SpaceX builds reusable launch vehicles, the Dragon spacecraft and the Starlink satellite internet constellation. Our position came through private-bank pre-IPO allocations. We hold it because launch cost is the constraint behind every other space business, and SpaceX is the company lowering it.

This position came to us through a private-bank allocation of existing shares, and we hold it as one investor among many.

We expect to hold this position for many years, through the quiet stretches as well as the busy ones, and we plan around that from the start.