Just a check before I disappear down a hyperspace rabbit hole, but my reading of this is that if you are player 1, you cannot activate the hyperspace ship as your first activation, however if you are second player and your opponent has activated a ship that round already, the hyperspace ship can be your first activation.

this is because the limitation is 'the' first ship activated that round, not 'your' first ship.

now if a pass rule comes in it gets more complicated by the same reading...

Yes, if you are second player it can be your first activation. The most interesting part of that thought people have noticed is that Profundity doesn't have that restriction, so you can drop the MC75 as first player, and drop a small ship from it, and THAT ship you can activate, a bit of an alpha strike from turn 2 is a large possibility to be seen across tables

1 hour ago, Visovics said:

Yes, if you are second player it can be your first activation. The most interesting part of that thought people have noticed is that Profundity doesn't have that restriction, so you can drop the MC75 as first player, and drop a small ship from it, and THAT ship you can activate, a bit of an alpha strike from turn 2 is a large possibility to be seen across tables

And we know that Garel's Honour with ER and CF command hit hard.