About SpaceX

SpaceX is the leading commercial space company and the backbone of the modern space economy. The company operates the world’s most active and reliable launch fleet, with Falcon 9 and Falcon Heavy enabling high-frequency commercial, government, and national security missions. SpaceX is targeting approximately 170 orbital launches in 2025 and now represents over 90% of total global mass sent to orbit. Taken together, launch, Starlink, and Starship position SpaceX not as a single-product company, but as a vertically integrated platform powering communications, logistics, and national security infrastructure in orbit.

Beyond launch, SpaceX operates Starlink, a global satellite communications network with over 10,000 satellites in orbit and more than 8 million subscribers worldwide. Starlink has evolved into a scaled telecommunications platform serving residential, enterprise, aviation, maritime, and government markets. SpaceX is projected to generate approximately $15.5 billion in revenue in 2025, with estimates reaching $24 billion in 2026, driven primarily by recurring Starlink subscriptions.

Why it’s working 

1. Structural Cost Advantage

   SpaceX pioneered reliable rocket reusability, including first-stage boosters and fairings, dramatically lowering launch costs and enabling a launch cadence competitors cannot replicate. This advantage is reinforced by deep vertical integration, with approximately 70% of production handled in-house, resulting in faster iteration, tighter supply chain control, and a structurally lower cost base.

2. Recurring Revenue Engine (Starlink)

   Starlink operates as a scaled, subscription-based global telecommunications network, generating recurring revenue across residential, enterprise, aviation, maritime, and government markets. The platform is increasingly viewed as strategic infrastructure, securing long-term commercial and government contracts that provide durability and diversification beyond launch services.

3. Long-Term Optionality (Starship)

   Starship represents a significant future catalyst. Standing roughly 400 feet tall and capable of lifting over 100 metric tons to low Earth orbit, the fully reusable, super heavy-lift launch system is the largest and most powerful rocket ever built. It is designed to further compress cost per kilogram to orbit and unlock entirely new mission profiles, including large-scale orbital infrastructure, lunar operations, and ultimately Mars missions.

4. Potential IPO Pathway

   Credible reports suggest SpaceX may pursue a public listing as early as late 2026, representing a natural next step for a business of this scale and maturity. While timing and structure remain uncertain, a public-market transition would provide a clear potential liquidity inflection point.

   Timing, structure, and valuation of any public listing remain uncertain and subject to market conditions.

5. Emerging AI & Space-Based Infrastructure

   With Starship and Starlink, SpaceX is one of the only platforms capable of supporting future space-based data centers as AI compute and energy demands outgrow terrestrial constraints. The combination of lift capacity, global connectivity, and orbital energy access creates long-term optionality, including potential integration with AI systems such as xAI, another LFG portfolio company.

Why we’re interested 

We view SpaceX as foundational infrastructure for communications, national security, and the next era of the global economy. The company uniquely combines launch dominance, recurring revenue at scale through Starlink, and long-dated optionality via Starship in a way no other space company does. SpaceX’s role as a trusted partner to NASA and the U.S. Department of Defense further reinforces its strategic importance and provides meaningful downside protection.

Over time, we have learned not to bet against Elon Musk. His most impactful companies are built around 10+ year time horizons, with a consistent pattern of taking ambitious, capital-intensive swings that initially appear improbable and ultimately reshape entire industries. SpaceX reflects this long-horizon approach, pairing patient vision with relentless execution at scale.

We have completed 6 Investments in SpaceX, following prior participation in 2021, 2023, two rounds in 2024, and an additional round in 2025, all of which generated meaningful markups. We continue to invest because SpaceX consistently executes at scale, compounds advantages over time, and remains uniquely positioned to define the future of space-enabled infrastructure.

Press

1. After Years Of Resisting It, SpaceX Now Plans To Go Public. Why?

2. SpaceX's IPO Should Fuel Space-Based AI Data Centers As A Stepping Stone To Mars, & More

3. Elon Musk's SpaceX Could Be Preparing for a Huge IPO

4. Starlink Traffic Doubles As SpaceX Eyes $1.5 Trillion Public Listing

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Notes

1. LFG+ Membership: LFG+ Members receive priority access to limited allocation and reduced economics — here are our membership details. To receive LFG+ benefits for this deal, you must activate your membership before Dec 19th.

2. Limited Information: the information available to us and what we can share will be limited due to the nature of this deal.