The case for
Cost per kilogram has fallen by more than an order of magnitude and keeps falling. Once launch is routine the value moves to payloads: connectivity, imaging and defence bought on long government contracts.
Launch becomes cheap and routine enough that orbit turns into infrastructure rather than an event.
Universe v1· No stated date on this link
Every holding, and why it is that size
Restore the book25.2%Rocket Lab
The only listed pure-play with an operating launch cadence.
RKLB · Equity · $1153.67 · $45B · Orbital logistics
−+×22.5%AST SpaceMobile
Direct-to-phone connectivity; enormous market, unproven at scale.
ASTS · Equity · $5.75 · $228B · Orbital logistics
−+×14.8%Planet Labs
Imaging as a subscription rather than a hardware sale.
PL · Equity · $5.98 · $71B · Orbital logistics
−+×10.9%Intuitive Machines
Lunar delivery contracts, dependent on one customer.
LUNR · Equity · $95.13 · $30B · Orbital logistics
−+×8.8%Lockheed Martin
Space revenue attached to a business that survives a slow decade.
LMT · Equity · $91.81 · $599B · Orbital logistics
−+×7.8%Iridium Communications
An operating constellation with real cash flow today.
IRDM · Equity · $1199.14 · $50B · Orbital logistics
−+×10%0–3 Month Treasury Bill ETF
Cash that still earns while the thesis is early.
SGOV · Treasury · $161.00 · $106B · Ballast
The case against
The dominant launch provider is private, so public exposure is second-best by construction. Most listed names are pre-revenue, and a single failure resets a company by years.
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Anyone who opens it rebuilds the same book, weight for weight.
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