Axiom Space Investment Thesis

We offer our view of Axiom Space because it is part of the total ARK Venture Fund portfolio. To see the most updated portfolio, please click here.
by ARK Invest

Axiom Space is a space infrastructure company currently operating missions to the International Space Station (ISS) and is likely to operate the successor to the ISS once it is deorbited. The company also develops space suits, as well as the space infrastructure necessary for research activities and manufacturing, and plans to operate human spaceflight for government-funded and commercial in-space research, in-space manufacturing, and space exploration.

ARK expects launch costs to fall by another 1-2 orders of magnitude in the next decade, resulting in a cost between $20/kg – $200/kg for low earth orbit (LEO). Such decreased launch costs should increase demand for human and non-human trips to space.

ARK expects Axiom’s revenue to increase from the manufacture of additional space suits and an expanding customer base associated with its future control of the International Space Station.

Metrics that would indicate the success of our long-term thesis include continued missions, increased spacesuit deliveries, additional modules attached to the ISS, and new partnerships with countries and companies seeking to access the new commercial space station.

Axiom’s CEO, Michael Suffredini, comes from a decorated 30-year career at NASA, where he served as International Space Station Program Manager from 2005 to 2015 and oversaw the development and operation of the 460-metric ton, permanently inhabited international orbiting laboratory. Suffredini held several ISS Program roles and was Assistant Manager of the Space Shuttle Program. He also led the 15-nation ISS Program—the largest international peacetime project in human history—through its transition from assembly to research and commercial utilization. Overall, the Axiom team has a deep bench of expertise in the execution of projects in space.

Activities in space have inherent execution risks, particularly those associated with building and deploying new modules to the ISS. Geopolitical dynamics also could affect countries’ willingness to participate in commercial space station innovation. Competing space stations could reduce the overall opportunity, and there is no guarantee that in-space manufacturing/pharmaceutical experiments will yield the desired outcomes.

Disclosures
We offer our view of Axiom Space because it is part of the total ARK Venture Fund portfolio. To see the most updated portfolio, please click here. Holdings subject to change. Not a recommendation to buy, sell, or hold any specific security.

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ARK’s statements are not an endorsement of any company or a recommendation to buy, sell or hold any security. ARK and its clients as well as its related persons may (but do not necessarily) have financial interests in securities or issuers that are discussed. Certain of the statements contained may be statements of future expectations and other forward-looking statements that are based on ARK’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in such statements.

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