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Economics of Orbital Data Centers Report: Part 1

Today, we’re kicking off the first analysis article in a four-part report unpacking the economics of orbital data centers.
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Charts Defining the Space Industry in Q1 2026 

Revenge of EO
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Directed Energy: An Alternative to Space-Based Interceptors

This week, we will cover another alternative to traditional SBIs: Directed energy. 
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High Fire Volume Systems: An Alternative to Space-Based Interceptors 

The Pentagon’s needs for Golden Dome are, in many ways, at odds with the engineering, procurement, and scaling realities of traditional space-based interceptors. That has opened the door to two alternative space-based approaches: A deep magazine approach and directed energy. 
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The Investment Theses Behind Vast and Sierra’s $500M+ Mega Rounds

One day, two $500M+ raises.
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The Promise Of A World of Low Launch Prices Is Still Far Off

Falcon 9’s rideshare pricing has increased 40% over the last five years.
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Inside Starcloud and SpaceX’s Orbital Data Centers FCC Filings

After only a two months of 2026, this year is already shaping up to be the year of space data centers. In January, SpaceX filed with the FCC for up to 1M satellites (wild). A few days later, Starcloud followed with plans for 88,000 satellites of its own.
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Blue Origin’s TeraWave Angle, Economics, and the Starlink / Amazon Leo Comparison

TeraWave deep dive.
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When Space Businesses Should Accelerate Cash Burn, When to Improve

Space businesses continue their burn streak.

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Revenge of the Bad Businesses: Refining the Space Hardware Investing Thesis During This Year’s Software Rout

The investor playbook has flipped: In the era of AI, Asset-light, high-margin good businesses (software) start to look bad, while greasy, capital-intensive, bad businesses (hardware) now look good. That’s just as true in space as anywhere else.