How concentrated this is
Holdings5
Weighted like4.4 equal ones
LargestRKLB at 28.5%
Half the portfolio2 names
Exposed to the premise90%
Half of this book is 2 names. If they are wrong, the rest will not save it.
Launch becomes cheap and routine enough that orbit turns into infrastructure rather than an event.
Universe v2 (assumed — this link predates the field)· No stated date on this link
Every holding, and why it is that size
Restore the portfolio28.5%Rocket Lab
The only listed pure-play with an operating launch cadence.
RKLB · Equity · $61.96 · — · Orbital logistics
−+×25.3%Intuitive Machines
Lunar delivery contracts, dependent on one customer.
LUNR · Equity · $14.62 · — · Orbital logistics
−+×23.4%AST SpaceMobile
Direct-to-phone connectivity; enormous market, unproven at scale.
ASTS · Equity · $59.91 · — · Orbital logistics
−+×12.8%Space Exploration ETF
Diversification where single-name failure is common.
ARKX · ETF · $31.66 · — · Orbital logistics
−+×10%0–3 Month Treasury Bill ETF
Cash that still earns while the thesis is early.
SGOV · Treasury · $100.50 · — · Ballast
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.
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.
What the weights are worth
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igitur.xyz/b/launch-becomes-cheap-and-routine-enough-ka4o9c