Starship Economics: An Investor's Field Manual (2026)
Starship is the single most consequential variable in the SpaceX SOTP. The marketed economics — $20-30M per launch, $100-200/kg to LEO — would re-base the entire space economy. The probable economics through 2028 are different. We build the model, weigh HLS execution risk, and explain why the Mars architecture is the most over-discussed and least near-term-relevant part of the thesis.
