Capex is surging — is compute infra a money pit?

AI segment revenue rose 247% YoY to $2.6bn, and Adj. EBITDA turned positive for the first time at $1.1bn. Management said ARR could reach $100bn by year-end.

Space-based data centers are not just the linchpin of SpaceX's grand narrative.

SpaceX is making its costliest bet ever

Starlink is the 'super base' underpinning SpaceX's long-term ambitions. It serves as the empire's core platform.

Wielding 'first principles' to disrupt the global aerospace industry

In orbital launch, RKLB is one of the few players that can pose a direct challenge to SpaceX. Beyond launch, it has built leading capabilities in satellite manufacturing and constellation deployment.

How did RKLB assemble the capabilities to take on the industry incumbent, and where does its runway lie from here? What key shifts should investors watch? In this report, we break these questions down.

In the prior report, we used the prospect of a SpaceX IPO as a starting point. We mapped the main contours of the current commercial-space opportunity.

Since end-2025, commercial space has surged in investor attention in the capital markets. In this report, we take a cause-and-effect lens to frame the investment opportunity and offer an entry point for research.