The world's leading private launch provider
SpaceX has fundamentally transformed commercial spaceflight with the Falcon 9, Starship, and Starlink constellation. From Crew Dragon ISS missions to NASA's Artemis Moon lander contract, SpaceX is central to every major space initiative of the 2020s. Founded by Elon Musk in 2002, the company has achieved more orbital launches than any other entity and is actively pursuing full human Mars colonization.
18 articles
analysis
SpaceX has roughly $22 billion of lifetime federal commitments, $3.8 billion in FY2024 obligations, and a 100% sweep of NSSL Phase 3 Lane 1 task orders awarded through May 2026. The bull case is that this concentration is the moat. The bear case is that this concentration is the tail risk. We build the full contract stack, walk the audit trail, and weigh the political volatility that bracketed June 2025.
analysis
The institutional thesis on SpaceX at $1.75–2.0 trillion. We build the full sum-of-the-parts across Launch Services, Starlink, Starshield, and Dragon, weigh the bull case against the bear case with explicit probability weights, and route to four supporting deep dives — Valuation & Secondary Markets, Starship Economics, Government Contract Risk, and Starlink Unit Economics.
analysis
SpaceX trades at ~$1.51T on Forge Global and $1.86T-implied on Hiive as of May 12-13, 2026. Project Apex — the codename for the confidentially filed IPO — targets $1.75-2T. We build the SOTP, walk the comparable multiples, and explain why a $350B Sacra mark and an $800B December tender now coexist with bank desks pitching $2T.
analysis
Starlink's 60-70% EBITDA margin is either the most defensible moat in telecom or the most temporary. This is the model behind the number: per-satellite CapEx by generation, ARPU segmented across five customer tiers, $/Mbps math versus fiber and GEO, churn dynamics, Direct-to-Cell take-rate sensitivity, and regional capacity vs demand. The unit economics either survive Amazon Leo and OneWeb pressure or they don't.
analysis
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.
Space Exploration
The ISS is being deorbited around 2030. Inside the Zvezda cracking, SpaceX's $843M deorbit vehicle, and the four commercial stations racing to replace it.
Rockets
Ranked by peak sea-level thrust and payload to LEO. SpaceX's Super Heavy now leads the list — the Saturn V is second. Here's the full top 10 with sources.
Space Policy
On April 24, 2026, the Space Force named 12 companies to build prototypes for Golden Dome's space-based interceptors. A deep dive on each contractor, what they're building, and who's positioned to survive the inevitable descope.
analysis
SpaceX's Starship has achieved full-stack reusability and is ramping toward operational missions. Here's the complete 2026 status update on tests, timelines, and the path to the Moon and Mars.
SpaceX
Starship caught its booster mid-air and survived re-entry. Here's what comes next: Starlink launches, Artemis HLS, and the first steps toward Mars.
Space Industry
Four companies are spending $50B+ to blanket Earth with satellite internet. Only one or two will dominate. Here's how each stacks up on technology, financing, customers, and long-term viability.
analysis
Starlink generates an estimated $10-12 billion annually and may be worth more than the rest of SpaceX combined. Here's a full investor breakdown of subscriber growth, ARPU, competitive moat, and IPO timeline.
Commercial Space
SpaceX flew 165 missions in 2025 and is on pace for 170+ in 2026; Blue Origin's New Glenn is operational with three flights and a reused booster, with NG-4 on the pad for Kuiper. The cadence gap, the revenue gap, and what each company is racing to prove next.
Space Industry
Every major launch provider publishes their upcoming flight schedule. Most investors ignore it. Here's how to read a launch manifest to spot revenue trends, customer mix, and competitive signals before they hit earnings.
Launch Vehicles
Three rockets competing for the same customers. Falcon 9's 500+ cumulative flights vs Vulcan in operational cadence vs New Glenn now operational. Which wins for your payload?
Space Industry
Ariane 6 vs Falcon 9 compared: specs, cost, reusability, and why Europe builds its own rocket even though SpaceX launches for half the price.
Space Industry
Amazon's $11.57B Globalstar acquisition reshapes the direct-to-cell satellite market. Inside the deal, the Apple bonus, and how Amazon Leo stacks up against Starlink and AST SpaceMobile.
Space Industry
Amazon's $10B Project Kuiper rebrands as Amazon Leo: 241 satellites in orbit, 3,200 committed, an FCC deadline, and a head-on race with Elon Musk's Starlink.