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What they do
Exposure to the global leader in the emerging 'space economy'
Main business lines include:
  • Starlink Satellite Communications
  • Launch / Transportation
  • Space Tourism






Investment Thesis
Un-matched cost of capital advantage
  • Rocket re-usability lowers cost per ton to orbit - vastly improving operating economics
  • Blows away the competition from a pricing standpoint
  • Ride-sharing capabilities also helps to increase margins

Attractive growth opportunities within the Starlink Satellite Communications business
  • Bring the internet to under-served parts of the world
  • Deliver valuable connectivity for both Aviation & Maritime applications
  • Key component of the autonomous driving initiative
  • Ability to strike key corporate partnerships
  • Reported to have a cash flow positive quarter during 2022
  • >3,100 satellites currently in low earth orbit (LEO) / ultimate goal of 42,000+
  • >1 million reported active subscribers / targeting 30 million+
  • Potential spin-out of the business, as its subscriber base becomes more established
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