{"id":15587,"date":"2026-06-08T21:23:30","date_gmt":"2026-06-08T12:23:30","guid":{"rendered":"https:\/\/invest-news-source.com\/?p=15587"},"modified":"2026-06-08T21:23:30","modified_gmt":"2026-06-08T12:23:30","slug":"spacex%ef%bc%88spcx%ef%bc%891-75%e5%85%86%e3%83%89%e3%83%abipo%e3%82%92%e4%b8%89%e5%b1%a4%e3%81%a7%e8%a7%a3%e5%89%96%ef%bd%9cstarlink%e3%83%bb%e6%89%93%e3%81%a1%e4%b8%8a%e3%81%92%e3%83%bbxai%e3%80%81","status":"publish","type":"post","link":"https:\/\/invest-news-source.com\/?p=15587","title":{"rendered":"SpaceX\uff08SPCX\uff091.75\u5146\u30c9\u30ebIPO\u3092\u4e09\u5c64\u3067\u89e3\u5256\uff5cStarlink\u30fb\u6253\u3061\u4e0a\u3052\u30fbxAI\u3001\u3069\u3053\u304c\u7a3c\u304e\u3069\u3053\u304c\u71c3\u3084\u3059\u304b"},"content":{"rendered":"<p><!-- ============ SpaceX (SPCX) 1.75\u5146\u30c9\u30ebIPO \u4e09\u5c64\u5206\u89e3 \/ namespace: .sxi- ============ --><\/p>\n<div class=\"sxi-article\">\n  <!-- kicker --><\/p>\n<p class=\"sxi-kicker\">IPO\u5fb9\u5e95\u89e3\u5256 \u30fb \u7c73\u56fd\u5927\u578b\u4e0a\u5834<\/p>\n<p>  <!-- hero --><\/p>\n<div class=\"sxi-hero\">\n<h1 class=\"sxi-hero-title\">SpaceX\uff08SPCX\uff091.75\u5146\u30c9\u30ebIPO\u3092\u300c\u4e09\u5c64\u300d\u3067\u89e3\u5256\u3059\u308b<\/h1>\n<p class=\"sxi-hero-dek\">Starlink\u304c\u7a3c\u304e\u3001\u6253\u3061\u4e0a\u3052\u304c\u6295\u8cc7\u3092\u547c\u3073\u3001xAI\u304c\u71c3\u3084\u3059\u2014\u2014\u53f2\u4e0a\u6700\u5927\u306e\u4e0a\u5834\u3092\u3001\u8a55\u4fa1\u984d\u306e\u691c\u7b97\u3068\u3044\u3046\u8996\u70b9\u304b\u3089\u51b7\u9759\u306b\u5206\u89e3\u3059\u308b\u3002<\/p>\n<\/p><\/div>\n<p>  <!-- fact chips --><\/p>\n<div class=\"sxi-chips\">\n<div class=\"sxi-chip\"><span class=\"sxi-chip-k\">\u4e0a\u5834<\/span><span class=\"sxi-chip-v\">6\/12 Nasdaq\u30fbSPCX<\/span><\/div>\n<div class=\"sxi-chip\"><span class=\"sxi-chip-k\">\u516c\u52df\u4fa1\u683c<\/span><span class=\"sxi-chip-v\">135\u30c9\u30eb\u00d7\u7d045.56\u5104\u682a<\/span><\/div>\n<div class=\"sxi-chip\"><span class=\"sxi-chip-k\">\u8abf\u9054\u984d<\/span><span class=\"sxi-chip-v\">\u7d04750\u5104\u30c9\u30eb\uff08\u53f2\u4e0a\u6700\u5927\uff09<\/span><\/div>\n<div class=\"sxi-chip\"><span class=\"sxi-chip-k\">\u8a55\u4fa1\u984d<\/span><span class=\"sxi-chip-v\">\u7d041.75\u5146\u30c9\u30eb<\/span><\/div>\n<div class=\"sxi-chip\"><span class=\"sxi-chip-k\">FY25\u58f2\u4e0a<\/span><span class=\"sxi-chip-v\">186.7\u5104\u30c9\u30eb\uff08+33%\uff09<\/span><\/div>\n<div class=\"sxi-chip\"><span class=\"sxi-chip-k\">FY25\u7d14\u640d\u76ca<\/span><span class=\"sxi-chip-v\">\u25b249.4\u5104\u30c9\u30eb<\/span><\/div>\n<\/p><\/div>\n<p>  <!-- 30-sec summary --><\/p>\n<div class=\"sxi-summary\">\n<div class=\"sxi-summary-cell\">\n<p class=\"sxi-summary-label\">30\u79d2\u30b5\u30de\u30ea\u30fc<\/p>\n<p class=\"sxi-summary-text\">SpaceX\u306f1\u793e\u306e\u306a\u304b\u306b\u6027\u8cea\u306e\u7570\u306a\u308b\u4e09\u5c64\u3092\u62b1\u3048\u308b\u3002<strong class=\"sxi-em-g\">Starlink\uff08\u7a3c\u3050\u5c64\uff09<\/strong>\u306f\u552f\u4e00\u306e\u9ed2\u5b57\u30a8\u30f3\u30b8\u30f3\u3067\u55b6\u696d\u76ca\u7d0444\u5104\u30c9\u30eb\u3002\u3060\u304cARPU\u306f2023\u5e74\u306e99\u30c9\u30eb\u304b\u3089\u76f4\u8fd166\u30c9\u30eb\u3078\u7d041\/3\u4f4e\u4e0b\u3057\u305f\u3002<strong class=\"sxi-em-s\">\u6253\u3061\u4e0a\u3052\uff08\u6226\u7565\u6295\u8cc7\u306e\u5c64\uff09<\/strong>\u306f\u540d\u58f0\u306e\u6e90\u6cc9\u3060\u304cStarship\u306eR&D\u3092\u98f2\u307f\u8fbc\u3080\u3002<strong class=\"sxi-em-r\">xAI\uff08\u71c3\u3084\u3059\u5c64\uff09<\/strong>\u306fFY25\u306b\u55b6\u696d\u640d\u5931\u7d0464\u5104\u30c9\u30eb\u3092\u8a08\u4e0a\u3057\u3001\u9023\u7d50\u3092\u8d64\u5b57\uff08\u7d14\u640d\u5931\u25b249.4\u5104\u30c9\u30eb\uff0f\u524d\u5e74\u306f\u9ed2\u5b57\uff09\u3078\u8ee2\u843d\u3055\u305b\u305f\u4e3b\u56e0\u3060\u3002\u8a55\u4fa1\u984d1.75\u5146\u30c9\u30eb\u306ftrailing\u58f2\u4e0a\u306e\u7d04<strong>94\u500d<\/strong>\u3002Morningstar\u306e\u7406\u8ad6\u682a\u4fa1\uff08DCF\uff09\u306f\u7d047,800\u5104\u30c9\u30eb\u3067\u3001\u76ee\u6a19\u306e\u534a\u5206\u4ee5\u4e0b\u306b\u3068\u3069\u307e\u308b\u3002\u52a0\u3048\u3066\u30d5\u30ed\u30fc\u30c8\u306f\u7d04<strong>4%<\/strong>\u3001\u4e0a\u583415\u55b6\u696d\u65e5\u5f8c\u306bNasdaq100\u7d44\u5165\u308c\u306e\u53ef\u80fd\u6027\u2014\u2014\u9700\u7d66\u3068\u3044\u3046\u5225\u306e\u529b\u5b66\u304c\u3001\u77ed\u671f\u682a\u4fa1\u3092\u30d5\u30a1\u30f3\u30c0\u304b\u3089\u4e56\u96e2\u3055\u305b\u3046\u308b\u70b9\u306b\u6ce8\u610f\u3002<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<p>  <!-- term defs --><\/p>\n<div class=\"sxi-terms\">\n<p class=\"sxi-terms-title\">\u5148\u306b\u62bc\u3055\u3048\u308b\u7528\u8a9e<\/p>\n<div class=\"sxi-term\"><span class=\"sxi-term-k\">ARPU<\/span><span class=\"sxi-term-d\">1\u30e6\u30fc\u30b6\u30fc\u5f53\u305f\u308a\u306e\u5e73\u5747\u6708\u984d\u53ce\u5165\u3002\u52a0\u5165\u8005\u304c\u5897\u3048\u3066\u3082\u5358\u4fa1\u304c\u843d\u3061\u308c\u3070\u6210\u9577\u306f\u5e0c\u8584\u5316\u3059\u308b\u3002<\/span><\/div>\n<div class=\"sxi-term\"><span class=\"sxi-term-k\">\u30d5\u30ed\u30fc\u30c8<\/span><span class=\"sxi-term-d\">\u5e02\u5834\u3067\u5b9f\u969b\u306b\u6d41\u901a\u3059\u308b\u682a\u5f0f\u306e\u5272\u5408\u3002\u5c0f\u3055\u3044\u307b\u3069\u5024\u52d5\u304d\u304c\u8352\u304f\u306a\u308a\u3084\u3059\u3044\u3002<\/span><\/div>\n<div class=\"sxi-term\"><span class=\"sxi-term-k\">P\/S\uff08\u682a\u4fa1\u58f2\u4e0a\u500d\u7387\uff09<\/span><span class=\"sxi-term-d\">\u6642\u4fa1\u7dcf\u984d\u00f7\u58f2\u4e0a\u9ad8\u3002\u8d64\u5b57\u3067PER\u304c\u4f7f\u3048\u306a\u3044\u4f01\u696d\u306e\u5272\u9ad8\u30fb\u5272\u5b89\u3092\u6e2c\u308b\u4ee3\u66ff\u6307\u6a19\u3002<\/span><\/div>\n<div class=\"sxi-term\"><span class=\"sxi-term-k\">\u30aa\u30fc\u30eb\u30d7\u30e9\u30a4\u30de\u30ea\u30fc<\/span><span class=\"sxi-term-d\">\u516c\u52df\u306e\u5168\u984d\u304c\u4f1a\u793e\u306b\u5165\u308b\u5f62\u3002\u65e2\u5b58\u682a\u4e3b\u306e\u300c\u58f2\u308a\u629c\u3051\u300d\u3067\u306f\u306a\u3044\u70b9\u304c\u4eca\u56de\u306e\u7279\u5fb4\u3002<\/span><\/div>\n<div class=\"sxi-term\"><span class=\"sxi-term-k\">DCF<\/span><span class=\"sxi-term-d\">\u5c06\u6765\u751f\u3080\u30ad\u30e3\u30c3\u30b7\u30e5\u3092\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u5f15\u3044\u3066\u7406\u8ad6\u4fa1\u5024\u3092\u51fa\u3059\u624b\u6cd5\u3002\u524d\u63d0\u6b21\u7b2c\u3067\u7d50\u679c\u306f\u5927\u304d\u304f\u52d5\u304f\u3002<\/span><\/div>\n<\/p><\/div>\n<p>  <!