1
00:00:00,020 --> 00:00:05,380
Ejaaz:
Three weeks ago, NASA committed $20 billion to putting a human settlement on the Moon.

2
00:00:05,720 --> 00:00:11,900
Ejaaz:
Then two weeks ago, SpaceX saw for the largest IPO ever, valuing them at $1.75 trillion.

3
00:00:12,480 --> 00:00:16,080
Ejaaz:
And then just last week, we sent humans around the Moon for the first time in

4
00:00:16,080 --> 00:00:21,120
Ejaaz:
53 years, traveling 250,000 miles away from Earth. Just massive.

5
00:00:21,360 --> 00:00:25,480
Ejaaz:
And then this morning, Amazon acquired Global Star for $11.6 billion.

6
00:00:25,480 --> 00:00:29,840
Ejaaz:
And on Friday, Blue Origin is sending their third orbital rocket into space.

7
00:00:29,840 --> 00:00:34,620
Ejaaz:
That's five events in three weeks, and the industry for space is coalescing

8
00:00:34,620 --> 00:00:36,960
Ejaaz:
and mobilizing at a rate that we've never seen before.

9
00:00:37,160 --> 00:00:41,440
Ejaaz:
And for the first time ever, you can participate by investing in these companies.

10
00:00:41,680 --> 00:00:44,780
Ejaaz:
On this episode, we're going to explain the massive thesis around space and

11
00:00:44,780 --> 00:00:49,300
Ejaaz:
why it's the new investment opportunity that's coming right after AI at an opportune time.

12
00:00:49,440 --> 00:00:51,940
Ejaaz:
We're going to walk through all the different companies, all the different sectors,

13
00:00:52,000 --> 00:00:55,800
Ejaaz:
and exactly which companies are the most opportune for you to get involved in.

14
00:00:56,260 --> 00:00:59,700
Josh:
Space is a huge opportunity right now. It feels like the first time in history

15
00:00:59,700 --> 00:01:03,340
Josh:
in which we have the technology now to actually make meaningful progress in

16
00:01:03,340 --> 00:01:05,000
Josh:
space and generate actual value.

17
00:01:05,460 --> 00:01:09,780
Josh:
And what happened just recently is the Artemis 2 kind of kicked this off and

18
00:01:09,780 --> 00:01:10,640
Josh:
it made it seem possible.

19
00:01:11,000 --> 00:01:15,520
Josh:
Artemis 2 was a wild success. 10 day mission, 700,000 total miles.

20
00:01:15,700 --> 00:01:18,300
Josh:
They went, they took humans the furthest they've ever gone. They took them the

21
00:01:18,300 --> 00:01:19,200
Josh:
fastest they've ever gone.

22
00:01:19,340 --> 00:01:22,240
Josh:
They captured unbelievable photos along the way, like the one we're looking

23
00:01:22,240 --> 00:01:26,100
Josh:
at on screen, which is a moon eclipsing the sun, which is something we don't

24
00:01:26,100 --> 00:01:27,360
Josh:
get to. to see very often.

25
00:01:27,540 --> 00:01:30,480
Josh:
And it was just this really unbelievable mission. They recovered them in a dinghy

26
00:01:30,480 --> 00:01:32,040
Josh:
in the middle of the ocean.

27
00:01:32,160 --> 00:01:35,680
Josh:
And I guess maybe if we show this photo, that is a testament to the beginning

28
00:01:35,680 --> 00:01:39,360
Josh:
and the end of this new phase of space.

29
00:01:39,560 --> 00:01:42,540
Josh:
Because, I mean, NASA has been around forever. The last time they put humans

30
00:01:42,540 --> 00:01:45,680
Josh:
on the moon or the last time they went to the moon was over 50 years ago.

31
00:01:46,180 --> 00:01:50,720
Josh:
None of us were born yet. And the way that they recovered these astronauts is

32
00:01:50,720 --> 00:01:52,380
Josh:
it's in a dinghy. It looks a little old.

33
00:01:52,560 --> 00:01:56,460
Josh:
This is the end of the NASA era. This is the beginning of the private industry

34
00:01:56,460 --> 00:02:00,480
Josh:
era, where now NASA is going to be funding future missions to the moon and beyond

35
00:02:00,480 --> 00:02:02,080
Josh:
through these private entities.

36
00:02:02,260 --> 00:02:04,840
Josh:
And for those curious why, the numbers are a bit staggering.

37
00:02:05,040 --> 00:02:09,620
Josh:
SLS, the space launch system that NASA has, costs about $4.1 billion for this launch.

38
00:02:09,740 --> 00:02:12,900
Josh:
It's totally expendable. Every piece is thrown away. And it takes a very long

39
00:02:12,900 --> 00:02:13,840
Josh:
time for them to build these things.

40
00:02:13,960 --> 00:02:17,620
Josh:
Whereas SpaceX, on the other hand, a Falcon 9 launch costs $67 million,

41
00:02:18,040 --> 00:02:22,800
Josh:
which is 30 to up to 60 times cheaper than what it costs NASA to do these things.

42
00:02:22,980 --> 00:02:27,280
Josh:
And when you compare these two, we have to give a lot of credit to NASA for

43
00:02:27,280 --> 00:02:31,340
Josh:
getting us here, for having this mission actually work successfully,

44
00:02:31,480 --> 00:02:33,420
Josh:
for getting the astronauts home safe, for collecting all the data.

45
00:02:33,920 --> 00:02:37,480
Josh:
But it is now time to hand over the reins to these private companies that are

46
00:02:37,480 --> 00:02:41,780
Josh:
building unbelievable technology to do this at a far cheaper cost.

47
00:02:42,000 --> 00:02:45,220
Josh:
I mean, Falcon 9 is $2,700 per kilogram.

