Good morning.
While everyone obsesses over AI, something bigger is happening 340 miles above your head.
The space industry just became a $613 billion economy.
Let me show you why this matters, and make it simple.
Read time: 4 minutes
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This week's opportunities include:
Pre-IPO secondaries (companies filing for 2026 IPO)
Energy infrastructure plays (grid tech, power efficiency)
AI workflow automation (picks and shovels, not models)
The Space Boom (In Plain English)
The number: $613 billion in 2024.
For context:
Bigger than the global semiconductor industry ($600B)
Growing faster than cloud computing did in the 2010s
Projected to hit $1 trillion by 2032
Here's the part nobody talks about:
78% of that revenue is commercial, not government.
This isn't NASA building rockets for science experiments.
This is private companies making billions selling internet, satellite data, and launch services.
Three Simple Numbers That Tell The Story
1. One SpaceX Launch Every 28 Hours
What happened in early 2025:
SpaceX launched 81 rockets in six months.
That's more than half of all orbital launches on Earth.
What this means:
Getting to space used to cost $10,000 per kilogram.
Now it costs $1,500 per kilogram (and dropping).
Why you care:
Cheap access to space = new businesses become possible.
Same way cheap cloud computing created Uber, Netflix, and Airbnb.
2. Starlink: 9 Million Paying Customers
The growth:
2023: 2.3 million subscribers
2024: 4.6 million (doubled)
2025: 9.2 million (doubled again)
The product: Satellite internet. $120/month. Works anywhere on Earth.
The business model: SaaS. Subscription revenue. 60%+ profit margins.
What this proves:
Space isn't the future. It's already working right now.
3. The Market Is Going To Double
2024: $613 billion
2032: $1+ trillion (projected)
That's an 8% annual growth rate for the next 6 years.
For comparison:
Cloud computing grew 15% annually
E-commerce grew 12% annually
Space is growing 8% annually
Not as sexy as AI. But real money. Real businesses. Real profits.
How The Space Economy Actually Works
Think of space like the internet in 1995.
There are three layers. Each makes money differently.
Layer 1: Getting Stuff To Space (Launch)
What it is: Rocket companies.
Who does it: SpaceX (dominant), Rocket Lab, Blue Origin, ULA
How they make money: Charge per launch. $60M-$100M per flight.
The trend: Prices dropping fast due to reusable rockets.
Investment angle: Commoditizing. Only the biggest survive.
Layer 2: Infrastructure In Space (Satellites & Stations)
What it is: The hardware orbiting Earth doing useful work.
Examples:
A) Internet Satellites (Starlink)
9 million paying subscribers
$10+ billion annual revenue
Growing 80% per year
B) Earth Imaging Satellites (Planet Labs, Maxar)
Take photos of entire Earth daily
Sell data to farmers, insurance, governments
$1-2 billion market, growing 15%/year
C) Communication Satellites (Iridium, OneWeb)
Global phone/data coverage
Maritime, aviation, military use
$5-8 billion market
How they make money: Monthly subscriptions. Data licensing. Service contracts.
The trend: Recurring revenue. High margins. Winner-take-most.
Investment angle: This is where the money is. Infrastructure beats applications.
Layer 3: Applications Using Space Data
What it is: Companies using satellite data/services to solve problems.
Examples:
Farmers: Monitor crop health from space ($2B market)
Insurance: Assess disaster damage without sending people ($5B market)
Shipping: Track every vessel on Earth in real-time ($3B market)
Climate: Verify carbon credits using satellite monitoring ($10B+ potential)
How they make money: Software subscriptions. Data feeds. Analytics services.
The trend: Fastest-growing layer. New use cases are emerging monthly.
Investment angle: High risk, high reward. Most will fail. Winners could be huge.
Where The Real Money Is
Here's the simple truth:
Infrastructure wins. Applications lose.
Why?
Layer 1 (Launch): Commoditizing. Margins shrinking. Only 2-3 global winners.
Layer 2 (Satellites): Winner-take-most. High margins. Recurring revenue.
Layer 3 (Applications): Fragmented. Easy to copy. Low margins.
The pattern: Same as cloud computing.
AWS makes $100B/year (infrastructure)
Companies using AWS make $100M-$1B/year (applications)
Space will follow the same path.
The SpaceX Reality Check
Let's talk about the elephant in the room.
SpaceX is the space industry right now.
The numbers:
54% of all orbital launches (2025)
$15 billion revenue (2025)
$800 billion private valuation
IPO planned for June 2026 at $1.5 trillion
But here's what most people don't understand:
SpaceX Isn't A Rocket Company Anymore
2025 revenue breakdown:
Starlink (satellite internet): $10.4B (69%)
Rocket launches: $4.4B (29%)
Other: $0.7B (2%)
By 2026:
Starlink: $18.7B (79%)
Launches: $4.8B (20%)
Translation: SpaceX is a satellite internet company that owns the world's cheapest rocket.
Why This Matters For Investors
Most people think: SpaceX = rockets = cool but niche
Reality: SpaceX = internet utility = massive TAM (total addressable market)
The math:
9 million subscribers today
18 million projected by end of 2026 (doubling)
100 million possible by 2030
At 100M subscribers × $120/month = $144 billion annual revenue.
That's bigger than Netflix ($35B), Disney+ ($30B), and Spotify ($15B) combined.
At 60% margins = $86 billion in gross profit annually.
The question: Can they actually get to 100M subscribers?
The Three Bets You're Making
When you invest in space companies (especially SpaceX), you're betting on three things:
Bet #1: Global Internet Is Essential Infrastructure
The thesis:
By 2030, internet access everywhere on Earth is table stakes.
