A category leader with
compounding moats
SpaceX has rewritten the economics of access to orbit. Reusable hardware,
a global broadband constellation, and decades of engineering lead
strengthen its position every year.
Falcon's reusable first stages have cut the cost of reaching orbit by orders of magnitude — a structural advantage that is difficult for any competitor to match quickly.
The world's largest satellite constellation generates a growing, subscription-based revenue base that funds the wider mission and compounds year after year.
The fully reusable Starship system is designed for missions to orbit, the Moon and Mars, extending SpaceX's addressable market far beyond Earth.
A founder-led culture that rewards speed and iteration keeps the company compounding its lead in the most strategic industry on Earth.
Founded in 2002
3 launch vehicles in service
100% privately held equity
Why SpaceX is a core
holding in our portfolio.
Category-defining leadership
SpaceX dominates commercial launch worldwide
and has rewritten the economics of access to orbit
in a single generation.
Compounding advantages
Reusable hardware, a global constellation and decades
of engineering lead strengthen the position with every
successful launch.
Long-duration demand
From launch to broadband to deep space, SpaceX sits
at the center of durable, multi-decade growth in the
most strategic industry on Earth.
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