Sands Capital Management, LLC - Select Growth on Space Exploration Technologies
Thesis
Sands initiated SpaceX as an investment in the nascent space economy. Reusable launch technology has reduced launch costs and increased flight frequency, while Starlink adds a large recurring connectivity opportunity across consumer, enterprise, government, and direct-to-device markets. Sands believes Starship could widen the company's cost and capability advantage if it scales successfully. The position was initiated modestly because of volatility associated with limited float and retail activity.
“We believe this position could widen further as Starship, the first fully and rapidly reusable orbital launch vehicle, scales and further reduces the cost of launch.”
Key risks
- Volatility associated with limited float and retail activity