{"id":6382,"date":"2026-08-07T08:02:38","date_gmt":"2026-08-06T22:02:38","guid":{"rendered":"https:\/\/murrayslatter.me\/?p=6382"},"modified":"2026-08-07T08:12:27","modified_gmt":"2026-08-06T22:12:27","slug":"spacex-thesis","status":"publish","type":"post","link":"https:\/\/murrayslatter.me\/?p=6382","title":{"rendered":"SpaceX Thesis"},"content":{"rendered":"\n<h1 class=\"wp-block-heading\">The Solar System\u2019s Infrastructure Backplane and the Path to $300\/Share<\/h1>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>Core Investment Thesis:<\/strong> SpaceX is no longer a commercial launch provider\u2014it has evolved into the sovereign infrastructure backplane of the global (and extra-terrestrial) economy. By monetizing space-based launch, low-latency telecommunications, captive AI developer workflows, and orbital compute, SpaceX is quietly building &#8220;Elon Web Services&#8221; (EWS). Evaluating SpaceX on a Sum-of-the-Parts (SOTP) framework supports a near-to-mid-term share price target of <strong>$270 to $300 per share<\/strong> (an implied $3.5T\u2013$4.0T enterprise valuation).<\/p>\n<\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\">Executive Summary: Beyond the Launchpad<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When evaluating growth equities, the most dangerous analytical mistake is misclassifying a company\u2019s operational bucket. Market participants spent years valuing Amazon as a low-margin online retailer while missing AWS, and viewed Apple strictly as a hardware manufacturer while missing its high-margin services flywheel.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Wall Street&#8217;s consensus modeling of SpaceX makes the exact same error.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To view SpaceX merely as a aerospace contractor or satellite broadband provider is to miss the broader paradigm shift. As both Gavin Baker (Atreides Management) and Brad Gerstner (Altimeter Capital) have highlighted, SpaceX operates as a vertically integrated platform company.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It controls the lowest-cost transportation mechanism in human history (<strong>Starship<\/strong>), wraps its own payloads into the bus at near-zero marginal cost, converts those payloads into recurring SaaS-like telecom revenues (<strong>Starlink &amp; Direct-to-Cell<\/strong>), feeds real-time telemetry into a captive software stack (<strong>Cursor \/ xAI<\/strong>), and converts satellite nodes into high-density <strong>orbital data centers<\/strong>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"573\" height=\"149\" src=\"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2026\/08\/image.png?resize=573%2C149&#038;ssl=1\" alt=\"\" class=\"wp-image-6388\" srcset=\"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2026\/08\/image.png?w=573&amp;ssl=1 573w, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2026\/08\/image.png?resize=300%2C78&amp;ssl=1 300w, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2026\/08\/image.png?resize=520%2C135&amp;ssl=1 520w, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2026\/08\/image.png?resize=360%2C94&amp;ssl=1 360w, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2026\/08\/image.png?resize=250%2C65&amp;ssl=1 250w, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2026\/08\/image.png?resize=100%2C26&amp;ssl=1 100w\" sizes=\"auto, (max-width: 573px) 100vw, 573px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">The Four Business Units: A Sum-of-the-Parts (SOTP) Analysis<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">To understand why a <strong>$270\u2013$300 per share<\/strong> price target is justified, to satisfy my standard thesis settings, I first break down SpaceX\u2019s individual revenue engines and evaluate their distinct unit economics and growth trajectories.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Launch Services &amp; Defense (Falcon 9, Starship, Starshield)<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Operational Role:<\/strong> Payload Delivery &amp; Sovereign Defense Utility<\/li>\n\n\n\n<li><strong>Moat Rating:<\/strong> Wide (Zero Commercial Competitors at Scale)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">While Falcon 9 remains the workhorse of global space transport, Starship redefines launch economics. Fully reusable mass-to-orbit lowers transport costs by orders of magnitude.