“Fuel the Race” Points at Linde
The second report in the Kiyosaki Letter space campaign is called “Fuel the Race: The One Company Every Rocket on Earth Cannot Launch Without.” The clues point to the industrial gas giants that supply liquid oxygen, liquid hydrogen, helium, and nitrogen to launch pads. Garrett Baldwin, the analyst behind the campaign, calls it “the single most inevitable investment in the entire space economy.”
StockGumshoe’s research narrows the pick to two candidates: Air Products, with the bigger legacy NASA footprint, and Linde, with the bigger commercial footprint and a close working relationship with SpaceX. The most likely answer is Linde, ticker LIN.
The Chokepoint Framing Hits a Wall
The pitch works as a narrative: every rocket needs cryogenic propellant, so the propellant supplier collects a toll before anyone makes a dollar from space. It is a clean “pick and shovel” story. The problem is the arithmetic.
Linde is a roughly $220 billion company with more than $35 billion in annual revenue. Its space-propellant business, even if it doubled overnight, would move total revenue by only 1 to 2 percent. The company may earn something like $5 million per Starship launch, and Starship has not even begun commercial flights. It would take thousands of launches for space to matter to Linde’s bottom line.
That does not make Linde a bad company. It is a diversified, cash-generative industrial gas franchise with a global footprint. It makes “space” the wrong reason to buy it. A real chokepoint is a small company where a niche customer is most of the revenue. Linde is the reverse.
The Verdict on the Pick
Linde is a fine industrial business, but the campaign’s framing overstates space’s relevance by roughly two orders of magnitude. Buy Linde for the diversified cash flows, not for the space tail. We put this in context with the campaign’s other reports in our Launch Cheat Code teardown and the sector overview in the INI XPanse space-stocks explainer.
The pattern here is worth remembering: a “chokepoint” story is only meaningful when the chokepoint is the customer’s whole business. When it is a rounding error on a $220 billion company, the story is about a good company, not a space bet.
Ready to see the full campaign? Click here to access the space-economy reports.
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