Space Economy
Research & Model

Investing in the industrial transformation of space. A comprehensive research project on SpaceX, the emerging space economy, and the public companies positioned to capture its growth.

For decades, space was an industry defined by extraordinary costs, limited access, and a small group of government and commercial operators. That constraint is beginning to change.

Reusable launch systems, mass-produced satellites, global communications networks, geospatial intelligence, and the convergence of AI with orbital infrastructure are changing what can be built—and what may become economically viable.

But the opportunity is not simply to buy SpaceX. It is to understand which companies, suppliers and new business models can capture value as the entire industry's cost structure evolves.

Our Space Economy Research & Model is designed to help investors examine those opportunities through independent industry research, original, source-documented datasets and editable financial models.

A potential $1.8 trillion economy by 2035

The World Economic Forum and McKinsey estimate that the global space economy could expand from $630 billion in 2023 to $1.8 trillion by 2035. That figure includes both traditional space businesses and industries enabled by space technologies—not just rocket launches or satellite operators.

The distinction matters. Some of the most interesting beneficiaries may not look like traditional space companies. They may manufacture critical semiconductor components, operate networks, analyze satellite data, supply defense systems, or create entirely new services built on space infrastructure.

SpaceX's IPO is a gateway—not the entire thesis

SpaceX began public trading on June 12, 2026 under the symbol SPCX, giving investors direct access to a business that combines launch infrastructure, orbital connectivity and other technology operations. Its public listing has brought greater visibility to the economics of the space industry.

Yet investing in SpaceX itself is only one possible expression of this transformation. Suppliers, competitors, infrastructure providers and downstream applications may capture different portions of the opportunity, with very different capital requirements and valuations.

The central question is not only how large the space economy can become. It is who will earn the profits—and what investors are already paying for them.

Our central investment thesis

We are investigating whether industrial-scale access to orbit can make a series of new business models commercially viable. Lower launch costs and greater deployment capacity may alter satellite network economics, reshape defense systems, expand geospatial data markets and open new industrial possibilities.

We do not assume that industry growth automatically produces attractive equity returns. Competitive intensity, capital spending, financing, technological execution and valuation can all change the outcome. The model will test these relationships rather than treat them as certainties.

Seven markets, one interconnected thesis

The public companies we will examine

Our research universe is intended to include 30+ listed companies, with deeper analysis focused on a selected group where financial and industrial evidence is sufficiently robust. It includes operators, suppliers, competitors, infrastructure companies and providers of space-enabled services.

Preliminary research universe, subject to change. Inclusion is not a buy recommendation. Exchange identifiers and listings will be verified in the final dataset.

Built on research, not just public-market narratives

A report is useful. A structured, source-documented analytical model can be more valuable. We intend to develop reusable datasets that combine company filings, contract disclosures, industry announcements, constellation information and our own explicitly labeled assumptions.

What the complete Research Model includes

Research designed for serious investors

Macro Notes starts with global economic and technological change, traces its effects through industries and value chains, and then examines the public companies behind them. Our research models take that top-down approach further, combining original investigation with documented financial frameworks.

This is not another newsletter edition, nor a list of stocks to buy. It is a defined research project intended to save analytical time, improve visibility into an emerging industry and provide tools for independent judgment.

This research. And the next.

SpaceX & the Space Economy is the first publication in our monthly Research & Models programme, available to Macro Notes Founding members on November 30, 2026.

Each month, we select one of the most promising macro investment theses we identify and publish the complete research report, supporting datasets and an editable model. Your Founding membership includes this first release and each new monthly publication while your membership is active.

Research & Models are included with an active Founding membership. Custom research is commissioned separately and is not included. Research is for informational purposes and does not provide personalized investment advice. Forecasts and valuations are uncertain; investments carry risk, including possible loss of principal.