A Management Masterclass, with Chris Celtruda

Today’s Pathfinder episode features Chris Celtruda, CEO of Valence Surface Technologies and Operating Executive at ATL Partners. With over 30 years of leadership experience, Chris offers a masterclass on scaling aerospace & defense businesses and implementing successful management styles. In addition, Mo and Chris chat:  And much more…  Check out Pathfinder #0065 on…YouTube, Apple, Spotify, […]


Predicting SpaceX’s 2023 Revenue

Ed. note: This analysis was authored by Mo Islam, Payload’s cofounder and a former Wall Street analyst. This is an educated best guess, not based on access to any SpaceX internal data or proprietary info! We’re attempting the impossible yet again: predicting SpaceX’s revenue. Before we get into Act 2—aka 2023—we’re revising our 2022 projections, […]


Space Markets: The Year in Review

The key theme for aerospace within financial markets has been the bifurcation of performance between the traditional aerospace and defense (A&D) sector and space SPACs.  Despite the broader market’s abysmal performance this year, traditional A&D companies have outperformed phenomenally. Companies like Lockheed Martin, Raytheon, Northrop Grumman, and BAE Systems are trading 15%–37%+ YTD. The sector […]


SpaceX’s ’22 Revenues: A Reformed Wall Street Analyst’s Best Guess

A common question we get here at Payload is how much money SpaceX is making.  Unfortunately—but unsurprisingly—SpaceX doesn’t break out any annual revenue data from launch or Starlink, its two core verticals.  But that didn’t stop us. We’ve decided to give it our best shot and estimate what SpaceX’s 2022 revenues will look like. All […]