2025-12-03
Investing in the Company That Redefined Gravity
In 2020, space technology looked exciting — but still distant. Rockets were improving, satellites were shrinking, and private companies were talking boldly about Mars, but real transformation felt years away. And yet, in the middle of that noise, one company was quietly changing the physics of the entire sector. SpaceX wasn’t just building rockets.
It was rebuilding economics, infrastructure, and the very definition of what “possible” means in orbital mechanics.
I invested in SpaceX through the Digital Disrupt venture club, a community where we analyzed technologies that could reset whole industries — and SpaceX was exactly that kind of anomaly.
It was rebuilding economics, infrastructure, and the very definition of what “possible” means in orbital mechanics.
I invested in SpaceX through the Digital Disrupt venture club, a community where we analyzed technologies that could reset whole industries — and SpaceX was exactly that kind of anomaly.
1
Why I Entered in 2020
Back then, many people still treated SpaceX like an ambitious engineering project. I didn’t.
What I saw was:
— the only launch provider in history capable of rapid reusability
— an internet constellation (Starlink) with global-scale potential
— cost curves that were behaving more like software than aerospace
— a company building infrastructure, not just rockets
Most aerospace companies improve by 5–10% a year. SpaceX improves by multiplying.
Falcon boosters landed with astonishing regularity. Starlink satellites were being produced faster than some companies produce consumer hardware. And the engineering culture — obsessive, iterative, allergic to stagnation — felt more like a startup than a space contractor.
It wasn’t just innovation. It was velocity.
What I saw was:
— the only launch provider in history capable of rapid reusability
— an internet constellation (Starlink) with global-scale potential
— cost curves that were behaving more like software than aerospace
— a company building infrastructure, not just rockets
Most aerospace companies improve by 5–10% a year. SpaceX improves by multiplying.
Falcon boosters landed with astonishing regularity. Starlink satellites were being produced faster than some companies produce consumer hardware. And the engineering culture — obsessive, iterative, allergic to stagnation — felt more like a startup than a space contractor.
It wasn’t just innovation. It was velocity.
2
Numbers and Valuation
My entry point was June 2020, at a valuation of ~$46B (Series N).
Five years later, the numbers tell a different story — one defined by scale:
— 2025 valuation: ~$210B
— Revenue (2024): ~$13B, projected >$18B in 2025
— EBITDA margin: ~30%
— Starlink subscribers: 3.1M (up from just 90K in 2021)
— Launch cadence: ~145 launches per year, roughly one every 2.5 days
— Workforce: 14,000+ employees
This is what exponential operational maturity looks like.
SpaceX didn’t just grow — it industrialized.
Five years later, the numbers tell a different story — one defined by scale:
— 2025 valuation: ~$210B
— Revenue (2024): ~$13B, projected >$18B in 2025
— EBITDA margin: ~30%
— Starlink subscribers: 3.1M (up from just 90K in 2021)
— Launch cadence: ~145 launches per year, roughly one every 2.5 days
— Workforce: 14,000+ employees
This is what exponential operational maturity looks like.
SpaceX didn’t just grow — it industrialized.
3
The Space Race: Where SpaceX Stands Now
The competitive landscape changed dramatically between 2020 and 2025. Several players scaled. Others stalled.
Here’s the positioning today:
SpaceX — $210B valuation
Focus: launch, satellites, Mars
Strength: scale, cost leadership
Blue Origin — ~$30B
Focus: suborbital & heavy lift
Strength: Amazon funding
Weakness: pace of execution
Rocket Lab — $2.4B (public)
Focus: small payloads
Strength: flexible tech, profitability
Relativity — ~$4B
Focus: 3D-printed rockets
Strength: manufacturing innovation
But here’s the real difference:
SpaceX is the only one operating at software-like speed with aerospace-grade reliability.
Others iterate.
SpaceX compounds.
Here’s the positioning today:
SpaceX — $210B valuation
Focus: launch, satellites, Mars
Strength: scale, cost leadership
Blue Origin — ~$30B
Focus: suborbital & heavy lift
Strength: Amazon funding
Weakness: pace of execution
Rocket Lab — $2.4B (public)
Focus: small payloads
Strength: flexible tech, profitability
Relativity — ~$4B
Focus: 3D-printed rockets
Strength: manufacturing innovation
But here’s the real difference:
SpaceX is the only one operating at software-like speed with aerospace-grade reliability.
Others iterate.
SpaceX compounds.
4
Evolution Since Entry
In five years, the company didn’t just scale — it changed categories:
— Valuation: $46B → $210B (+356%)
— Launches/year: 26 → 145 (+458%)
— Starlink users: 90K → 3.1M (+3,300%)
— Revenue: ~$2B → ~$13B (+550%)
SpaceX transformed from “a rocket company” into a global communications infrastructure provider — and soon, perhaps, the backbone of lunar and Martian logistics.
They stopped playing the game everyone else was playing.
They built a new one.
— Valuation: $46B → $210B (+356%)
— Launches/year: 26 → 145 (+458%)
— Starlink users: 90K → 3.1M (+3,300%)
— Revenue: ~$2B → ~$13B (+550%)
SpaceX transformed from “a rocket company” into a global communications infrastructure provider — and soon, perhaps, the backbone of lunar and Martian logistics.
They stopped playing the game everyone else was playing.
They built a new one.
My Reflection
My investment wasn’t about rockets.
It was about systems.
Reusable orbital launch.
Global satellite internet.
High-frequency manufacturing cycles.
Iterative engineering philosophy.
SpaceX isn’t just a company — it is an infrastructure engine.
What intrigued me in 2020 became undeniable in 2025:
SpaceX is no longer competing in aerospace.
It’s defining the architecture for a multi-planetary economy.
And that’s the kind of company I invest in — not just for returns, but for the possibility that it expands the limits of human capability.
It was about systems.
Reusable orbital launch.
Global satellite internet.
High-frequency manufacturing cycles.
Iterative engineering philosophy.
SpaceX isn’t just a company — it is an infrastructure engine.
What intrigued me in 2020 became undeniable in 2025:
SpaceX is no longer competing in aerospace.
It’s defining the architecture for a multi-planetary economy.
And that’s the kind of company I invest in — not just for returns, but for the possibility that it expands the limits of human capability.
The Bigger Meaning
Some investments are financial.
Others are directional.
SpaceX wasn’t a bet on space.
It was a bet on acceleration — on the idea that the next era of innovation belongs to those who compress time.
From 26 launches a year to one every 2.5 days.
From a niche satellite project to a global network.
From prototypes to mass manufacturing cycles measured in hours.
SpaceX didn’t redefine gravity.
It redefined momentum.
And I’m grateful that I had the chance to step into that momentum early — as part of the Digital Disrupt venture club, where we placed bets not on trends, but on companies capable of reshaping entire industries.
Others are directional.
SpaceX wasn’t a bet on space.
It was a bet on acceleration — on the idea that the next era of innovation belongs to those who compress time.
From 26 launches a year to one every 2.5 days.
From a niche satellite project to a global network.
From prototypes to mass manufacturing cycles measured in hours.
SpaceX didn’t redefine gravity.
It redefined momentum.
And I’m grateful that I had the chance to step into that momentum early — as part of the Digital Disrupt venture club, where we placed bets not on trends, but on companies capable of reshaping entire industries.