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">SpaceX utilizes this payload volume for two purposes:<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Commercial &amp; DoD Revenues:<\/strong> Government contracts (NASA, Space Force, Starshield) represent long-dated, high-margin revenue baselines. Point-to-point cargo delivery for military logistics offers a high-yielding, sticky customer base.<\/li>\n\n\n\n<li><strong>Internal Payload Bundling:<\/strong> SpaceX stacks its own internal assets (Starlink v2\/v3 satellites, edge compute nodes) onto Starship flights at pure cost. External payloads subsidize the launch infrastructure, while internal payloads build recurring digital revenue streams.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">2. Starlink, Direct-to-Cell &amp; Next-Gen Mesh Networks<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Operational Role:<\/strong> Global Mobile Telco &amp; Infrastructure Layer<\/li>\n\n\n\n<li><strong>Moat Rating:<\/strong> Extreme (Orbital Shell &amp; Spectrum Monopolization)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Starlink is not just broadband for rural consumers; it is an orbital mesh network operating as a global, low-latency backhaul layer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With Direct-to-Cell capabilities rolling out globally, SpaceX effectively replaces cell towers on Earth. Instead of negotiating ground leases and tower builds across hundreds of countries, Starlink broadcasts direct to standard LTE\/5G handheld devices. This positions SpaceX to compete for a slice of the <strong>$1.5 Trillion global telecommunications market<\/strong>, bypassing traditional regional telco moats.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Elon Web Services (EWS): Terrestrial &amp; Orbital Compute<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Operational Role:<\/strong> Hyper-scale Compute &amp; Energy Arbitrage<\/li>\n\n\n\n<li><strong>Moat Rating:<\/strong> Absolute (CapEx &amp; Power Efficiency Arbitrage)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Ground-based AI data centers are facing severe bottlenecks: power grid interconnect delays, cooling water conflicts, and real estate permitting hurdles.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In space, power generation and cooling dynamics change fundamentally:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Unfiltered Solar Power:<\/strong> 24\/7 solar capture with zero atmospheric attenuation.<\/li>\n\n\n\n<li><strong>Thermal Dissipation:<\/strong> Infinite radiant heat dissipation into the vacuum of space.<\/li>\n\n\n\n<li><strong>CapEx Arbitrage:<\/strong> Gavin Baker estimates the capital expenditure required to deploy gigawatt-scale compute drops significantly in LEO once Starship operates at scale:<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">$$\\text{CapEx per GW (Space)} \\approx \\$5\\text{ Billion} \\quad \\text{vs.} \\quad \\text{CapEx per GW (Earth)} \\approx \\$25\\text{ Billion}$$<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Combined with xAI\u2019s terrestrial megaclusters (e.g., Memphis Colossus), SpaceX is monetizing dark compute capacity by leasing compute clusters to enterprise AI customers\u2014creating &#8220;Elon Web Services.&#8221;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. Cursor &amp; The xAI Engineering Intelligence Flywheel<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Operational Role:<\/strong> Software Reasoning Data Funnel &amp; Captive Developer Interface<\/li>\n\n\n\n<li><strong>Moat Rating:<\/strong> High (Proprietary Data &amp; Context Capture)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">SpaceX\u2019s software stack (amplified by the strategic integration of Cursor \/ Anysphere) is not an off-the-shelf B2B SaaS product. It functions as a <strong>developer funnel and telemetry engine<\/strong>:<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"574\" height=\"59\" src=\"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2026\/08\/image-1.png?resize=574%2C59&#038;ssl=1\" alt=\"\" class=\"wp-image-6390\" srcset=\"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2026\/08\/image-1.png?w=574&amp;ssl=1 574w, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2026\/08\/image-1.png?resize=300%2C31&amp;ssl=1 300w, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2026\/08\/image-1.png?resize=520%2C53&amp;ssl=1 520w, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2026\/08\/image-1.png?resize=360%2C37&amp;ssl=1 