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Starlink may be the clear leader today, but the market is underpricing the threat of Kuiper. If history is any guide, Amazon tends to enter markets late, absorb the upfront losses, weaponize its balance sheet, and win through scale, patience, and integration.
Amazon is now generating more free cash flow in a single quarter than the total capital SpaceX raised during the past 30 funding rounds.
Satellite bus manufacturing used to be the domain of a handful of national aerospace primes. Over the past 20 years, however, two major startup waves have disrupted this status quo.
Companies that can beam down fiber-like internet speeds graduate from the niche legacy satcom market to the generalized consumer broadband internet market.
The International Space Station cost $150B (inflation adj.) to build, whereas a commercial space station is expected to cost between $2B and $5B.
Hate it or love it, the first six months of the year have summed up investors’ love-hate relationship with the sector.
Over the past decade, the number of active satellites has increased by an order of magnitude.
If Q1 introduced the promise of Golden Dome, Q2 was the mad dash to cash in on the hype.
