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How family offices are investing in the final frontier beyond SpaceX

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How family offices are investing in the final frontier beyond SpaceX

As seen from Canaveral National Seashore, a SpaceX Falcon 9 rocket carrying 60 Starlink satellites launches from pad 39A at the Kennedy Space Center on October 6, 2020 in Cape Canaveral, Florida. This is the 13th batch of satellites placed into orbit by SpaceX as part of a constellation designed to provide broadband internet service around the globe. (Photo by Paul Hennessy/NurPhoto via Getty Images)

Nurphoto | Nurphoto | Getty Images

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.

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The investment firms of billionaires including ex-eBay President Jeff Skoll and AutoZone’s Pitt Hyde are set to reap rewards from SpaceX’s IPO this Friday.

However, while SpaceX’s profile eclipses that of nearly every other private space company, family office investors told CNBC that they see other opportunities in the sector even for companies without Elon Musk‘s name attached. Moreover, they said they view space-related startups as opportunities to invest in infrastructure and defense rather than flashy bets on space exploration.

Gary Lauder, a cosmetics heir turned venture capitalist, has invested in SpaceX through a special purpose vehicle and two venture funds. He told CNBC he was attracted to the strength of its Starlink satellite technology, not the prospect of space tourism.

Much of Lauder’s early investing was in telecommunications, and he took a seminar in satellite communications in the early ’90s.

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“I never dreamed of being an astronaut,” he said. “It’s just an important mode of communication.”

Jason Blanck, an investor who started his namesake family office in 2024, said he is interested in the picks and shovels of space, like mission-critical hardware and data networks.

“I think the public markets are focused heavily on debating rocket launch cadences, costs around flight development, but from my perspective and where I sit, managing permanent family capital, the real narrative has actually quite evolved,” he said.

Robin Lauber’s Infinitas Capital invested in SpaceX in early 2025 through a secondary offering. He cited Musk’s track record and the success of Starlink as reasons to put money in. Lauber also noted the valuation was “reasonable” compared with the more than $1.75 trillion expected now.

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He told CNBC that Infinitas would have sold some shares before the initial public offering had it found a willing buyer at the right discounted valuation. Lauber is open to selling locked-up shares at a discount to recover the initial cost of investment and seeing how the other shares fare.

Looking forward, Lauber is weighing more investments in European space companies such as Isar Aerospace, a German launch service provider. He is also considering participating in a new fund by Alpine Space Ventures, which counts a SpaceX alum as a founding partner.

“European sovereignty is a huge topic everywhere,” he said.

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Investing in space-related firms was unpopular not so long ago, according to Jon Kutler of Admiralty Partners. He spent 10 years in the U.S. Navy before becoming an investment banker specializing in aerospace and defense in the early 1980s. He left Wasserstein Perella & Co. in 1992 to start his own investment firm in order to focus more on the sector to the chagrin of his then-boss, Bruce Wasserstein.

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“”He told me I was an idiot because the Cold War was over and there was going to be no more spending in the defense industry,” Kutler said. “People had extrapolated that to be the end of the defense industry, but if you look over the history of mankind, we’re just not a very peaceful species. To me, it seemed ludicrous to declare an end to defense spending, and I was willing to bet against that with my own capital and my own time.”

Kutler sold that investment firm in 2002 to focus on his family office, Admiralty Partners. His investments include Firefly Aerospace, a rocket maker with clients including Lockheed Martin and the U.S. Space Force.

Investing in aerospace firms pioneering new technologies requires patience, Kutler said. This is where family offices have an edge on traditional private equity firms since they aren’t under pressure to realize returns on a fixed timeline.

While the prospect of traveling to Mars is exciting, space exploration companies face a harder path to financial success because federal government spending is less consistent, he said.

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“Defense spending is going to be a recurring theme, It will have ups and downs based upon administration priorities, but there’s always going to be an end market there,” he said.

Kutler said the enthusiasm around the SpaceX IPO belies considerable risks to investing in aerospace, such as swings in federal spending. He added that he is concerned federal cuts to research funding will endanger the pipeline of future startups.

“There is a temptation because of what’s going on right now to think that commercial space companies are the answer to everything,” Kutler said. “Perhaps over time the commercial industry may able to do it cheaper, but if you amortize everything out, it takes a long time for that to happen, and these early investments by the government were key to making these things happen.”

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Pandora Down Today? Users Report Playback, Login and App Issues as Complaints Spike Across the Country

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FTSE 100 Surges 0.8% Today as Oil Eases and Markets

Some Pandora users across the United States reported difficulty accessing the music streaming service Thursday, after outage tracking platform Downdetector recorded a noticeable rise in user complaints throughout the day.

Listeners described a range of problems, including playback interruptions during streaming, trouble loading the Pandora app, and login failures when attempting to sign into their accounts. The reports prompted many users to turn to social media and outage-tracking sites to ask whether Pandora was experiencing a broader, platform-wide service disruption.