360w, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2026\/08\/image-1.png?resize=250%2C26&amp;ssl=1 250w, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2026\/08\/image-1.png?resize=100%2C10&amp;ssl=1 100w\" sizes=\"auto, (max-width: 574px) 100vw, 574px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">By embedding Cursor into complex engineering workflows, millions of software engineers continuously generate real-time execution scripts, debugging telemetry, and problem-solving contexts. This telemetry feeds back into xAI\u2019s frontier reasoning models, creating an unfair data advantage that accelerates hardware iteration across SpaceX&#8217;s rockets, satellites, and manufacturing lines.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Valuing SpaceX: Bridging to $270\u2013$300 \/ Share<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">To calculate expected enterprise value, we apply a Sum-of-the-Parts (SOTP) multiple approach, projecting revenues and applying segment-specific valuation multiples based on underlying growth rates and margin profiles.<sup><\/sup><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Segment Financial Projections (2028E &#8211; 2030E)<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><td><strong>Business Unit<\/strong><\/td><td><strong>Projected Revenue (2028E &#8211; 2030E)<\/strong><\/td><td><strong>Target Multiple<\/strong><\/td><td><strong>Implied Enterprise Value<\/strong><\/td><\/tr><\/thead><tbody><tr><td><strong>Launch Services &amp; Defense<\/strong><\/td><td>$12.0B<\/td><td>6x P\/S<\/td><td>$72B<\/td><\/tr><tr><td><strong>Starlink &amp; Direct-to-Cell Mesh<\/strong><\/td><td>$120.0B<\/td><td>20x P\/S<\/td><td>$2,400B ($2.4T)<\/td><\/tr><tr><td><strong>Elon Web Services (EWS Compute)<\/strong><\/td><td>$45.0B<\/td><td>25x P\/S<\/td><td>$1,125B ($1.125T)<\/td><\/tr><tr><td><strong>xAI &amp; Engineering Intelligence<\/strong><\/td><td>$10.0B<\/td><td>30x P\/S<\/td><td>$300B<\/td><\/tr><tr><td><strong>Consolidated Valuation Target<\/strong><\/td><td><strong>~$187.0B<\/strong><\/td><td><strong>~20.8x Blended P\/S<\/strong><\/td><td><strong>~$3.897 Trillion<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Expected Value (EV) &amp; Share Price Calculation<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Assuming ~13.0 billion fully diluted shares outstanding, the mathematical valuation bridges directly to our price target range:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">$$\\text{Implied Share Price} = \\frac{\\text{Target Enterprise Value}}{\\text{Fully Diluted Share Count}}$$<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">$$\\text{Base Target Price} = \\frac{\\$3,500,000,000,000}{13,000,000,000} \\approx \\mathbf{\\$269.23 \\text{ per share}}$$<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">$$\\text{Bull Target Price} = \\frac{\\$3,900,000,000,000}{13,000,000,000} \\approx \\mathbf{\\$300.00 \\text{ per share}}$$<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Using a probabilistic Expected Value framework across macroeconomic scenarios:<sup><\/sup><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">$$\\text{EV} = \\sum \\left( \\text{Probability of Scenario} \\times \\text{Implied Share Price} \\right)$$<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Bear Case (Slow Starship cadence, terrestrial power fix):<\/strong> 15% probability @ $110\/share<\/li>\n\n\n\n<li><strong>Base Case (Starlink scale, EWS ground launch):<\/strong> 55% probability @ $270\/share<\/li>\n\n\n\n<li><strong>Bull Case (Orbital compute scale, direct-to-cell monopoly):<\/strong> 30% probability @ $360\/share<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">$$\\text{Expected Value (EV)} = (0.15 \\times 110) + (0.55 \\times 270) + (0.30 \\times 360) = 16.5 + 148.5 + 108 = \\mathbf{\\$273.00 \\text{ per share}}$$<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Strategic Conclusion: Asymmetric Upside<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In capital allocation, outsized returns come from identifying structural shifts before they are priced in by public markets.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">SpaceX represents an asymmetric opportunity. It is simultaneously an aerospace utility, a global mobile carrier, an AI data flywheel, and an orbital cloud provider. As Starship matures and compute demand expands beyond terrestrial energy constraints, SpaceX sits at the center of the global technological stack.