-- ============ \u00a71 ============ --><\/p>\n<h2 class=\"sxi-h2 sxi-h2-base\"><span class=\"sxi-badge sxi-badge-base\">1<\/span>\u306a\u305c\u300c\u4e09\u5c64\u300d\u3067\u8aad\u3080\u306e\u304b<\/h2>\n<p class=\"sxi-p\">SPCX\u306b\u6295\u3058\u308b1\u682a135\u30c9\u30eb\u306f\u3001\u30ed\u30b1\u30c3\u30c8\u4f1a\u793e1\u793e\u3078\u306e\u6295\u8cc7\u3067\u306f\u306a\u3044\u3002S-1\uff08\u4e0a\u5834\u76ee\u8ad6\u898b\u66f8\uff09\u304c\u958b\u793a\u3059\u308b\u4e8b\u696d\u30bb\u30b0\u30e1\u30f3\u30c8\u306f\u3001\u53ce\u76ca\u6027\u3082\u8cc7\u672c\u52b9\u7387\u3082\u307e\u3063\u305f\u304f\u7570\u306a\u308b\u4e09\u3064\u306b\u5206\u304b\u308c\u308b\u3002\u3053\u3053\u3092\u6df7\u305c\u3066\u300c\u5b87\u5b99\u306e\u672a\u6765\u300d\u3068\u4e00\u62ec\u308a\u306b\u3059\u308b\u3068\u3001\u8a55\u4fa1\u984d\u306e\u59a5\u5f53\u6027\u306f\u898b\u3048\u306a\u304f\u306a\u308b\u3002\u614e\u91cd\u6d3e\u304c\u6700\u521d\u306b\u3084\u308b\u3079\u304d\u306f\u3001\u9023\u7d50\u306e\u83ef\u3084\u304b\u306a\u58f2\u4e0a\u3092<strong>\u7a3c\u3050\u5c64\u30fb\u6295\u8cc7\u3059\u308b\u5c64\u30fb\u71c3\u3084\u3059\u5c64<\/strong>\u3078\u89e3\u4f53\u3059\u308b\u3053\u3068\u3060\u3002<\/p>\n<p class=\"sxi-p\">FY2025\uff082025\u5e7412\u6708\u671f\uff09\u306e\u9023\u7d50\u58f2\u4e0a\u306f186.7\u5104\u30c9\u30eb\u3067\u524d\u5e74\u6bd4+33%\u3002\u4e00\u898b\u3059\u308b\u3068\u9806\u8abf\u306a\u6210\u9577\u4f01\u696d\u3060\u304c\u3001\u7d14\u640d\u76ca\u306f\u524d\u5e74\u306e\u9ed2\u5b57\uff08+7.9\u5104\u30c9\u30eb\uff09\u304b\u3089\u25b249.4\u5104\u30c9\u30eb\u306e\u8d64\u5b57\u3078\u8ee2\u843d\u3057\u305f\u3002\u4f55\u304c\u3053\u306e\u53cd\u8ee2\u3092\u751f\u3093\u3060\u306e\u304b\u2014\u2014\u7b54\u3048\u306f\u4e09\u5c64\u3092\u5206\u3051\u305f\u77ac\u9593\u306b\u6d6e\u304b\u3073\u4e0a\u304c\u308b\u3002<\/p>\n<p>  <!-- Figure 1: three-layer overview --><\/p>\n<figure class=\"sxi-fig\">\n    <svg class=\"sxi-svg\" viewBox=\"0 0 720 360\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" role=\"img\" aria-label=\"SpaceX\u4e09\u5c64\u69cb\u9020\u306e\u4fef\u77b0\u56f3\">\n      <rect x=\"0\" y=\"0\" width=\"720\" height=\"360\" fill=\"#ffffff\"\/>\n      <text x=\"24\" y=\"34\" font-family=\"sans-serif\" font-size=\"16\" font-weight=\"700\" fill=\"#0f1f3d\">SpaceX \u4e8b\u696d\u306e\u4e09\u5c64\u69cb\u9020\uff08FY2025\uff09<\/text>\n      <!-- Layer 1 Starlink -->\n      <rect x=\"24\" y=\"56\" width=\"672\" height=\"86\" rx=\"8\" fill=\"#e7f7f1\" stroke=\"#1ba87e\" stroke-width=\"1.5\"\/>\n      <rect x=\"24\" y=\"56\" width=\"8\" height=\"86\" rx=\"4\" fill=\"#1ba87e\"\/>\n      <text x=\"48\" y=\"82\" font-family=\"sans-serif\" font-size=\"14\" font-weight=\"700\" fill=\"#0f7a58\">\u7b2c1\u5c64 \u30fb Starlink\uff08\u7a3c\u3050\u5c64\uff09<\/text>\n      <text x=\"48\" y=\"104\" font-family=\"sans-serif\" font-size=\"12\" fill=\"#333333\">\u885b\u661f\u30d6\u30ed\u30fc\u30c9\u30d0\u30f3\u30c9\u3002\u552f\u4e00\u306e\u5b89\u5b9a\u9ed2\u5b57\u3002\u9023\u7d50\u3092\u652f\u3048\u308b\"ATM\"\u3002<\/text>\n      <text x=\"48\" y=\"126\" font-family=\"sans-serif\" font-size=\"12\" fill=\"#0f7a58\" font-weight=\"700\">\u58f2\u4e0a 114\u5104\u30c9\u30eb\uff08\u5168\u4f53\u306e61%\uff09\uff0f\u55b6\u696d\u76ca +44\u5104\u30c9\u30eb<\/text>\n      <!-- Layer 2 Launch -->\n      <rect x=\"24\" y=\"152\" width=\"672\" height=\"86\" rx=\"8\" fill=\"#f1f3f7\" stroke=\"#8a94a6\" stroke-width=\"1.5\"\/>\n      <rect x=\"24\" y=\"152\" width=\"8\" height=\"86\" rx=\"4\" fill=\"#8a94a6\"\/>\n      <text x=\"48\" y=\"178\" font-family=\"sans-serif\" font-size=\"14\" font-weight=\"700\" fill=\"#4a5468\">\u7b2c2\u5c64 \u30fb \u6253\u3061\u4e0a\u3052\uff08\u6226\u7565\u6295\u8cc7\u306e\u5c64\uff09<\/text>\n      <text x=\"48\" y=\"200\" font-family=\"sans-serif\" font-size=\"12\" fill=\"#333333\">Falcon\/Starship\u30fbNASA\u5411\u3051\u3002\u540d\u58f0\u306e\u6e90\u6cc9\u3060\u304cStarship\u958b\u767a\u304c\u5229\u76ca\u3092\u5727\u8feb\u3002<\/text>\n      <text x=\"48\" y=\"222\" font-family=\"sans-serif\" font-size=\"12\" fill=\"#4a5468\" font-weight=\"700\">\u58f2\u4e0a \u7d0440\u5104\u30c9\u30eb\uff0fFY25\u306f\u307b\u307c\u5747\u8861\u30fbQ1'26\u306f\u55b6\u696d\u8d64\u5b57\u306b\u8ee2\u843d<\/text>\n      <!-- Layer 3 xAI -->\n      <rect x=\"24\" y=\"248\" width=\"672\" height=\"86\" rx=\"8\" fill=\"#fdeceb\" stroke=\"#e0564f\" stroke-width=\"1.5\"\/>\n      <rect x=\"24\" y=\"248\" width=\"8\" height=\"86\" rx=\"4\" fill=\"#e0564f\"\/>\n      <text x=\"48\" y=\"274\" font-family=\"sans-serif\" font-size=\"14\" font-weight=\"700\" fill=\"#b23a34\">\u7b2c3\u5c64 \u30fb xAI\uff0fSpaceXAI\uff08\u71c3\u3084\u3059\u5c64\uff09<\/text>\n      <text x=\"48\" y=\"296\" font-family=\"sans-serif\" font-size=\"12\" fill=\"#333333\">2026\u5e742\u6708\u7d71\u5408\u306eAI\u4e8b\u696d\u3002\u670810\u5104\u30c9\u30eb\u898f\u6a21\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d0\u30fc\u30f3\u3002<\/text>\n      <text x=\"48\" y=\"318\" font-family=\"sans-serif\" font-size=\"12\" fill=\"#b23a34\" font-weight=\"700\">\u58f2\u4e0a \u7d0432\u5104\u30c9\u30eb\uff0f\u55b6\u696d\u640d\u5931 \u25b264\u5104\u30c9\u30eb\uff08\u9023\u7d50\u8d64\u5b57\u306e\u4e3b\u56e0\uff09<\/text>\n    <\/svg><figcaption class=\"sxi-cap\">\u56f31\uff1a1\u793e\u306e\u4e2d\u306b\u300c\u7a3c\u3050\u30fb\u6295\u8cc7\u3059\u308b\u30fb\u71c3\u3084\u3059\u300d\u304c\u540c\u5c45\u3059\u308b\u3002\u9023\u7d50\u306e\u7d14\u640d\u5931\u306f\u4e3b\u306b\u7b2c3\u5c64\u304c\u751f\u3093\u3067\u3044\u308b\u3002\uff08\u51fa\u5178\uff1aSpaceX S-1, 2026\/5\/20\uff09<\/figcaption><\/figure>\n<p>  <!