There is ongoing debate about whether SpaceX is now an AI company dabbling in aerospace manufacturing and space transportation, and whether or not its stock is a good buy or overvalued.

We believe most commentators and investors focus on the wrong thing. They ask: What will SpaceX be valued at? When will Starlink be public? What’s the stock going to do?

Those topics are merely noise. The real story lies beneath—more than a decade of innovation that has already reshaped how the world works and will very likely continue to compound over the next ten years and beyond.

A decade ago, reusable rockets were only theoretical. Today, they're reshaping the economics of space. SpaceX spent years failing publicly, iterating obsessively, and finally cracking the problem: land a booster, refurbish it, fly it again. Launch costs fell by one-half to one-third. That single innovation has significantly lowered barriers for satellite launches and orbital logistics, enabling new entrants and business models. Deep space exploration remains limited, but the technology has the potential to impact this area in the future. None of it was possible at the old price points.

At the same time, Starlink is doing something equally profound: it's allowing broadband to reach places where laying cables would be exceedingly difficult, if not impossible. Rural communities. Disaster zones. Developing nations. Emergency responders on the move. Students in remote villages now enjoy the same connectivity as students in Manhattan. Farmers can use precision agriculture tools. That's not a story about a stock; it's a story about real life—our clients living in rural areas tell us how Starlink has exponentially improved their internet connectivity.

Long-term optimism isn't naïve; it's the rational response to what's actually happening.

When investors get anxious—about headlines, valuations, or recession warnings—they're usually not responding to evidence, but to noise. Meanwhile, innovation is advancing at a pace that would astonish someone from fifty years ago. We're compressing decades of progress into years, and the evidence is everywhere—this blog post focuses on just one example.

Here's the economic truth: earnings grow when companies solve difficult problems in new ways. When SpaceX reduced launch costs, it didn't just benefit itself—it enabled an entire industry of satellite companies, space startups, and telecommunications providers to build new businesses. Starlink creates jobs, enables rural economic development, improves productivity, and connects billions of people to new opportunities. Multiply that across every sector: artificial intelligence, biotechnology, energy systems, manufacturing—the same pattern repeats everywhere. Real people, real companies, and real capital solving real problems better than before.

That's where economic growth comes from—entrepreneurs and their research & development teams tackling challenges that once seemed impossible until they were achieved. It doesn't come from initiatives that take decades to roll out and are then cancelled when governments change, nor from The Fed’s policy decisions.

That's why the long-term view is the only rational one.

Innovation happening now will likely compound for at least a decade, and possibly longer. The rockets that land themselves, the broadband reaching remote villages, and the economic opportunities flowing from both—these aren't one-off wins. They're the foundation for the next layer of innovation. Our standard of living improves not because central banks or the Prime Minister say so, but because innovation makes it so. That's the historical record, and it's why rational long-term optimism about earnings and living standards isn't about faith—it's about responding to what’s real.

Right now, companies are shaping the world of the next decade, while headlines aim to keep you glued to the TV or your mobile phone, feeling anxious.

Does this mean the stock market will not correct? No it does not. The stock market corrects down by an average of 14% every single year. This is normal and expected and only a problem if you are a forced seller. Keep cash handy for life’s unexpected events that are sure to come up, while allowing your long-term capital to compound.

We continue to encourage investors to invest their long-term money for growth, to stage it in if you’re cautious, to double down on weakness, and to keep cash liquid and available for life’s many surprises. This is the antidote to government overspending, deficits, and inflation—and a strategy to grow your capital over the long term.

Randy, Ian, Harrison and the team at R&R Investment Partners

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