As of Thursday afternoon, Pandora had not issued an official confirmation of a widespread outage affecting the service, despite the increase in user-submitted reports on Downdetector. The company has not released a statement identifying a specific cause for the issues some users experienced, and the scope of the disruption, whether it affected a small subset of users or a larger portion of Pandora’s overall user base, remained unclear based on publicly available information.

Downdetector, the outage-tracking platform where many of Thursday’s complaints were logged, works by aggregating user-submitted reports about service disruptions across thousands of websites and applications, rather than directly monitoring the internal systems of the companies it tracks. Because the platform relies on self-reported user complaints rather than direct access to a company’s server infrastructure, spikes in reported issues can sometimes reflect genuine service outages, while other spikes may result from more localized problems affecting individual users, internet service providers or specific devices rather than a true platform-wide failure.

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Separate monitoring services tracking Pandora’s status, including those affiliated with Sonos, which integrates Pandora’s streaming service into its home audio products, reported the platform as operational during checks conducted around the same period Thursday. One such service noted only a single user-submitted outage report over a 24-hour window, a volume of complaints within the range the service characterized as normal rather than indicative of a significant disruption.

Pandora, founded in 2000, has grown over more than two decades into one of the best-known platforms for personalized internet radio and music streaming in the United States. The service uses a recommendation system built around what the company calls the Music Genome Project, which analyzes musical attributes of songs to generate personalized listening stations based on a user’s stated preferences. Pandora has faced increasing competition in recent years from rival streaming platforms including Spotify and Apple Music, both of which have continued to expand their own personalized recommendation features in ways that have narrowed some of the differentiation Pandora’s algorithm-driven approach to music discovery once offered.

For users experiencing difficulty accessing Pandora, general troubleshooting steps commonly recommended for streaming service disruptions include restarting the Pandora app or closing and reopening it entirely, checking for available app updates through a device’s app store, verifying that the device’s internet connection is functioning properly by testing other online services, and, if accessing Pandora through a web browser, performing a full page refresh or clearing the browser’s cached data. If a service-side outage is confirmed to be the underlying cause of access problems, however, individual troubleshooting steps taken by users are unlikely to resolve the issue until the company restores normal service on its end.

Thursday’s reported issues with Pandora were not an isolated case of technology service disruptions drawing attention that day. Separate reports also surfaced regarding possible chat, login and API issues affecting Anthropic’s Claude AI system across multiple regions, including the United States, Australia and the United Kingdom, according to outage-tracking reports published around the same time, suggesting a broader pattern of scattered technology service disruptions being reported and tracked across different platforms that day, though the reported issues involving Pandora and other services do not appear to be directly connected to one another based on currently available information.

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Users seeking updates on Pandora’s service status are generally advised to monitor the company’s official social media channels or support pages for any formal acknowledgment of an outage, since third-party outage-tracking platforms like Downdetector, while useful for gauging the scale of user-reported complaints in near real time, do not have direct access to a company’s internal systems and cannot independently confirm whether reported issues stem from a true platform-wide outage, a more limited regional or device-specific problem, or unrelated individual technical issues affecting different users simultaneously.

As of the most recent available information, Pandora had not provided an estimated timeline for resolving the issues some users reported experiencing Thursday, and the company had not responded publicly to inquiries about the elevated complaint volume registered on Downdetector throughout the day. Users continuing to experience problems accessing the service were encouraged to check for updates directly through Pandora’s official channels rather than relying solely on third-party outage trackers for the most current and authoritative information about the platform’s operational status.

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Cerus Corporation (CERS) Q2 2026 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Operator

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Cerus Corporation’s Second Quarter 2026 Earnings Conference Call. Please be advised, today’s conference is being recorded. I would now like to hand the conference over to Tim Lee, Cerus’ Head of Investor Relations. Tim, you may begin.

Timothy Lee
Head of Investor Relation

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Thank you and good afternoon. I’d like to thank everyone for joining us today. As part of today’s webcast, we are simultaneously displaying slides that you can follow. You can access the slides from the Investor Relations website at ir.cerus.com. With me on the call are Vivek Jayaraman, Cerus’ President and Chief Executive Officer, and Kevin Green, Cerus’ Chief Financial Officer. Cerus issued a press release today announcing our financial results for the second quarter ended June 30, 2026, and describing the company’s recent business highlights. You can access a copy of this announcement on the company’s website at www.cerus.com.

I’d like to remind you that some of the statements we’ll make on this call relate to future events and performance, rather than historical facts and are forward-looking statements. Examples of forward-looking statements include those related to our future financial and marketing results, including our 2026 product revenue guidance, our expectations for gross margins, non-GAAP adjusted EBITDA performance, and our expected expense levels, as well as our commitment to achieving GAAP profitability. Expected future growth in our growth trajectory and market opportunities, our expectations that we will deliver P&L leverage in 2026, the availability and related timing of data from clinical trials, planned regulatory submissions and

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First Solar, Inc. (FSLR) Q2 2026 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript