Un-matched cost of capital advantage

• Rocket re-usability lowers cost per ton to orbit - vastly improving operating economics
• Blows away the competition from a pricing standpoint
• Ride-sharing capabilities also helps to increase margins

Attractive growth opportunities within the Starlink Satellite Communications business

• Bring the internet to under-served parts of the world
• Deliver valuable connectivity for both Aviation & Maritime applications
• Key component of the autonomous driving initiative
• Ability to strike key corporate partnerships
• Reported to have a cash flow positive quarter during 2022
• >3,100 satellites currently in low earth orbit (LEO) / ultimate goal of 42,000+
• >1 million reported active subscribers / targeting 30 million+
• Potential spin-out of the business, as its subscriber base becomes more established
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