To Infinity and Beyond

$INFINITY Rebalancing after the sharp sector-wide pullback that followed the SpaceX IPO. I view the recent decline primarily as a valuation reset, profit-taking, and capital rotation across public space stocks, not a breakdown of the long-term thesis. Many space names ran up ahead of the IPO, then sold off as investors reduced risk or moved capital directly into SpaceX. This rebalance is focused on position sizing, portfolio balance, and improving the overall operating quality of the basket. I am not attempting to call the exact bottom or turn $INFINITY into a short-term swing-trading portfolio. I am adding MDA Space at a measured initial allocation. MDA expands the portfolio’s exposure to satellite systems, space robotics, Earth observation, defense communications, and national-security space. It also brings a more established revenue, backlog, and profitability profile than many of the earlier-stage companies in the portfolio. The new position is being funded primarily through reductions in KRMN and YSS, with some additional position-size adjustments across the portfolio. Both KRMN and YSS remain part of the strategy, so these trims should not be interpreted as thesis reversals. KRMN continues to have strong operating momentum, but the position had become relatively large. YSS remains an interesting national-security satellite holding, but it carries greater customer and program concentration risk. Adding MDA helps balance that exposure while keeping the portfolio aligned with the same broader space and defense themes. The core of $INFINITY remains focused on launch, space-based communications, lunar infrastructure, Earth observation, space manufacturing, defense systems, and mission-critical suppliers. The goal is to keep the portfolio concentrated, but not overly dependent on any one company, contract, launch, or mission. SPCX is still a separate future consideration once it becomes available on dub and trading conditions are suitable. I do not want to simply layer more risk on top without reassessing overlapping launch and connectivity exposure.