10/20/2022
SpaceX, the “Category Creator,” has been at the forefront of delivering innovation and efficiency in the SpaceTech ecosystem for the past two decades, disrupting cost of launch and commanding ~80% market share in launching spacecraft. Beyond commercial launches, Starlink, a constellation of ~3,000 satellites (going to 15,000 satellites soon) in Low Earth Orbit offers high-speed, low-latency satellite Internet service across 40 countries – a disruptor to the communications industry at large. The company continues to be deeply involved in several government space exploration programs, including $5 billion in contracts with NASA, and expects to grow a new commercial category with human spaceflight missions. Please find attached our investment report to see what justifies the current valuation – $127 billion – and why we think this continues to be a great investment opportunity.