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At <strong>$270 to $300 per share<\/strong>, the market is not pricing in perfection\u2014it is simply beginning to price in reality.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Connect to discuss more<\/h2>\n\n\n<div class=\"wp-block-jetpack-contact-form is-vertical is-content-justification-left is-nowrap is-layout-flex wp-container-jetpack-contact-form-is-layout-ed9bf105 wp-block-jetpack-contact-form-is-layout-flex\"><a href=\"https:\/\/murrayslatter.me\/?p=6382\" target=\"_blank\" rel=\"noopener noreferrer\">Submit a form.<\/a><\/div>\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/qfactor.com.au\" data-type=\"link\" data-id=\"qfactor.com.au\">qfactor.com.au<\/a><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Check out more<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Solar System\u2019s Infrastructure Backplane and the Path to $300\/Share Core Investment Thesis: SpaceX is no longer a commercial launch provider\u2014it has evolved into the sovereign infrastructure backplane of the global (and extra-terrestrial) economy. By monetizing space-based launch, low-latency telecommunications, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6384,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-6382","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","clearfix"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SpaceX Thesis - Murray Slatter<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murrayslatter.me\/?p=6382\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SpaceX Thesis - Murray Slatter\" \/>\n<meta property=\"og:description\" content=\"The Solar System\u2019s Infrastructure Backplane and the Path to $300\/Share Core Investment Thesis: SpaceX is no longer a commercial launch provider\u2014it has evolved into the sovereign infrastructure backplane of the global (and extra-terrestrial) economy. By monetizing space-based launch, low-latency telecommunications, [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/murrayslatter.me\/?p=6382\" \/>\n<meta property=\"og:site_name\" content=\"Murray Slatter\" \/>\n<meta property=\"article:published_time\" content=\"2026-08-06T22:02:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-08-06T22:12:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/murrayslatter.me\/wp-content\/uploads\/2026\/08\/Spacex.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1433\" \/>\n\t<meta property=\"og:image:height\" content=\"855\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Murray Slatter\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Murray Slatter\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/murrayslatter.me\\\/?p=6382#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/murrayslatter.me\\\/?p=6382\"},\"author\":{\"name\":\"Murray Slatter\",\"@id\":\"https:\\\/\\\/murrayslatter.me\\\/#\\\/schema\\\/person\\\/9774d7f727e6b917f43267614574f6d5\"},\"headline\":\"SpaceX Thesis\",\"datePublished\":\"2026-08-06T22:02:38+00:00\",\"dateModified\":\"2026-08-06T22:12:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/murrayslatter.me\\\/?p=6382\"},\"wordCount\":1047,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/murrayslatter.me\\\/?p=6382#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/murrayslatter.me\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/Spacex.png?fit=1433%2C855&ssl=1\",\"inLanguage\":\"en\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/murrayslatter.me\\\/?p=6382#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/murrayslatter.me\\\/?p=6382\",\"url\":\"https:\\\/\\\/murrayslatter.me\\\/?p=6382\",\"name\":\"SpaceX Thesis - Murray Slatter\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/murrayslatter.me\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/murrayslatter.me\\\/?p=6382#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/murrayslatter.me\\\/?p=6382#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/murrayslatter.me\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/Spacex.png?fit=1433%2C855&ssl=1\",\"datePublished\":\"2026-08-06T22:02:38+00:00\",\"dateModified\":\"2026-08-06T22:12:27+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/murrayslatter.me\\\/#\\\/schema\\\/person\\\/9774d7f727e6b917f43267614574f6d5\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/murrayslatter.me\\\/?p=6382#breadcrumb\"},\"inLanguage\":\"en\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/murrayslatter.me\\\/?p=6382\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en\",\"@id\":\"https:\\\/\\\/murrayslatter.me\\\/?p=6382#primaryimage\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/murrayslatter.me\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/Spacex.png?fit=1433%2C855&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/murrayslatter.me\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/Spacex.png?fit=1433%2C855&ssl=1\",\"width\":1433,\"height\":855},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/murrayslatter.me\\\/?p=6382#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/murrayslatter.me\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"SpaceX