-- ============ \u00a72 ============ --><\/p>\n<h2 class=\"sxi-h2 sxi-h2-g\"><span class=\"sxi-badge sxi-badge-g\">2<\/span>\u7b2c1\u5c64\uff1aStarlink \u2500\u2500 \u7a3c\u3050\u5c64<\/h2>\n<p class=\"sxi-p\">Starlink\u3092\u542b\u3080Connectivity\u30bb\u30b0\u30e1\u30f3\u30c8\u306fFY2025\u306b\u58f2\u4e0a114\u5104\u30c9\u30eb\uff08\u9023\u7d50\u306e61%\uff09\u3001\u55b6\u696d\u76ca44\u5104\u30c9\u30eb\u3001\u8abf\u6574\u5f8cEBITDA\u7d0472\u5104\u30c9\u30eb\u3092\u7a3c\u3044\u3060\u3002\u524d\u5e74\u6bd4\u3067\u55b6\u696d\u76ca\u306f+120%\u3001\u52a0\u5165\u8005\u306f2024\u5e74\u672b\u306e440\u4e07\u4eba\u304b\u30892025\u5e74\u672b\u306b890\u4e07\u4eba\u3078\u500d\u5897\u3057\u30012026\u5e743\u6708\u672b\u306b\u306f1,030\u4e07\u4eba\u30fb164\u30ab\u56fd\u306b\u9054\u3057\u305f\u3002\u4f4e\u8ecc\u9053\u3067\u904b\u7528\u4e2d\u306e\u6a5f\u52d5\u53ef\u80fd\u885b\u661f\u306e\u7d044\u5206\u306e3\u306fSpaceX\u306e\u3082\u306e\u3068\u3055\u308c\u3001\u73fe\u5b9f\u7684\u306a\u7af6\u5408\u306f\u307e\u3060\u5b58\u5728\u3057\u306a\u3044\u3002<strong class=\"sxi-em-g\">\u3053\u3053\u304c\u9023\u7d50\u3092\u9ed2\u5b57\u306b\u7559\u3081\u3088\u3046\u3068\u3059\u308b\u552f\u4e00\u306e\u30a8\u30f3\u30b8\u30f3<\/strong>\u3067\u3042\u308a\u3001\u4ed6\u306e\u3059\u3079\u3066\u306e\u5c64\u306f\u3053\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u6d88\u8cbb\u3057\u3066\u3044\u308b\u3002<\/p>\n<p class=\"sxi-p\">\u305f\u3060\u3057\u614e\u91cd\u6d3e\u304c\u76f4\u8996\u3059\u3079\u304d\u69cb\u9020\u7684\u306a\u8b66\u544a\u30b5\u30a4\u30f3\u304c\u3042\u308b\u3002ARPU\uff081\u30e6\u30fc\u30b6\u30fc\u5f53\u305f\u308a\u6708\u984d\u53ce\u5165\uff09\u306f2023\u5e74\u306e\u7d0499\u30c9\u30eb\u304b\u30892025\u5e74\u306b\u7d0480\u30c9\u30eb\u30012026\u5e74Q1\u306b\u306f\u7d0466\u30c9\u30eb\u3078\u3068\u30013\u5e74\u3067\u7d043\u5206\u306e1\u4f4e\u4e0b\u3057\u305f\u3002\u65b0\u8208\u56fd\u5c55\u958b\u3084\u4f4e\u4fa1\u683c\u30d7\u30e9\u30f3\uff08Starlink Mini\u7b49\uff09\u3067\u52a0\u5165\u8005\u306f\u5897\u3048\u308b\u304c\u30011\u5358\u4f4d\u3042\u305f\u308a\u306e\u53ce\u76ca\u529b\u306f\u8584\u307e\u3063\u3066\u3044\u308b\u3002Amazon\u306eKuiper\u306a\u3069\u7af6\u5408\u306e\u53c2\u5165\u3082\u63a7\u3048\u3001\u3053\u306e\u4e0b\u843d\u304c\u77ed\u671f\u3067\u53cd\u8ee2\u3059\u308b\u898b\u8fbc\u307f\u306f\u5c0f\u3055\u3044\u3002<strong>\u300c\u52a0\u5165\u8005\u6570\u306e\u6210\u9577\u300d\u3068\u300c\u5358\u4fa1\u306e\u5e0c\u8584\u5316\u300d\u3092\u5206\u3051\u3066\u898b\u308b\u3053\u3068<\/strong>\u304c\u3001\u7b2c1\u5c64\u306e\u8a55\u4fa1\u3067\u306f\u6c7a\u5b9a\u7684\u306b\u91cd\u8981\u3060\u3002<\/p>\n<p>  <!-- Figure 2: segment revenue & operating income --><\/p>\n<figure class=\"sxi-fig\">\n    <svg class=\"sxi-svg\" viewBox=\"0 0 720 380\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" role=\"img\" aria-label=\"\u30bb\u30b0\u30e1\u30f3\u30c8\u5225\u306e\u58f2\u4e0a\u3068\u55b6\u696d\u640d\u76ca\">\n      <rect x=\"0\" y=\"0\" width=\"720\" height=\"380\" fill=\"#ffffff\"\/>\n      <text x=\"24\" y=\"32\" font-family=\"sans-serif\" font-size=\"16\" font-weight=\"700\" fill=\"#0f1f3d\">\u30bb\u30b0\u30e1\u30f3\u30c8\u5225 \u58f2\u4e0a\u3068\u55b6\u696d\u640d\u76ca\uff08FY2025\u30fb\u5104\u30c9\u30eb\uff09<\/text>\n      <!-- axis baseline -->\n      <line x1=\"120\" y1=\"250\" x2=\"696\" y2=\"250\" stroke=\"#cccccc\" stroke-width=\"1\"\/>\n      <text x=\"60\" y=\"150\" font-family=\"sans-serif\" font-size=\"11\" fill=\"#888888\">\u58f2\u4e0a<\/text>\n      <!-- Starlink -->\n      <text x=\"190\" y=\"272\" font-family=\"sans-serif\" font-size=\"12\" font-weight=\"700\" fill=\"#0f7a58\" text-anchor=\"middle\">Starlink<\/text>\n      <rect x=\"150\" y=\"98\" width=\"80\" height=\"152\" fill=\"#1ba87e\"\/>\n      <text x=\"190\" y=\"90\" font-family=\"sans-serif\" font-size=\"12\" font-weight=\"700\" fill=\"#0f7a58\" text-anchor=\"middle\">114<\/text>\n      <rect x=\"234\" y=\"227\" width=\"26\" height=\"23\" fill=\"#7fd9bd\"\/>\n      <text x=\"262\" y=\"222\" font-family=\"sans-serif\" font-size=\"10\" fill=\"#0f7a58\">\u55b6\u696d\u76ca+44<\/text>\n      <!-- Launch -->\n      <text x=\"370\" y=\"272\" font-family=\"sans-serif\" font-size=\"12\" font-weight=\"700\" fill=\"#4a5468\" text-anchor=\"middle\">\u6253\u3061\u4e0a\u3052<\/text>\n      <rect x=\"330\" y=\"197\" width=\"80\" height=\"53\" fill=\"#8a94a6\"\/>\n      <text x=\"370\" y=\"189\" font-family=\"sans-serif\" font-size=\"12\" font-weight=\"700\" fill=\"#4a5468\" text-anchor=\"middle\">\u7d0440<\/text>\n      <text x=\"414\" y=\"245\" font-family=\"sans-serif\" font-size=\"10\" fill=\"#4a5468\">\u55b6\u696d\u76ca\u22520<\/text>\n      <!-- xAI -->\n      <text x=\"550\" y=\"272\" font-family=\"sans-serif\" font-size=\"12\" font-weight=\"700\" fill=\"#b23a34\" text-anchor=\"middle\">xAI<\/text>\n      <rect x=\"510\" y=\"208\" width=\"80\" height=\"42\" fill=\"#e0564f\"\/>\n      <text x=\"550\" y=\"200\" font-family=\"sans-serif\" font-size=\"12\" font-weight=\"700\" fill=\"#b23a34\" text-anchor=\"middle\">\u7d0432<\/text>\n      <!-- xAI operating loss bar (downward) -->\n      <rect x=\"594\" y=\"250\" width=\"26\" height=\"86\" fill=\"#f3a39e\"\/>\n      <text x=\"624\" y=\"300\" font-family=\"sans-serif\" font-size=\"10\" fill=\"#b23a34\">\u55b6\u696d\u640d\u5931<\/text>\n      <text x=\"624\" y=\"314\" font-family=\"sans-serif\" font-size=\"10\" font-weight=\"700\" fill=\"#b23a34\">\u25b264<\/text>\n      <!