to-node=\"18\">\u2462 Space\uff08\u30ed\u30b1\u30c3\u30c8\u6253\u3061\u4e0a\u3052\u30fb\u5b87\u5b99\u30a4\u30f3\u30d5\u30e9\u4e8b\u696d\uff09<\/h4>\n<ul data-path-to-node=\"19\">\n<li>\n<p data-path-to-node=\"19,0,0\"><b data-path-to-node=\"19,0,0\" data-index-in-node=\"0\">\u58f2\u4e0a\u9ad8<\/b>: 9.62\u5104\u30c9\u30eb\uff08\u524d\u5e74\u540c\u671f\u6bd4 +29%\uff09<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"19,1,0\"><b data-path-to-node=\"19,1,0\" data-index-in-node=\"0\">\u55b6\u696d\u640d\u76ca<\/b>: -5.42\u5104\u30c9\u30eb\uff08\u8d64\u5b57\uff09 \/ <b data-path-to-node=\"19,1,0\" data-index-in-node=\"21\">R&amp;D\u8cbb\u7528<\/b>: 10.76\u5104\u30c9\u30eb<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"19,2,0\"><b data-path-to-node=\"19,2,0\" data-index-in-node=\"0\">\u89e3\u8aac<\/b>: \u53f2\u4e0a\u6700\u5927\u306e\u5b8c\u5168\u518d\u4f7f\u7528\u578b\u30ed\u30b1\u30c3\u30c8\u300cStarship V3\u300d\u306e\u958b\u767a\u30fb\u8a66\u9a13\u98db\u884c\u8cbb\u7528\u3084\u3001\u81ea\u793e\u6253\u3061\u4e0a\u3052\u67a0\u3092Starlink\u885b\u661f\u306e\u6295\u5165\u306b\u512a\u5148\u914d\u5206\u3057\u305f\u5f71\u97ff\u3067\u3001\u72ec\u7acb\u3057\u305f\u30bb\u30b0\u30e1\u30f3\u30c8\u3068\u3057\u3066\u306f\u8d64\u5b57\u304c\u7d9a\u3044\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u9ad8\u983b\u5ea6\u306a\u518d\u5229\u7528\u30ed\u30b1\u30c3\u30c8\u6280\u8853\uff08Falcon 9\uff09\u306b\u3088\u308b\u6253\u3061\u4e0a\u3052\u539f\u4fa1\u306e\u4f4e\u6e1b\u306f\u3001\u5168\u4e8b\u696d\u306e\u7af6\u4e89\u529b\u306e\u6e90\u6cc9\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<div class=\"xcd-attention-6 xcd-col5 xcd-ripple\">\n<div class=\"xcd-title-wrap\">\n<div class=\"xcd-title\"><span>\u3042\u306a\u305f\u306b\u672c\u5f53\u306b\u9069\u3057\u305f\u6295\u8cc7\u306f\u3069\u308c\uff1f<\/span><\/div>\n<\/div>\n<div class=\"xcd-content\">\n<p><span style=\"font-size: 12pt;\"><strong>\u30fb\u6295\u8cc7\u3067\u53ce\u5165\u3092\u5f97\u305f\u3044\u3001\u8cc7\u7523\u3092\u5897\u3084\u3057\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u30ea\u30b9\u30af\u306f\u3067\u304d\u308b\u3060\u3051\u6291\u3048\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u6295\u8cc7\u5148\u306e\u898b\u6975\u3081\u65b9\u3092\u77e5\u308a\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u6210\u529f\u3057\u3066\u3044\u308b\u6295\u8cc7\u5bb6\u3068\u63a5\u70b9\u304c\u6b32\u3057\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u7269\u4fa1\u4e0a\u6607\u3078\u306e\u5bfe\u7b56\u306b\u306f\u6295\u8cc7\u304c\u5fc5\u8981\u3068\u8003\u3048\u3066\u3044\u308b\u3000YES or NO<\/strong><\/span><\/p>\n<p><span style=\"font-size: 14pt;\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?argument=XJhet6w1&amp;dmai=a64e31f9ee75a0\"><strong>\u2192\u3000YES\u304c\uff13\u3064\u4ee5\u4e0a\u3060\u3063\u305f\u65b9\u306f\u3001\u3053\u3061\u3089\u3092\u30af\u30ea\u30c3\u30af<\/strong><\/a><\/span><\/p>\n<\/div>\n<\/div>\n<h2 data-path-to-node=\"21\">\u7b2c3\u7ae0 \u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08C\/F\uff09\u3068\u8cb8\u501f\u5bfe\u7167\u8868\uff08B\/S\uff09\u306e\u7cbe\u67fb<\/h2>\n<p data-path-to-node=\"22\">\u4eca\u56de\u306e\u6c7a\u7b97\u767a\u8868\u3067\u5e02\u5834\u304c\u6700\u3082\u6ce8\u8996\u3057\u3001\u682a\u4fa1\u306e\u4e71\u9ad8\u4e0b\u3092\u5f15\u304d\u8d77\u3053\u3057\u305f\u8981\u56e0\u304c\u300c\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u6b6a\u307f\u300d<b data-path-to-node=\"22\" data-index-in-node=\"46\">\u3068<\/b>\u300c\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306e\u5805\u7262\u6027\u300d\u3067\u3059\u3002<\/p>\n<h3 data-path-to-node=\"23\">3.1 \u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a08\u7b97\u66f8\uff08C\/F\uff09\uff1a184\u5104\u30c9\u30eb\u306e\u8d85\u5de8\u984dCapex<\/h3>\n<p><response-element class=\"\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c3591150031=\"\" class=\"ng-tns-c3591150031-3078 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c3591150031=\"\" class=\"code-block ng-tns-c3591150031-3078 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:[[&quot;r_e83980330dd5f9c5&quot;,&quot;c_6624612ea2b24fdd&quot;,null,&quot;rc_06d30f6fd29b45d1&quot;,null,null,&quot;ja&quot;,null,1,null,null,1,0]]\">\n<div _ngcontent-ng-c3591150031=\"\" class=\"formatted-code-block-internal-container ng-tns-c3591150031-3078\">\n<div _ngcontent-ng-c3591150031=\"\" class=\"animated-opacity ng-tns-c3591150031-3078\">\n<pre _ngcontent-ng-c3591150031=\"\" class=\"ng-tns-c3591150031-3078\"><code _ngcontent-ng-c3591150031=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c3591150031-3078 no-decoration-radius\">\u30102026\u5e74Q2 \u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u69cb\u9020\uff08\u5358\u4f4d: \u5104\u30c9\u30eb\uff09\u3011\r\n\r\n \u55b6\u696dCF: +34.7 \u2500\u2500\u2510\r\n                   \u251c\u2500\u2500\u2500\uff1e \u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc(FCF): -149.0 \r\n  Capex : -183.7 \u2500\u2518      (IPO\u3067\u8abf\u9054\u3057\u305f1,000\u5104\u30c9\u30eb\u306e\u73fe\u91d1\u3067\u88dc\u586b)\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<ul data-path-to-node=\"25\">\n<li>\n<p data-path-to-node=\"25,0,0\"><b data-path-to-node=\"25,0,0\" data-index-in-node=\"0\">\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08CF\uff09<\/b>: <b data-path-to-node=\"25,0,0\" data-index-in-node=\"16\">+34.7\u5104\u30c9\u30eb<\/b><\/p>\n<ul data-path-to-node=\"25,0,1\">\n<li>\n<p data-path-to-node=\"25,0,1,0,0\">Starlink\u306e\u597d\u8abf\u306b\u3088\u308a\u3001\u672c\u696d\u3067\u73fe\u91d1\u3092\u751f\u307f\u51fa\u3059\u529b\u306f\u524d\u5e74\u540c\u671f\u304b\u3089\u5927\u5e45\u306b\u5411\u4e0a\u3057\u307e\u3057\u305f\u3002<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p data-path-to-node=\"25,1,0\"><b data-path-to-node=\"25,1,0\" data-index-in-node=\"0\">\u8a2d\u5099\u6295\u8cc7\uff08Capex\uff09<\/b>: <b data-path-to-node=\"25,1,0\" data-index-in-node=\"13\">-$183.7\u5104\u30c9\u30eb<\/b>\uff08\u5e02\u5834\u4e88\u60f3\u306e132.2\u5104\u30c9\u30eb\u3092\u5927\u5e45\u8d85\u904e\uff09<\/p>\n<ul data-path-to-node=\"25,1,1\">\n<li>\n<p data-path-to-node=\"25,1,1,0,0\">\u3046\u3061 <b data-path-to-node=\"25,1,1,0,0\" data-index-in-node=\"3\">AI Compute\u95a2\u9023Capex<\/b>: <b data-path-to-node=\"25,1,1,0,0\" data-index-in-node=\"22\">158.3\u5104\u30c9\u30eb<\/b>\uff08\u5168\u4f53\u306e\u7d0486%\uff09<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"25,1,1,1,0\">\u3046\u3061 <b data-path-to-node=\"25,1,1,1,0\" data-index-in-node=\"3\">Starlink\/\u885b\u661f\u95a2\u9023Capex<\/b>: <b data-path-to-node=\"25,1,1,1,0\" data-index-in-node=\"23\">13.7\u5104\u30c9\u30eb<\/b><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"25,1,1,2,0\">\u3046\u3061 <b data-path-to-node=\"25,1,1,2,0\" data-index-in-node=\"3\">Starship\/\u30ed\u30b1\u30c3\u30c8\u95a2\u9023Capex<\/b>: <b data-path-to-node=\"25,1,1,2,0\" data-index-in-node=\"25\">11.7\u5104\u30c9\u30eb<\/b><\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p data-path-to-node=\"25,2,0\"><b data-path-to-node=\"25,2,0\" data-index-in-node=\"0\">\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCF\uff09<\/b>: <b data-path-to-node=\"25,2,0\" data-index-in-node=\"18\">-$149.0\u5104\u30c9\u30eb\uff08\u8d64\u5b57\uff09<\/b><\/p>\n<\/li>\n<\/ul>\n<h4 data-path-to-node=\"26\">FCF\u8d64\u5b57\u306b\u5bfe\u3059\u308b\u5e02\u5834\u306e\u8a55\u4fa1<\/h4>\n<p data-path-to-node=\"27\">xAI\u7d71\u5408\u306b\u4f34\u3046\u5927\u898f\u6a21\u306aGPU\u8cfc\u5165\u3084\u30c7\u30fc\u30bf\u30bb\u30f3\u30bf\u30fc\u69cb\u7bc9\u306e\u305f\u3081\u3001\u56db\u534a\u671f\u3060\u3051\u3067183.7\u5104\u30c9\u30eb\u3068\u3044\u3046\u5929\u6587\u5b66\u7684\u306a\u8a2d\u5099\u6295\u8cc7\u3092\u6562\u884c\u3057\u307e\u3057\u305f\u3002\u3053\u306e\u7d50\u679c\u3001FCF\u306f\u5927\u304d\u304f\u30de\u30a4\u30ca\u30b9\u3068\u306a\u308a\u3001\u77ed\u671f\u7684\u306b\u306f\u6295\u8cc7\u8d85\u904e\u306e\u30d5\u30a7\u30fc\u30ba\u304c\u7d9a\u304f\u3053\u3068\u304c\u660e\u767d\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n<h3 data-path-to-node=\"28\">3.2 \u8cb8\u501f\u5bfe\u7167\u8868\uff08B\/S\uff09\uff1a1,000\u5104\u30c9\u30eb\u306e\u624b\u5143\u8cc7\u91d1\u3068\u3044\u3046\u76fe<\/h3>\n<p data-path-to-node=\"29\">\u901a\u5e38\u3001\u3053\u308c\u307b\u3069\u306e\u5de8\u984d\u6295\u8cc7\u3068FCF\u8d64\u5b57\u306f\u4f01\u696d\u306e\u8cc7\u91d1\u7e70\u308a\u30ea\u30b9\u30af\uff08\u30c7\u30d5\u30a9\u30eb\u30c8\u61f8\u5ff5\uff09\u3092\u5897\u5927\u3055\u305b\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u30b9\u30da\u30fc\u30b9X\u306e\u5834\u5408\u306fIPO\u306b\u3088\u3063\u3066\u7372\u5f97\u3057\u305f\u8ca1\u52d9\u57fa\u76e4\u304c\u9632\u6ce2\u5824\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"30\">\n<li>\n<p