Portfolio
SpaceX
SpaceX is an aviation and aerospace company that designs, manufactures, and launches advanced rockets and spacecraft.
Space Tech
Pre-IPO
$25B
Revenue
$1,75T
Valuation
2026
Target IPO
About
Making Life Multiplanetary
An aerospace and space transportation company pioneering reusable rockets (Launch Services), satellite internet (Starlink), lunar and Mars exploration (Starship), and next-gen defense tech (Starshield).
Problem: SpaceX and its subsidiaries are solving the challenges of high-cost, inefficient space travel and global connectivity.
Solution: SpaceX is developing reusable rockets (Launch Services), satellite internet (Starlink), and other advanced space technologies, that make space exploration more accessible, enable multi-planetary life, and provide high-speed internet to regions worldwide.
Magnitude Of Improvement & Customer ROI: SpaceX has revolutionized space travel and global connectivity by delivering 10x - 100x cost reductions compared to traditional aerospace companies.
Launch Services: With Falcon 9's reusable rockets, launch costs have dropped from $10,000 per kilogram (Shuttle era) to ~$1,500/kg, making space more accessible than ever. SpaceX's Starship aims to achieve an ultra-low cost per kilogram to orbit, targeting $10-$100 per kg, a 10x to 100x reduction from Falcon 9's current ~$1,500/kg. This would make space travel as routine as air travel, enabling massive payloads, space colonization, and deep-space exploration at unprecedented affordability.
Startlink: offers high-speed, low-latency internet globally, especially in remote areas where traditional broadband is unavailable or expensive, improving business productivity, defense capabilities, and disaster response. The ROl for customers includes lower operational costs, faster deployment, and unprecedented access to space and internet services, enabling new industries and economic growth on Earth and beyond.
Market Leader: SpaceX has become the category leader and redefined the Space Industry, replacing governments as the dominant player in both satellites and space launch services. As of September 2024, SpaceX operates approximately 7,000 active satellites, accounting for nearly two-thirds (approximately 66%) of all active satellites in Earth's orbit, and accounted for 80% of all new satellites added to orbit in 2024. SpaceX was responsible for approximately 52% of all orbital launches in
I want to make rockets 100 times, if not 1,000 times better. The ultimate objective is to make humanity a multiplanet species. Thirty years from now, there’ll be a base on the moon and on Mars, and people will be going back and forth on SpaceX rockets.”
Elon Musk
Why We Invested
Why We Like This Opportunity
Market Leader: SpaceX has become the category leader and redefined the Space Industry, replacing governments as the dominant player in both satellites and space launch services. As of September 2024, SpaceX operates approximately 7,000 active satellites, accounting for nearly two-thirds (approximately 66%) of all active satellites in Earth's orbit, and accounted for 80% of all new satellites added to orbit in 2024. SpaceX was responsible for approximately 52% of all orbital launches in 2024.
Better Quality Solution (Better, Faster, & Cheaper): SpaceX has developed better and cheaper launch systems and rockets, better communication / data satellite systems, are able to launch and deploy satellites faster than the rest of the world combined, and they are launching and building satellites cheaper than any other viable competitor.
Two Companies in One (SpaceX = Starlink + Launch Services): There are reports that Starlink may be listed for an IPO separate from SpaceX. Starlink alone could fulfill our return targets.
Lots Of Current & Future Ways To Win: Given the possibility of a liquidity event with Starlink, the dominant position of SpaceX launch services, and the increasingly strong political position of SpaceX within NASA's new administrator as the US moves towards building a permanent base on the Moon and expanding to Mars, there are many paths to the targeted 10x return.
Traction: Starlink is growing at a phenomenal rate, and set to dramatically enhance its bandwidth offering with a new model of satellites while opening the potential transformative Direct to Cell Phone service. The new Starship vehicle is on schedule to enter service in 2026, and will dramatically enhance the Launch Services offering, ability to expand Starlink, and potential contracts with NASA's moon and mars efforts.
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