All themes
The space economy
52 managers wrote about this in 91 letters. Every passage below is copied verbatim from the letter it came from.
Share of letters mentioning it
- 2024 Q40% of 30
- 2025 Q15% of 40
- 2025 Q21% of 88
- 2025 Q32% of 88
- 2025 Q42% of 129
- 2026 Q15% of 137
- 2026 Q27% of 709
- 2026 Q33% of 863
- 2026 Q40% of 73
- Baron Real Estate Income FundSep 2026
Specifically, we are watching for: a resumption of carrier capital spending growth, improving tenancy ratios on existing towers, and greater clarity on the economics of satellite- to-device competition.
Read the letter → The satellite and component side of the business nearly doubled from a year ago, with help from acquisitions.
Read the letter →Additional weakness came from communication services, where satellite operators SKY Perfect JSAT and Ovzon detracted.
Read the letter →- Liontrust Global Innovation FundSep 2026
Planet Labs (-51%), the satellite imagery company, was the largest detractor among our holdings, costing 0.8 points, and fell despite results that beat expectations.
Read the letter → The stock has come under pressure due to perceived competitive risk to its business from satellite broadband.
Read the letter →- Baron Focused Growth FundSep 2026
Examples of these companies include electric vehicle leader Tesla, Inc. , commercial satellite and launch company, Space Exploration Technologies Corp., and e-commerce platform provider Shopify Inc.
Read the letter → However, shareholders of “new” Charter continue to grapple with competition for broadband subscribers from fiber, fixed wireless and satellite-delivered providers.
Read the letter →- Baron First Principles ETFSep 2026
Examples of these companies include electric vehicle leader Tesla, Inc., commercial satellite and launch company, Space Exploration Technologies Corp., and audio streaming service provider Spotify Technology S.A. These companies all have large underpenetrated addressable markets and are well financed with significant equity stakes by these founder-led companies, giving us further conviction in our investment.
Read the letter → - Baron Fifth Avenue Growth FundSep 2026
Having said and acknowledged all that… we continue to be incredibly optimistic about the long-term prospects for AI and for the Space Economy.
Read the letter → As part of that shift, the company has sold off a lot of the spectrum it owns (the radio frequencies that cellular companies and satellite companies use).
Read the letter →Back then, cable companies like Comcast and Charter were displacing telecom broadband providers like AT&T, as they developed the technology to use their coaxial cable for broadband internet while cable companies fought satellite companies for television subscribers.
Read the letter →We have no portfolio exposure to the large issuers, including film & television producers Paramount/Warner Brothers Discovery and satellite radio provider Sirius XM, both of which are facing secular declines.
Read the letter →We also see the emergence of satellite-to- mobile connectivity as a potential longer-term competitive threat to parts of the traditional tower business.
Read the letter →We also added Crown Castle, a leading U.S. owner of wireless towers, at an attractive valuation, as we believe concerns about satellite disruption are overstated.
Read the letter →- Brown Advisory U.S. Value FundSep 2026
Designs and manufactures semiconductor systems & develops spares and factory automation software 0.33 HONA Honeywell Aerospace Inc Manufactures and supplies aircraft engines, avionics & satellite systems 1.06 U.S. VALUE UCITS FUND ACCOUNT BOTTOM FIVE CONTRIBUTORS AS OF SEPTEMBER 30, 2026 QUARTER-TO-DATE BOTTOM FIVE CONTRIBUTORS TO RETURN Source: FactSet.
Read the letter → - Hennessy Focus FundSep 2026
Shenandoah faces ongoing competition from fiber overbuilders and emerging competition from satellite-based broadband connectivity providers (Starlink and Blue Origin).
Read the letter → - Polaris Capital Management Global Equity CompositeSep 2026
KDDI Corp. climbed on an expanded agreement with SpaceX to offer Starlink satellite connectivity directly to mobile phones.
Read the letter → - Longleaf Partners Small-Cap FundSep 2026
We continue to believe SHEN’s unique 6 footprint makes it harder for satellite and fixed wireless to work well, while more switching might not be a bad thing for SHEN when its most mature and penetrated fiber markets are still barely cracking 40% (overall SHEN residential fiber penetration is still in the low 20s%), and its net promoter scores are in the 60s when legacy telco competition is usually closer to zero.
Read the letter → - Polaris Capital Management International Equity CompositeSep 2026
KDDI Corp. climbed on an expanded agreement with SpaceX to offer Starlink satellite connectivity directly to mobile phones.