Thesis\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/murrayslatter.me\\\/#website\",\"url\":\"https:\\\/\\\/murrayslatter.me\\\/\",\"name\":\"Murray Slatter\",\"description\":\"Empowering Good teams to be Great!\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/murrayslatter.me\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/murrayslatter.me\\\/#\\\/schema\\\/person\\\/9774d7f727e6b917f43267614574f6d5\",\"name\":\"Murray Slatter\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/8aa0f1751d211918ccc2037a8b3ce22431cec7bef7edf9c993cee70e20717c88?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/8aa0f1751d211918ccc2037a8b3ce22431cec7bef7edf9c993cee70e20717c88?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/8aa0f1751d211918ccc2037a8b3ce22431cec7bef7edf9c993cee70e20717c88?s=96&d=mm&r=g\",\"caption\":\"Murray Slatter\"},\"url\":\"https:\\\/\\\/murrayslatter.me\\\/?author=2\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"SpaceX Thesis - Murray Slatter","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/murrayslatter.me\/?p=6382","og_locale":"en_US","og_type":"article","og_title":"SpaceX Thesis - Murray Slatter","og_description":"The Solar System\u2019s Infrastructure Backplane and the Path to $300\/Share Core Investment Thesis: SpaceX is no longer a commercial launch provider\u2014it has evolved into the sovereign infrastructure backplane of the global (and extra-terrestrial) economy. By monetizing space-based launch, low-latency telecommunications, [&hellip;]","og_url":"https:\/\/murrayslatter.me\/?p=6382","og_site_name":"Murray Slatter","article_published_time":"2026-08-06T22:02:38+00:00","article_modified_time":"2026-08-06T22:12:27+00:00","og_image":[{"width":1433,"height":855,"url":"https:\/\/murrayslatter.me\/wp-content\/uploads\/2026\/08\/Spacex.png","type":"image\/png"}],"author":"Murray Slatter","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Murray Slatter","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/murrayslatter.me\/?p=6382#article","isPartOf":{"@id":"https:\/\/murrayslatter.me\/?p=6382"},"author":{"name":"Murray Slatter","@id":"https:\/\/murrayslatter.me\/#\/schema\/person\/9774d7f727e6b917f43267614574f6d5"},"headline":"SpaceX Thesis","datePublished":"2026-08-06T22:02:38+00:00","dateModified":"2026-08-06T22:12:27+00:00","mainEntityOfPage":{"@id":"https:\/\/murrayslatter.me\/?p=6382"},"wordCount":1047,"commentCount":0,"image":{"@id":"https:\/\/murrayslatter.me\/?p=6382#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2026\/08\/Spacex.png?fit=1433%2C855&ssl=1","inLanguage":"en","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/murrayslatter.me\/?p=6382#respond"]}]},{"@type":"WebPage","@id":"https:\/\/murrayslatter.me\/?p=6382","url":"https:\/\/murrayslatter.me\/?p=6382","name":"SpaceX Thesis - Murray Slatter","isPartOf":{"@id":"https:\/\/murrayslatter.me\/#website"},"primaryImageOfPage":{"@id":"https:\/\/murrayslatter.me\/?p=6382#primaryimage"},"image":{"@id":"https:\/\/murrayslatter.me\/?p=6382#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2026\/08\/Spacex.png?fit=1433%2C855&ssl=1","datePublished":"2026-08-06T22:02:38+00:00","dateModified":"2026-08-06T22:12:27+00:00","author":{"@id":"https:\/\/murrayslatter.me\/#\/schema\/person\/9774d7f727e6b917f43267614574f6d5"},"breadcrumb":{"@id":"https:\/\/murrayslatter.me\/?p=6382#breadcrumb"},"inLanguage":"en","potentialAction":[{"@type":"ReadAction","target":["https:\/\/murrayslatter.me\/?p=6382"]}]},{"@type":"ImageObject","inLanguage":"en","@id":"https:\/\/murrayslatter.me\/?p=6382#primaryimage","url":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2026\/08\/Spacex.png?fit=1433%2C855&ssl=1","contentUrl":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2026\/08\/Spacex.png?fit=1433%2C855&ssl=1","width":1433,"height":855},{"@type":"BreadcrumbList","@id":"https:\/\/murrayslatter.me\/?p=6382#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/murrayslatter.me\/"},{"@type":"ListItem","position":2,"name":"SpaceX