Sep. 6 at 3:44 PM
$GPRO is Starman worth × amount
$BN?
how quickly Starman becomes profitable, and by how much, while NewCo inherits GoPro's existing operating losses.
The ~
$92M debt payoff at closing doesn't solve this — operating loss is an operating problem, not a debt problem. GoPro lost
$96.2m at the operating level in H1 2026, roughly
$192M annualised on a simple run-rate basis.
Illustratively, if Aperion's 20% profit share applied to the relevant Starman profit base, Starman would need around
$240M of pre-Aperion profit to contribute ~
$192M after that share — merely enough to offset that GoPro operating-loss run rate. That's before Starman's factory ramp, capex and other NewCo costs.
GoPro can obviously cut costs, so I'm not claiming
$240M is a literal break-even forecast. The point is that the proxy needs to show the bridge from today's economics to the valuation the market is already assigning.
