Investing in tomorrow, today
The next decade's largest companies will turn scientific and engineering breakthroughs into products people and businesses use every day. We invest where that shift is already measurable.
Where we invest, and why
Breakthroughs that leave the lab
We look for technologies that have moved from research into products, and are changing how physical industries, science and security work.
Space is becoming infrastructure
Reusable rockets have made launch routine, and satellite networks now sell internet and phone service worldwide. Next come larger rockets, commercial lunar landers and the first attempts to mine resources in space.
Platforms, not features
We favor companies building infrastructure that others come to depend on: hard to copy, and more valuable as more people build on it.
Back the category, not the cycle
We hold few positions and study each deeply, choosing companies with the team, capital and position to lead a category for a decade.
Space is becoming infrastructure
For decades, getting to orbit was the bottleneck. Reusable boosters now launch and land on a regular schedule, and the cost and wait to reach orbit keep falling. That has turned orbit into a place to build businesses: satellite networks deliver internet and mobile service around the world, and governments now buy launch and lunar delivery as commercial services.
The next layer is forming. New heavy-lift rockets are competing to carry larger payloads, some built with factory methods borrowed from 3D printing and software. Commercial landers are preparing to carry cargo to the Moon.
Space resources are the furthest frontier. Companies are developing ways to extract water from asteroids for rocket propellant and to harvest helium-3 from lunar soil, and early buyers have signed purchase orders. These are the earliest-stage companies in the sector, and the first missions have shown how hard the work is. We study them closely and favor teams that have customers before they have a mine.
Four questions we ask every company
- Is the technology a step change, rather than an improvement on what exists?
- Is there evidence of a large market that will demand this product or service?
- Can the team recruit the best people in its field?
- Does the company have the capital and partners to reach category leadership?