48
00:02:45,720 --> 00:02:49,900
Josh:
Starship is going to get that down to $10 to $70. So it's going to be a lot

49
00:02:49,900 --> 00:02:51,440
Josh:
cheaper, a lot more efficient.

50
00:02:51,540 --> 00:02:54,540
Josh:
And this unlocks a ton of opportunities in the market that we're going to get into.

51
00:02:54,820 --> 00:02:58,640
Ejaaz:
Yeah, I mean, during the space shuttle era, to transport like a kilogram was

52
00:02:58,640 --> 00:03:04,780
Ejaaz:
well over $50,000. And SpaceX has reduced that by 500 times, which is just insane.

53
00:03:05,260 --> 00:03:10,860
Ejaaz:
When I look at the space economy for last year, it was valued at around $626 billion.

54
00:03:11,160 --> 00:03:16,760
Ejaaz:
And it's projected to hit around $1.2 trillion by 2032.

55
00:03:17,060 --> 00:03:21,200
Ejaaz:
I actually think that's massively understated because we have one of the biggest

56
00:03:21,200 --> 00:03:23,680
Ejaaz:
IPOs ever, supposedly coming this year.

57
00:03:23,860 --> 00:03:28,920
Ejaaz:
SpaceX filed a confidential IPO filing with the SEC, I think two weeks ago,

58
00:03:28,920 --> 00:03:35,380
Ejaaz:
and valued it at $1.75 trillion, which will be the largest IPO that we've ever seen.

59
00:03:35,520 --> 00:03:40,120
Ejaaz:
Now, looking at the market, it typically means that this IPO will happen sometime in June.

60
00:03:40,380 --> 00:03:44,260
Ejaaz:
For some reason, people on Polymarket don't believe that that's going to happen too soon. I

61
00:03:44,840 --> 00:03:49,920
Ejaaz:
think technically it is. Elon's made some very strategic moves recently to make this happen.

62
00:03:50,100 --> 00:03:54,280
Ejaaz:
SpaceX has merged with X and XAI. XAI has merged with NX.

63
00:03:54,400 --> 00:03:58,680
Ejaaz:
So there's a lot of moves that make this a necessity at this point. He needs the capital.

64
00:03:58,880 --> 00:04:03,500
Ejaaz:
He's raising around $75 billion during this IPO to be able to fund a bunch of

65
00:04:03,500 --> 00:04:04,440
Ejaaz:
these launches going forward.

66
00:04:04,520 --> 00:04:08,680
Ejaaz:
He mentioned at one point recently that in an ideal world, within the next five

67
00:04:08,680 --> 00:04:14,000
Ejaaz:
to 10 years, there's a space launch every 10 minutes, which is an almost impossible

68
00:04:14,000 --> 00:04:18,900
Ejaaz:
fee to achieve given the context of infrastructure and investment that we need to have right now.

69
00:04:19,280 --> 00:04:21,900
Josh:
Yeah. And at that launch cadence, it's important to understand that this is

70
00:04:21,900 --> 00:04:25,400
Josh:
a huge change from what we have because currently in the first half of 2025,

71
00:04:25,440 --> 00:04:28,920
Josh:
it was a launch every 28 hours, which is a lot.

72
00:04:29,300 --> 00:04:33,820
Josh:
Don't get me wrong. That's a lot, but it is a far cry from the launch per every hour or two.

73
00:04:34,340 --> 00:04:38,000
Josh:
But this is happening. And this is the year in which a lot of the attention

74
00:04:38,000 --> 00:04:39,580
Josh:
is going to shift into space.

75
00:04:39,700 --> 00:04:43,060
Josh:
And this is a year where in which there's a ton of opportunities both publicly

76
00:04:43,060 --> 00:04:46,160
Josh:
and privately through this IPO through the

77
00:04:46,160 --> 00:04:49,940
Josh:
success of Starship through the success of the Artemis mission so we're going

78
00:04:49,940 --> 00:04:54,060
Josh:
to unpack that opportunity right here using this really cool artifact that we

79
00:04:54,060 --> 00:04:56,760
Josh:
generated through perplexity which we'll actually link in the description below

80
00:04:56,760 --> 00:04:59,900
Josh:
you can click through and engage with it yourself but it's this really nice

81
00:04:59,900 --> 00:05:04,460
Josh:
interactive portfolio that we're going to use to walk through the opportunity in space and

82
00:05:04,530 --> 00:05:08,090
Josh:
based on every category that there is. So we have launch providers,

83
00:05:08,270 --> 00:05:10,190
Josh:
we have the satellite providers, we have lunar infrastructure.

84
00:05:10,430 --> 00:05:13,690
Josh:
And it's very fitting because just today, there was a huge acquisition in this

85
00:05:13,690 --> 00:05:15,590
Josh:
space already. So the market is hot.

86
00:05:15,770 --> 00:05:18,830
Josh:
And let's get into the first segment, which is launch providers,

87
00:05:18,890 --> 00:05:22,310
Josh:
because I think this is probably the most noteworthy one, starting with Rocket Lab.

88
00:05:22,490 --> 00:05:25,130
Josh:
If you haven't heard of Rocket Lab, you should hear about Rocket Lab.

89
00:05:25,250 --> 00:05:26,830
Josh:
They're a pretty interesting company. You guys, you want to walk us through?

90
00:05:27,030 --> 00:05:31,050
Ejaaz:
Yeah. So if you've heard of SpaceX, which unless you've been living under rock, you definitely have.

91
00:05:31,190 --> 00:05:36,630
Ejaaz:
You might think that $1.75 trillion is a little over the price tag that you're willing to pay.

92
00:05:36,830 --> 00:05:42,070
Ejaaz:
There are other options for launch providers, and Rocket Lab is the major number two, basically.

93
00:05:42,310 --> 00:05:46,850
Ejaaz:
It's valued at around $40 billion in market cap, and it is the second most active

94
00:05:46,850 --> 00:05:47,930
Ejaaz:
launch provider globally.