-- consolidated note -->\n      <text x=\"24\" y=\"362\" font-family=\"sans-serif\" font-size=\"11\" fill=\"#555555\">\u9023\u7d50\uff1a\u58f2\u4e0a 186.7\u5104\u30c9\u30eb \uff0f \u55b6\u696d\u640d\u5931 \u25b225.9\u5104\u30c9\u30eb \uff0f \u7d14\u640d\u5931 \u25b249.4\u5104\u30c9\u30eb\uff08\u524d\u5e74\u306f\u7d14\u5229\u76ca+7.9\u5104\u30c9\u30eb\uff09<\/text>\n    <\/svg><figcaption class=\"sxi-cap\">\u56f32\uff1a\u9ed2\u5b57\u306f\u5b9f\u8ceaStarlink\u306e\u307f\u3002xAI\u306e\u55b6\u696d\u640d\u5931\uff08\u25b264\u5104\u30c9\u30eb\uff09\u304c\u9023\u7d50\u306e\u640d\u76ca\u3092\u652f\u914d\u3057\u3066\u3044\u308b\u3002\uff08\u51fa\u5178\uff1aSpaceX S-1\uff09<\/figcaption><\/figure>\n<p>  <!-- ============ \u00a73 ============ --><\/p>\n<h2 class=\"sxi-h2 sxi-h2-s\"><span class=\"sxi-badge sxi-badge-s\">3<\/span>\u7b2c2\u5c64\uff1a\u6253\u3061\u4e0a\u3052 \u2500\u2500 \u6226\u7565\u6295\u8cc7\u306e\u5c64<\/h2>\n<p class=\"sxi-p\">\u6253\u3061\u4e0a\u3052\u4e8b\u696d\uff08Space\u30bb\u30b0\u30e1\u30f3\u30c8\uff09\u306fFY2025\u58f2\u4e0a\u7d0440\u5104\u30c9\u30eb\u3002Falcon 9\u306f\u518d\u4f7f\u7528\u30ed\u30b1\u30c3\u30c8\u306e\u300c\u50cd\u304d\u8005\u300d\u3068\u306a\u308a\u3001NASA\u5411\u3051\u6709\u4eba\u8f38\u9001\u3082\u62c5\u3046\u3002SpaceX\u306e\u540d\u58f0\u3068\u53c2\u5165\u969c\u58c1\u306e\u6e90\u6cc9\u306f\u3053\u3053\u306b\u3042\u308b\u3002\u4e00\u65b9\u3067\u3001\u6b21\u4e16\u4ee3\u6a5fStarship\u306e\u958b\u767a\u306b\u7d0430\u5104\u30c9\u30eb\u898f\u6a21\u306eR&D\u3092\u6295\u3058\u3066\u304a\u308a\u3001<strong class=\"sxi-em-s\">\u58f2\u4e0a\u306e\u5927\u534a\u3092\u81ea\u3089\u306e\u672a\u6765\u6295\u8cc7\u3067\u76f8\u6bba\u3057\u3066\u3044\u308b<\/strong>\u69cb\u56f3\u3060\u3002FY2025\u306f\u6982\u306d\u5747\u8861\u301c\u5c0f\u5e45\u9ed2\u5b57\u3060\u3063\u305f\u304c\u30012026\u5e74Q1\u306f\u58f2\u4e0a6.2\u5104\u30c9\u30eb\u306b\u5bfe\u3057\u55b6\u696d\u640d\u5931\u25b26.6\u5104\u30c9\u30eb\u3068\u8d64\u5b57\u306b\u8ee2\u843d\u3057\u305f\u3002Starship\u6295\u8cc7\u304c\u672c\u683c\u5316\u3059\u308b\u5c40\u9762\u3067\u306f\u3001\u3053\u306e\u5c64\u306f\u5f53\u9762\u30ad\u30e3\u30c3\u30b7\u30e5\u3092\u751f\u3080\u3088\u308a\u4f7f\u3046\u5074\u306b\u56de\u308a\u3084\u3059\u3044\u3002<\/p>\n<p class=\"sxi-p\">\u614e\u91cd\u6d3e\u306b\u3068\u3063\u3066\u306e\u8ad6\u70b9\u306f\u660e\u5feb\u3060\u3002\u6253\u3061\u4e0a\u3052\u5358\u4fa1\u306e\u5287\u7684\u306a\u4f4e\u4e0b\u3053\u305d\u304cStarlink\u3092\u6210\u7acb\u3055\u305b\u3001\u5c06\u6765\u306e\u300c\u8ecc\u9053\u4e0a\u30c7\u30fc\u30bf\u30bb\u30f3\u30bf\u30fc\u300d\u3084\u6df1\u5b87\u5b99\u69cb\u60f3\u306e\u524d\u63d0\u306b\u306a\u308b\u3002\u3064\u307e\u308a\u7b2c2\u5c64\u306f<strong>\u305d\u308c\u5358\u4f53\u306e\u5229\u76ca\u3067\u8a55\u4fa1\u3059\u308b\u5c64\u3067\u306f\u306a\u304f\u3001\u7b2c1\u5c64\u30fb\u7b2c3\u5c64\u306e\u539f\u4fa1\u3092\u62bc\u3057\u4e0b\u3052\u308b\u305f\u3081\u306e\u30a4\u30f3\u30d5\u30e9\u6295\u8cc7<\/strong>\u3068\u3057\u3066\u8aad\u3080\u3079\u304d\u3082\u306e\u3060\u3002\u30ed\u30de\u30f3\u3092\u4fa1\u683c\u306b\u7e54\u308a\u8fbc\u307f\u3059\u304e\u3066\u3044\u306a\u3044\u304b\u2014\u2014\u3092\u70b9\u691c\u3059\u308b\u5c64\u3067\u3082\u3042\u308b\u3002<\/p>\n<p>  <!-- ============ \u00a74 ============ --><\/p>\n<h2 class=\"sxi-h2 sxi-h2-r\"><span class=\"sxi-badge sxi-badge-r\">4<\/span>\u7b2c3\u5c64\uff1axAI \u2500\u2500 \u71c3\u3084\u3059\u5c64<\/h2>\n<p class=\"sxi-p\">2026\u5e742\u6708\u306bxAI\u3092\u7d71\u5408\u3057\u3001AI\u4e8b\u696d\u306f\u300cSpaceXAI\u300d\u3068\u3057\u3066\u9023\u7d50\u306b\u7d44\u307f\u8fbc\u307e\u308c\u305f\u3002\u3053\u306e\u5c64\u304cFY2025\u306b\u8a08\u4e0a\u3057\u305f\u55b6\u696d\u640d\u5931\u306f\u7d0464\u5104\u30c9\u30eb\u30022026\u5e74Q1\u3060\u3051\u3067\u3082\u58f2\u4e0a8.2\u5104\u30c9\u30eb\u306b\u5bfe\u3057\u55b6\u696d\u640d\u5931\u25b224.7\u5104\u30c9\u30eb\u3067\u3001\u670810\u5104\u30c9\u30eb\u898f\u6a21\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u3092\u71c3\u3084\u3057\u3066\u3044\u308b\u3068\u3055\u308c\u308b\u3002\u7d2f\u7a4d\u8d64\u5b57\u306f\u7d04413\u5104\u30c9\u30eb\u306b\u81a8\u3089\u3093\u3060\u3002\u524d\u5e74\u306f\u9ed2\u5b57\u3060\u3063\u305fSpaceX\u3092\u8d64\u5b57\u4f01\u696d\u306b\u5909\u3048\u305f\u306e\u306f\u3001\u307e\u3055\u306b\u3053\u306e\u7b2c3\u5c64\u3060\u3002S-1\u306f\u5bfe\u7b56\u3068\u3057\u3066\u81ea\u793eGPU\u88fd\u9020\u306e\u691c\u8a0e\u306b\u3082\u8a00\u53ca\u3057\u3066\u3044\u308b\u304c\u3001\u3053\u308c\u306f\u88cf\u3092\u8fd4\u305b\u3070\u30b3\u30b9\u30c8\u69cb\u9020\u306e\u91cd\u3055\u3092\u8a8d\u3081\u308b\u958b\u793a\u3067\u3082\u3042\u308b\u3002<\/p>\n<p class=\"sxi-p\">\u3053\u3053\u3067\u91cd\u8981\u306a\u306e\u306f\u3001SPCX\u3092135\u30c9\u30eb\u3067\u8cb7\u3046\u3053\u3068\u306f\u300c\u30ed\u30b1\u30c3\u30c8\u3068\u885b\u661f\u300d\u3060\u3051\u3067\u306a\u304f<strong class=\"sxi-em-r\">\u6700\u3082\u8cc7\u91d1\u3092\u8981\u3059\u308bAI\u4f01\u696d\u3078\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc<\/strong>\u3092\u540c\u6642\u306b\u53d6\u308b\u3053\u3068\u3092\u610f\u5473\u3059\u308b\u70b9\u3060\u3002Starlink\u306e\u9ed2\u5b57\u304cxAI\u306e\u8d64\u5b57\u3092\u57cb\u3081\u308b\u300c\u5185\u90e8\u88dc\u52a9\u300d\u306e\u69cb\u9020\u304c\u7d9a\u304f\u9650\u308a\u3001\u9023\u7d50\u306e\u30dc\u30c8\u30e0\u30e9\u30a4\u30f3\u306f\u7b2c3\u5c64\u306e\u71c3\u713c\u30da\u30fc\u30b9\u306b\u5927\u304d\u304f\u5de6\u53f3\u3055\u308c\u308b\u3002AI\u306e\u5c06\u6765\u6027\u306b\u8ced\u3051\u308b\u304b\u3001\u305d\u308c\u3068\u3082\u9ed2\u5b57\u30a8\u30f3\u30b8\u30f3\u3092\u5e0c\u8584\u5316\u3055\u305b\u308b\u30b3\u30b9\u30c8\u3068\u898b\u308b\u304b\u2014\u2014\u8a55\u4fa1\u304c\u5272\u308c\u308b\u4e2d\u5fc3\u306f\u3053\u3053\u306b\u3042\u308b\u3002<\/p>\n<p>  <!