data-path-to-node=\"30,0,0\"><b data-path-to-node=\"30,0,0\" data-index-in-node=\"0\">\u73fe\u91d1\u304a\u3088\u3073\u6709\u4fa1\u8a3c\u5238\uff08Cash &amp; Equivalents\uff09<\/b>: <b data-path-to-node=\"30,0,0\" data-index-in-node=\"31\">\u7d041,000\u5104\u30c9\u30eb<\/b><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"30,1,0\"><b data-path-to-node=\"30,1,0\" data-index-in-node=\"0\">\u6709\u5229\u5b50\u8ca0\u50b5\uff08Total Debt\uff09<\/b>: <b data-path-to-node=\"30,1,0\" data-index-in-node=\"19\">394\u5104\u30c9\u30eb<\/b><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"30,2,0\"><b data-path-to-node=\"30,2,0\" data-index-in-node=\"0\">\u30cd\u30c3\u30c8\u30ad\u30e3\u30c3\u30b7\u30e5\uff08\u73fe\u91d1 \uff0d \u8ca0\u50b5\uff09<\/b>: <b data-path-to-node=\"30,2,0\" data-index-in-node=\"19\">\u7d04+606\u5104\u30c9\u30eb\uff08\u5b9f\u8cea\u7121\u501f\u91d1\u7d4c\u55b6\uff09<\/b><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"30,3,0\"><b data-path-to-node=\"30,3,0\" data-index-in-node=\"0\">\u7e70\u5ef6\u53ce\u76ca\uff08Deferred Revenue\uff09<\/b>: <b data-path-to-node=\"30,3,0\" data-index-in-node=\"24\">143\u5104\u30c9\u30eb<\/b>\uff08\u5c06\u6765\u306e\u58f2\u4e0a\u3068\u306a\u308b\u524d\u53d7\u91d1\uff09<\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"31\">IPO\u3067\u8abf\u9054\u3057\u305f\u6f64\u6ca2\u306a\u30ad\u30e3\u30c3\u30b7\u30e5\u30dd\u30b8\u30b7\u30e7\u30f3\u304c\u3042\u308b\u305f\u3081\u3001\u56db\u534a\u671f150\u5104\u30c9\u30eb\u898f\u6a21\u306eFCF\u8d64\u5b57\u304c\u7d9a\u3044\u305f\u3068\u3057\u3066\u3082\u3001\u5c11\u306a\u304f\u3068\u3082\u4eca\u5f8c1\u5e74\u4ee5\u4e0a\u306f\u8ffd\u52a0\u5897\u8cc7\u306b\u3088\u308b\u682a\u5f0f\u306e\u5e0c\u8584\u5316\u3084\u904e\u5ea6\u306a\u8ca0\u50b5\u3092\u8ca0\u3046\u3053\u3068\u306a\u304f\u3001\u8a08\u753b\u901a\u308a\u306bAI\u30fb\u5b87\u5b99\u30a4\u30f3\u30d5\u30e9\u3078\u306e\u5148\u884c\u6295\u8cc7\u3092\u7d99\u7d9a\u3067\u304d\u308b\u4f53\u5236\u304c\u6574\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<h2 data-path-to-node=\"33\">\u7b2c4\u7ae0 \u7af6\u5408\u4f01\u696d\u3068\u306e\u6bd4\u8f03\uff1a\u30b9\u30da\u30fc\u30b9X\u306e\u7d76\u5bfe\u7684\u512a\u4f4d\u6027<\/h2>\n<p data-path-to-node=\"34\">\u5b87\u5b99\u30fb\u901a\u4fe1\u30fb\u30e1\u30ac\u30c6\u30c3\u30af\u5e02\u5834\u306b\u304a\u3044\u3066\u3001\u30b9\u30da\u30fc\u30b9X\uff08SPCX\uff09\u306f\u3069\u306e\u3088\u3046\u306a\u7acb\u3061\u4f4d\u7f6e\u306b\u3042\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u4e3b\u8981\u306a\u7af6\u5408\u30d7\u30ec\u30a4\u30e4\u30fc\u3068\u6bd4\u8f03\u3057\u3066\u307f\u307e\u3057\u3087\u3046\u3002<\/p>\n<p><response-element class=\"\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c3591150031=\"\" class=\"ng-tns-c3591150031-3079 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c3591150031=\"\" class=\"code-block ng-tns-c3591150031-3079 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:[[&quot;r_e83980330dd5f9c5&quot;,&quot;c_6624612ea2b24fdd&quot;,null,&quot;rc_06d30f6fd29b45d1&quot;,null,null,&quot;ja&quot;,null,1,null,null,1,0]]\">\n<div _ngcontent-ng-c3591150031=\"\" class=\"formatted-code-block-internal-container ng-tns-c3591150031-3079\">\n<div _ngcontent-ng-c3591150031=\"\" class=\"animated-opacity ng-tns-c3591150031-3079\">\n<pre _ngcontent-ng-c3591150031=\"\" class=\"ng-tns-c3591150031-3079\"><code _ngcontent-ng-c3591150031=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c3591150031-3079 no-decoration-radius\">\u3010\u5b87\u5b99\u30fb\u901a\u4fe1\u30d3\u30b8\u30cd\u30b9\u306e\u7af6\u5408\u69cb\u9020\u3011\r\n\r\n   \u9ad8 \u2191   \u250c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2510\r\n      \u2502   \u2502                  SPCX                        \u2502\r\n   \u4e8b \u2502   \u2502   (\u5782\u76f4\u7d71\u5408\u578b: \u6253\u3061\u4e0a\u3052\uff0b\u885b\u661f\u901a\u4fe1\uff0bAI)       \u2502\r\n   \u696d \u2502   \u2514\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2518\r\n   \u306e \u2502\r\n   \u72ec \u2502         \u250c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2510   \u250c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2510\r\n   \u5360 \u2502         \u2502   Amazon (Kuiper)    \u2502   \u2502     Blue Origin      \u2502\r\n   \u5ea6 \u2502         \u2502 (\u901a\u4fe1\u7db2\u69cb\u7bc9\u3092\u8ffd\u6483)   \u2502   \u2502  (\u30cb\u30e5\u30fc\u30b7\u30a7\u30d1\u30fc\u30c9\u7b49)\u2502\r\n   \u30fb \u2502         \u2514\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2518   \u2514\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2518\r\n   \u512a \u2502   \u250c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2510\r\n   \u4f4d \u2502   \u2502  \u30ec\u30ac\u30b7\u30fc\u822a\u7a7a\u5b87\u5b99 (Lockheed Martin \/ Boeing) \u2502\r\n   \u6027 \u2502   \u2502      (\u5b98\u516c\u5e81\u4e2d\u5fc3\u30fb\u30b3\u30b9\u30c8\u9ad8\u69cb\u9020)              \u2502\r\n   \u4f4e \u2193   \u2514\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2518\r\n          \u4f4e \u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2192 \u9ad8\r\n                       \u8cc7\u672c\u529b\u30fb\u30a4\u30f3\u30d5\u30e9\u898f\u6a21\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<h3 data-path-to-node=\"36\">4.1 \u4e3b\u8981\u7af6\u5408\u4ed6\u793e\u3068\u306e\u6bd4\u8f03\u8868<\/h3>\n<table data-path-to-node=\"37\">\n<thead>\n<tr>\n<td><strong>\u9805\u76ee<\/strong><\/td>\n<td><strong>\u30b9\u30da\u30fc\u30b9X\uff08SPCX\uff09<\/strong><\/td>\n<td><strong>Amazon\uff08Project Kuiper\uff09<\/strong><\/td>\n<td><strong>\u30d6\u30eb\u30fc\u30aa\u30ea\u30b8\u30f3\uff08Blue Origin\uff09<\/strong><\/td>\n<td><strong>\u5f93\u6765\u578b\u9632\u885b\u5927\u624b\uff08LMT \/ BA\uff09<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"37,1,0,0\"><b data-path-to-node=\"37,1,0,0\" data-index-in-node=\"0\">\u4e3b\u8981\u30d3\u30b8\u30cd\u30b9<\/b><\/span><\/td>\n<td><span data-path-to-node=\"37,1,1,0\">\u30ed\u30b1\u30c3\u30c8\u6253\u4e0a\u3052\u3001Starlink\u901a\u4fe1\u3001\u5b87\u5b99AI<\/span><\/td>\n<td><span data-path-to-node=\"37,1,2,0\">\u885b\u661f\u901a\u4fe1\u30d6\u30ed\u30fc\u30c9\u30d0\u30f3\u30c9<\/span><\/td>\n<td><span data-path-to-node=\"37,1,3,0\">\u30ed\u30b1\u30c3\u30c8\u6253\u4e0a\u3052\u3001\u6708\u7740\u9678\u8239<\/span><\/td>\n<td><span data-path-to-node=\"37,1,4,0\">\u822a\u7a7a\u5b87\u5b99\u30fb\u9632\u885b\u88c5\u5099\u54c1<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"37,2,0,0\"><b data-path-to-node=\"37,2,0,0\" data-index-in-node=\"0\">\u6253\u3061\u4e0a\u3052\u5b9f\u7e3e<\/b><\/span><\/td>\n<td><span data-path-to-node=\"37,2,1,0\">\u5e74\u9593100\u56de\u4ee5\u4e0a\uff08\u5727\u5012\u76841\u4f4d\uff09<\/span><\/td>\n<td><span data-path-to-node=\"37,2,2,0\">\u81ea\u793e\u30ed\u30b1\u30c3\u30c8\u306a\u3057\uff08\u5916\u90e8\u59d4\u8a17\uff09<\/span><\/td>\n<td><span data-path-to-node=\"37,2,3,0\">\u5c0f\u578b\u30fb\u4e2d\u578b\u4e2d\u5fc3\uff08\u958b\u767a\u9014\u4e0a\uff09<\/span><\/td>\n<td><span data-path-to-node=\"37,2,4,0\">\u5e74\u6570\u56de\u301c\u5341\u6570\u56de\uff08\u5b98\u9700\u4e2d\u5fc3\uff09<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"37,3,0,0\"><b data-path-to-node=\"37,3,0,0\" data-index-in-node=\"0\">\u518d\u5229\u7528\u6280\u8853<\/b><\/span><\/td>\n<td><span data-path-to-node=\"37,3,1,0\">1\u6bb5\u76ee\u5b8c\u5168\u5b9f\u7528\u5316\u30fb2\u6bb5\u76ee\u958b\u767a\u4e2d<\/span><\/td>\n<td><span data-path-to-node=\"37,3,2,0\">\u306a\u3057\uff08\u30b5\u30fc\u30c9\u30d1\u30fc\u30c6\u30a3\u983c\u307f\uff09<\/span><\/td>\n<td><span data-path-to-node=\"37,3,3,0\">\u4e00\u90e8\u518d\u5229\u7528\uff08New Glenn\u958b\u767a\uff09<\/span><\/td>\n<td><span data-path-to-node=\"37,3,4,0\">\u4f7f\u3044\u6368\u3066\uff08\u4f7f\u3044\u5207\u308a\u578b\uff09<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"37,4,0,0\"><b data-path-to-node=\"37,4,0,0\" data-index-in-node=\"0\">\u6700\u5927\u306e\u5f37\u307f<\/b><\/span><\/td>\n<td><span data-path-to-node=\"37,4,1,0\"><b data-path-to-node=\"37,4,1,0\" data-index-in-node=\"0\">\u81ea\u793e\u30ed\u30b1\u30c3\u30c8\u3067\u81ea\u793e\u885b\u661f\u3092\u6253\u4e0a\u3052\u308b\u5782\u76f4\u7d71\u5408<\/b><\/span><\/td>\n<td><span data-path-to-node=\"37,4,2,0\">\u65e2\u5b58EC\u30fbAWS\u9867\u5ba2\u7db2\u3068\u306e\u30b7\u30ca\u30b8\u30fc<\/span><\/td>\n<td><span data-path-to-node=\"37,4,3,0\">\u30b8\u30a7\u30d5\u30fb\u30d9\u30be\u30b9\u6c0f\u306e\u5f37\u529b\u306a\u8cc7\u91d1\u529b<\/span><\/td>\n<td><span data-path-to-node=\"37,4,4,0\">\u653f\u5e9c\u30fb\u8ecd\u304b\u3089\u306e\u5b89\u5b9a\u3057\u305f\u53d7\u6ce8<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 