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SpaceX: Dominant Infrastructure, Recurring Revenue, and the xAI Question

SpaceX: Dominant Infrastructure, Recurring Revenue, and the xAI Question

SpaceX: Dominant Infrastructure, Recurring Revenue, and the xAI Question

Few private companies attract the level of sustained institutional attention that SpaceX does — and for good reason. Across the dimensions that matter most to sophisticated investors evaluating late-stage private opportunities — market position, financial profile, and path to liquidity — SpaceX presents a compelling case. It also carries at least one meaningful new variable worth watching carefully.

Hans Stege

Mar 194 min read

The INVEST Act Could Mean Big Changes for Private Markets

The INVEST Act Could Mean Big Changes for Private Markets

The INVEST Act Could Mean Big Changes for Private Markets

Access Is Expanding — and That Raises the Bar for Discipline There’s a quiet but important signal coming out of Washington. The U.S. House has passed the INVEST Act of 2025 — a broad capital-formation package aimed at modernizing how capital flows into growing companies. It’s not law yet. The Senate still needs to act. But the direction of travel is clear: policymakers recognize that more value creation is happening in private markets — and they’re exploring ways to exp

Gray Chynoweth

Mar 35 min read

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Last Updated: January 12, 2026

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