Space Is the Next Bitcoin
Many people I meet complain they missed the boat on Bitcoin while others made a fortune. More than 10 years later, I believe we’re now on the precipice of a similar boom in the space industry, but the fundamentals are much stronger.
Humans were always going to operate in space. We have looked to the stars for our entire existence and nations remain captivated by the minute-by-minute actions of their astronauts as they boldly go. We were on vacation for the recent return of Artemis 2, but my wife insisted we watch the landing live.
While Bitcoin has spent more than a decade trying to demonstrate use cases beyond ‘store of value’, the first commercial use cases for space are generating massive growth. Starlink revenue in 2025 was $12B. Reusable launch from SpaceX is driving down costs for the entire market and, in turn, we’re seeing the use cases expanding. Varda has been manufacturing medications in space for over 2 years and at Sterling Road we’ve invested in data centers in space (Starcloud), accommodation on the Moon (GRU Space) and nuclear reactors for space power (Zephyr Fusion).
The space market is still very speculative, offering both enormous potential and minimal competition. SpaceX is planning to IPO this year at $1.75 Trillion, almost a 100x multiple on sales. Starcloud became Y Combinator’s fastest ever unicorn and reports suggest its valuation doubled again in the last 60 days. Skeptics will correctly point out that the math has a long way to go before profitability but that has never stopped incredible founders from building companies that push humanity forward.
If you’re looking for the next Bitcoin, it’s here.
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