德州私募股权大会2022:第三部分:空间:最后的投资前沿

IF 0.7 Q4 BUSINESS, FINANCE
Brant Arseneau, David Anderman, Gabe Dominocielo, Matthew Kuta, Ken Wiles
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引用次数: 0

摘要

在德克萨斯私募股权会议的最后一个小组中,四位活跃的投资者讨论了太空探索私有化带来的商业机会。随着向太空发射火箭和将卫星送入轨道的成本急剧下降,单位经济效益正在迅速下降,甚至比行业预期的要快得多。特别是可重复使用的火箭正在显著改变太空发射的经济性,并彻底改变了这个行业。埃隆·马斯克(Elon Musk)的SpaceX公司开发的星际飞船很快就会投入使用,预计将把成本降低10倍。成立仅几年的SpaceX,如今已成为美国最有价值的私营公司,在世界其他地区仅次于字节跳动公司(ByteDance)。卫星成本也大幅下降。由于太空探索的私有化,私营公司的股东已经取代国家政府成为SpaceX火箭的最大所有者,并将拥有下一个国际空间站。小组成员的共识是,今天的新空间部门现在是1995年左右的互联网。围绕发射领域的应用和服务也会赚到很多钱。优步、谷歌地图和其他与gps相关的服务创造了对卫星服务的需求,就像使用基于卫星的光学激光链路而不是基于陆地的光纤电缆的电信服务一样。然而,在主要挑战中,空间项目继续花费比预期更长的时间和更高的成本。在座的航天企业家一致认为传统风险资本的时间跨度太过有限。“太空垃圾”——绕轨道运行的航天器或可能与卫星相撞的旧航天器的碎片——被视为一个日益令人担忧的问题,但对新太空经济来说并不是一个存在的威胁。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Texas Private Equity Conference 2022: Session III: Space: The Final Investing Frontier

In this final panel at the Texas Private Equity Conference, four active investors discuss the commercial opportunities opened up by the privatization of space exploration. With the cost of launching rockets into space and putting satellites into orbit dropping sharply, unit economics are dropping quickly, much faster than even the industry expected. Reusable rockets in particular are changing the economics of space launches significantly and revolutionized the industry. And the Starship developed by Elon Musk's SpaceX will soon be operational, and is expected to reduce costs by a factor of 10. SpaceX, after just a few years in existence, is now the most valuable private company in the United States, second only to ByteDance in the rest of the world. Satellite costs have also come down dramatically. Thanks to the privatization of space exploration, shareholders of privately owned companies have supplanted national governments as the largest owners of SpaceX rockets, and will own the next International Space Station.

The consensus among the panelists is that today's New Space sector is now where the Internet was around 1995. A lot of money will also be made by the applications and services surrounding the launch sector. Uber, Google Maps, and other GPS-related services create demand for satellite services as do telecommunications that use satellite-based optical laser links instead of land-based fiber optic cable. Among the major challenges, however, space projects continue to take longer and cost more than expected. And the space entrepreneurs on this panel consistently described the time horizons of traditional venture capital as too limited. “Space junk”—orbiting spacecraft or pieces of old spacecraft that might collide with satellites—is viewed as a growing concern, but not an existential threat to the New Space Economy.

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