Today, I’m excited to introduce Macro Notes Research & Models, a new initiative that represents an important step forward in how we research investment opportunities at Macro Notes.
Starting November 30, we’ll begin publishing comprehensive investment research projects, each dedicated to one of the most promising macroeconomic investment theses we’ve identified.
One new research project every month, exclusively available to Macro Notes Founding members.
These won’t be traditional newsletter editions. Each project will combine extensive industry research, company-level financial analysis, original datasets, and editable financial models designed to help investors independently evaluate opportunities.
And for our first publication, we’re taking on one of the most significant industrial transformations of our time.
Research Model 001 — SpaceX & the Space Economy
The global space economy could reach $1.8 trillion by 2035, according to estimates from the World Economic Forum and McKinsey.
But a market growing to $1.8 trillion doesn’t necessarily mean that every company operating within it will generate attractive investment returns.
What matters is understanding where the economic value will be created, who will capture it, and how much investors are already paying for that opportunity.
That’s the starting point of our first Research & Model.
SpaceX has changed the economics of accessing orbit through reusable rockets, industrial-scale satellite manufacturing, and the development of global satellite connectivity infrastructure.
These developments are creating opportunities far beyond the launch industry.
Lower launch costs could change the economics of satellite communications. Increasing demand for orbital infrastructure could benefit specialized semiconductor manufacturers, component suppliers, and defense contractors. Advances in Earth observation and satellite data processing could create entirely new markets for commercial intelligence.
Yet many of these opportunities remain difficult to evaluate.
Our goal is to understand the economics behind this transformation and identify the publicly traded companies best positioned to benefit.
We’ll investigate seven interconnected markets, examine more than 30 publicly traded companies, and build financial models to explore how different industry scenarios could translate into corporate revenues, profitability, and valuations.
Explore our first Research & Model: SpaceX & the Space Economy
What makes Research & Models different?
Our existing Macro Notes Premium research helps investors identify emerging investment opportunities, develop theses, and follow their evolution.
With Research & Models, we want to go considerably further.
Rather than simply publishing our conclusions, we’re building the analytical infrastructure behind them.
For our first Space Economy research project, we’re developing:
A comprehensive investment research report: Approximately 45–65 pages examining industry economics, emerging markets, competitive dynamics, investment opportunities, and risks.
A SpaceX Supplier Exposure Map: Identifying companies supplying critical technologies, manufacturing capabilities, infrastructure, and components across the space industry.
A financial database covering 30+ public companies: Bringing together financial performance, valuations, industry exposure, and important operating metrics.
SpaceX & Starlink financial models: Exploring launch economics, satellite deployment, connectivity demand, and how different assumptions could affect future financial performance.
A Seven Markets Opportunity Model: Estimating market opportunities, adoption scenarios, and the potential economic value created across different segments of the industry.
A Public Equity Opportunity Scoring Model: Evaluating listed companies based on their industry exposure, financial fundamentals, valuations, catalysts, and risks.
You’ll also receive editable models, allowing you to change assumptions, compare scenarios, and explore the investment implications yourself.
This is an important distinction.
We don’t want Research & Models to be something you simply read. We want it to be something you can actually use.
Whether you’re researching an industry, comparing potential investments, or trying to understand the financial implications of a technological transformation, these projects are designed to provide a starting point for your own analysis.
A new investment research project every month
SpaceX & the Space Economy is our first publication, but this is not a one-time project.
Our ambition is to publish one comprehensive Research & Model every month, exploring the structural economic transformations we believe offer the most interesting investment opportunities.
We’ll apply the same top-down investment framework that guides Macro Notes: starting with technological, geopolitical, and macroeconomic developments, examining how they reshape industries, and identifying the businesses positioned to capture the resulting value.
But each Research & Model will take that framework significantly deeper, combining our findings with supporting financial data and analytical tools.
Over time, our goal is to build an extensive library of independent investment research covering some of the most consequential economic transformations of the coming decade.
How to access Macro Notes Research & Models
All Research & Models will be available exclusively to Macro Notes Founding members.
Founding membership is our most comprehensive research offering, designed for readers who want to go beyond our regular investment publications.
For $1,500 per year, your membership includes:
Macro Notes Research & Models: One comprehensive research project every month, including the complete report, supporting datasets, and editable financial models.
Macro Notes Premium: Full access to our in-depth investment theses, Premium editions, and research archive.
Macro Notes Terminal: Access to our investment research platform, where you can explore and track more than 100 thematic investment indexes.
Premium access to 10 partner newsletters: Additional investment research and perspectives across multiple sectors and markets.
Founding membership benefits: Access to our highest membership tier and the additional benefits we develop for our Founding community.
Your membership includes our upcoming SpaceX & the Space Economy Research Model, scheduled for November 30, as well as subsequent monthly publications while your Founding subscription remains active.
If you’re already a Premium subscriber, you can upgrade to Founding to access this new research program alongside everything you currently enjoy.
And if you’re following Macro Notes for free, Founding gives you access to the complete research offering we’re building.
Become a Macro Notes Founding Member — $1,500/year
Building something more ambitious
When I started Macro Notes, the objective was to help investors identify opportunities emerging from major changes in the global economy.
That mission hasn’t changed.
But as our research has developed, I’ve increasingly wanted to offer something beyond written investment analysis: comprehensive research projects supported by the financial models, company databases, and economic frameworks needed to investigate an opportunity seriously.
That’s what we’re building with Research & Models.
Our first publication, SpaceX & the Space Economy, arrives on November 30.
You can already explore the full project, discover the seven markets we’re investigating, and see the analytical models we’re developing on our website.
Discover Research Model 001 — SpaceX & the Space Economy
I hope you’ll join us for this next chapter of Macro Notes.
Macro Notes Research Team