Thesis"}]},{"@type":"WebSite","@id":"https:\/\/murrayslatter.me\/#website","url":"https:\/\/murrayslatter.me\/","name":"Murray Slatter","description":"Empowering Good teams to be Great!","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/murrayslatter.me\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en"},{"@type":"Person","@id":"https:\/\/murrayslatter.me\/#\/schema\/person\/9774d7f727e6b917f43267614574f6d5","name":"Murray Slatter","image":{"@type":"ImageObject","inLanguage":"en","@id":"https:\/\/secure.gravatar.com\/avatar\/8aa0f1751d211918ccc2037a8b3ce22431cec7bef7edf9c993cee70e20717c88?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/8aa0f1751d211918ccc2037a8b3ce22431cec7bef7edf9c993cee70e20717c88?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8aa0f1751d211918ccc2037a8b3ce22431cec7bef7edf9c993cee70e20717c88?s=96&d=mm&r=g","caption":"Murray Slatter"},"url":"https:\/\/murrayslatter.me\/?author=2"}]}},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2026\/08\/Spacex.png?fit=1433%2C855&ssl=1","jetpack-related-posts":[{"id":5928,"url":"https:\/\/murrayslatter.me\/?p=5928","url_meta":{"origin":6382,"position":0},"title":"What I Am Investing In and Why: Tesla (NASDAQ: TSLA)","author":"Murray Slatter","date":"August 31, 2025","format":false,"excerpt":"1. A Journey from Scepticism to Strategic Conviction For many years, I stood at a distance from Tesla\u2014not because I didn\u2019t believe in its product or mission, but because I had deep reservations about its leadership style and governance. Elon Musk, the enigmatic founder and CEO, has always been a\u2026","rel":"","context":"In &quot;Investing&quot;","block_context":{"text":"Investing","link":"https:\/\/murrayslatter.me\/?cat=11"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2025\/08\/IMG_1796-scaled.png?fit=1200%2C555&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2025\/08\/IMG_1796-scaled.png?fit=1200%2C555&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2025\/08\/IMG_1796-scaled.png?fit=1200%2C555&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2025\/08\/IMG_1796-scaled.png?fit=1200%2C555&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2025\/08\/IMG_1796-scaled.png?fit=1200%2C555&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":5213,"url":"https:\/\/murrayslatter.me\/?p=5213","url_meta":{"origin":6382,"position":1},"title":"What I Am Investing In and Why: NVIDIA (NVDA)","author":"Murray Slatter","date":"May 12, 2025","format":false,"excerpt":"1. How I First Discovered NVIDIA My journey with NVIDIA began in 2016, right at the onset of the crypto mining boom. But unlike the crowd, I wasn\u2019t drawn in by the buzz around mining rigs. I had a far longer view. As a television engineer who played a key\u2026","rel":"","context":"In &quot;Investing&quot;","block_context":{"text":"Investing","link":"https:\/\/murrayslatter.me\/?cat=11"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2025\/05\/IMG_0970.webp?fit=1024%2C1024&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2025\/05\/IMG_0970.webp?fit=1024%2C1024&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2025\/05\/IMG_0970.webp?fit=1024%2C1024&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2025\/05\/IMG_0970.webp?fit=1024%2C1024&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":3964,"url":"https:\/\/murrayslatter.me\/?p=3964","url_meta":{"origin":6382,"position":2},"title":"What Makes a Good Investment Thesis?","author":"Murray Slatter","date":"September 23, 2024","format":false,"excerpt":"Crafting Your Reason to Buy Investing is often seen as an art as much as it is a science. While financial metrics, valuations, and charts are all important, one of the most critical aspects of investing often goes overlooked: your investment thesis. Your thesis is your why\u2014the reason you believe\u2026","rel":"","context":"In &quot;Investing&quot;","block_context":{"text":"Investing","link":"https:\/\/murrayslatter.me\/?cat=11"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2024\/08\/Social-Impact-Fund.jpg?fit=720%2C405&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2024\/08\/Social-Impact-Fund.jpg?fit=720%2C405&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2024\/08\/Social-Impact-Fund.jpg?fit=720%2C405&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2024\/08\/Social-Impact-Fund.jpg?fit=720%2C405&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":3055,"url":"https:\/\/murrayslatter.me\/?p=3055","url_meta":{"origin":6382,"position":3},"title":"Becoming