data-path-to-node=\"38\">4.2 \u306a\u305c\u30b9\u30da\u30fc\u30b9X\u306e\u69cb\u9020\u7684\u512a\u4f4d\u306f\u5d29\u308c\u306a\u3044\u306e\u304b\uff1f<\/h3>\n<p data-path-to-node=\"39\">\u30b9\u30da\u30fc\u30b9X\u306e\u6839\u672c\u7684\u306a\u5f37\u307f\u306f\u300c\u30ed\u30b1\u30c3\u30c8\uff08\u79fb\u52d5\u624b\u6bb5\uff09\u3068\u885b\u661f\uff08\u901a\u4fe1\u30b5\u30fc\u30d3\u30b9\uff09\u306e\u4e21\u65b9\u3092\u81ea\u793e\u3067\u5b8c\u7d50\u3055\u305b\u3066\u3044\u308b\u5782\u76f4\u7d71\u5408\u30e2\u30c7\u30eb\u300d\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"40\">Amazon\u306e\u300cProject Kuiper\u300d\u306a\u3069\u306e\u7af6\u5408\u306f\u3001\u885b\u661f\u3092\u8ecc\u9053\u306b\u6253\u3061\u4e0a\u3052\u308b\u305f\u3081\u306b\u30b5\u30fc\u30c9\u30d1\u30fc\u30c6\u30a3\u306e\u30ed\u30b1\u30c3\u30c8\u4f1a\u793e\u306b\u9ad8\u984d\u306a\u8cbb\u7528\u3092\u6255\u3063\u3066\u59d4\u8a17\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u4e00\u65b9\u3001\u30b9\u30da\u30fc\u30b9X\u306f\u81ea\u793e\u306eFalcon 9\u3084Starship\u3092\u7528\u3044\u3066\u300c\u539f\u4fa1\u306b\u8fd1\u3044\u4f4e\u30b3\u30b9\u30c8\u300d\u3067\u5927\u91cf\u306eStarlink\u885b\u661f\u3092\u9023\u7d9a\u3057\u3066\u6253\u3061\u4e0a\u3052\u3089\u308c\u308b\u305f\u3081\u3001\u4ed6\u793e\u304c\u771f\u4f3c\u3067\u304d\u306a\u3044\u69cb\u9020\u7684\u306a\u30b3\u30b9\u30c8\u7af6\u4e89\u529b\u3092\u78ba\u7acb\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<div class=\"xcd-attention-1 xcd-col2 xcd-ripple\">\n<div class=\"xcd-title\"><strong>\u8cc7\u7523\u904b\u7528\u3067\u5931\u6557\u3057\u305f\u304f\u306a\u3044\u65b9\u3078<\/strong><\/div>\n<div class=\"xcd-content\"><strong>\u79c1\u305f\u3061GFS\u3067\u306f\u3001\u5b66\u6821\u3067\u306f\u6559\u3048\u3066\u3082\u3089\u3048\u306a\u304b\u3063\u305f\u304a\u91d1\u306e\u3053\u3068\u304c\u308f\u304b\u308b\u7121\u6599\u30b3\u30f3\u30c6\u30f3\u30c4\u3092\u3054\u7528\u610f\u3057\u3066\u3044\u307e\u3059\u3002<\/strong><br \/>\n<strong><span style=\"color: #0066c0;\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=om&amp;utm_medium=om&amp;utm_content=14519\" style=\"color: #0066c0;\">\u226b \u7121\u6599\u8b1b\u5ea7\uff1a\u304a\u91d1\u306e\u30d7\u30ed\u304c\u6559\u3048\u308b\u300c\u521d\u5fc3\u8005\u304c\u6bce\u6708\u53ce\u5165\u3092\u5f97\u308b\u6295\u8cc7\u306e\u59cb\u3081\u65b9\u300d<\/a><\/span><\/strong><\/div>\n<\/div>\n<h2 data-path-to-node=\"42\">\u7b2c5\u7ae0 \u4eca\u5f8c\u306e\u5c55\u671b\u3068\u6210\u9577\u30b7\u30ca\u30ea\u30aa\u30fb\u6f5c\u5728\u30ea\u30b9\u30af<\/h2>\n<p data-path-to-node=\"43\">\u6c7a\u7b97\u767a\u8868\u3092\u7d4c\u3066\u3001\u30b9\u30da\u30fc\u30b9X\u306e\u682a\u4fa1\u304c\u4e2d\u9577\u671f\u7684\u306b\u3069\u306e\u3088\u3046\u306b\u63a8\u79fb\u3057\u3066\u3044\u304f\u304b\u3092\u5de6\u53f3\u3059\u308b\u300c\u6210\u9577\u30b7\u30ca\u30ea\u30aa\uff08\u30a2\u30c3\u30d7\u30b5\u30a4\u30c9\uff09\u300d\u3068\u300c\u6ce8\u610f\u3059\u3079\u304d\u30ea\u30b9\u30af\uff08\u30c0\u30a6\u30f3\u30b5\u30a4\u30c9\uff09\u300d\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"44\">5.1 3\u3064\u306e\u6210\u9577\u30b7\u30ca\u30ea\u30aa\uff08\u30a2\u30c3\u30d7\u30b5\u30a4\u30c9\uff09<\/h3>\n<ol start=\"1\" data-path-to-node=\"45\">\n<li>\n<p data-path-to-node=\"45,0,0\"><b data-path-to-node=\"45,0,0\" data-index-in-node=\"0\">Starship\u306e\u5b8c\u5168\u904b\u7528\u5316<\/b><\/p>\n<p data-path-to-node=\"45,0,0\">100\u30c8\u30f3\u4ee5\u4e0a\u306e\u7269\u8cc7\u3092\u4f4e\u8ecc\u9053\u3078\u904b\u3079\u308bStarship\u304c\u672c\u683c\u904b\u7528\u306b\u5165\u308c\u3070\u3001\u6b21\u4e16\u4ee3Starlink\u885b\u661f\u3092\u4e00\u6c17\u306b\u6563\u5e03\u3067\u304d\u308b\u3060\u3051\u3067\u306a\u304f\u3001NASA\u306e\u30a2\u30eb\u30c6\u30df\u30b9\u8a08\u753b\uff08\u6708\u9762\u518d\u8a2a\u30df\u30c3\u30b7\u30e7\u30f3\uff09\u3084\u706b\u661f\u63a2\u67fb\u53d7\u8a17\u4e8b\u696d\u304c\u672c\u683c\u7684\u306a\u53ce\u76ca\u6e90\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"45,1,0\"><b data-path-to-node=\"45,1,0\" data-index-in-node=\"0\">Direct-to-Cell\uff08\u30b9\u30de\u30db\u76f4\u63a5\u901a\u4fe1\uff09\u306e\u5168\u5730\u7403\u666e\u53ca<\/b><\/p>\n<p