Finance
Kratos Defense, After the CCA Loss: Funded Backlog, Dilution, and the Affordable Mass Thesis
Kratos grew revenue 18.5% to $1.35B in FY2025 yet posted a 1.9% operating margin and negative free cash flow. A skeptical look at the growth thesis.
Aerospace
Space
Rocket Lab Neutron Strategic Technical Assessment: Archimedes Engine, Reusable Rocket Architecture, 2026 Launch Timeline, Market Position, and Key Risks
A strategic technical assessment of Rocket Lab’s Neutron rocket, covering Archimedes, reusability, launch timing, competitors, and risks.
Aerospace
Leonardo AW609 Tiltrotor: Powered-Lift Certification Status, Order Book Quality, and the Investment Case
The AW609 holds no FAA type certificate as of July 2026. Inside its powered-lift path, seven firm orders, and materiality to Leonardo.
Magnets
Samarium-Cobalt vs Neodymium Magnets (SmCo vs NdFeB): Performance, Cost, and Aerospace Applications
NdFeB offers double the energy product at lower cost; SmCo holds performance to 350°C. When to choose each for aerospace and high-temp design.
Space
What Is SpaceX Starfall? Inside the Disk-Shaped Cargo-Return Capsule SpaceX Just Launched
A briefing on SpaceX Starfall, the disk-shaped reentry capsule now competing with Varda to return cargo from orbit.
Aerospace
Can an eVTOL Hover on Just Two Propellers? Bivect Air's Gyroscopic Active-Tilting Portfolio, Assessed
Seven eVTOL concepts, one inventor, just two propellers each. Bivect Air bets gyroscopic control beats a dozen rotors. Does the physics hold?
Aerospace
EHang's EH216-S and VT35: Inside the World's Only Certified Pilotless Passenger eVTOL Program
EHang holds the world's only certified pilotless passenger eVTOL. We assess the EH216-S, the VT35, and whether autonomy can scale beyond China.
Finance
SpaceX IPO: What $1.77 Trillion Actually Buys (SPCX)
Our sum-of-the-parts finds $700B–$1.1T of reasonable value in SPCX. The remaining trillion rests on Starship, orbital compute, and Grok.
Space
Blue Origin New Glenn, the BE-4 Engine, and Blue Ring: A 2026 Strategic Assessment
A 2026 strategic assessment of Blue Origin's New Glenn rocket, the BE-4 engine, the 7×2 and 9×4 configurations, and the Blue Ring orbital platform.
Aerospace
The Drone (UAV) Supply Chain in 2026: Components, Bottlenecks, and China's Dominance
DJI holds ~70% of the drone market; China makes 98% of rare earth magnets. A tier-by-tier analysis of UAV supply chain bottlenecks and reshoring.
Space
Who Will Launch ASTS BlueBird Satellites Now? New Glenn Delays, SpaceX, ISRO, and 2026 Cadence Risk
New Glenn’s explosion puts ASTS launch cadence under pressure as SpaceX, ISRO, and other providers become critical backup paths.
Space
Could Blue Origin’s New Glenn Explosion Delay Artemis? LC-36 Damage and NASA’s Moon Base Logistics
How New Glenn’s LC-36 explosion could disrupt Artemis, Blue Moon cargo, rover delivery, and NASA’s Moon Base logistics.