Baron Opportunity Fund on Space Exploration Technologies Corp.
Thesis
SpaceX has evolved from a launch-focused company into a vertically integrated technology and infrastructure platform spanning launch, satellite broadband, mobile connectivity and AI. Starlink now has more than 10,000 satellites and over 12 million broadband subscribers, while reusable launch technology has dramatically increased launch cadence and asset utilization. The integration of xAI adds a rapidly growing AI-compute business, and the acquisition of Cursor expands the company's exposure to agentic coding. Starship could unlock another step-change in launch capacity and enable deployment of next-generation Starlink satellites and orbital AI infrastructure. Longer-term optionality includes lunar transport, in-space manufacturing, point-to-point travel, tourism and Mars-related infrastructure.
“SpaceX remains the Fund’s largest holding and largest overweight position versus the Benchmark.”