Following the publication of SpaceX’s prospectus, our interpretation for FTC is broadly positive, as it points to growing demand for backhaul capacity, such implying FTC can expand upon progress to date. However, we also make certain cautionary interpretations, as SpaceX’s implementation of direct-to-cell technology and inter-satellite lasers could also moderate gateway investment, thus potentially dampening volume-led growth opportunities for FTC. Given this mixed backdrop, in context of a stock that is ‘priced for perfection’ (thanks to index fund buying see Fig 2) we move from Buy to Hold, to reflect FTC’s more balanced risk/rewards. This is this notwithstanding upping our TP to 275p, to accommodate a sector re-rating.