Summary

• The space economy is becoming a multi-layered commercial market.
• Falling launch costs are unlocking scale across satellites, data, and communications.
• Space is shifting from exploration to infrastructure supporting real-world applications.
• Commercial demand is expanding across satellite, defense and data-driven use cases.
• WARP provides pure-play exposure to the companies building the space economy.

The space economy is reaching an inflection point as costs fall and markets scale, creating more investment opportunities. WARP offers focused exposure to the companies driving this shift.

For decades, space was viewed primarily as