Space Economy Full Stack
manasi ✨@manasi
−10.1%
since Sep 30
The idea
I believe orbit is turning into a real economy over the next few years, with money already flowing through defense contracts, launch demand, and satellite services. This basket owns the full stack: defense primes as the paying customer, launch companies as the chokepoint everyone pays to reach orbit, satellite operators as the volume layer, and suppliers who get paid regardless of who wins each layer. It leans concentrated toward the names booking contracts now, weights the launch bottleneck the heaviest, and keeps a 10% cash reserve to add on volatility.
What it owns
- Government defense contracts represent the largest funding flowing into space right now, so these companies receive priority payment for military and intelligence missions. · Northrop GrummanIt serves as a top prime contractor for military space systems, positioning it as a primary beneficiary of defense spending flowing to orbit., L3Harris TechnologiesIt builds missile-tracking satellites for the Pentagon, converting defense budget dollars into space hardware and operations., Kratos Defense & SecurityIt supplies hypersonics targets and space systems into the defense budget wave, growing faster than the traditional large defense primes., Lockheed MartinIt operates satellite and missile programs that receive consistent funding through defense budgets regardless of broader economic conditions.26%
- Satellites and their data products convert orbital position into recurring revenue through communications, imagery, and phone coverage from space. · AST SpaceMobileIt is building a network to provide phone coverage directly from orbit, turning satellite infrastructure into a consumer telecommunications service., Planet LabsIt sells Earth imagery as a subscription service, proving satellites can operate as a recurring revenue business for government and commercial customers., Iridium CommunicationsIt demonstrates that the satellite economy already generates profit, with recurring revenue from subscribers and government contracts today., BlackSky TechnologyIt sells satellite imagery directly to military and intelligence agencies, making growth dependent on government contract wins and expansions.22%
- Getting to orbit requires a rocket, and only a handful of companies can provide one, making launch the critical gateway for the entire space economy. · Rocket LabIt is the credible second provider of launch capacity, ensuring customers have an alternative when the market leader reaches full capacity., SpaceXIt operates the leading launch provider, making it the chokepoint through which nearly all orbital traffic flows., Firefly AerospaceIt offers a third option for launch services that could capture full manifests if orbital demand grows faster than current supply.21%
- Parts makers supply every rocket and satellite builder, so they benefit regardless of which operator or launch provider gains market share. · HeicoIt supplies aerospace and space components to every rocket and satellite builder, winning on volume regardless of which operator succeeds., Teledyne TechnologiesIt manufactures sensors and electronics that go into satellites and spacecraft across launch providers and mission types., RedwireIt is a pure supplier of spacecraft parts to multiple customers building in orbit, benefiting from any growth in the broader space economy.14%
- Small positions on lunar missions and commercial space stations that could deliver outsized returns if the economy expands beyond Earth orbit. · Intuitive MachinesIt receives NASA funding to land cargo on the Moon, capturing government spending to expand human presence beyond Earth orbit., Voyager TechnologiesIt is developing commercial space stations designed to operate as the International Space Station winds down, opening orbit as a business destination.7%
- Cash10%