95
00:05:48,190 --> 00:05:52,650
Ejaaz:
They've launched around 85 missions, and they've signed contracts worth, I think,

96
00:05:54,920 --> 00:05:58,400
Ejaaz:
$2 billion, or maybe it's like $1.8 billion. It's something in the billions of dollars.

97
00:05:58,540 --> 00:06:01,860
Ejaaz:
And they use or are developing their reusable rocket.

98
00:06:02,000 --> 00:06:05,260
Ejaaz:
Now, it's important to mention now that their latest reusable rocket,

99
00:06:05,340 --> 00:06:09,040
Ejaaz:
I believe it's called Neutron, has been delayed for over a year at this point.

100
00:06:09,140 --> 00:06:12,020
Ejaaz:
But that's pretty common amongst a lot of these space launch companies.

101
00:06:12,220 --> 00:06:13,860
Ejaaz:
And Rocket Lab is currently at the frontier.

102
00:06:14,080 --> 00:06:17,880
Ejaaz:
And if you look at their stock price here, it's currently sitting at around $73.

103
00:06:18,420 --> 00:06:21,620
Ejaaz:
It IPO'd in 2020 at, I believe, $10.

104
00:06:21,920 --> 00:06:24,920
Ejaaz:
So we've already got a 7x here. And a lot of eyes

105
00:06:24,920 --> 00:06:28,780
Ejaaz:
are now focused on rocket lab because they think that spacex valuation might

106
00:06:28,780 --> 00:06:31,540
Ejaaz:
be a little overblown and they're trying to do a lot more things rocket lab

107
00:06:31,540 --> 00:06:35,780
Ejaaz:
in context is focused or hyper focused on building out reusable rockets and

108
00:06:35,780 --> 00:06:40,380
Ejaaz:
being part of the highway into space right now spacex has the monopoly of this

109
00:06:40,380 --> 00:06:43,180
Ejaaz:
but companies like rocket lab is a viable alternative yeah

110
00:06:43,180 --> 00:06:46,920
Josh:
Companies that build these rockets that deliver payload to orbit are the foundational

111
00:06:46,920 --> 00:06:50,880
Josh:
infrastructure layer of the economy without this launch structure nothing else

112
00:06:50,880 --> 00:06:55,160
Josh:
works and currently spacex dominates 90% of this, but the market is expanding

113
00:06:55,160 --> 00:06:57,840
Josh:
and the real competitors are actually scaling up. So we have Rocket Lab.

114
00:06:58,000 --> 00:07:00,740
Josh:
We have another company that you may not have heard of called Firefly Aerospace.

115
00:07:01,120 --> 00:07:04,160
Josh:
And the third, which is the most interesting, and unfortunately the private

116
00:07:04,160 --> 00:07:07,040
Josh:
one currently is Blue Origin. Now, for those that aren't familiar,

117
00:07:07,220 --> 00:07:08,400
Josh:
this is Jeff Bezos' company.

118
00:07:08,600 --> 00:07:11,520
Josh:
He left Amazon, started working on this as a passion project,

119
00:07:11,560 --> 00:07:13,860
Josh:
and they work fairly closely with Amazon.

120
00:07:14,140 --> 00:07:17,840
Josh:
Now, Amazon was in the news today because it acquired one of the companies we're about to talk about.

121
00:07:17,960 --> 00:07:21,760
Josh:
But I think Blue Origin is one to watch because they have access to not only

122
00:07:21,760 --> 00:07:25,380
Josh:
the infrastructure through Amazon, but also Moneybags Bezos.

123
00:07:25,540 --> 00:07:29,780
Josh:
And they are actually the second farthest along when it comes to these kind

124
00:07:29,780 --> 00:07:32,180
Josh:
of larger spacecraft that can deliver more payload to

125
00:07:32,570 --> 00:07:35,730
Josh:
orbit with their new Glenn rocket. So Blue Origin, very excited about them.

126
00:07:35,970 --> 00:07:41,190
Ejaaz:
I'm starting to think that the private market is just almost worse than the public market.

127
00:07:41,310 --> 00:07:44,810
Ejaaz:
Like, you have a better investment opportunity investing in some of these public market stocks.

128
00:07:45,050 --> 00:07:48,870
Ejaaz:
Like, look at Blue Origin. Like, its market cap is estimated to be between $50 to $100 billion.

129
00:07:49,330 --> 00:07:53,650
Ejaaz:
That's already, like, multiples more than Rocket Lab, who has live testing rockets

130
00:07:53,650 --> 00:07:56,210
Ejaaz:
and launching. Now, granted, Blue Origin has done the same thing.

131
00:07:56,350 --> 00:07:59,150
Ejaaz:
But, you know, TrackRocket has to account for something here but

132
00:07:59,150 --> 00:08:02,250
Ejaaz:
i want to get into the acquisition that

133
00:08:02,250 --> 00:08:05,330
Ejaaz:
you just mentioned so this morning amazon announced that

134
00:08:05,330 --> 00:08:08,330
Ejaaz:
they are acquiring a company called global star which is basically

135
00:08:08,330 --> 00:08:12,770
Ejaaz:
going to be launching or helping to launch satellites into lower earth orbit

136
00:08:12,770 --> 00:08:17,930
Ejaaz:
now if that sounds familiar it's because elon musk and spacex specifically starlink

137
00:08:17,930 --> 00:08:22,050
Ejaaz:
is doing exactly that they're building direct to earth satellite broadband which

138
00:08:22,050 --> 00:08:25,390
Ejaaz:
will allow you to run the internet on any device wherever you are.

139
00:08:25,530 --> 00:08:29,570
Ejaaz:
So in spotty areas where you're going on a hike, or if you're in a country that

140
00:08:29,570 --> 00:08:33,750
Ejaaz:
doesn't get easy access to the internet, you now get seamless access,

141
00:08:33,870 --> 00:08:36,930
Ejaaz:
you could be on a plane, you could stream games, play games, whatever it might be.

