To Infinity and Beyond

$INFINITY Increasing SPCX to a 12% target and making measured position-size adjustments across the portfolio. Starship reaching orbit and deploying the next generation of Starlink satellites was an important step forward. I believe that progress strengthens SpaceX’s long-term opportunity across launch, connectivity, and space infrastructure. Reliable reuse and a higher flight rate still need to be demonstrated, so I expect further testing and possible setbacks along the way. SPCX was an 8% target at the September 8 rebalance and stood at 9.55% in the latest allocation snapshot. Moving to 12% makes it a larger core holding while preserving meaningful exposure to the rest of the space economy. The funding comes primarily from a modest reduction in RKLB and smaller adjustments across existing positions. RKLB remains the largest holding at 17%, ASTS remains significant at 16.5%, and MDA stays at 10%. I continue to value the different opportunities these companies provide across launch, satellite communications, manufacturing, and defense. The remaining positions continue to provide exposure to Earth observation, lunar services, orbital infrastructure, mission-critical components, and national-security systems. I am keeping smaller allocations in companies where cash flow, funding requirements, or execution still need more proof. SpaceX has already had a strong rally. Valuation, xAI capital spending, and future share unlocks remain important considerations, and I will continue evaluating them before making further increases. My focus is on growing the portfolio’s long-term value through deliberate position sizing and ongoing research. My conviction in the space and defense opportunity remains strong, and my investment horizon extends through 2030. Continued mission progress and commercial execution give me plenty to be excited about. $INFINITY remains speculative and highly volatile, so size your investment according to your own risk tolerance. This is not financial advice.