Where family offices see buying opportunities in space

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.

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.

“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.

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…