142
00:08:37,450 --> 00:08:39,630
Ejaaz:
This is a similar competitor to that.

143
00:08:40,810 --> 00:08:45,610
Ejaaz:
Listen, I got to take a moment aside here to just congratulate and like shill Amazon for a second.

144
00:08:45,790 --> 00:08:49,950
Ejaaz:
They are so much more than an e-commerce company, which so many people kind of attribute them.

145
00:08:50,090 --> 00:08:54,410
Ejaaz:
They're involved in the AI race, they're supplying the chips to train some of these top models.

146
00:08:54,730 --> 00:08:57,870
Ejaaz:
They're the main distributor of it. And now they're also a space company as well.

147
00:08:58,730 --> 00:09:03,670
Ejaaz:
It's important to note that this is separate to Jeff Bezos' Blue Origin.

148
00:09:03,850 --> 00:09:07,550
Ejaaz:
In a way, they're kind of complementary to each other. But Jeff Bezos isn't

149
00:09:07,550 --> 00:09:11,610
Ejaaz:
directly involved in this, at least from the best of my knowledge. Is that right, Josh?

150
00:09:12,380 --> 00:09:15,220
Josh:
Yeah, well, he's still involved with Amazon. I believe he's still on the board.

151
00:09:15,380 --> 00:09:19,560
Josh:
But I mean, you have to assume this is kind of not as direct as a SpaceX Tesla

152
00:09:19,560 --> 00:09:23,020
Josh:
comparison, but both companies are going to actively work together to solve these problems.

153
00:09:23,120 --> 00:09:25,900
Josh:
And you can see on the chart, it's doing very well. Now, this was not the only

154
00:09:25,900 --> 00:09:29,560
Josh:
news from Amazon today, which the second headline I found even more interesting

155
00:09:29,560 --> 00:09:33,260
Josh:
than the acquisition offer, which was that they made a deal with Apple,

156
00:09:33,440 --> 00:09:34,940
Josh:
which I found interesting.

157
00:09:35,180 --> 00:09:38,980
Josh:
So Amazon has now signed an agreement with Apple to become the primary satellite

158
00:09:38,980 --> 00:09:43,220
Josh:
provider for iPhone and the Apple Watch, which is notable because it's not SpaceX.

159
00:09:43,540 --> 00:09:45,220
Josh:
They didn't choose SpaceX.

160
00:09:45,600 --> 00:09:49,140
Josh:
Apple customers are this, they go on to say Apple customers are already connected

161
00:09:49,140 --> 00:09:53,200
Josh:
out of cell range, and they'll do that with Amazon Leo satellites in the future.

162
00:09:53,300 --> 00:09:56,760
Josh:
So the low-Earth orbit satellites that I presume Blue Origin is going to be

163
00:09:56,760 --> 00:09:59,240
Josh:
launching into orbit, they are going to be Global Star satellites,

164
00:09:59,280 --> 00:10:02,120
Josh:
and they're going to be powering iPhones and Apple Watches. Now,

165
00:10:02,880 --> 00:10:05,820
Josh:
I understand that they have been working with Global Star currently,

166
00:10:06,040 --> 00:10:09,020
Josh:
where if you are currently out of service, if you point your iPhone at the sky,

167
00:10:09,360 --> 00:10:10,840
Josh:
you're connecting to a globalized satellite.

168
00:10:11,000 --> 00:10:14,880
Josh:
But I also understand that this isn't exclusive and this is kind of time based,

169
00:10:15,020 --> 00:10:17,520
Josh:
right, Ejaz? It's not just Global Star that they're working with.

170
00:10:17,900 --> 00:10:23,260
Ejaaz:
Yeah. And the time base or the timeline is pretty important to note here.

171
00:10:23,440 --> 00:10:27,360
Ejaaz:
It's planned to launch in 2028, this partnership with Apple,

172
00:10:27,540 --> 00:10:30,640
Ejaaz:
which by that time, you're probably going to have millions of Starlink satellites

173
00:10:30,640 --> 00:10:34,120
Ejaaz:
out there. and it wouldn't surprise me if Apple signs a similar deal with Starlink

174
00:10:34,120 --> 00:10:36,460
Ejaaz:
just because the service is better and already there.

175
00:10:36,960 --> 00:10:39,500
Ejaaz:
One thing I was looking into with this Global Star acquisition,

176
00:10:39,680 --> 00:10:42,740
Ejaaz:
because like $11.6 billion is a pretty hefty price to pay.

177
00:10:42,920 --> 00:10:47,780
Ejaaz:
They currently have 24 satellites in orbit, Global Star specifically.

178
00:10:48,120 --> 00:10:53,380
Ejaaz:
Now they're planning to launch 80 more satellites by the end of year.

179
00:10:53,800 --> 00:10:58,880
Ejaaz:
For context, Starlink has around 10,000 satellites live in orbit right now,

180
00:10:59,000 --> 00:11:04,240
Ejaaz:
and they're scaling, they just got approval, to scale to a million satellites over the next year.

181
00:11:04,420 --> 00:11:08,020
Ejaaz:
So the point is, we're talking about orders of magnitude, different scale here,

182
00:11:08,040 --> 00:11:14,480
Ejaaz:
and we already have a provable method via SpaceX to get payloads out there for cheap.

183
00:11:14,600 --> 00:11:17,420
Ejaaz:
And we're going with the next Starship launch very soon.

184
00:11:17,800 --> 00:11:23,860
Ejaaz:
So Blue Origin, Amazon, Leo, we have a bunch of catching up to do here.

185
00:11:24,080 --> 00:11:28,500
Ejaaz:
It's a nice thesis to uphold right now, but the infrastructure expense that

186
00:11:28,500 --> 00:11:31,180
Ejaaz:
they need to overcome right now is pretty massive.

