Rainmaker Investment Advisory

SpaceX

Why invest?

SpaceX (SPX) is at the forefront of commercial space exploration, with significant growth in satellite internet and government partnerships, offering investors an opportunity in a transformative sector.

SpaceX is the first private company to launch and reuse rockets
$3.5B+ in contracts with NASA for lunar and ISS missions
3,000+ satellites launched with 1M+ global Starlink subscribers
~$1.3B ARR from satellite internet; projected $30B annual satellite revenue by 2025

“Starlink will make money. We actually had a cash flow positive quarter last year.” Gwynne Shotwell, President, SpaceX

Key Performance highlights

SPX demonstrates exceptional performance, with rapid revenue growth, operational milestones, and strong valuation metrics.

Revenue CAGR of ~76% from 2019 to 2024E
Valuation of $221B implies 24.6x 2023E revenue and 14.7x 2024E revenue
61 launches in 2022 (vs. 31 in 2021) and multiple national security payloads
Falcon 9’s reusability reduces costs by ~50% and accelerates turnaround time

Past Performance

TRAILING AVERAGE SINCE INCEPTION*

%

Income & Growth

TRAILING 3 YEARS AVERAGE*

%

Income & Growth

TRAILING 1 YEAR AVERAGE*

%

Income & Growth

ASSETS UNDER MANAGEMENT (AUM)*

$

500 M

Income & Growth

Past performance does not guarantee future results

Investment Strategy & Structure

The SPX-C3 Limited Partnership allows indirect ownership of SpaceX shares through a structured vehicle, offering institutional-quality access for accredited investors.

Minimum investment of $50,000 USD
Up to $50M USD raise via Class A and F LP units
Exposure through direct or indirect ownership of SpaceX shares
Potential for returns via equity growth or future liquidity event (e.g., IPO)

“Any distributions shall first return contributed capital, then cover fees, with profits split 85% to LPs and 15% to the General Partner.” Term Sheet

Investor alignment & oversight

The structure ensures strong investor protections, aligned incentives, and oversight mechanisms to manage risks and governance.

85/15 profit split (after capital return and fees) aligns investor and GP interests
3% upfront management fee, 15% carried interest on profits only
Units offered under private placement exemptions with regulatory compliance
Right to receive financial reporting upon request

Key Benefits for Canadian Investors

Canadian investors benefit from early access to private equity in a global leader like SpaceX via a compliant and tax-conscious investment structure.

Offered under the accredited investor exemption (NI 45-106)
Available to investors in British Columbia, Alberta, Ontario, Quebec, and more
Not RRSP/TFSA eligible but available through other registered accounts
Tax-efficient structure with clarity on gains and dividend treatment

Links to investment documents

Click the links to view and / or download to learn even more

SpaceX (SPX-U3) - Fact Sheet - Jan 2024

SpaceX (SPX-U3) - Presentation - Jan 2024

Offering Documents-

November 10, 2023

Ready to Explore This Opportunity?

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Investment summary details

Distribution Frequency
Upon liquidity event(s)
Currency
USD
Minimum Investment Amount
$
50000
Annual Rate of Return Target Minimum* (Income + Equity Growth Combined)
%
Annual Rate of Return Target* (Income Only)
%
Annual Rate of Return Target* (Equity Growth Only)
%
Hurdle rate for investors before management participates in profits
N/A
%
Split ratio paid to investors of additional profits (investors : Management)
85:15:00
N/A
Additional Profit Potential
No
Yes
Additional Profit Potential From Tax Efficient Distributions
No
Yes
Eligible for Registered Accounts (RRSP, LIRA, RIFF etc)
No
Yes
Early Redemption Options
No
Accredited Investors Only
No
Yes
Commission % paid to Dealer (*Paid by the Issuer, Not the investor)
4.50
%
Trailer % paid to Dealer (*Paid by the Issuer, Not the investor)
%
(AUM) Assets Under Management of Issuer
$
500 M
Year issuer was founded
2015
Date investment originated
Date of offering documents
November 10, 2023

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