{"id":1272645,"date":"2026-06-22T09:04:43","date_gmt":"2026-06-22T06:04:43","guid":{"rendered":"https:\/\/www.etoro.com\/?p=1272645"},"modified":"2026-06-22T09:04:43","modified_gmt":"2026-06-22T06:04:43","slug":"beyond-spacex","status":"publish","type":"post","link":"https:\/\/www.etoro.com\/en-us\/news-and-analysis\/market-insights\/beyond-spacex\/","title":{"rendered":"Beyond SpaceX"},"content":{"rendered":"

The excitement surrounding SpaceX<\/a>‘s public debut is understandable. But we think that the more interesting investment question is whether market is underestimating the size of the ecosystem forming around it.<\/p>\n

As thematic investing continues to attract significant capital, Space<\/a> is emerging as one of the newest focal points, with strong ETF flows suggesting investors increasingly view it as a standalone investment theme rather than a niche corner of the market.<\/strong><\/p>\n

While investor enthusiasm around Space<\/a> is growing, the more important question is where the earnings power ultimately resides. The industry remains in the early stages of development, meaning many investment cases still depend on future adoption and long-term growth. As the ecosystem matures, investors may increasingly look beyond the headline names and focus on the companies generating recurring revenues from communications, data services, manufacturing and critical infrastructure.<\/strong><\/p>\n

Investors often focus on the rocket companies, but the biggest winners in the space economy may not be the companies launching rockets. Just as the AI boom expanded beyond chipmakers into power providers, networking firms and data centres, the space theme is spreading across a much wider ecosystem.<\/p>\n

The commercial space economy can be viewed through three layers:<\/p>\n

1. Launch & Infrastructure<\/strong><\/p>\n

This is the foundation of the space economy. Companies such as Rocket Lab<\/a> and Intuitive Machines<\/a> help build and launch the hardware that gets satellites and other technologies into space.<\/p>\n

As commercial and government investment in space increases, these firms stand to benefit from rising demand for access to orbit and beyond.<\/p>\n

2. Connectivity & Data Networks<\/strong><\/p>\n

Once satellites are in orbit, they can be used to provide communications and collect valuable data. Companies such as AST SpaceMobile<\/a>, Iridium<\/a>, Planet Labs<\/a> and BlackSky<\/a> and Viasat<\/a> are building businesses around satellite communications, Earth observation and data services.<\/p>\n

As demand for global connectivity and real-time data grows, these companies are positioned to benefit from the expanding use of space-based networks.<\/p>\n

3. The Picks-and-Shovels Suppliers<\/strong><\/p>\n

Every space mission relies on a network of suppliers. Companies such as Coherent<\/a>, Amphenol<\/a>, Howmet Aerospace<\/a> and Curtiss-Wright<\/a> provide the components, materials and systems that make the technology work. Aerospace and defence firms including RTX<\/a>, L3Harris<\/a> and Airbus<\/a> also benefit from growing demand for satellite communications and space-based security capabilities.<\/p>\n

Investment Takeaway:<\/strong> For investors, the key takeaway is that the space opportunity is becoming much bigger than any one company. Much like the AI boom expanded beyond chipmakers, the most exciting opportunities may not come from the businesses launching rockets, but from the companies building the infrastructure, supplying the technology and enabling the next generation of global communications and data networks.<\/p>\n

FedEx<\/a> 22% Below Record High: Opportunity or Warning Sign?<\/h2>\n

FedEx<\/a> will report fourth-quarter earnings after the market closes on Tuesday, along with updated guidance. Analysts expect revenue of around $24.18 billion, representing growth of roughly 8% compared with the same quarter last year. Earnings per share are forecast to come in between $5.91 and $5.96. That would still represent a modest decline from the prior year’s $6.88 per share. A major focus will be the spin-off of FedEx Freight, which was completed as planned on June 1, 2026. Investors will therefore pay close attention to how management frames its outlook for fiscal year 2027 without this business segment.<\/p>\n