data-path-to-node=\"45,1,0\">\u5c02\u7528\u30a2\u30f3\u30c6\u30ca\u3092\u5fc5\u8981\u3068\u305b\u305a\u3001\u4e00\u822c\u7684\u306a\u30b9\u30de\u30fc\u30c8\u30d5\u30a9\u30f3\u3068\u76f4\u63a5\u885b\u661f\u304c\u901a\u4fe1\u3059\u308b\u30b5\u30fc\u30d3\u30b9\u304c\u62e1\u5927\u3057\u3066\u3044\u307e\u3059\u3002\u4e16\u754c\u5404\u56fd\u306e\u4e3b\u8981\u643a\u5e2f\u30ad\u30e3\u30ea\u30a2\u3068\u63d0\u643a\u3059\u308b\u3053\u3068\u3067\u3001\u6570\u5104\u4eba\u898f\u6a21\u306e\u6f5c\u5728\u9867\u5ba2\u3092\u62b1\u3048\u308b\u5de8\u5927\u901a\u4fe1\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3078\u9032\u5316\u3057\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"45,2,0\"><b data-path-to-node=\"45,2,0\" data-index-in-node=\"0\">\u8ecc\u9053\u4e0aAI\u30c7\u30fc\u30bf\u30bb\u30f3\u30bf\u30fc\u69cb\u60f3<\/b><\/p>\n<p data-path-to-node=\"45,2,0\">\u96fb\u529b\u3068\u51b7\u5374\u6c34\u306e\u78ba\u4fdd\u304c\u6700\u5927\u306e\u8ab2\u984c\u3068\u306a\u3063\u3066\u3044\u308b\u5730\u4e0a\u306eAI\u30c7\u30fc\u30bf\u30bb\u30f3\u30bf\u30fc\u306b\u5bfe\u3057\u3001\u5b87\u5b99\u7a7a\u9593\u306724\u6642\u9593\u9023\u7d9a\u592a\u967d\u5149\u767a\u96fb\u3068\u6975\u4f4e\u6e29\u74b0\u5883\u3092\u6d3b\u7528\u3059\u308b\u300c\u5b87\u5b99\u30c7\u30fc\u30bf\u30bb\u30f3\u30bf\u30fc\u300d\u304c\u7a3c\u50cd\u3059\u308c\u3070\u3001\u540c\u793e\u306f\u4e16\u754c\u552f\u4e00\u306e\u5b87\u5b99AI\u30a4\u30f3\u30d5\u30e9\u4f01\u696d\u3068\u3057\u3066\u306e\u8a55\u4fa1\u3092\u56fa\u3081\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ol>\n<h3 data-path-to-node=\"46\">5.2 \u6295\u8cc7\u5bb6\u304c\u6ce8\u610f\u3059\u3079\u304d3\u3064\u306e\u30ea\u30b9\u30af\uff08\u30c0\u30a6\u30f3\u30b5\u30a4\u30c9\uff09<\/h3>\n<ul data-path-to-node=\"47\">\n<li>\n<p data-path-to-node=\"47,0,0\"><b data-path-to-node=\"47,0,0\" data-index-in-node=\"0\">\u5de8\u984dCapex\u306b\u3088\u308b\u6e1b\u4fa1\u511f\u5374\u8cbb\u306e\u5727\u8feb<\/b>: 184\u5104\u30c9\u30eb\u306b\u53ca\u3076\u8a2d\u5099\u6295\u8cc7\u306f\u3001\u5c06\u6765\u306eP\/L\u306b\u304a\u3044\u3066\u6e1b\u4fa1\u511f\u5374\u8cbb\u3068\u3057\u3066\u91cd\u304f\u306e\u3057\u304b\u304b\u308a\u3001\u55b6\u696d\u5229\u76ca\u30d9\u30fc\u30b9\u3067\u306e\u9ed2\u5b57\u5316\u6642\u671f\u3092\u9045\u3089\u305b\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"47,1,0\"><b data-path-to-node=\"47,1,0\" data-index-in-node=\"0\">\u898f\u5236\u30fb\u74b0\u5883\u30ea\u30b9\u30af<\/b>: 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data-path-to-node=\"50\">\u30b9\u30da\u30fc\u30b9X\u306e\u6210\u9577\u306f\u3001\u81ea\u793e1\u793e\u306b\u3068\u3069\u307e\u3089\u305a\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u3084\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7\u3092\u5c55\u958b\u3059\u308b\u5468\u8fba\u4f01\u696d\u306b\u3082\u5de8\u5927\u306a\u30d3\u30b8\u30cd\u30b9\u30c1\u30e3\u30f3\u30b9\uff08\u30b9\u30da\u30fc\u30b9X\u95a2\u9023\u9298\u67c4\uff09\u3092\u3082\u305f\u3089\u3057\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"51\">6.1 \u7c73\u56fd\u5e02\u5834\u306e\u6ce8\u76ee\u95a2\u9023\u9298\u67c4<\/h3>\n<ul data-path-to-node=\"52\">\n<li>\n<p data-path-to-node=\"52,0,0\"><b data-path-to-node=\"52,0,0\" data-index-in-node=\"0\">\u30c6\u30b9\u30e9\uff08TSLA\uff09<\/b>: 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data-index-in-node=\"0\">\u30ed\u30b1\u30c3\u30c8\u30fb\u30e9\u30dc\u30fbUSA\uff08RKLB\uff09<\/b>: \u5c0f\u578b\u30ed\u30b1\u30c3\u30c8\u6253\u3061\u4e0a\u3052\u3084\u885b\u661f\u30b3\u30f3\u30dd\u30fc\u30cd\u30f3\u30c8\u88fd\u9020\u306e\u5206\u91ce\u3067\u3001\u30b9\u30da\u30fc\u30b9X\u306b\u6b21\u3050\u696d\u754c\u7b2c2\u4f4d\u306e\u5b9f\u7e3e\u3092\u6301\u3064\u6210\u9577\u4f01\u696d\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"53\">6.2 \u65e5\u672c\u5e02\u5834\u306e\u6ce8\u76ee\u95a2\u9023\u9298\u67c4\uff08\u30b9\u30da\u30fc\u30b9X\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u95a2\u9023\uff09<\/h3>\n<p data-path-to-node=\"54\">\u30b9\u30da\u30fc\u30b9X\u306e\u904e\u9177\u306a\u30ed\u30b1\u30c3\u30c8\u90e8\u6750\u3084\u885b\u661f\u901a\u4fe1\u30a4\u30f3\u30d5\u30e9\u3092\u652f\u3048\u308b\u65e5\u672c\u4f01\u696d\u306e\u6280\u8853\u529b\u306b\u3082\u9ad8\u3044\u95a2\u5fc3\u304c\u96c6\u307e\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"55\">\n<li>\n<p data-path-to-node=\"55,0,0\"><b data-path-to-node=\"55,0,0\" data-index-in-node=\"0\">IHI\uff087013\uff09\/ \u5ddd\u5d0e\u91cd\u5de5\u696d\uff087012\uff09<\/b>: \u822a\u7a7a\u5b87\u5b99\u30fb\u9632\u885b\u5206\u91ce\u306e\u56fd\u5185\u5927\u624b\u3002\u5b87\u5b99\u30a4\u30f3\u30d5\u30e9\u3084\u5c06\u6765\u7684\u306a\u518d\u5229\u7528\u30ed\u30b1\u30c3\u30c8\u6280\u8853\u3078\u306e\u53c2\u5165\u30fb\u63d0\u643a\u671f\u5f85\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"55,1,0\"><b data-path-to-node=\"55,1,0\" data-index-in-node=\"0\">\u611b\u77e5\u88fd\u92fc\uff085482\uff09<\/b>: \u30ed\u30b1\u30c3\u30c8\u30a8\u30f3\u30b8\u30f3\u3084\u8010\u71b1\u69cb\u9020\u90e8\u306b\u63a1\u7528\u3055\u308c\u308b\u9ad8\u7cbe\u5ea6\u306a\u7279\u6b8a\u92fc\u30fb\u8d85\u8010\u71b1\u5408\u91d1\u306e\u91cd\u8981\u30b5\u30d7\u30e9\u30a4\u30e4\u30fc\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"55,2,0\"><b data-path-to-node=\"55,2,0\" data-index-in-node=\"0\">\u30b9\u30ab\u30d1\u30fcJSAT\u30db\u30fc\u30eb\u30c7\u30a3\u30f3\u30b0\u30b9\uff089412\uff09<\/b>: \u65e5\u672c\u56fd\u5185\u306b\u304a\u3051\u308bStarlink\u4e8b\u696d\u3068\u306e\u63d0\u643a\u3084\u3001\u885b\u661f\u901a\u4fe1\u30fb\u5b87\u5b99\u72b6\u6cc1\u628a\u63e1\uff08SSA\uff09\u5206\u91ce\u3067\u306e\u5354\u696d\u3002<\/p>\n<\/li>\n<\/ul>\n<h2 data-path-to-node=\"57\">\u7b2c7\u7ae0 \u5b87\u5b99\u682a\u6295\u8cc7\u306b\u304a\u3051\u308b\u300c\u77e5\u8b58\u306e\u91cd\u8981\u6027\u300d<\/h2>\n<p data-path-to-node=\"58\">\u300c\u30b9\u30da\u30fc\u30b9X\u304c\u4e0a\u5834\u3057\u305f\u304b\u3089\u300d\u300c\u5b87\u5b99\u958b\u767a\u306b\u306f\u5922\u304c\u3042\u308b\u304b\u3089\u300d\u3068\u3044\u3046\u5b9a\u6027\u7684\u306a\u7406\u7531\u3060\u3051\u3067\u3001\u9069\u6b63\u306a\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\uff08\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff09\u3092\u7121\u8996\u3057\u3066\u6295\u8cc7\u3092\u884c\u3046\u3053\u3068\u306f\u975e\u5e38\u306b\u5371\u967a\u3067\u3059\u3002\u5b87\u5b99\u682a\u6295\u8cc7\u3067\u6210\u529f\u3059\u308b\u305f\u3081\u306b\u306f\u3001<b data-path-to-node=\"58\" data-index-in-node=\"96\">\u6b63\u3057\u3044\u6307\u6a19\u3068\u77e5\u8b58\u3092\u6301\u3063\u3066\u6570\u5b57\u3092\u8aad\u307f\u89e3\u304f\u529b<\/b>\u304c\u4e0d\u53ef\u6b20\u3067\u3059\u3002<\/p>\n<h3 data-path-to-node=\"59\">7.1 \u682a\u5f0f\u6295\u8cc7\u521d\u5fc3\u8005\u304c\u62bc\u3055\u3048\u308b\u3079\u304d\u300c3\u3064\u306e\u9244\u5247\u300d<\/h3>\n<ol start=\"1\" data-path-to-node=\"60\">\n<li>\n<p data-path-to-node=\"60,0,0\"><b data-path-to-node=\"60,0,0\" data-index-in-node=\"0\">\u7d14\u640d\u76ca\u3067\u306f\u306a\u304f\u300c\u58f2\u4e0a\u9ad8\u6210\u9577\u7387\u300d\u3068\u300cEBITDA\u300d\u3092\u898b\u308b<\/b><\/p>\n<p data-path-to-node=\"60,0,0\">\u30a4\u30f3\u30d5\u30e9\u69cb\u7bc9\u30d5\u30a7\u30fc\u30ba\u306b\u3042\u308b\u5b87\u5b99\u30fb\u30cf\u30a4\u30c6\u30af\u4f01\u696d\u306f\u3001\u4f1a\u8a08\u4e0a\u306e\u6e1b\u4fa1\u511f\u5374\u8cbb\u3084\u5148\u884c\u6295\u8cc7\u306b\u3088\u308a\u7d14\u640d\u76ca\uff08Net Income\uff09\u304c\u8d64\u5b57\u306b\u306a\u308b\u306e\u304c\u4e00\u822c\u7684\u3067\u3059\u3002\u4f01\u696d\u306e\u300c\u672c\u696d\u306e\u7a3c\u3050\u529b\u300d\u3092\u6b63\u3057\u304f\u8a08\u6e2c\u3059\u308b\u305f\u3081\u306b\u3001\u58f2\u4e0a\u9ad8\u306e\u6210\u9577\u7387\uff08YoY\uff09<b data-path-to-node=\"60,0,0\" data-index-in-node=\"133\">\u3068<\/b>EBITDA\uff08\u5229\u6255\u3044\u524d\u30fb\u7a0e\u5f15\u304d\u524d\u30fb\u511f\u5374\u524d\u5229\u76ca\uff09\u3092\u57fa\u6e96\u306b\u6210\u9577\u6027\u3092\u5224\u65ad\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"60,1,0\"><b data-path-to-node=\"60,1,0\" data-index-in-node=\"0\">\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff08\u682a\u4fa1\u306e\u59a5\u5f53\u6027\uff09\u306e\u904e\u71b1\u611f\u3092\u8b66\u6212\u3059\u308b<\/b><\/p>\n<p data-path-to-node=\"60,1,0\">SPCX\u306f\u6642\u4fa1\u7dcf\u984d1.7\u5146\u301c2\u5146\u30c9\u30eb\u898f\u6a21\u3068\u3044\u3046\u8d85\u5927\u578b\u682a\u3067\u3059\u3002PSR\uff08\u682a\u4fa1\u58f2\u4e0a\u9ad8\u500d\u7387\uff09\u304c\u540c\u696d\u4ed6\u793e\u3084\u904e\u53bb\u306e\u6210\u9577\u682a\u3068\u6bd4\u8f03\u3057\u3066\u8457\u3057\u304f\u9ad8\u9a30\u3057\u3066\u3044\u308b\u5c40\u9762\u3067\u306f\u3001\u6c7a\u7b97\u5185\u5bb9\u304c\u308f\u305a\u304b\u3067\u3082\u5e02\u5834\u4e88\u60f3\u306b\u5c4a\u304b\u306a\u3044\u3060\u3051\u3067\u682a\u4fa1\u304c\u5927\u304d\u304f\u8abf\u6574\u3059\u308b\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"60,2,0\"><b