Morgan Brennan

speaker

129 appearances 1 recordings 1 series first heard Jun 2026 last heard 9 Jun

Morgan Brennan’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.

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The Master Investor Podcast with Wilfred Frost · Should You Buy Space X? | IPO Special · 9 Jun 2026 podcast

Yeah, so space is actually now, ironically, the smallest business, and this is the business that SpaceX was started upon, right?

And it is the launch business.

It is the business that has rockets flying to space and then coming back to be reflown again

the Falcon fleet, Falcon 9, Falcon Heavy rockets that are absolutely dominating the launch services market when you talk about bringing satellites and other types of things to orbit and beyond.

It's also the piece of the business that is carrying astronauts to the International Space Station and the piece of the business that is working with NASA right now through the Artemis program to return astronauts to the surface of the moon and build out lunar colonies and then ultimately

colonize Mars down the road as well.

That is really, that is the foundational business of SpaceX.

It is the business that everyone said was not possible in terms of this idea of rocket reusability and companies coming in and basically offering launches of service.

It's now the smallest business, but it is the moat.

for everything else because they have driven down the cost of access to space, not only for other companies in this sort of new commercial space economy, but also for themselves to be able to enable the other business that is really the profit driver for SpaceX right now currently, and that is connectivity, which includes the Starlink broadband constellation that is now taking a chunk out of fiber and terrestrial telecom businesses.

in terms of how well it's operating and how quickly they're signing on new subscribers.

They are unquestionably the world leader in the space that is space.

And you see it in the public markets, too.

There's quite a few of these so-called new space companies that are already publicly traded and have stocks in the market.

You've seen this massive re-rating take place in the valuations of the stocks that are currently available in the market, whether it's a Redwire, Planet Labs, or probably the most direct comparable in terms of launch business, which is Rocket Labs.

Just massive surge in these stocks.

And I think the argument to be had here is that you're seeing that re-rating in those space stocks.

because many of those companies wouldn't exist if SpaceX hadn't done what it had done over the past two and a half decades.

And so that has enabled this new economy and this new

way of doing business in space, if you will.

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