187
00:11:32,080 --> 00:11:37,000
Josh:
For reference, a fully loaded Falcon 9 rocket deploys 24 satellites per launch,

188
00:11:37,140 --> 00:11:41,300
Josh:
which is a little interesting in the differences.

189
00:11:41,480 --> 00:11:45,340
Josh:
But back to the companies, there's another one here under the satellite broadband

190
00:11:45,340 --> 00:11:48,500
Josh:
and direct-to-device category, which is AST Space Mobile.

191
00:11:49,040 --> 00:11:56,100
Josh:
They're up 3,000% in the last few years, which has been a pretty impressive launch.

192
00:11:56,340 --> 00:12:00,000
Josh:
So there's a lot going on there. I think the next category is among my favorites,

193
00:12:00,160 --> 00:12:01,260
Josh:
which is lunar infrastructure.

194
00:12:01,260 --> 00:12:05,460
Josh:
Sure there's one company here but it is important to note that nasa just committed

195
00:12:05,460 --> 00:12:09,500
Josh:
20 billion dollars to a permanent moon base so someone's going to have to start

196
00:12:09,500 --> 00:12:13,100
Josh:
collecting those payments i know spacex and blue origin are on that list but

197
00:12:13,100 --> 00:12:13,740
Josh:
there's another company,

198
00:12:14,400 --> 00:12:18,300
Josh:
named Intuitive Machines. Their ticker is Lunar, which is the first private

199
00:12:18,300 --> 00:12:20,940
Josh:
company to actually land on the moon in February of 2024.

200
00:12:21,060 --> 00:12:23,200
Josh:
They did the damn thing, which is pretty cool.

201
00:12:23,440 --> 00:12:27,660
Josh:
So they are clearly one of the front runners when it comes to lunar deployment.

202
00:12:28,100 --> 00:12:31,040
Josh:
And I think lunar is going to be really important because, I mean,

203
00:12:31,140 --> 00:12:32,860
Josh:
as Elon stated, we're going to be building a mass driver.

204
00:12:33,040 --> 00:12:35,840
Josh:
We're going to be putting people on the moon, robots on the moon.

205
00:12:36,000 --> 00:12:39,740
Josh:
We're going to start actually harvesting it for whatever resources,

206
00:12:39,980 --> 00:12:41,480
Josh:
science, information we can get out of it.

207
00:12:41,640 --> 00:12:44,180
Josh:
And I don't know the lunar industry it's it's pretty exciting to me.

208
00:12:44,180 --> 00:12:46,920
Ejaaz:
It's it's not just fake either like um if

209
00:12:46,920 --> 00:12:50,740
Ejaaz:
you're wondering like whether this company is just kind of like uh propagandering

210
00:12:50,740 --> 00:12:54,920
Ejaaz:
itself um it signed a five billion dollar contract and it right now it's to

211
00:12:54,920 --> 00:13:00,180
Ejaaz:
build the space um communications between earth and the moon when a settlement

212
00:13:00,180 --> 00:13:03,920
Ejaaz:
is eventually built but uh you know think about it like you're gonna need to

213
00:13:03,920 --> 00:13:08,720
Ejaaz:
be able to figure this out um but also elon has committed to also setting up a moon settlement,

214
00:13:09,060 --> 00:13:12,240
Ejaaz:
probably in cohesion with NASA on the moon.

215
00:13:12,860 --> 00:13:16,180
Ejaaz:
Is it by 2029 or is that when he wants to build the mass drive?

216
00:13:16,300 --> 00:13:18,660
Ejaaz:
I can't remember. Some of the timelines inflect.

217
00:13:18,820 --> 00:13:23,680
Ejaaz:
But the point is, there are around three concerted efforts or three major companies

218
00:13:23,680 --> 00:13:25,920
Ejaaz:
or initiatives to put humans on the moon.

219
00:13:26,180 --> 00:13:28,740
Ejaaz:
We just flew humans around the moon for the first time in 53 years.

220
00:13:28,820 --> 00:13:29,980
Ejaaz:
So we know that it's feasible.

221
00:13:30,160 --> 00:13:33,800
Ejaaz:
And the next step, we'll be figuring out whether the moon is habitable,

222
00:13:33,980 --> 00:13:36,820
Ejaaz:
where to put them, maybe it's on the dark side, how to create infrastructure

223
00:13:36,820 --> 00:13:40,040
Ejaaz:
around this to launch things like satellites or harvest moon resources.

224
00:13:40,220 --> 00:13:43,660
Ejaaz:
So all of this is becoming a reality. And the aim is to, I think the consensus

225
00:13:43,660 --> 00:13:46,720
Ejaaz:
is to do this within the next five to 10 years, which is, in my opinion,

226
00:13:46,820 --> 00:13:47,940
Ejaaz:
much sooner than I expect.

227
00:13:48,080 --> 00:13:50,720
Ejaaz:
And we're going to see that reflect in some of the prices of these companies,

228
00:13:50,760 --> 00:13:53,700
Ejaaz:
which are working on the key infrastructure, such as communications,

229
00:13:53,900 --> 00:13:55,860
Ejaaz:
such as intuitive labs, to be able to do this.

230
00:13:56,300 --> 00:13:59,540
Josh:
And there's even more infrastructure on the observation and space data.

231
00:13:59,660 --> 00:14:02,260
Josh:
So there's this funny thing in which you put satellites into space and then

232
00:14:02,260 --> 00:14:03,240
Josh:
just point them back at us.

233
00:14:03,340 --> 00:14:07,960
Josh:
And those high resolution images actually carry a lot of value for governments,

234
00:14:08,180 --> 00:14:10,420
Josh:
militaries, insurers, commercial clients.

235
00:14:10,600 --> 00:14:13,540
Josh:
There's a whole industry built on satellite imagery.