-- ============ \u00a75 ============ --><\/p>\n<h2 class=\"sxi-h2 sxi-h2-base\"><span class=\"sxi-badge sxi-badge-base\">5<\/span>\u4e09\u5c64\u3092\u5408\u7b97\u3059\u308b\uff1a1.75\u5146\u30c9\u30eb\u306e\u691c\u7b97<\/h2>\n<p class=\"sxi-p\">\u4e09\u5c64\u3092\u8db3\u3057\u623b\u3059\u3068\u30011.75\u5146\u30c9\u30eb\u3068\u3044\u3046\u6570\u5b57\u306e\u91cd\u3055\u304c\u898b\u3048\u3066\u304f\u308b\u3002FY2025\u58f2\u4e0a186.7\u5104\u30c9\u30eb\u306b\u5bfe\u3057\u3001\u8a55\u4fa1\u984d\u306ftrailing\u58f2\u4e0a\u306e<strong>\u7d0494\u500d<\/strong>\u3002\u8d64\u5b57\u306e\u305f\u3081PER\u306f\u8a08\u7b97\u3067\u304d\u306a\u3044\u3002Morningstar\u306e\u30a2\u30ca\u30ea\u30b9\u30c8\u306f\u300c1.75\u5146\u30c9\u30eb\u306f\u58f2\u4e0a\u306e\u7d0467\u500d\uff08\u8a66\u7b97\u30d9\u30fc\u30b9\uff09\u3067\u3001Nvidia\u306e3\u500d\u306e\u6c34\u6e96\u300d\u3068\u6307\u6458\u3057\u3001\u540c\u793e\u306eDCF\uff08\u5272\u5f15\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff09\u306b\u3088\u308b\u7406\u8ad6\u4fa1\u5024\u3092<strong>\u7d047,800\u5104\u30c9\u30eb<\/strong>\u2014\u2014IPO\u76ee\u6a19\u306e\u534a\u5206\u4ee5\u4e0b\u3001\u79c1\u52df\u5e02\u5834\u8a55\u4fa11.5\u5146\u30c9\u30eb\u3088\u308a\u7d0448%\u4f4e\u3044\u2014\u2014\u3068\u7b97\u5b9a\u3057\u305f\u3002Morningstar\u306f\u300cIPO\u306f\u30ea\u30c6\u30fc\u30eb\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u6700\u826f\u306e\u30a8\u30f3\u30c8\u30ea\u30fc\u3067\u306f\u306a\u304f\u3001\u9577\u671f\u6295\u8cc7\u5bb6\u306f\u5f8c\u306b\u3088\u308a\u5927\u304d\u306a\u5b89\u5168\u4f59\u88d5\u3092\u6301\u3063\u3066\u53c2\u52a0\u3059\u308b\u6a5f\u4f1a\u304c\u6765\u308b\u300d\u3068\u3082\u8ff0\u3079\u3066\u3044\u308b\u3002<\/p>\n<p class=\"sxi-p\">\u3080\u308d\u3093DCF\u306f\u524d\u63d0\u6b21\u7b2c\u3067\u52d5\u304f\u3002Starlink\u306e\u52a0\u5165\u8005\u30fb\u5358\u4fa1\u3001Starship\u306e\u6210\u5426\u3001xAI\u306e\u53ce\u76ca\u5316\u6642\u671f\u2014\u2014\u3069\u308c\u3092\u5f37\u6c17\u306b\u7f6e\u304f\u304b\u3067\u7406\u8ad6\u4fa1\u5024\u306f\u5927\u304d\u304f\u5909\u308f\u308b\u3002\u8981\u306f<strong>1.75\u5146\u30c9\u30eb\u3092\u6b63\u5f53\u5316\u3059\u308b\u306b\u306f\u3001\u4e09\u5c64\u305d\u308c\u305e\u308c\u306b\u304b\u306a\u308a\u697d\u89b3\u7684\u306a\u524d\u63d0\u3092\u540c\u6642\u306b\u7f6e\u304f\u5fc5\u8981\u304c\u3042\u308b<\/strong>\u3068\u3044\u3046\u3053\u3068\u3060\u3002\u614e\u91cd\u6d3e\u306e\u4f5c\u696d\u306f\u3001\u81ea\u5206\u304c\u3069\u306e\u524d\u63d0\u306b\u8ced\u3051\u3066\u3044\u308b\u306e\u304b\u3092\u4e00\u3064\u305a\u3064\u8a00\u8a9e\u5316\u3059\u308b\u3053\u3068\u306b\u3042\u308b\u3002<\/p>\n<p>  <!-- Figure 3: valuation comparison --><\/p>\n<figure class=\"sxi-fig\">\n    <svg class=\"sxi-svg\" viewBox=\"0 0 720 420\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" role=\"img\" aria-label=\"\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3068\u8abf\u9054\u984d\u306e\u6bd4\u8f03\">\n      <rect x=\"0\" y=\"0\" width=\"720\" height=\"420\" fill=\"#ffffff\"\/>\n      <text x=\"24\" y=\"30\" font-family=\"sans-serif\" font-size=\"16\" font-weight=\"700\" fill=\"#0f1f3d\">\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u691c\u7b97<\/text>\n      <!-- Panel A: P\/S -->\n      <text x=\"24\" y=\"62\" font-family=\"sans-serif\" font-size=\"13\" font-weight=\"700\" fill=\"#0f1f3d\">\u2460 trailing P\/S\uff08\u682a\u4fa1\u58f2\u4e0a\u500d\u7387\uff09<\/text>\n      <text x=\"40\" y=\"96\" font-family=\"sans-serif\" font-size=\"11\" fill=\"#555555\">SpaceX @1.75\u5146\u30c9\u30eb<\/text>\n      <rect x=\"180\" y=\"84\" width=\"470\" height=\"18\" fill=\"#0f1f3d\"\/>\n      <text x=\"656\" y=\"98\" font-family=\"sans-serif\" font-size=\"11\" font-weight=\"700\" fill=\"#0f1f3d\">\u7d0494\u500d<\/text>\n      <text x=\"40\" y=\"124\" font-family=\"sans-serif\" font-size=\"11\" fill=\"#555555\">\uff08\u53c2\u8003\uff09Nvidia\u6c34\u6e96<\/text>\n      <rect x=\"180\" y=\"112\" width=\"110\" height=\"18\" fill=\"#9aa6bd\"\/>\n      <text x=\"296\" y=\"126\" font-family=\"sans-serif\" font-size=\"11\" fill=\"#555555\">\u7d0422\u500d \u203bMorningstar\u8a66\u7b97\u6bd4<\/text>\n      <!-- Panel B: DCF gap -->\n      <text x=\"24\" y=\"166\" font-family=\"sans-serif\" font-size=\"13\" font-weight=\"700\" fill=\"#0f1f3d\">\u2461 \u7406\u8ad6\u4fa1\u5024 vs IPO\u76ee\u6a19<\/text>\n      <text x=\"40\" y=\"200\" font-family=\"sans-serif\" font-size=\"11\" fill=\"#555555\">IPO\u76ee\u6a19 \u8a55\u4fa1\u984d<\/text>\n      <rect x=\"180\" y=\"188\" width=\"470\" height=\"18\" fill=\"#e0564f\"\/>\n      <text x=\"656\" y=\"202\" font-family=\"sans-serif\" font-size=\"11\" font-weight=\"700\" fill=\"#b23a34\">1.75\u5146\u30c9\u30eb<\/text>\n      <text x=\"40\" y=\"228\" font-family=\"sans-serif\" font-size=\"11\" fill=\"#555555\">Morningstar DCF<\/text>\n      <rect x=\"180\" y=\"216\" width=\"209\" height=\"18\" fill=\"#1ba87e\"\/>\n      <text x=\"396\" y=\"230\" font-family=\"sans-serif\" font-size=\"11\" font-weight=\"700\" fill=\"#0f7a58\">\u7d040.78\u5146\u30c9\u30eb\uff08\u534a\u5206\u4ee5\u4e0b\uff09<\/text>\n      <!-- Panel C: raise comparison -->\n      <text x=\"24\" y=\"270\" font-family=\"sans-serif\" font-size=\"13\" font-weight=\"700\" fill=\"#0f1f3d\">\u2462 \u8abf\u9054\u984d\u306e\u6bd4\u8f03\uff08\u5104\u30c9\u30eb\uff09<\/text>\n      <text x=\"40\" y=\"300\" font-family=\"sans-serif\" font-size=\"11\" fill=\"#555555\">SpaceX 2026<\/text>\n      <rect x=\"180\" y=\"288\" width=\"470\" height=\"16\" fill=\"#0f1f3d\"\/>\n      <text x=\"656\" y=\"301\" font-family=\"sans-serif\" font-size=\"11\" font-weight=\"700\" fill=\"#0f1f3d\">750<\/text>\n      <text x=\"40\" y=\"324\" font-family=\"sans-serif\" font-size=\"11\" fill=\"#555555\">Aramco 2019<\/text>\n      <rect x=\"180\" y=\"312\" width=\"160\" height=\"16\" fill=\"#9aa6bd\"\/>\n      <text x=\"346\" y=\"325\" font-family=\"sans-serif\" font-size=\"11\" fill=\"#555555\">\u7d04256<\/text>\n      <text x=\"40\" y=\"348\" font-family=\"sans-serif\" font-size=\"11\" fill=\"#555555\">Alibaba 2014<\/text>\n      <rect x=\"180\" y=\"336\" width=\"156\" height=\"16\" fill=\"#9aa6bd\"\/>\n      <text x=\"342\" y=\"349\" font-family=\"sans-serif\" font-size=\"11\" fill=\"#555555\">\u7d04250<\/text>\n      <text