a Visionary","author":"Murray Slatter","date":"December 30, 2024","format":false,"excerpt":"Predicting and Preparing for Future Project Management Trends In the ever-evolving field of project management, the ability to anticipate and adapt to emerging trends is what distinguishes a good project manager from a great visionary leader. This article seeks to inspire professional project managers to look beyond the horizon of\u2026","rel":"","context":"In &quot;The Next Project Manager&quot;","block_context":{"text":"The Next Project Manager","link":"https:\/\/murrayslatter.me\/?cat=62"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2025\/02\/The-Future-of-Project-Management.jpg?fit=1200%2C674&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2025\/02\/The-Future-of-Project-Management.jpg?fit=1200%2C674&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2025\/02\/The-Future-of-Project-Management.jpg?fit=1200%2C674&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2025\/02\/The-Future-of-Project-Management.jpg?fit=1200%2C674&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2025\/02\/The-Future-of-Project-Management.jpg?fit=1200%2C674&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":5231,"url":"https:\/\/murrayslatter.me\/?p=5231","url_meta":{"origin":6382,"position":4},"title":"What I Am Investing In and Why: Arista Networks (ANET)","author":"Murray Slatter","date":"May 18, 2025","format":false,"excerpt":"1. How I Discovered Arista Networks I was first introduced to Arista Networks through an episode of a Motley Fool podcast, where they were breaking down an earnings call. The discussion sparked my curiosity\u2014particularly given my broader research at the time into companies powering next-generation digital infrastructure, including Fortinet and\u2026","rel":"","context":"In &quot;Investing&quot;","block_context":{"text":"Investing","link":"https:\/\/murrayslatter.me\/?cat=11"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2025\/05\/Arista-Networks.png?fit=543%2C306&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2025\/05\/Arista-Networks.png?fit=543%2C306&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2025\/05\/Arista-Networks.png?fit=543%2C306&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":5202,"url":"https:\/\/murrayslatter.me\/?p=5202","url_meta":{"origin":6382,"position":5},"title":"BlackRock Bitcoin ETF (IBIT)","author":"Murray Slatter","date":"May 11, 2025","format":false,"excerpt":"This is my second round with Bitcoin. I first took a position in 2016 when the price was around $1,000 per coin, which I bought via a digital wallet. I didn\u2019t hold a deep conviction then\u2014but I had a hunch. A hunch based on first-principles research into how Bitcoin works,\u2026","rel":"","context":"In &quot;Investing&quot;","block_context":{"text":"Investing","link":"https:\/\/murrayslatter.me\/?cat=11"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2025\/05\/IMG_0962.jpeg?fit=686%2C447&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2025\/05\/IMG_0962.jpeg?fit=686%2C447&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2025\/05\/IMG_0962.jpeg?fit=686%2C447&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/murrayslatter.me\/index.php?rest_route=\/wp\/v2\/posts\/6382","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/murrayslatter.me\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/murrayslatter.me\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/murrayslatter.me\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/murrayslatter.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6382"}],"version-history":[{"count":5,"href":"https:\/\/murrayslatter.me\/index.php?rest_route=\/wp\/v2\/posts\/6382\/revisions"}],"predecessor-version":[{"id":6411,"href":"https:\/\/murrayslatter.me\/index.php?rest_route=\/wp\/v2\/posts\/6382\/revisions\/6411"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/murrayslatter.me\/index.php?rest_route=\/wp\/v2\/media\/6384"}],"wp:attachment":[{"href":"https:\/\/murrayslatter.me\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/murrayslatter.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6382"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/murrayslatter.me\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}