How concentrated this is
Holdings7
Weighted like5.7 equal ones
LargestRKLB at 26.2%
Half the portfolio3 names
Exposed to the premise90%
90% of this book is one theme. It is a bet on Orbital logistics, not a spread of them.
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 portfolio26.2%Rocket Lab
The only listed pure-play with an operating launch cadence.
RKLB · Equity · $61.96 · — · Orbital logistics
−+×21.7%AST SpaceMobile
Direct-to-phone connectivity; enormous market, unproven at scale.
ASTS · Equity · $59.91 · — · Orbital logistics
−+×16%Planet Labs
Imaging as a subscription rather than a hardware sale.
PL · Equity · $16.69 · — · Orbital logistics
−+×10.7%Intuitive Machines
Lunar delivery contracts, dependent on one customer.
LUNR · Equity · $14.62 · — · Orbital logistics
−+×8.3%Iridium Communications
An operating constellation with real cash flow today.
IRDM · Equity · $47.03 · — · Orbital logistics
−+×7.1%Lockheed Martin
Space revenue attached to a business that survives a slow decade.
LMT · Equity · $530.12 · — · 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.
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