Investing in the Future of Space Exploration
The Imperative for Space Investment
At Hickory Falls Ventures, we recognize that the human race is approaching a tipping point. Our planet is facing a critical challenge—an unsustainable rate of natural resource consumption. Global resource demands are projected to increase by 60% by 2060, while geopolitical constraints are making rare earth minerals more difficult to access. Though global population growth is slowing, Earth’s population is still projected to reach 9.5–10.5 billion by the end of the century. While sustainability efforts are underway, changing human behavior at scale is proving difficult, requiring innovative solutions to sustain long-term human progress.
According to a 2023 report by the United Nations, global freshwater demand is expected to outstrip supply by 40% by 2030, putting pressure on agriculture and industrial sectors. Furthermore, the World Economic Forum (WEF) estimates that by 2040, 90% of the world's natural fisheries could be depleted (WEF Report). A PwC study also projects that the global demand for energy will increase by 50% by 2050 (PwC Energy Outlook), further exacerbating resource depletion concerns. As traditional terrestrial solutions face limits, humanity must look beyond Earth for sustainable resource solutions.
Visionaries like Stephen Hawking have warned that humanity must look beyond Earth within the next century if we are to survive. This is why our investment strategy prioritizes space exploration, resource utilization, and infrastructure development, ensuring that future generations can thrive beyond the limitations of our planet.
The Acceleration of Space Exploration
Historically, space exploration was driven by national governments through agencies such as NASA, Roscosmos, and CNSA. While their contributions have been invaluable, commercial space initiatives have now emerged as the primary force driving cost reduction, technological advancements, and infrastructure development.
McKinsey outlines four key requirements for sustained space industry growth:
Decrease in Launch Costs
Commercial Innovation
Diversification of Investment and Applications
Cultural Awareness and Enthusiasm
SpaceX has already reduced the cost of launching payloads by nearly 90% compared to NASA’s space shuttle era. The emergence of reusability and modular spacecraft is enabling even greater cost efficiency, with NASA estimating a potential 50% reduction in mission costs by the end of the decade. The European Space Agency (ESA) also estimates that fully reusable launch vehicles could reduce costs by an additional 60% within the next decade (ESA Report).
We believe these factors are not just active but accelerating, creating unparalleled opportunities for investment.
The Space Economy: A Market Ready for Expansion
Space exploration is no longer a distant dream; it is here, now, and expanding rapidly. SpaceX has made it possible to send payloads into orbit for as little as $300K per kg, with fully booked launches through Q1 2027. The public can now buy a seat on Virgin Galactic or Blue Origin for $250K–$500K.
According to Mckinsey, the space economy was valued at $630 billion in 2023 and is projected to reach $1.8 trillion by 2035 (Mckinsey Report). Bank of America estimates that by 2040, the broader space industry—including satellite services, manufacturing, and infrastructure—will surpass $3 trillion (Bank of America Analysis). Goldman Sachs projects that asteroid mining alone could become a multi-trillion-dollar industry within the next 20 years, providing critical resources like platinum and rare earth elements that are increasingly scarce on Earth (Goldman Sachs Report).
A NASA study on in-space manufacturing highlights that producing materials in microgravity environments could revolutionize sectors like biotechnology, semiconductor production, and high-precision manufacturing, opening up vast commercial opportunities (NASA Study).
Building the In-Space Economy
The next evolution of the space economy goes beyond transportation—it requires sustainable commercial infrastructure in space. We see five key pillars that will drive a thriving, self-sustaining space economy:
1. Generating Commercial Demand for In-Space Activities
The existing $630 billion space economy is primarily supported by satellite communications and defense.
As demand grows for in-space maintenance, refueling, and repair services, a fully operational in-space infrastructure will become essential.
Deloitte projects that space-based internet services could generate $400 billion annually by 2040.
2. Lowering the Cost of Access to Space
SpaceX, Blue Origin, and other private space firms are making space more accessible than ever.
Increased competition and innovation will continue to drive costs lower, making space travel and transport commercially viable.
The global space tourism market is expected to reach $8 billion annually by 2030, according to UBS.
3. Enabling Sustainable Human Presence in Space
The International Space Station has proven that humans can live and work in space.
For long-term sustainability, cost-effective space habitats will be essential.
4. Extracting and Utilizing Space Resources
The ability to mine and refine materials in space will be critical for long-term sustainability.
🚀📈Our investment in Karman+ pioneering asteroid mining to extract abundant and sustainable materials for use in space and on Earth.
A 2022 MIT study estimates that asteroid mining could yield trillions of dollars in platinum and nickel, transforming resource availability on Earth.
5. Enhancing Space Infrastructure for a Thriving Economy
Beyond mining, space infrastructure requires refineries, processing plants, and logistics hubs.
🚀📈We are investing in Voyager Technologies, a leader in in-space construction and astronaut support systems. Voyager Technologies is pioneering modular space habitats, advanced docking stations, and robotic systems for building and maintaining space structures. Their work is critical for establishing long-term human presence in orbit and on other celestial bodies.
🚀📈Spaceium is another key investment, tackling in-space refueling and maintenance challenges. Spacium is developing orbital refueling depots and autonomous repair stations, reducing dependency on costly Earth-based resupply missions. Their innovations will extend mission durations, lower operational costs, and enable more ambitious space exploration endeavors.
The Future: Humanity’s Expansion Beyond Earth
For the first time in human history, commercial space exploration is outpacing state-funded missions. With declining launch costs, rapid advancements in material science, and the growing demand for extraterrestrial resources, humanity stands on the precipice of a new era.
For the past 50 years, lunar missions have been hindered by prohibitive costs. Today, commercial innovation is making it feasible not only to return to the Moon but to establish a sustainable human presence. The resources that will be unlocked through space exploration will reduce the strain on Earth's natural reserves while driving groundbreaking innovations in space technology and sustainability.
At Hickory Falls Ventures, we are not just investing in space companies—we are investing in the future of civilization itself.