x=\"40\" y=\"372\" font-family=\"sans-serif\" font-size=\"11\" fill=\"#555555\">Arm 2023<\/text>\n      <rect x=\"180\" y=\"360\" width=\"31\" height=\"16\" fill=\"#9aa6bd\"\/>\n      <text x=\"217\" y=\"373\" font-family=\"sans-serif\" font-size=\"11\" fill=\"#555555\">\u7d0450<\/text>\n      <text x=\"24\" y=\"404\" font-family=\"sans-serif\" font-size=\"10\" fill=\"#888888\">\u203bP\/S\u306f1.75\u5146\u30c9\u30eb\u00f7FY25\u58f2\u4e0a186.7\u5104\u30c9\u30eb\u3067\u7b46\u8005\u7b97\u51fa\u3002DCF\u30fb\u500d\u7387\u6bd4\u8f03\u306fMorningstar\u3002\u8abf\u9054\u984d\u306f\u5404\u793e\u5831\u9053\u30d9\u30fc\u30b9\u3002<\/text>\n    <\/svg><figcaption class=\"sxi-cap\">\u56f33\uff1a\u8abf\u9054\u984d\u306f\u6587\u5b57\u901a\u308a\u53f2\u4e0a\u6700\u5927\u3060\u304c\u3001\u53ce\u76ca\u306b\u5bfe\u3059\u308b\u8a55\u4fa1\u500d\u7387\u3068\u7406\u8ad6\u4fa1\u5024\u306e\u4e56\u96e2\u3082\u540c\u6642\u306b\u904e\u53bb\u6700\u5927\u7d1a\u3002<\/figcaption><\/figure>\n<p>  <!-- ============ \u00a76 ============ --><\/p>\n<h2 class=\"sxi-h2 sxi-h2-base\"><span class=\"sxi-badge sxi-badge-base\">6<\/span>\u30d5\u30a1\u30f3\u30c0\u306e\u5916\u5074\uff1a\u9700\u7d66\u3068\u3044\u3046\u529b\u5b66<\/h2>\n<p class=\"sxi-p\">\u614e\u91cd\u6d3e\u304c\u898b\u843d\u3068\u3057\u304c\u3061\u306a\u306e\u304c\u3001\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u3068\u306f\u5225\u306b\u682a\u4fa1\u3092\u52d5\u304b\u3059<strong>\u9700\u7d66\u306e\u529b\u5b66<\/strong>\u3060\u3002\u4eca\u56de\u306f\u901a\u5e38\u306e\u4eee\u6761\u4ef6\u30ec\u30f3\u30b8\u3092\u4f7f\u308f\u305a135\u30c9\u30eb\u306e\u56fa\u5b9a\u4fa1\u683c\u3067\u3001\u3057\u304b\u3082\u516c\u52df\u306f\u30aa\u30fc\u30eb\u30d7\u30e9\u30a4\u30de\u30ea\u30fc\uff08\u8abf\u9054\u984d\u306e\u5168\u984d\u304c\u4f1a\u793e\u306b\u5165\u308b\uff09\u3002\u4e00\u65b9\u3067\u4e0a\u5834\u76f4\u5f8c\u306b\u5e02\u5834\u3067\u6d41\u901a\u3059\u308b\u682a\u5f0f\uff08\u30d5\u30ed\u30fc\u30c8\uff09\u306f\u5168\u4f53\u306e\u7d044%\u306b\u3059\u304e\u306a\u3044\u3002\u5c11\u306a\u3044\u6d6e\u52d5\u682a\u306b\u5bfe\u3057\u3001\u6700\u592730%\u304cRobinhood\u30fbFidelity\u30fbSchwab\u30fbSoFi\u30fbE*Trade\u306a\u3069\u3092\u901a\u3058\u3066\u30ea\u30c6\u30fc\u30eb\u3078\u914d\u5206\u3055\u308c\u308b\u3002\u9700\u8981\u304c\u8584\u3044\u6d6e\u52d5\u682a\u306b\u96c6\u4e2d\u3059\u308c\u3070\u3001\u521d\u671f\u306e\u5024\u52d5\u304d\u306f\u6975\u7aef\u306b\u632f\u308c\u3084\u3059\u3044\u3002<\/p>\n<p class=\"sxi-p\">\u3055\u3089\u306b\u91cd\u3044\u306e\u304c\u6307\u6570\u7d44\u5165\u308c\u3060\u3002Nasdaq\u306e\u65e9\u671f\u7d44\u5165\u308c\u30eb\u30fc\u30eb\u306b\u3088\u308a\u3001\u4e0a\u5834\u304b\u3089<strong>\u308f\u305a\u304b15\u55b6\u696d\u65e5\u5f8c\u306bNasdaq100\u3078\u7d44\u307f\u5165\u308c\u3089\u308c\u308b\u53ef\u80fd\u6027<\/strong>\u304c\u3042\u308b\u3002\u7d44\u5165\u308c\u304c\u5b9f\u73fe\u3059\u308c\u3070\u3001\u6307\u6570\u9023\u52d5\u306e\u30d1\u30c3\u30b7\u30d6\u8cc7\u91d1\u304c\u300c\u4fa1\u683c\u306b\u95a2\u4fc2\u306a\u304f\u300d\u8cb7\u3044\u3092\u5165\u308c\u308b\u3002\u4f4e\u30d5\u30ed\u30fc\u30c8\u00d7\u30d1\u30c3\u30b7\u30d6\u306e\u5f37\u5236\u8cb7\u3044\u3068\u3044\u3046\u7d44\u307f\u5408\u308f\u305b\u306f\u3001\u4e0a\u5834\u76f4\u5f8c\u306e\u682a\u4fa1\u3092\u30d5\u30a1\u30f3\u30c0\u304b\u3089\u5927\u304d\u304f\u4e0a\u632f\u308c\u3055\u305b\u308b\u65b9\u5411\u306b\u50cd\u304d\u3046\u308b\u3002<strong>\u300c\u4e0a\u304c\u308b\u3053\u3068\u300d\u3068\u300c\u5272\u5b89\u3067\u3042\u308b\u3053\u3068\u300d\u306f\u5225\u554f\u984c<\/strong>\u2014\u2014\u3053\u306e\u533a\u5225\u304c\u9700\u7d66\u5c40\u9762\u3067\u306f\u7279\u306b\u52b9\u3044\u3066\u304f\u308b\u3002\u306a\u304a\u8b70\u6c7a\u6a29\u306f\u30c7\u30e5\u30a2\u30eb\u30af\u30e9\u30b9\u69cb\u9020\u3067Musk\u304c\u652f\u914d\u3092\u7dad\u6301\u3059\u308b\u3002<\/p>\n<p>  <!-- Figure 4: timeline & supply-demand --><\/p>\n<figure class=\"sxi-fig\">\n    <svg class=\"sxi-svg\" viewBox=\"0 0 720 360\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" role=\"img\" aria-label=\"IPO\u30bf\u30a4\u30e0\u30e9\u30a4\u30f3\u3068\u9700\u7d66\u69cb\u9020\">\n      <rect x=\"0\" y=\"0\" width=\"720\" height=\"360\" fill=\"#ffffff\"\/>\n      <text x=\"24\" y=\"32\" font-family=\"sans-serif\" font-size=\"16\" font-weight=\"700\" fill=\"#0f1f3d\">IPO\u30bf\u30a4\u30e0\u30e9\u30a4\u30f3 \uff06 \u9700\u7d66\u69cb\u9020<\/text>\n      <!-- timeline line -->\n      <line x1=\"60\" y1=\"110\" x2=\"660\" y2=\"110\" stroke=\"#0f1f3d\" stroke-width=\"2\"\/>\n      <!-- nodes -->\n      <circle cx=\"80\" cy=\"110\" r=\"6\" fill=\"#8a94a6\"\/>\n      <text x=\"80\" y=\"138\" font-family=\"sans-serif\" font-size=\"10\" fill=\"#333333\" text-anchor=\"middle\">4\/1<\/text>\n      <text x=\"80\" y=\"152\" font-family=\"sans-serif\" font-size=\"9\" fill=\"#666666\" text-anchor=\"middle\">\u79d8\u5bc6\u7533\u8acb<\/text>\n      <circle cx=\"210\" cy=\"110\" r=\"6\" fill=\"#8a94a6\"\/>\n      <text x=\"210\" y=\"138\" font-family=\"sans-serif\" font-size=\"10\" fill=\"#333333\" text-anchor=\"middle\">5\/20<\/text>\n      <text x=\"210\" y=\"152\" font-family=\"sans-serif\" font-size=\"9\" fill=\"#666666\" text-anchor=\"middle\">S-1\u516c\u958b<\/text>\n      <circle cx=\"340\" cy=\"110\" r=\"6\" fill=\"#8a94a6\"\/>\n      <text x=\"340\" y=\"138\" font-family=\"sans-serif\" font-size=\"10\" fill=\"#333333\" text-anchor=\"middle\">6\/4<\/text>\n      <text x=\"340\" y=\"152\" font-family=\"sans-serif\" font-size=\"9\" fill=\"#666666\" text-anchor=\"middle\">\u30ed\u30fc\u30c9\u30b7\u30e7\u30fc<\/text>\n      <circle cx=\"470\" cy=\"110\" r=\"7\" fill=\"#e0564f\"\/>\n      <text x=\"470\" y=\"138\" font-family=\"sans-serif\" font-size=\"10\" font-weight=\"700\" fill=\"#b23a34\" text-anchor=\"middle\">6\/11<\/text>\n      <text x=\"470\" y=\"152\" font-family=\"sans-serif\" font-size=\"9\" fill=\"#666666\" text-anchor=\"middle\">\u4fa1\u683c\u6c7a\u5b9a<\/text>\n      <circle cx=\"560\" cy=\"110\" r=\"8\" fill=\"#1ba87e\"\/>\n      <text x=\"560\" y=\"138\" font-family=\"sans-serif\" font-size=\"10\" font-weight=\"700\" fill=\"#0f7a58\" text-anchor=\"middle\">6\/12<\/text>\n      <text x=\"560\" y=\"152\" font-family=\"sans-serif\" font-size=\"9\" fill=\"#666666\" text-anchor=\"middle\">\u4e0a\u5834\u30fb\u53d6\u5f15\u958b\u59cb<\/text>\n      <circle cx=\"660\" cy=\"110\" r=\"7\" fill=\"#0f1f3d\"\/>\n      <text x=\"660\" y=\"138\" font-family=\"sans-serif\" font-size=\"10\" font-weight=\"700\" fill=\"#0f1f3d\" text-anchor=\"middle\">+15\u55b6\u696d\u65e5<\/text>\n      <text x=\"660\" y=\"152\" font-family=\"sans-serif\" font-size=\"9\" fill=\"#666666\" text-anchor=\"middle\">\u6307\u6570\u7d44\u5165\u308c\u4f59\u5730<\/text>\n      <!