236
00:14:13,700 --> 00:14:16,780
Josh:
And there's a few front runners in the satellite imagery space,

237
00:14:17,100 --> 00:14:21,080
Josh:
particularly Planet Labs, which is the largest Earth observation satellite fleet.

238
00:14:21,220 --> 00:14:27,440
Josh:
And they do daily images of the entire land mass of Earth, which serves defense,

239
00:14:27,760 --> 00:14:29,940
Josh:
it serves agriculture, insurance, climate.

240
00:14:30,080 --> 00:14:34,680
Josh:
There's a lot of science, a lot of money, a lot of security that's revolving

241
00:14:34,680 --> 00:14:36,120
Josh:
around having these high quality images.

242
00:14:36,400 --> 00:14:39,180
Josh:
These are the companies that are responsible for it. There's also Satellogic

243
00:14:39,180 --> 00:14:40,120
Josh:
and Black Sky Technology.

244
00:14:40,340 --> 00:14:43,200
Josh:
Those are the big three when it comes to satellite imagery. And this is something

245
00:14:43,200 --> 00:14:45,500
Josh:
that is real recurring revenue today.

246
00:14:45,720 --> 00:14:49,000
Josh:
They're actively selling products to clients, and they are actually making some

247
00:14:49,000 --> 00:14:51,080
Josh:
money. So this is an interesting category for that reason.

248
00:14:51,080 --> 00:14:55,580
Ejaaz:
I am looking at some of these market caps, Josh, and I'm struggling to understand

249
00:14:55,580 --> 00:15:01,100
Ejaaz:
how random AI startups are worth like 10x more than these companies that are

250
00:15:01,100 --> 00:15:05,640
Ejaaz:
actually building what I believe is going to be very useful and essential infrastructure

251
00:15:05,640 --> 00:15:07,160
Ejaaz:
to building out a space economy.

252
00:15:07,160 --> 00:15:12,260
Ejaaz:
I think primarily it might be because people don't believe the thing is here, that the thing is real.

253
00:15:12,540 --> 00:15:16,220
Ejaaz:
But one of the reasons why we're creating this episode and speaking to you about

254
00:15:16,220 --> 00:15:19,700
Ejaaz:
all of this right now is we believe not only is space a very viable industry...

255
00:15:20,310 --> 00:15:25,010
Ejaaz:
Two, it's going to be gargantuan times or multiples more valuable than the current

256
00:15:25,010 --> 00:15:29,430
Ejaaz:
AI space right now, simply because there are infinite resources and infinite

257
00:15:29,430 --> 00:15:33,830
Ejaaz:
TAM to kind of like extrapolate a lot of this. And it enables AI itself.

258
00:15:34,010 --> 00:15:36,370
Ejaaz:
We're going to be launching data centers and satellites into space.

259
00:15:36,770 --> 00:15:40,330
Ejaaz:
NVIDIA and SpaceX are already working on a radiation-hardened satellites to

260
00:15:40,330 --> 00:15:42,450
Ejaaz:
be able to pull this off, chips to be able to pull this off.

261
00:15:42,550 --> 00:15:44,190
Ejaaz:
So we know that it's going to become a thing.

262
00:15:44,430 --> 00:15:48,270
Ejaaz:
And three, this is going to happen very soon. Like we're going to start to see

263
00:15:48,270 --> 00:15:52,330
Ejaaz:
the fruits of the labor over the next probably year to two years.

264
00:15:52,850 --> 00:15:56,150
Ejaaz:
Last year, the space industry was worth around $626 billion.

265
00:15:56,610 --> 00:15:59,650
Ejaaz:
It's estimated to be multiples more that, especially after SpaceX IPO.

266
00:15:59,750 --> 00:16:02,910
Ejaaz:
So I want people to be able to keep an eye on some of these companies and track

267
00:16:02,910 --> 00:16:05,530
Ejaaz:
their performance. We should have like a limitless portfolio at this point.

268
00:16:05,950 --> 00:16:10,470
Josh:
Yeah. And it's important to understand a lot of this revolves around the Starship

269
00:16:10,470 --> 00:16:13,070
Josh:
program working and getting those highways online.

270
00:16:13,230 --> 00:16:16,190
Josh:
We have Rocket Lab that's working on it. We have Blue Origin that's working

271
00:16:16,190 --> 00:16:19,110
Josh:
on it. the leader in this pack right now is SpaceX.

272
00:16:19,370 --> 00:16:22,670
Josh:
And the moment they start to get the starships working and they get payload

273
00:16:22,670 --> 00:16:25,850
Josh:
in those ships and they're able to launch them on a regular basis,

274
00:16:25,850 --> 00:16:29,950
Josh:
that creates the highways that enable this infrastructure to get into orbit

275
00:16:29,950 --> 00:16:32,470
Josh:
or beyond and then actually start making money.

276
00:16:32,610 --> 00:16:36,250
Josh:
So that unlocks this entire space race. And I think a lot of the concern that

277
00:16:36,250 --> 00:16:39,290
Josh:
people have is on the idea that we're not actually going to be getting enough

278
00:16:39,290 --> 00:16:40,230
Josh:
payload to orbit quick enough.

279
00:16:40,350 --> 00:16:43,350
Josh:
And the reality is that might not be true. And the downstream effects

280
00:16:43,350 --> 00:16:47,170
Josh:
of all this payload getting to orbit are remarkable it unlocks this gigantic

281
00:16:47,170 --> 00:16:50,910
Josh:
industry that people are predicting to grow faster than almost anything on earth

282
00:16:50,910 --> 00:16:55,510
Josh:
and even the ai thesis even the ai play i mean data centers in space man that's

283
00:16:55,510 --> 00:16:59,470
Josh:
going to be a huge market for anyone who wants to put a satellite on one of

284
00:16:59,470 --> 00:17:02,390
Josh:
these rockets and send it into low earth orbit start training ai data centers,

285
00:17:02,920 --> 00:17:06,580
Josh:
There's a huge opportunity and there's a few other categories that you can click

286
00:17:06,580 --> 00:17:07,700
Josh:
through and get into if you're interested.

