Cosmic Diversification

Institutional allocators are quietly adding exposure to space infrastructure. Instead of speculative launch startups, they’re buying revenue streams from orbital data platforms, in-space manufacturing labs, and debris remediation firms. The assets pair well with terrestrial energy grids and fiber networks—they all produce recurring cash flows tied to uptime.

The key is modeling counterparty risk. Space insurance is still nascent, so funds structure deals like project finance: layer in credit enhancements, monitor service-level agreements weekly, and price in replacement launches. The result is a portfolio that captures compounding demand for observation and connectivity without betting the farm on any single rocket.