Valuation, page-8

At say 90c they cap at around $51mill, with say $10 mill in cash. Hence has an enterprise value of say $40 mill. What surprises me is why say Lockheed wouldn't just take them out? $50 mill = say $38 mill USD?,...38?
I think they said for their JV with Lockheed to be a 50/50 jv, Lockheed need to spend a similar amount to Eos on space infrastructure. If that was the case the total build out will be around $160 mill, given Eos has spent say $80. My question is, what sort of return would you want, after spending that sort of capex, give also no one else can produce the tracking data you can?. I'm just trying to add the dots, but if you step back, this JV has to be commercial, otherwise why would Lockheed etc bother?