Japanese regulators approved the 700 MHz band for direct-to-smartphone low-Earth-orbit services, clearing Rakuten’s joint venture with AST SpaceMobile to launch BlueBird satellites in August 2026 and start limited service that year. The Baron First Principles ETF allocates 31% of assets to SpaceX, the largest ETF position, raising concentration and volatility risks.
Japan’s Ministry of Internal Affairs and Communications recommended using the 700 MHz band to connect low-Earth-orbit satellites directly to smartphones, clearing the path for satellite direct communication operations by year-end and triggering ordinance revisions in September to manage interference.
Rakuten will form a 50/50 joint venture with AST SpaceMobile this year, with limited satellite services expected in 2026 using BlueBird 11, 12 and 13 satellites targeted for an August launch and nationwide coverage slated for fiscal 2027.
The Baron First Principles ETF holds a 31% weighting in SpaceX, the largest SpaceX allocation among all ETFs, creating heightened concentration risk, potential volatility and exposing investors to limited diversification.