data-path-to-node=\"60,2,0\" data-index-in-node=\"0\">\u6295\u8cc7\u306e\u6642\u9593\u8ef8\u3092\u9577\u3081\u306b\u53d6\u308a\u3001\u5206\u6563\u6295\u8cc7\u3092\u5fb9\u5e95\u3059\u308b<\/b><\/p>\n<p data-path-to-node=\"60,2,0\">\u5b87\u5b99\u30a4\u30f3\u30d5\u30e9\u306e\u69cb\u7bc9\u3084AI\u30c7\u30fc\u30bf\u30bb\u30f3\u30bf\u30fc\u306e\u53ce\u76ca\u5316\u306b\u306f\u6570\u5e74\u30b9\u30d1\u30f3\u306e\u671f\u9593\u3092\u8981\u3057\u307e\u3059\u3002\u77ed\u671f\u9593\u3067\u306e\u4e71\u9ad8\u4e0b\u306b\u60d1\u308f\u3055\u308c\u306a\u3044\u3088\u3046\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u4e00\u90e8\u3068\u3057\u3066\u7d44\u307f\u5165\u308c\u3001\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u7b49\u3068\u7d44\u307f\u5408\u308f\u305b\u305f\u5206\u6563\u6295\u8cc7\u3092\u5fc3\u304c\u3051\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n<\/li>\n<\/ol>\n<h2 data-path-to-node=\"62\">\u7b2c8\u7ae0 \u307e\u3068\u3081<\/h2>\n<p data-path-to-node=\"63\">\u30b9\u30da\u30fc\u30b9X\uff3bSPCX\uff3d\u306e\u4e0a\u5834\u5f8c\u521d\u3068\u306a\u308b2026\u5e74Q2\u6c7a\u7b97\u306f\u3001<b data-path-to-node=\"63\" data-index-in-node=\"30\">Starlink\u306e\u529b\u5f37\u3044\u53ce\u76ca\u5316\u3068xAI\u7d71\u5408\u306b\u3088\u308b\u30c8\u30c3\u30d7\u30e9\u30a4\u30f3\u306e\u7206\u767a\u7684\u6210\u9577<\/b>\u3092\u793a\u3057\u3001\u516c\u958b\u4f01\u696d\u3068\u3057\u3066\u306e\u7d20\u6674\u3089\u3057\u3044\u30b9\u30bf\u30fc\u30c8\u3092\u5207\u308a\u307e\u3057\u305f\u3002<\/p>\n<ul data-path-to-node=\"64\">\n<li>\n<p data-path-to-node=\"64,0,0\"><b data-path-to-node=\"64,0,0\" data-index-in-node=\"0\">\u58f2\u4e0a\u9ad878.14\u5104\u30c9\u30eb\uff08\u524d\u5e74\u6bd4+92%\uff09\u3001\u8abf\u6574\u5f8cEPS -$0.09<\/b>\u3067\u5e02\u5834\u4e88\u60f3\u3092\u30af\u30ea\u30a2\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"64,1,0\"><b data-path-to-node=\"64,1,0\" data-index-in-node=\"0\">Starlink\u304c\u5168\u793e\u306e\u73fe\u91d1\u5275\u51fa\u30a8\u30f3\u30b8\u30f3<\/b>\u3068\u3057\u3066\u5b9a\u7740\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"64,2,0\"><b data-path-to-node=\"64,2,0\" data-index-in-node=\"0\">184\u5104\u30c9\u30eb\u306b\u4e0a\u308b\u904e\u53bb\u6700\u5927\u7d1a\u306eCapex<\/b>\u306f\u77ed\u671f\u7684\u306b\u306fFCF\u3092\u5727\u8feb\u3059\u308b\u3082\u306e\u306e\u30011,000\u5104\u30c9\u30eb\u306e\u624b\u5143\u8cc7\u91d1\u306b\u3088\u3063\u3066\u5c06\u6765\u306e\u5b87\u5b99AI\u30a4\u30f3\u30d5\u30e9\u306e\u8987\u6a29\u3092\u63e1\u308b\u305f\u3081\u306e\u653b\u3081\u306e\u6295\u8cc7\u3068\u3057\u3066\u7dad\u6301\u3002<\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"65\">\u6b74\u53f2\u7684IPO\u3092\u7d4c\u3066\u300c\u5b87\u5b99\u30a4\u30f3\u30d5\u30e9\u00d7AI\u300d\u306e\u5de8\u5927\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30de\u30fc\u3078\u3068\u5909\u8c8c\u3092\u9042\u3052\u3064\u3064\u3042\u308b\u30b9\u30da\u30fc\u30b9X\u3002\u6295\u8cc7\u5bb6\u3068\u3057\u3066\u306f\u3001\u5358\u306a\u308b\u671f\u5f85\u611f\u306b\u3068\u3089\u308f\u308c\u308b\u3053\u3068\u306a\u304f\u3001\u56db\u534a\u671f\u3054\u3068\u306e\u6c7a\u7b97\u6570\u5024\u3001Capex\u306e\u6295\u8cc7\u52b9\u7387\u3001\u305d\u3057\u3066Starship\u306e\u904b\u884c\u9032\u6357\u3092\u51b7\u9759\u306b\u898b\u6975\u3081\u306a\u304c\u3089\u3001\u9577\u671f\u7684\u8996\u70b9\u3067\u3053\u306e\u6b74\u53f2\u7684\u5e02\u5834\u306e\u5909\u5316\u306b\u5411\u304d\u5408\u3063\u3066\u3044\u304f\u3053\u3068\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n<div><\/div>\n<div class=\"xcd-attention-8 xcd-col5 xcd-ripple\">\n<div class=\"xcd-title\"><span style=\"font-size: 18pt;\">\u30d7\u30ed\u306e\u77e5\u8b58\u304c\u7121\u6599\u3067\u5b66\u3079\u307e\u3059<\/span><\/div>\n<div class=\"xcd-content\">\n<p><span style=\"font-size: 14pt;\"><strong>\u300c\u6295\u8cc7\u306e\u52c9\u5f37\u3092\u4f55\u304b\u3089\u3084\u3063\u3066\u3044\u3044\u304b\u308f\u304b\u3089\u306a\u3044\u300d\u300c\u6295\u8cc7\u3067\u8cc7\u7523\u3092\u4f5c\u308a\u305f\u3044\u3001\u53ce\u5165\u3092\u5897\u3084\u3057\u305f\u3044\u300d<\/strong><\/span><\/p>\n<p>\u305d\u3093\u306a\u6642\u306f<b><span class=\"f-marker-p\">\u7121\u6599\u3067\u8996\u8074\u3067\u304d\u308b\u30aa\u30f3\u30e9\u30a4\u30f3\u8b1b\u5ea7\u300c<a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=16989&amp;utm_content=16989\">GFS\u76e3\u4fee 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