> I disagree. Especially today, capital is highly abundant and dirt cheap. The markets are starved for yield on any sort of fixed income product, especially whe

> I disagree. Especially today, capital is highly abundant and dirt cheap. The markets are starved for yield on any sort of fixed income product, especially when it's secured by tangible assets with predictable cash flows. I disagree here. Capital might be highly abundant and cheap in general but not necessarily in the ISP sector for startups. There are enormous costs associated with laying and maintaining fiber lines or building/launching internet satellites. SpaceX has an advantage by being able to launch their own satellites, it might not be profitable if they had to contract out all of their satellite deployments. I don't think investors will be eager to throw lots of capital at an ISP startup, especially after Google Fiber.