SpaceX is an American aerospace company founded in 2002 by Elon Musk and headquartered in Hawthorne, California. It designs, manufactures, and launches advanced rockets and spacecraft, playing a central role in reshaping the modern space industry. The company made history as the first private player to launch and return a spacecraft, and to send astronauts to the International Space Station, achievements that previously only government space agencies could accomplish.

SpaceX has established unassailable market leadership through technological innovation and vertical integration. In launch services, the company reduced Low Earth Orbit costs from $64,000 per kilogram to $1,500 with Falcon Heavy, capturing 134 of 261 total global launches in 2024. The upcoming Starship rocket will further reduce costs while carrying 150,000 kg payloads.

In satellite broadband, Starlink disrupted the industry by deploying 7.875 satellites in Low Earth Orbit, delivering latency 20x better than traditional geostationary satellites. The service achieved 1 million subscribers in two months – a feat that took competitor HughesNet eight years to achieve. It has now scaled to over 6 million subscribers across 60+ countries as of July 2025. Startlink reached breakeven in November 2023 and generated $1.4B revenue in 2022.

Investors participate through a Special Purpose Vehicle (SPV) that aggregates capital to purchase SpaceX shares through a captable SpaceX fund. The investment thesis is driven by revenue growth from a growing launch market and Starlink subscriber growth, with potential returns realized through an IPO or a secondary market sale.

Key performance indicators include payload price per unit, launch cadence, payload delivery volume, Starlink subscriber growth and market share metrics.