WHY THIS SPACE STOCK SELLOFF COULD BE A GENERATIONAL BUYING OPPORTUNITY I think investors who missed first major run in space stocks are being given a second opportunity to build positions in what could become one of the most important investment opportunities of the next several decades, because the market has become so focused on short term execution setbacks and higher interest rates that it's losing sight of how dramatically the underlying space economy is evolving. The recent correction has been aggressive because investors who were previously willing to pay extraordinary valuations for future growth are now demanding immediate evidence of execution and profitability. I understand why that shift is happening, especially with yields above 5% but I also think there's a meaningful difference between a company experiencing temporary setbacks while building critical infrastructure and one whose long term opportunity is fundamentally deteriorating. That's why I've been using this weakness to increase my exposure selectively, because I think the next several years could be far more important for the space economy than the initial rally that brought these companies into the spotlight. Looking at $RKLB specifically, I think the market is making the mistake of treating Rocket Lab primarily as a launch company whose entire investment thesis depends on Neutron flying successfully, when the business has already evolved into something considerably more diversified. Neutron slipping into 2027 is absolutely disappointing, especially because this is now the second meaningful manufacturing setback and every additional delay pushes potential launch revenue further into the future, but the latest issue appears to be related to the manufacturing process for its carbon composite structures rather than a fundamental flaw in the rocket's architecture. Management says it was able to replicate the problem, identify the root cause and introduce changes to the manufacturing process, which gives me more confidence that the setback can eventually be resolved. More importantly, Rocket Lab generated record quarterly revenue of approximately $234 million in Q2, growing 62% year over year, while its backlog reached $2.4 billion and Space Systems already contributed more than 80% of revenue. That gets Rocket Lab closer to becoming a vertically integrated space infrastructure company rather than simply another launch provider, and while the financing introduces dilution and execution risks, I think investors are underestimating how valuable that combination of capabilities could become over the next decade. I have a similar long term perspective on $ASTS, although I think its opportunity and risks are very different because the company is attempting to build a global satellite broadband network that connects directly to ordinary mobile phones without requiring specialized equipment. What continues to make AST SpaceMobile interesting is that its technology has already demonstrated broadband connectivity with speeds reportedly reaching up to 200 Mbps, while its relationships with more than 60 mobile network operators provide potential access to approximately 3 billion subscribers without having to build an entirely new terrestrial distribution network. That distribution advantage becomes particularly important when you consider SpaceX's latest spectrum acquisitions because while I understand why investors are concerned about Starlink becoming a more direct competitor, I actually think SpaceX's willingness to commit substantial capital to the same market reinforces just how enormous the direct to device opportunity could become. However, I don't want to minimize the competitive threat or ASTS's own execution challenges because management has already pushed its target of approximately 45 satellites in orbit into early 2027, and the company still needs to demonstrate that it can manufacture, launch and operate its constellation at commercial scale. The additional $1.15 billion convertible financing also reinforces how capital intensive this opportunity remains, but with approximately $1.3 billion in backlog and established operator relationships, I think the more important question is whether ASTS can translate its technological advantage into meaningful recurring revenue before competition intensifies. If it can, I think the economics of serving an existing global subscriber base through space based infrastructure could eventually become far more compelling than the market appreciates today. Ultimately, I think the biggest opportunity for long term investors is recognizing that we're still extremely early in the development of the space economy, and the companies capable of building the infrastructure, securing distribution and successfully commercializing their technologies could become considerably more valuable over the next five to ten years. Rocket Lab still needs to demonstrate that Neutron can fly successfully and that the Iridium acquisition creates sufficient economic value to justify its financing, while AST SpaceMobile needs to accelerate satellite deployment, protect its relationships with mobile operators and prove that its technology can support a profitable commercial business alongside increasingly aggressive competition from SpaceX. Those are meaningful risks but I think the market is increasingly pricing these businesses around what might go wrong over the next several quarters rather than what they could accomplish over the next decade. My approach is to build exposure gradually, maintain appropriate position sizes and focus on whether the underlying businesses are becoming more valuable as their stocks become cheaper. I don't know whether we've seen the bottom, and I wouldn't be surprised if volatility continues, but I think investors who missed the initial rally are getting another opportunity to participate in a potentially generational investment cycle. The first leg of the space trade was largely about investors discovering the opportunity, while I think the next leg will increasingly be about which companies can actually turn that opportunity into durable revenue, earnings and free cash flow.