Why Starlink wins:
Fiber costs $100K+ per mile to lay cable
Cell towers cost $150K each and need power/backhaul
Starlink costs $1,200 for a dish. Works anywhere.
Who needs it:
3 billion people in areas with no broadband
Ships, planes, RVs, remote workers
Emergency services, military, disasters
If you believe this, Starlink gets to 50-100M subscribers.
Bet #2: Satellite Data Becomes More Valuable
The thesis:
Space-based sensors see everything. Ground sensors don't.
Applications:
Farmers: Real-time crop monitoring beats manual inspection
Insurance: Assess flood damage instantly from orbit
Climate: Verify carbon offsets without trusting companies
Finance: Track oil tankers, shipping, construction as trading signals
Market size: $100+ billion by 2030 (Goldman Sachs estimate)
If you believe this, satellite companies become essential infrastructure.
Bet #3: Launch Costs Keep Dropping
The unlock: Reusable rockets (already working) + Starship (in development)
Current cost: $1,500/kg to orbit (SpaceX Falcon 9)
Starship target: <$100/kg to orbit
At <$100/kg, new things become possible:
Orbital manufacturing (pharmaceuticals, materials)
Space-based solar power
Orbital data centers (infinite cooling, 24/7 sunlight)
Timeline: 2027-2030 if Starship works.
If you believe this, space industry goes from $613B to $2T+.
The Honest Risks
Space investing is risky. Let's be clear.
Risk #1: Technology
Starship has never flown successfully with a full payload.
If Starship doesn't work:
SpaceX's cost advantage disappears
Starlink growth slows (can't launch V3 satellites cheaply)
Margins compress
$1.5T valuation crashes to $500B or less
Risk #2: Competition
Amazon's Project Kuiper: 3,236 satellites launching 2026
China's constellation: 50,000 satellites planned
OneWeb: Already has 648 satellites in orbit
If Starlink loses market share:
Revenue growth slows from 80%/year to 20%/year
100M subscriber target becomes 30M
Valuation gets cut in half
Risk #3: Regulation
Governments could:
Limit orbital slots (restrict how many satellites allowed)
Regulate pricing (cap Starlink fees)
Ban foreign providers (China, Russia block Starlink)
If regulations tighten:
Growth markets (India, Africa, Middle East) become inaccessible
TAM shrinks 50%+
Long-term story breaks
Risk #4: Demand
What if people don't want satellite internet?
What if 5G coverage gets good enough in 90% of inhabited areas?
What if Starlink plateaus at 20M subscribers instead of 100M?
Then:
$20-25B revenue (not $144B)
10x revenue multiple = $200-250B valuation
You invested at $800B-$1.5T
You lose 50-85% of your money
What Should You Actually Do?
Here's my framework:
If You're Conservative:
Don't invest in space companies directly.
Instead, invest in what space companies NEED:
✅ Power infrastructure (satellites need energy)
✅ Data centers (space data needs processing)
✅ Semiconductor equipment (space-grade chips)
These win whether space booms or not.
If You're Moderate:
Invest in space infrastructure (Layer 2), not applications (Layer 3).
Why:
Infrastructure has recurring revenue
Infrastructure has high margins (60%+)
Infrastructure creates network effects
Allocation: 5-10% of your portfolio in space infrastructure.
How: Public space ETFs (diversified) or SpaceX pre-IPO (concentrated bet)
If You're Aggressive:
Go all-in on the SpaceX thesis.
The bull case:
Starlink hits 100M subscribers by 2030
$144B revenue × 60% margins = $86B gross profit
25x multiple = $2.15T valuation
From $800B entry = 2.7x return in 4 years
The bear case:
Starship delays, competition wins, plateaus at 20M subs
$25B revenue × 10x multiple = $250B valuation
From $800B entry = 69% loss
Expected value: Somewhere between -70% and +170%.
Allocate accordingly.
Why I'm Telling You This Now
Next Wednesday, March 12, we're opening SpaceX pre-IPO access to Founderscrowd Premium members.
The opportunity:
Entry: $800 billion (Dec 2025 private valuation)
Exit: $1.5 trillion (June 2026 IPO target)
Potential gain: 87.5% in 3-4 months
The details:
Minimum: $100-500 (TBD)
Structure: SPV (indirect equity)
Timeline: 9-12 month hold (IPO + lockup)
Allocation: 400-500 spots (first-come, first-served)
Premium membership:
$100/month (locks in for life if you join before March 12)
$120/month (after SpaceX launches)
What you get:
SpaceX investment memo (47 pages, full analysis)
Access to 2-4 pre-IPO deals per quarter
Weekly private markets insights
Energy X access (closes Friday)
Look, I'm not going to oversell this.
This newsletter is about education. The Premium pitch is just information.
What I want you to understand:
The space economy is real and growing (not science fiction)
It's driven by private companies making actual profits (not government spending)
Infrastructure (Layer 2) is where the money is (not applications)
SpaceX dominates but faces real risks (technology, competition, regulation)
If you believe in the thesis, there's an opportunity next week
If Premium makes sense for you, great.
If not, you're still way ahead of 99% of people who think space is "the future" instead of "right now."
See you on the other side.
Alberto
P.S. One simple way to think about this:
Cloud computing in 2006: "Why would I put my data in someone else's server?"
Cloud computing in 2026: AWS is a $100B/year business. The question sounds silly now.
Space in 2026: "Why would I get internet from satellites?"
Space in 2035: Starlink is a $100B/year business. The question will sound silly then.
The companies that become infrastructure don't feel revolutionary while it's happening.
They just quietly become essential.
See you Thursday. ☕