287
00:17:07,880 --> 00:17:12,300
Josh:
Things like what space infrastructure manufacturing are, legacy aerospace,

288
00:17:12,580 --> 00:17:14,160
Josh:
kind of like Lockheed Martin and Northrop Grumman.

289
00:17:14,420 --> 00:17:17,620
Josh:
It kind of covers all those categories in this artifact. It'll be linked in the description.

290
00:17:17,860 --> 00:17:21,020
Josh:
But the final thing we should mention maybe is just the ETFs in general.

291
00:17:21,180 --> 00:17:25,400
Josh:
If you don't want to pick a specific stock, perhaps you can choose the basket

292
00:17:25,400 --> 00:17:28,140
Josh:
of them. And I believe that there's a few that are publicly available right now.

293
00:17:28,140 --> 00:17:31,960
Ejaaz:
Yeah, so one of my favorite ETFs from this list is the Arc Space Exploration

294
00:17:31,960 --> 00:17:35,640
Ejaaz:
by Kathy Woods, which, by the way, her fund is just involved in everything from

295
00:17:35,640 --> 00:17:38,020
Ejaaz:
Web3, crypto, AI, and space as well.

296
00:17:38,620 --> 00:17:41,500
Ejaaz:
Now, typically when you're investing in space, we covered a lot of companies

297
00:17:41,500 --> 00:17:44,980
Ejaaz:
today. You're probably like, which ones do I allocate to? How much do I allocate to them?

298
00:17:45,200 --> 00:17:48,960
Ejaaz:
These ETFs kind of fix that for you. It's a basket of all the top companies.

299
00:17:49,300 --> 00:17:53,120
Ejaaz:
Some of these baskets focus on a particular category, whether it's space infrastructure

300
00:17:53,120 --> 00:17:54,160
Ejaaz:
or launch infrastructure.

301
00:17:54,540 --> 00:17:58,520
Ejaaz:
And some just cover all categories in its entirety. It will cover launch providers,

302
00:17:58,680 --> 00:18:00,300
Ejaaz:
lunar infrastructure, earth observation, etc.

303
00:18:00,960 --> 00:18:04,700
Ejaaz:
ARK Space Exploration ETF covers things like defense systems,

304
00:18:04,900 --> 00:18:06,740
Ejaaz:
rocket labs, communication, stuff like that.

305
00:18:06,860 --> 00:18:11,340
Ejaaz:
And it's one of the most subscribed and invested in ETFs that we have in this

306
00:18:11,340 --> 00:18:12,740
Ejaaz:
list. But there's some others here, right?

307
00:18:13,260 --> 00:18:16,460
Josh:
Yeah, there's a few others. They're noteworthy. You can go through and click

308
00:18:16,460 --> 00:18:19,800
Josh:
through or you could just take a screenshot of this and just kind of see which

309
00:18:19,800 --> 00:18:21,300
Josh:
ones that you would be most interested in.

310
00:18:21,460 --> 00:18:24,900
Josh:
The final part of this fun little artifact is the portfolio builder,

311
00:18:24,900 --> 00:18:28,960
Josh:
where we can kind of build an emulated portfolio and choose a preset balance

312
00:18:28,960 --> 00:18:31,780
Josh:
in order to kind of guess and estimate what the returns look like.

313
00:18:31,980 --> 00:18:35,100
Josh:
So for example, with every $10,000 say that you invest in this,

314
00:18:35,280 --> 00:18:38,300
Josh:
you can kind of gauge how much you want to allocate to each industry.

315
00:18:38,360 --> 00:18:43,580
Josh:
And then the projected returns based on the conservative amounts of returns,

316
00:18:43,840 --> 00:18:46,940
Josh:
the kind of high targets and the average gains that you could predict based

317
00:18:46,940 --> 00:18:51,200
Josh:
on each industry and the projected gains that investors have been guiding for.

318
00:18:51,670 --> 00:18:54,990
Josh:
I think a lot of this will end up being conservative if it works.

319
00:18:55,270 --> 00:18:59,090
Josh:
If Starship version three does get to orbit quickly, if a lot of these other

320
00:18:59,090 --> 00:19:02,570
Josh:
companies like Blue Origin are being able to rapidly reuse these rockets,

321
00:19:02,830 --> 00:19:06,970
Josh:
we should see this projected portfolio increase far higher. But again, it's risky.

322
00:19:07,270 --> 00:19:10,290
Josh:
These highways don't exist right now. A lot of rockets are still exploding.

323
00:19:10,430 --> 00:19:13,830
Josh:
There is no proof that this is going to work on the timeline that we hope for.

324
00:19:14,030 --> 00:19:18,030
Josh:
But in the case that it does, this is a tremendous opportunity. We are heading outward.

325
00:19:20,190 --> 00:19:24,950
Josh:
We're there is no real market cap on that because of how untapped the potential

326
00:19:24,950 --> 00:19:27,910
Josh:
is. This takes a long time. We're moving atoms instead of bits.

327
00:19:28,310 --> 00:19:30,730
Josh:
Atoms are much more challenging, particularly when you're fighting against the

328
00:19:30,730 --> 00:19:35,190
Josh:
atmosphere of Earth. But I think it's a really noteworthy opportunity that,

329
00:19:36,020 --> 00:19:38,240
Josh:
you should at least be familiar with and understand.

330
00:19:38,740 --> 00:19:41,640
Ejaaz:
So just to recap, space is having a bit of a moment.