-- supply-demand cards -->\n      <rect x=\"24\" y=\"190\" width=\"210\" height=\"140\" rx=\"8\" fill=\"#f1f3f7\" stroke=\"#cccccc\" stroke-width=\"1\"\/>\n      <text x=\"44\" y=\"218\" font-family=\"sans-serif\" font-size=\"13\" font-weight=\"700\" fill=\"#0f1f3d\">\u30d5\u30ed\u30fc\u30c8 \u7d044%<\/text>\n      <text x=\"44\" y=\"244\" font-family=\"sans-serif\" font-size=\"11\" fill=\"#444444\">\u6d6e\u52d5\u682a\u304c\u6975\u7aef\u306b\u8584\u3044\u3002<\/text>\n      <text x=\"44\" y=\"264\" font-family=\"sans-serif\" font-size=\"11\" fill=\"#444444\">\u521d\u671f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u5927\u3002<\/text>\n      <rect x=\"44\" y=\"284\" width=\"170\" height=\"14\" rx=\"7\" fill=\"#dddddd\"\/>\n      <rect x=\"44\" y=\"284\" width=\"7\" height=\"14\" rx=\"3\" fill=\"#e0564f\"\/>\n      <text x=\"44\" y=\"320\" font-family=\"sans-serif\" font-size=\"10\" fill=\"#888888\">\u9752\uff1d\u6d6e\u52d5\u682a\uff08\u30a4\u30e1\u30fc\u30b8\uff09<\/text>\n      <rect x=\"255\" y=\"190\" width=\"210\" height=\"140\" rx=\"8\" fill=\"#fdeceb\" stroke=\"#e0564f\" stroke-width=\"1\"\/>\n      <text x=\"275\" y=\"218\" font-family=\"sans-serif\" font-size=\"13\" font-weight=\"700\" fill=\"#b23a34\">\u30ea\u30c6\u30fc\u30eb\u914d\u5206 \u6700\u592730%<\/text>\n      <text x=\"275\" y=\"244\" font-family=\"sans-serif\" font-size=\"11\" fill=\"#444444\">Robinhood \/ Fidelity \/<\/text>\n      <text x=\"275\" y=\"262\" font-family=\"sans-serif\" font-size=\"11\" fill=\"#444444\">Schwab \/ SoFi \/ E*Trade<\/text>\n      <text x=\"275\" y=\"288\" font-family=\"sans-serif\" font-size=\"11\" fill=\"#444444\">\u500b\u4eba\u4e3b\u5c0e\u3067\u9700\u8981\u304c\u504f\u308a\u3084\u3059\u3044\u3002<\/text>\n      <rect x=\"486\" y=\"190\" width=\"210\" height=\"140\" rx=\"8\" fill=\"#e7f7f1\" stroke=\"#1ba87e\" stroke-width=\"1\"\/>\n      <text x=\"506\" y=\"218\" font-family=\"sans-serif\" font-size=\"13\" font-weight=\"700\" fill=\"#0f7a58\">Nasdaq100 \u65e9\u671f\u7d44\u5165\u308c<\/text>\n      <text x=\"506\" y=\"244\" font-family=\"sans-serif\" font-size=\"11\" fill=\"#444444\">\u4e0a\u583415\u55b6\u696d\u65e5\u5f8c\u306b\u7d44\u5165\u308c\u4f59\u5730\u3002<\/text>\n      <text x=\"506\" y=\"264\" font-family=\"sans-serif\" font-size=\"11\" fill=\"#444444\">\u30d1\u30c3\u30b7\u30d6\u8cc7\u91d1\u304c\u4fa1\u683c\u3092\u554f\u308f\u305a<\/text>\n      <text x=\"506\" y=\"282\" font-family=\"sans-serif\" font-size=\"11\" fill=\"#444444\">\u8cb7\u3044\u3092\u5165\u308c\u308b\u69cb\u9020\u3002<\/text>\n    <\/svg><figcaption class=\"sxi-cap\">\u56f34\uff1a\u4f4e\u30d5\u30ed\u30fc\u30c8\u00d7\u30ea\u30c6\u30fc\u30eb\u96c6\u4e2d\u00d7\u6307\u6570\u306e\u5f37\u5236\u8cb7\u3044\u3002\u9700\u7d66\u306f\u77ed\u671f\u682a\u4fa1\u3092\u30d5\u30a1\u30f3\u30c0\u304b\u3089\u4e56\u96e2\u3055\u305b\u3046\u308b\u3002<\/figcaption><\/figure>\n<p>  <!-- ============ \u00a77 ============ --><\/p>\n<h2 class=\"sxi-h2 sxi-h2-base\"><span class=\"sxi-badge sxi-badge-base\">7<\/span>\u65e5\u672c\u682a\u3078\u306e\u6ce2\u53ca\u3068\u300c\u9023\u60f3\u8cb7\u3044\u300d\u306e\u69cb\u9020<\/h2>\n<p class=\"sxi-p\">SPCX\u4e0a\u5834\u306e\u71b1\u72c2\u306f\u3001\u65e5\u672c\u306e\u5b87\u5b99\u95a2\u9023\u682a\u306b\u3082\u9023\u60f3\u8cb7\u3044\u3092\u547c\u3093\u3067\u3044\u308b\u3002\u305f\u3060\u3057\u63a5\u70b9\u306e\u6fc3\u3055\u306f\u30d0\u30e9\u30d0\u30e9\u3067\u3001\u6df7\u540c\u306f\u7981\u7269\u3060\u3002\u6700\u3082\u76f4\u63a5\u7684\u306a\u306e\u306f\u30a2\u30b9\u30c6\u30ea\u30a2\uff083853\uff09\u3067\u30012022\u5e74\u306b\u81ea\u793e\u30d5\u30a1\u30f3\u30c9\u7d4c\u7531\u3067\u7d042.3\u5104\u5186\u3092SpaceX\u3078\u51fa\u8cc7\u3057\u3066\u304a\u308a\u3001\u542b\u307f\u76ca\u62e1\u5927\u3078\u306e\u671f\u5f85\u304c\u682a\u4fa1\u3092\u52d5\u304b\u3057\u3066\u3044\u308b\u3002\u6b21\u306b\u885b\u661f\u30d9\u30f3\u30c1\u30e3\u30fc\u7fa4\u2014\u2014\u30a2\u30b9\u30c8\u30ed\u30b9\u30b1\u30fc\u30eb\uff08186A\u3001\u30c7\u30d6\u30ea\u9664\u53bb\uff09\u3001QPS\u30db\u30fc\u30eb\u30c7\u30a3\u30f3\u30b0\u30b9\uff08464A\u3001\u5c0f\u578bSAR\u885b\u661f\uff09\u3001ispace\uff089348\u3001\u6708\u7740\u9678\uff09\u2014\u2014\u306f\u300c\u30c6\u30fc\u30de\u6027\u300d\u300c\u30ed\u30de\u30f3\u67a0\u300d\u3060\u304c\u3001\u3044\u305a\u308c\u3082\u82e5\u304f\u8d64\u5b57\u6bb5\u968e\u3067\u958b\u767a\u9045\u5ef6\u30ea\u30b9\u30af\u304c\u69cb\u9020\u7684\u306b\u3064\u304d\u307e\u3068\u3046\uff08ispace\u306f\u6708\u7740\u9678\u8a08\u753b\u306e\u4e00\u90e8\u30922030\u5e74\u3078\u5ef6\u671f\uff09\u3002SpaceX\u3068\u306f\u898f\u6a21\u3082\u53ce\u76ca\u6027\u3082\u6bd4\u8f03\u5bfe\u8c61\u306b\u306a\u3089\u306a\u3044\u3002<\/p>\n<p