The Space Economy Has Layers
The “space economy” is not one industry; it is several stacked on top of each other. Understanding the layers is the key to understanding which space stocks are real bets and which are theme dressing.
The first layer is launch, dominated by SpaceX with Rocket Lab as the credible challenger. The second is what those rockets carry: satellites that image the earth, provide communications, and increasingly host compute. Planet Labs sits here. The third is the supply chain that feeds everything, the industrial gas suppliers, component makers, and software vendors that get paid whether a launch succeeds or fails. The fourth is the financial layer, the ETFs that let you own the whole thing in one ticker.
Where the Kiyosaki Picks Fit
The Kiyosaki campaign’s three reports map cleanly onto these layers. “The All-Seeing Eye” is Planet Labs, the imagery layer. “Fuel the Race” is Linde or Air Products, the supply-chain layer. “All of the Above” is the Tema Space Innovators ETF, the financial layer. Each is a real company or fund, and the campaign’s framing, that you can own the pick-and-shovel side without picking a rocket winner, is genuinely sound.
The quality of the picks, though, varies by layer. Planet Labs is the purest space bet but trades at roughly 18 times forward revenue while running near break-even. Linde and Air Products are excellent companies whose space exposure is immaterial to their results. The ETF is a sensible basket that is now heavily concentrated in SpaceX.
The Broader Context
The space sector had a wild year. SpaceX’s IPO made Elon Musk the world’s first trillionaire and reset valuations for the whole group, which is why names like Planet Labs collapsed from their highs even as the underlying business kept growing. We covered that reset in the INI XPanse space-stocks explainer and the campaign’s picks in our Launch Cheat Code teardown.
The takeaway for investors is to treat space as a sector where sentiment moves faster than fundamentals. The businesses are real, but the prices often are not, and the difference between the two is where the opportunity, and the risk, lives.
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