331
00:19:41,820 --> 00:19:45,700
Ejaaz:
In the last three weeks, we've had five major events, including filing for a

332
00:19:45,700 --> 00:19:49,820
Ejaaz:
SpaceX IPO, sending humans around the moon, and all of this for a fraction of

333
00:19:49,820 --> 00:19:52,220
Ejaaz:
the cost that it used to cost 53 years ago.

334
00:19:53,020 --> 00:19:56,420
Ejaaz:
Space is now becoming an investable asset as well. There are a ton of companies

335
00:19:56,420 --> 00:19:57,580
Ejaaz:
that are publicly invested in.

336
00:19:57,660 --> 00:20:01,320
Ejaaz:
If there are too many for you to kind of comprehend, there are ETFs that you can look at.

337
00:20:01,660 --> 00:20:04,740
Ejaaz:
We're going to link to this public artifact so you can get access to it and

338
00:20:04,740 --> 00:20:06,360
Ejaaz:
you can do your own research as well.

339
00:20:06,460 --> 00:20:10,800
Ejaaz:
But the point is, I don't think it's a coincidence that AI and space are galvanizing

340
00:20:10,800 --> 00:20:13,600
Ejaaz:
at the same time. They're coalescing, they're overlapping.

341
00:20:13,960 --> 00:20:18,300
Ejaaz:
There's a lot of overlap in the sense that AI data centers in space will need

342
00:20:18,300 --> 00:20:22,680
Ejaaz:
space shuttles in the same way that satellite and broadband access will also

343
00:20:22,680 --> 00:20:24,600
Ejaaz:
rely on the same types of infrastructure.

344
00:20:24,980 --> 00:20:28,120
Ejaaz:
There are a few companies right now that are privately held that are very popular.

345
00:20:28,260 --> 00:20:31,640
Ejaaz:
You've got SpaceX, you've got Blue Origin, but a lot of public companies as

346
00:20:31,640 --> 00:20:34,600
Ejaaz:
well that are building out this essential infrastructure, not just for launch

347
00:20:34,600 --> 00:20:37,260
Ejaaz:
shuttles, but also for communication and many other points.

348
00:20:37,400 --> 00:20:42,700
Ejaaz:
The point is, we think that this industry will be worth well north of $626 billion,

349
00:20:42,940 --> 00:20:46,620
Ejaaz:
which is what its total value was last year. And we look forward to seeing this expand.

350
00:20:46,860 --> 00:20:51,000
Ejaaz:
It is a limitless portfolio that doesn't exist yet, but I kind of want to spin

351
00:20:51,000 --> 00:20:52,100
Ejaaz:
up after this episode, Josh.

352
00:20:52,580 --> 00:20:56,140
Josh:
We're going to just have to start our own portfolio, both for private and public

353
00:20:56,140 --> 00:20:58,000
Josh:
industry, because I feel like we're on it.

354
00:20:58,200 --> 00:21:00,860
Josh:
There's one called Mesh Optical that's really interesting. And all they're doing

355
00:21:00,860 --> 00:21:04,760
Josh:
is just fiber optic cabling for these satellites, for these data centers.

356
00:21:05,020 --> 00:21:08,820
Josh:
And when you really think about the downstream technology required to put these

357
00:21:08,820 --> 00:21:11,900
Josh:
things into space and make them function at the level that we expect them to,

358
00:21:12,180 --> 00:21:15,960
Josh:
there is just a huge amount of peripheral companies that are going to need to contribute to this.

359
00:21:16,220 --> 00:21:19,020
Josh:
And there's a lot of upside for those that can actually do so in a meaningful

360
00:21:19,020 --> 00:21:21,400
Josh:
way. So space as an industry is really exciting.

361
00:21:21,640 --> 00:21:24,180
Josh:
There's plenty of opportunities in the public markets. There are plenty private,

362
00:21:24,180 --> 00:21:26,860
Josh:
and there's going to be a lot more coming down the line.

363
00:21:27,000 --> 00:21:30,520
Josh:
Now, the question is mostly the timeline. How quick is this actually going to happen?

364
00:21:30,720 --> 00:21:34,260
Josh:
How quick are all of these launch companies that sit at the base layer of this

365
00:21:34,260 --> 00:21:37,540
Josh:
infrastructure going to be able to get mass to orbit rapidly,

366
00:21:37,820 --> 00:21:39,920
Josh:
reusably, and for a very low cost per kilogram?

367
00:21:40,120 --> 00:21:44,040
Josh:
We will see, but we will be monitoring it right here on Limitless every day,

368
00:21:44,200 --> 00:21:45,260
Josh:
as we do four times a week.

369
00:21:45,360 --> 00:21:49,660
Josh:
So thank you all so much for listening. EJs, any final thoughts before we let people go today?

370
00:21:50,880 --> 00:21:55,600
Ejaaz:
Yeah, I'm actually curious whether anyone listening to this has thought of a

371
00:21:55,600 --> 00:21:58,140
Ejaaz:
company or knows of a company that we haven't covered right here.

372
00:21:58,360 --> 00:22:02,260
Ejaaz:
One thing that I'm peripherally aware of is there are just so many of these

373
00:22:02,260 --> 00:22:03,580
Ejaaz:
space companies and there are

374
00:22:03,580 --> 00:22:06,480
Ejaaz:
too many to keep track of. So if you've noticed something, let us know.

375
00:22:06,620 --> 00:22:09,820
Ejaaz:
Or if there's an angle or industry that we might be missing out on that might

376
00:22:09,820 --> 00:22:12,500
Ejaaz:
be complementary to AI or space, let us know in the comments.

377
00:22:12,700 --> 00:22:13,760
Ejaaz:
We would love to hear from you.

378
00:22:14,160 --> 00:22:17,320
Josh:
Yeah, well, as always, thank you guys so much for watching. and we will see you in the next episode.

379
00:22:17,560 --> 00:22:18,020
Ejaaz:
See you guys.