Space As An Investment Class

Episode Transcript

November 2025

Transcript

Chapter 1: Space As An Investment Class Introduction

You’re listening to Unlocking Liquidity, powered by PrimaryMarkets.

In this episode, we’re venturing into one of the most exciting frontiers of modern investing – space.

For decades, space was the realm of governments, defence agencies, and a handful of massive contractors. Launching rockets or building satellites required eye-watering budgets and government backing.

But that’s changing fast.

Today, space isn’t just for NASA or the Pentagon – it’s becoming a genuine investment asset class. Private aerospace companies are driving down launch costs, technology is accelerating, and what was once science fiction is rapidly becoming a commercial reality.

From satellites and communications networks to space mining and orbital infrastructure – space is now on investors’ radar in a very real way.

Chapter 2: The Satellite Revolution

The most established entry point for investors is satellites.

Satellites quietly underpin almost every aspect of modern life – navigation, global internet connectivity, climate monitoring, defence communications, even precision agriculture.

And here’s the key: the cost of putting a satellite into orbit has fallen dramatically.

Reusable rockets and small, low-orbit satellites – think of innovations pioneered by SpaceX – have completely changed the economics.

It’s no longer about billion-dollar projects.

Startups and mid-sized companies can now deploy micro and nanosatellites to deliver highly targeted services.

This so-called “democratisation of space” is creating a diverse ecosystem of operators, service providers, and investors.

And Australia is right there in the mix.

One Australian firm, for instance, has developed nanosatellite constellations that deliver low-power, wide-area connectivity for industries like mining and logistics – sectors that are vital to our economy.

It’s proof that space isn’t just about giant corporations anymore.

It’s becoming part of the mid-market innovation landscape.

From an investment standpoint, satellites can be particularly appealing because they often generate predictable, infrastructure-style cash flows.

Operators typically sign long-term contracts with governments, telcos, and enterprises – meaning recurring, stable revenue.

But it’s not without risk.

Upfront capital costs are still significant, competition is fierce, and the regulatory environment – including spectrum allocation and orbital debris management – can be complex.

Still, for investors seeking exposure to infrastructure with a technological edge, satellites present a unique and exciting opportunity.

Chapter 3: Communications Infrastructure – Connecting the Planet

Beyond satellites lies the broader world of communications infrastructure.

Global connectivity remains one of the great unsolved challenges. Billions of people still lack reliable internet access, especially in remote and underserved regions.

That gap is fuelling a race – a race to build low-latency, high-speed satellite constellations capable of connecting the entire globe.

Yes, Starlink might grab most of the headlines, but there’s far more happening beneath the surface. Smaller operators, national projects, and innovative startups are finding their own niches – and investors are taking notice.

Here in Australia, space-based communications are more than just a luxury.

For vast rural areas – for our farmers, miners, and remote communities – reliable connectivity is an economic enabler.

And local companies are using their expertise to fill critical infrastructure gaps – while creating new revenue streams across industries like agriculture, logistics, and defence.

From an investment perspective, this is where space gets truly interesting.

Communications infrastructure combines the stability of an essential service with the growth potential of emerging technology.

Data demand keeps growing exponentially. And terrestrial networks simply can’t keep up.

Satellites provide redundancy and coverage that fibre and towers cannot.

For institutional investors, that’s a rare mix – steady cash flow potential alongside secular growth trends.

But the competition is intense, capital requirements remain high, and technological risks are real. Choosing the right operators – and the right entry points – is essential.

Chapter 4: Space Mining – The Next Frontier

Now, let’s look further ahead – to perhaps the most visionary part of the space economy: space mining.

Once the stuff of science fiction, space resource extraction is now a serious conversation.

Asteroids are thought to contain enormous reserves of precious metals – platinum, nickel, rare earth elements – the very materials driving electric vehicles, renewable energy systems, and advanced electronics.

On Earth, these resources are finite and often geopolitically sensitive.

So, it’s no wonder that some investors view space mining as both a hedge against scarcity and a long-term play on the future of supply chains.

Australia is well placed in this emerging field.

Our mining sector is world-leading, and our expertise in automation and remote operations could translate directly into the technologies needed for space resource extraction.

The Australian Space Agency, established in 2018, has already made collaboration a priority – including partnerships that may one day involve asteroid mining.

And while we’re not yet hauling ore from the heavens, the groundwork is being laid right now – through robotics research, satellite-based geological surveying, and autonomous systems development.

For long-term investors, that opens up interesting opportunities to back the enabling technologies – the companies building the robotics, propulsion systems, and AI tools that will make space mining possible.

Commercial extraction may still be decades away, but the ecosystem is forming – and some early-stage players could be the blue-chip names of tomorrow.

Chapter 5: Space Infrastructure – Building Beyond Earth

Between near-term satellite networks and long-term mining dreams lies the middle ground – space infrastructure.

This includes everything from in-orbit manufacturing and refuelling stations to lunar bases and the systems that will sustain them.

NASA’s Artemis program, which aims to return humans to the Moon and establish a permanent presence there, has already sparked a surge of private sector activity.

Infrastructure will be critical to all of this – and that means opportunity.

Investors are starting to identify companies that make the nuts and bolts of the space economy – propulsion systems, energy storage, advanced materials, communications hardware.

Australia’s contribution may be modest compared to the US, but it’s growing steadily.

Our geographic advantage – particularly for ground stations that connect with spacecraft in polar orbits – has attracted international interest.

Electro Optic Systems, or EOS, is one Australian name to watch, with strong capabilities in satellite communications and defence-related technologies.

Chapter 6: Investment Perspective – Risks and Rewards

So, what makes space such a fascinating – yet complex – investment class?

It sits at the intersection of three major themes: infrastructure, technology, and resources.

That blend means investors can gain exposure to both predictable, contract-driven revenues and high-growth, high-margin innovation.

But the risks are real – from regulatory uncertainty and geopolitical tensions to technical failure and sheer capital intensity.

This is not a space for speculative retail investors.

It’s a domain better suited to sophisticated investors, venture capital funds, and institutions with deep expertise.

Here in Australia, the story gets even more interesting.

Our traditional strengths – mining, automation, and remote operations – intersect perfectly with emerging space technologies.

We have the know-how to adapt mining tech for asteroid exploration, and the geographic scope to test communications systems that can scale globally.

The result?

A growing ecosystem of local innovators working on global problems – and attracting increasing investor interest.

Chapter 7: The Bigger Picture – From the Sky to the Market

Ultimately, space is no longer an aspirational frontier.

It’s becoming a critical layer of the global economy.

From satellites that guide tractors in rural Queensland, to communications systems connecting Indigenous communities, and future ventures that may mine asteroids for critical minerals – space is already reshaping how we live, work, and invest.

For investors with vision and discipline, it’s not just about rockets and stars.

It’s about contracts, cash flows, and compounding opportunities – in a market that’s quite literally limitless.

At PrimaryMarkets, we help sophisticated investors access private and unlisted opportunities – including sectors like aerospace, infrastructure, and advanced technology.

Our platform facilitates the off-market trading of shares in unlisted companies and managed funds, providing liquidity and access once reserved for institutions.

We’re helping shape a new era of capital markets – one that’s transparent, flexible, and responsive to the future of investing.

This has been Unlocking Liquidity, powered by PrimaryMarkets.

Thanks for listening – and join us next time as we continue exploring the ideas and innovations transforming global investment.

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