Read the letter → - Horos AM FundsJul 2026
The first segment comprises its Starlink connectivity service, with satellite solutions for individual consumers, businesses, governments and mobile telephony.
Read the letter → On July 9, MDA entered into an agreement to acquire a 70% majority interest in French satellite data analytics firm Collecte Localisation Satellites (CLS) for approximately $920 million in cash, funded in part by an US$819 million bought-deal financing at US$35.60/share.
Read the letter →- Osprey Private WealthJul 2026
The company has three business segments, Con- nectivity (Starlink satellite-based communications), Space (launching payloads into orbit and ultimately beyond), and AI (data center infrastructure along with its xAI large language model).
Read the letter → Complete Sales: Portfolio sales focused on reducing credits at the tighter end of their recent valuation range and to fund other attractive portfolio additions: • Cable satellite (DISH, ZIGGO): the team exited select U.S. cable satellite positions during the month as the sector continued to underperform European cable peers.
Read the letter →- Guinness China A Share FundJul 2026
Investors also attached value to earlier-stage opportunities in solid-state battery electrolytes and ceramic components for satellite communications.
Read the letter → SpaceX, Elon Musk’s satellite, space exploration and AI company, IPO’ed in June having generated just $19bn of revenue last year and with negative free cash flow of $14bn.
Read the letter →We believe SpaceX stands at the intersection of two of the most consequential secular growth trends of our time: AI and Space Economy.
Read the letter →- Baron Fifth Avenue Growth FundJun 2026
We believe SpaceX stands at the intersection of two of the most consequential secular growth trends of our time: Artificial Intelligence and Space Economy.
Read the letter → The repricings we underwrite at the single-stock level—an index inclusion the market hasn’t modeled, a satellite reaching orbit, backlog converting to revenue—don't accrue smoothly.
Read the letter →- Platinium AM Platinum TrustJun 2026
We estimate Starlink likely makes incremental ROIC of ~30% on each V2 Mini satellite.
Read the letter → - Hennessy Focus FundJun 2026
In May 2026, the U.S. MNO’s competitive response to Starlink became clear with the announcement of an agreement in principle to form a joint venture (JV) between AT&T, T-Mobile and Verizon for satellite services.
Read the letter → - Baron Technology ETFJun 2026
The standout contributor to absolute and relative performance was launch and satellite broadband groundbreaker SpaceX, which conducted a successful initial public offering during the quarter.
Read the letter → - Baron Technology StrategyJun 2026
With more than 10,000 satellites deployed, SpaceX now operates roughly three-quarters of all active, maneuverable satellites in orbit.5 The company is also deploying its Direct-to-Device constellation, with over 650 satellites launched and millions of monthly active users.
Read the letter → - Baron Opportunity StrategyJun 2026
Our standout contributor to absolute and relative performance during the period was launch and satellite broadband groundbreaker Space Exploration Technologies Corp. (SpaceX), which conducted a successful initial public offering during the quarter.
Read the letter → - Baron Opportunity FundJun 2026
Our stand-out contributor to absolute and relative performance during the period was launch and satellite broadband groundbreaker Space Exploration Technologies Corp. (SpaceX), which conducted a successful initial public offering during the quarter.
Read the letter → AT&T sold off late in the quarter on headlines surrounding potential satellite-based wireless competition, while Dana declined following the announcement of its combination with Eaton’s Mobility business.
Read the letter →Ovzon is a Swedish satellite communications company that provides secure satellite Internet, communications services and the equipment needed to access them, primarily for defense and government customers operating in remote or mission-critical environments.
Read the letter →- AVI MIGO Opportunities TrustJun 2026
The huge reduction in launch costs in recent years sparked the creation of several highly innovative satellite companies that are now increasingly mature yet still fast-growing businesses active in the defence and climate change sectors.
Read the letter → That relationship became even more notable after Amazon announced an agreement to acquire Globalstar and partner with Apple to support satellite-enabled services such as Emergency SOS and direct-to-device connectivity.
Read the letter →- Brown Advisory U.S. Value FundJun 2026
Within Communication Services, both Comcast Corp (CMCSA) and T-Mobile Inc (TMUS) were weak in the period as the potential for a new entrant to the U.S. broadband and wireless market (satellite) drove a sell-off across the entire space.
Read the letter → - Baron CapitalJun 2026
The company is successfully deploying a vast constellation of Starlink satellites in Earth's orbit, reporting substantial growth in active users, and regularly deploying new and more efficient hardware technology.
Read the letter →
Showing the 40 most recent of 91 letters.