FedEx shares fell about 3.5% last week and closed at $326.40. The stock now trades roughly 22% below its all-time high and is technically in a bear market. Two weeks ago, the decline had briefly reached 26%. One encouraging sign is that the fair value gap between $310.80 and $314.50 successfully held as support, helping the stock stabilize in the short term. Compared with previous downturns, the current correction remains relatively moderate. During the two larger sell-offs of recent years, the stock fell by as much as 38% and 55%, respectively (see chart).<\/p>\n

The long-term uptrend remains intact. However, a sustainable improvement in the short-term technical picture would require a move back above the 20-week moving average, which currently stands at around $354.50. As long as the stock remains below that level, it remains vulnerable to further downside pressure. If the current support zone fails to hold, another key area between $297.60 and $304.90 could come into focus. Tuesday\u2019s earnings release may therefore be important not only for the outlook on the new fiscal year, but also for determining whether the recently tested zone can continue to hold.<\/p>\n

<\/figure>\n
\"FedEx,
FedEx, weekly chart. Source: eToro<\/figcaption><\/figure>\n

Is the US Dollar<\/a> About to Break Resistance?<\/h2>\n

The US Dollar Index gained around 1% last week, rising to 100.50. In doing so, it once again tested the fair value gap between 99.90 and 100.90 that was created during the sell-off more than a year ago. This area has been tested several times since then but has never been broken on a sustained basis (see chart). A successful breakout could unlock further upside potential and shift attention toward the next major resistance level at 104.25. If the dollar fails once again at this zone, another pullback could follow.<\/p>\n

Initial support can be found around a short-term fair value gap near 99.30. In addition, the 20-week moving average currently sits around 98.90. Both levels could help cushion any deeper declines. The short-term technical picture for the US dollar has improved considerably. However, the decisive breakout has yet to occur. From a bullish perspective, the encouraging factor is that every additional test of resistance increases the probability of an eventual breakout.<\/p>\n

<\/figure>\n
\"US
US Dollar Index, weekly chart. Source: eToro<\/figcaption><\/figure>\n

Bitcoin<\/a>‘s supply story may matter more than demand<\/h2>\n

For months, investors have focused on one question: when will demand return?<\/p>\n

ETF inflows have weakened, the Federal Reserve remains restrictive, and some of the largest institutional buyers have slowed their accumulation. From that perspective, Bitcoin’s consolidation between $60,000 and $70,000 appears justified.<\/p>\n

However, on-chain data suggests the market may be looking at the wrong side of the equation.<\/p>\n

Long-term holders now control roughly 76-77% of Bitcoin’s circulating supply, one of the highest levels ever recorded. More importantly, they have accumulated nearly 2 million BTC over the past five months alone.<\/p>\n

In traditional market terms, this represents a significant reduction in free float.<\/p>\n

While demand has slowed, liquid supply continues to shrink.<\/p>\n

Nearly 1.9 million BTC have been accumulated between $60,000 and $70,000, creating one of the largest cost-basis clusters of the current cycle. This is more than a technical support zone; it represents a region where a substantial portion of investors have built positions.<\/p>\n

None of this guarantees higher prices. Monetary conditions remain tight, institutional demand has yet to reaccelerate, and capital continues to gravitate toward AI-related themes.<\/p>\n

But it does change the framework.<\/p>\n

The key question may no longer be when buyers return.<\/p>\n

It may be how much Bitcoin will actually be available for sale when they do.<\/p>\n

Because the data suggests the available supply is becoming increasingly scarce.<\/p>\n

\"\" \"\"<\/p>\n

<\/figure>\n
<\/figure>\n","protected":false},"excerpt":{"rendered":"

The excitement surrounding SpaceX‘s public debut is understandable. But we think that the more interesting investment question is whether market is underestimating the size of the ecosystem forming around it. 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