Sands Capital Management, LLC - Global Growth on Space Exploration Technologies
Thesis
SpaceX was purchased as Global Growth's first investment in the nascent space economy. Reusable launch technology has reduced costs and increased launch frequency, while the company has built a dominant launch position and a large Starlink subscriber base across more than 100 countries. Sands sees additional growth from enterprise, government, and direct-to-device connectivity, with longer-term optionality in areas such as orbital data centers, manufacturing, and lunar logistics. Starship could further widen the economic moat if rapid reusability scales successfully.
“We believe Starlink can extend into enterprise connectivity, government communications, and direct-to-device services.”