class=\"sxi-p\">\u901a\u4fe1\u30a4\u30f3\u30d5\u30e9\u5074\u306e\u9593\u63a5\u9298\u67c4\u3068\u3057\u3066\u3001NEC\uff086701\uff09\u30fb\u4e09\u83f1\u96fb\u6a5f\uff086503\uff09\u306f\u9632\u885b\u7701\u306eStarlink\u63a1\u7528\u306b\u7d61\u3080\u9023\u643a\u3001\u30b9\u30ab\u30d1\u30fcJSAT\u30db\u30fc\u30eb\u30c7\u30a3\u30f3\u30b0\u30b9\uff089412\uff09\u306f\u56fd\u5185\u552f\u4e00\u306e\u5546\u7528\u885b\u661f\u901a\u4fe1\u4e8b\u696d\u8005\u3001NTT\uff089432\uff09\u306f\u5b87\u5b99\u901a\u4fe1R&D\u3068\u3044\u3046\u4f4d\u7f6e\u3065\u3051\u3060\u3002\u614e\u91cd\u6d3e\u304c\u62bc\u3055\u3048\u308b\u3079\u304d\u69cb\u9020\u306f\u3053\u3046\u3060\u2014\u2014<strong>\u65e5\u672c\u306b\u306f\u5b87\u5b99\u30c6\u30fc\u30de\u3092\u672c\u683c\u904b\u7528\u3067\u304d\u308b\u898f\u6a21\u306eETF\u3084\u6295\u4fe1\u304c\u4e8b\u5b9f\u4e0a\u5b58\u5728\u3057\u306a\u3044<\/strong>\u3002\u3057\u305f\u304c\u3063\u3066\u9023\u60f3\u8cb7\u3044\u306f\u6295\u4fe1\u30d5\u30ed\u30fc\u3067\u306f\u306a\u304f\u30ea\u30c6\u30fc\u30eb\u4e3b\u5c0e\u306e\u77ed\u671f\u7684\u306a\u52d5\u304d\u306b\u306a\u308a\u3084\u3059\u304f\u3001\u904e\u5270\u53cd\u5fdc\u3057\u305f\u9298\u67c4\u306f\u51b7\u5374\u5c40\u9762\u3067\u5927\u304d\u304f\u623b\u308a\u3084\u3059\u3044\u3002\u300cSpaceX\u304c\u4e0a\u304c\u308b\u300d\u3068\u300c\u95a2\u9023\u682a\u304c\u8cb7\u3048\u308b\u300d\u3092\u76f4\u7d50\u3055\u305b\u306a\u3044\u2014\u2014\u3053\u308c\u304c\u6ce2\u53ca\u5c40\u9762\u3067\u306e\u8981\u70b9\u3060\u3002<\/p>\n<p>  <!-- Figure 5: sector ripple map --><\/p>\n<figure class=\"sxi-fig\">\n    <svg class=\"sxi-svg\" viewBox=\"0 0 720 416\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" role=\"img\" aria-label=\"\u65e5\u672c\u306e\u95a2\u9023\u9298\u67c4\u30de\u30c3\u30d7\">\n      <rect x=\"0\" y=\"0\" width=\"720\" height=\"416\" fill=\"#ffffff\"\/>\n      <text x=\"24\" y=\"32\" font-family=\"sans-serif\" font-size=\"16\" font-weight=\"700\" fill=\"#0f1f3d\">\u65e5\u672c\u306e\u95a2\u9023\u9298\u67c4\u30de\u30c3\u30d7\uff08\u63a5\u70b9\u306e\u6fc3\u6de1\u3067\u4e09\u5c64\uff09<\/text>\n      <!-- Tier A: equity-linked -->\n      <rect x=\"24\" y=\"52\" width=\"672\" height=\"86\" rx=\"8\" fill=\"#e7f7f1\" stroke=\"#1ba87e\" stroke-width=\"1.5\"\/>\n      <text x=\"44\" y=\"78\" font-family=\"sans-serif\" font-size=\"13\" font-weight=\"700\" fill=\"#0f7a58\">A \u30fb \u30a8\u30af\u30a4\u30c6\u30a3\u9023\u52d5\uff08\u6700\u3082\u76f4\u63a5\u7684\uff09<\/text>\n      <text x=\"44\" y=\"104\" font-family=\"sans-serif\" font-size=\"12\" fill=\"#333333\">\u30a2\u30b9\u30c6\u30ea\u30a2\uff083853\uff09\u2500\u2500 2022\u5e74\u306b\u81ea\u793e\u30d5\u30a1\u30f3\u30c9\u7d4c\u7531\u3067\u7d042.3\u5104\u5186\u3092SpaceX\u3078\u51fa\u8cc7\u3002\u542b\u307f\u76ca\u62e1\u5927\u671f\u5f85\u3002<\/text>\n      <text x=\"44\" y=\"126\" font-family=\"sans-serif\" font-size=\"11\" fill=\"#0f7a58\">\u63a5\u70b9\uff1a\u25ce \uff0f \u305f\u3060\u3057\u51fa\u8cc7\u898f\u6a21\u306f\u9650\u5b9a\u7684\u3001\u671f\u5f85\u5148\u884c\u306b\u6ce8\u610f\u3002<\/text>\n      <!-- Tier B: satellite ventures -->\n      <rect x=\"24\" y=\"148\" width=\"672\" height=\"106\" rx=\"8\" fill=\"#f1f3f7\" stroke=\"#8a94a6\" stroke-width=\"1.5\"\/>\n      <text x=\"44\" y=\"174\" font-family=\"sans-serif\" font-size=\"13\" font-weight=\"700\" fill=\"#4a5468\">B \u30fb \u885b\u661f\u30d9\u30f3\u30c1\u30e3\u30fc\uff08\u30c6\u30fc\u30de\uff0f\u30ed\u30de\u30f3\u67a0\uff09<\/text>\n      <text x=\"44\" y=\"200\" font-family=\"sans-serif\" font-size=\"12\" fill=\"#333333\">\u30a2\u30b9\u30c8\u30ed\u30b9\u30b1\u30fc\u30eb\uff08186A\u30fb\u30c7\u30d6\u30ea\u9664\u53bb\uff09\uff0f QPS-HD\uff08464A\u30fb\u5c0f\u578bSAR\uff09\uff0f ispace\uff089348\u30fb\u6708\u7740\u9678\uff09<\/text>\n      <text x=\"44\" y=\"222\" font-family=\"sans-serif\" font-size=\"11\" fill=\"#4a5468\">\u63a5\u70b9\uff1a\u25cb\u301c\u25b3 \uff0f \u82e5\u304f\u8d64\u5b57\u6bb5\u968e\u30fb\u958b\u767a\u9045\u5ef6\u30ea\u30b9\u30af\u3002SpaceX\u3068\u898f\u6a21\u30fb\u53ce\u76ca\u6027\u306f\u6bd4\u8f03\u5bfe\u8c61\u5916\u3002<\/text>\n      <text x=\"44\" y=\"242\" font-family=\"sans-serif\" font-size=\"11\" fill=\"#4a5468\">\u203bispace\u306f\u6708\u7740\u9678\u8a08\u753b\u306e\u4e00\u90e8\u30922030\u5e74\u3078\u5ef6\u671f\uff1d\u5178\u578b\u7684\u306a\u958b\u767a\u9045\u5ef6\u4f8b\u3002<\/text>\n      <!-- Tier C: comms infra -->\n      <rect x=\"24\" y=\"264\" width=\"672\" height=\"104\" rx=\"8\" fill=\"#eef1f8\" stroke=\"#5a6b9a\" stroke-width=\"1.5\"\/>\n      <text x=\"44\" y=\"288\" font-family=\"sans-serif\" font-size=\"13\" font-weight=\"700\" fill=\"#3a4a78\">C \u30fb \u901a\u4fe1\u30a4\u30f3\u30d5\u30e9\uff08\u9593\u63a5\u30fb\u300cStarlink\u666e\u53ca\u306a\u3089\u300d\u9023\u60f3\uff09<\/text>\n      <text x=\"44\" y=\"312\" font-family=\"sans-serif\" font-size=\"12\" fill=\"#333333\">NEC\uff086701\uff09\u30fb\u4e09\u83f1\u96fb\u6a5f\uff086503\uff09\uff1d\u9632\u885b\u7701Starlink\u9023\u643a<\/text>\n      <text x=\"44\" y=\"332\" font-family=\"sans-serif\" font-size=\"12\" fill=\"#333333\">\u30b9\u30ab\u30d1\u30fcJSAT\uff089412\uff09\uff1d\u56fd\u5185\u552f\u4e00\u306e\u5546\u7528\u885b\u661f\u901a\u4fe1 \uff0f NTT\uff089432\uff09\uff1d\u5b87\u5b99\u901a\u4fe1R&D<\/text>\n      <text x=\"44\" y=\"354\" font-family=\"sans-serif\" font-size=\"11\" fill=\"#3a4a78\">\u63a5\u70b9\uff1a\u25b3 \uff0f \u672c\u696d\u304c\u5927\u304d\u304f\u3001\u5b87\u5b99\u30c6\u30fc\u30de\u306e\u5bc4\u4e0e\u306f\u9650\u5b9a\u7684\u3002<\/text>\n      <!-- caution -->\n      <text x=\"24\" y=\"396\" font-family=\"sans-serif\" font-size=\"11\" fill=\"#b23a34\" font-weight=\"700\">\u6ce8\u610f\uff1a\u56fd\u5185\u306b\u672c\u683c\u904b\u7528\u53ef\u80fd\u306a\u5b87\u5b99\u30c6\u30fc\u30deETF\/\u6295\u4fe1\u306f\u4e8b\u5b9f\u4e0a\u306a\u3057\u3002\u9023\u60f3\u8cb7\u3044\u306f\u30ea\u30c6\u30fc\u30eb\u4e3b\u5c0e\u306e\u77ed\u671f\u3067\u3001\u51b7\u5374\u5c40\u9762\u3067\u623b\u308a\u3084\u3059\u3044\u3002<\/text>\n    <\/svg><figcaption class=\"sxi-cap\">\u56f35\uff1a\u63a5\u70b9\u306e\u6fc3\u3055\u3067\u4e09\u5c64\u306b\u6574\u7406\u3002\u30c6\u30fc\u30de\u8cb7\u3044\u306f\u300c\u6295\u4fe1\u30d5\u30ed\u30fc\u300d\u3067\u306f\u306a\u304f\u300c\u500b\u4eba\u306e\u77ed\u671f\u9700\u7d66\u300d\u3067\u3042\u308b\u70b9\u3092\u610f\u8b58\u3057\u305f\u3044\u3002<\/figcaption><\/figure>\n<p>  <!-- 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