Space & satellite communication 2026–2028: High-risk portfolio with small weights

Thesis: Space will no longer be a hype market in 2026, but a defense and telecommunications market - Planet Labs doubles defense sales (Barron's, 2026-09-04), Intuitive Machines gets a 600 million USD satellite program (Benzinga, 2026-08-17), Eutelsat leads Europe with 3.39 billion euros by 2034 IRIS² network (Demócrata, 2026-08-07), and Rocket Lab buys Iridium for $7.6 billion (Stock Titan, 2026-08-13). Almost all stocks are 50-75% below their 52-week highs because interest rates at 24-year highs punish cash burners — which is exactly why this is a gamble: I buy options on program success, not cash flow. Catalysts: Neutron first flight (now 2027, SpaceNews 2026-08-11), BlueBird Beta Service (Stocktwits, 2026-10-04), Alpha Block 2 Q4 2026 (Spaceflight Now, 2026-08-11), Golden Dome/Pentagon orders, IRIS² contract awards. Biggest risk: dilution and false starts — a rocket explodes, a capital increase comes, and 40% is gone; plus Rocket Labs' $3.6 billion bridge loan at high interest rates. Position size: HART max. 3% of total assets for the entire portfolio, no title over 12% of the portfolio, MDA/Globalstar as a 'quieter' anchor 25%. Exit: Every title flies at -40% from the initial purchase without additional purchase; Realize half of your profits from +80%.