Space Is the New Server Room
Andrew Chang@achang
−18.2%
since Oct 7
The idea
I believe AI's power demand eventually pushes computing off Earth, into orbit, where solar energy is unlimited and there's no grid, land, or political ceiling on growth. Rather than wait for space-based computing itself, I'm positioned in the companies that get mass into orbit and build the hardware that lives there: SpaceX as the anchor, surrounded by rocket builders, satellite makers, and space hardware firms. I skip defense primes and speculative orbital compute bets, spread the exposure across a dozen names so no single company can sink it, and keep a cash reserve to add when prices drop.
What it owns
- The companies that design and build the spacecraft themselves become the orbital real estate any space data center needs. · AST SpaceMobileIt builds some of the largest structures ever flown, exactly the kind of big orbital platform skill a space data center would need., Voyager TechnologiesIt is building commercial space station infrastructure, the closest thing today to habitable, serviceable real estate in orbit where compute could operate., Intuitive MachinesIt builds the landers and delivery infrastructure for operating beyond Earth, the robots-build-it-out-there part of the take., Planet LabsIt already builds and operates satellites at scale, the assembly-line manufacturing a computing continent in space would require., Spire GlobalIt runs large fleets of small satellites and sells the data, proof that distributed hardware in orbit can be a real business., BlackSky TechnologyIt operates imaging satellites and runs compute-heavy analysis on collected data, a small early version of processing in and around orbit.34%
- Nothing computes in orbit until someone carries it there, so the rocket companies get paid first and most. · Space Exploration Technologies Corp.It puts the mass in orbit that data centers increasingly need to escape Earth's power constraints, and must keep launch costs falling and Starship scaling toward heavy payloads., Rocket Lab CorporationIt bets that orbit is big enough for multiple launchers and scales with every kilogram launched, requiring Electron to stay reliable and Neutron to reach the market., Firefly AerospaceIt is the younger challenger in the launch layer, filling the gap if demand for putting mass in orbit grows faster than SpaceX and Rocket Lab alone can serve.30%
- The parts suppliers, solar arrays, structures and systems sell to every builder no matter who wins. · Redwire CorporationIt makes the solar arrays and in-space manufacturing systems that would literally power an orbital data center., Karman HoldingsIt supplies parts across many launch vehicles, earning from the whole industry's flight rate rather than any single rocket winning., Kratos Defense & Security SolutionsIt supplies space systems and ground infrastructure and needs its space segment to keep growing as more hardware goes up.26%
- Cash10%