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 (assumed — this link predates the field)· No stated date on this link
Every holding, and why it is that size
Restore the book31.7%Planet Labs
Imaging as a subscription rather than a hardware sale.
PL · Equity · $5.98 · $71B · Orbital logistics
−+×27%AST SpaceMobile
Direct-to-phone connectivity; enormous market, unproven at scale.
ASTS · Equity · $5.75 · $228B · Orbital logistics
−+×18.9%Lockheed Martin
Space revenue attached to a business that survives a slow decade.
LMT · Equity · $91.81 · $599B · Orbital logistics
−+×12.4%Space Exploration ETF
Diversification where single-name failure is common.
ARKX · ETF · $791.68 · $18B · 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.
What the weights are worth
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This book has an address
Anyone who opens it rebuilds the same book, weight for weight.
igitur.xyz/b/launch-becomes-cheap-and-routine-enough-ka4o9c