How we choose.

A short list. A long horizon. Space first. Few names. Long conviction. No rented cores.

Start in space

The first screen is orbit. Launch, satellites, and the industrial system underneath. Everything else is judged against that standard of difficulty.

Prefer teams that design, build, and operate the critical layer themselves. If the core is rented, the company is a customer of someone else's moat.

We are comfortable with years of build-out. The companies that matter in this category do not look busy on a dashboard.

Launch, satellites, and the industrial system that turns orbit into a business. The first vertical.

Cells, packs, and the materials loop that feeds the vehicle — the other half of the stack.

Machines that move. Cars, aircraft, and factories designed as one closed system.

Models and interfaces that assume someone owns the hardware underneath.

No deck required to start. A sentence about the machine you own is enough.