Dylan Jovine believes we are at the beginning of the biggest capital migration in market history.
The lion’s share of it will flood into one “Second Window” Moon Stock that has a first-of-its-kind NASA commissioned contract, and it’s ready to take off.
The Teaser
The first window opened on June 11th when SpaceX went public. The “second window” will open on December 8th.
Dylan Jovine is an inner city New York kid who made good. Making his money on Wall Street as a fund manager before getting into the independent investment research game in 2004 with Tycoon Publishing (sold to Agora) and now with Behind the Markets.
We have reviewed some of his recent calls, including Nvidia’s Secret Supplier Stock and his Shadow Miner Company, among others.
Our December 8th d-day is when SpaceX insiders will finally be able to sell some of the $600 billion worth of stock they own.
It is the end of the company’s lockup period and Dylan’s thesis is that not only will the majority of shares be sold, but that a good portion of the proceeds will be invested into “one small company 99% of investors have never heard of.”
Why this particular company? Because it does a job that the entire space economy relies on and a July 1st Federal Communications Commission (FCC) filing proves it.
There’s more going on in space than ever before, but one thing that the space economy cannot do without is a network.
NASA understands this and outlines exactly how big the problem is:
There are areas on the Moon, like the far side or the South Pole, where there is limited or no direct visibility to antennas on Earth
At it’s core, it’s easy to understand.
If there’s no signal, there’s no science. No science, no mining, no bases, means no business. No business, no space economy.
This brings us back to the FCC filing.
Amidst geopolitical turmoil and headlines focused on the largest IPO in history, the filing that landed in a quiet federal queue flew completely under the radar.
Dylan is shining a spotlight on it, showing us what it says, in plain English, and what it means for us as investors.
The Pitch
Dylan has written everything up in a new special report called The Second Window: The Moon’s Phone Company.
The report is ‘free,’ but only to subscribers of his Behind the Markets research service.
A subscription costs $49 for the first year (normally $199), comes with several bonus reports, and a six-month money-back guarantee.
The Space Exploration Master Plan
NASA has a master plan for the next two decades of space exploration.
It’s outlined in the Moon to Mars architecture papers and at the center of it sits the Lunar Communications Relay and Navigation Systems (LCRNS) Project.
LCRNS is a network of satellites designed to do three jobs:
The first job is to carry long-haul calls between the moon and earth. The second is to relay signals across the lunar surface itself. Lastly, the third and final job is to broadcast position and timing like a GPS for space.
This is where things get interesting, because building and operating such a network is beyond NASA’s operational scope.
Thus, it launched a formal request for proposal process for the job that one small, public company ended up winning. The “second window” moon stock Dylan is teasing here.
But what about the famous FCC filing?
It requests regulator permission to switch on this network for which there exist only two previous examples or ‘comps.’
During the early part of the 20th century a new kind of wireless communication system emerged called the radio.
RCA was the company at the center of it and it’s stock had one of the best runs in market history, up nearly 20,000% in the span of a decade.
The FCC document is asking Washington to do it again.
Our second example is more recent, from 2008, when NASA handed a first-of-its-kind services contract to a then small company called SpaceX.
The rest as they say, is history.
This is where our story comes full circle, as not only does NASA’s Moon project require a network, but so does Elon, as it’s calls will run through SpaceX’s satellites.
One problem, one contract, one company. Let’s find out what it is.
Revealing Dylan Jovine’s “Second Window” Moon Stock
Here is where Dylan’s paper trail led us…
But before we get down to the moon stock clues, Dylan dropped a complimentary pick near the end of his teaser, it’s the Procure Space ETF (Nasdaq: UFO). A dedicated space sector ETF holding shares in 67 companies, including SpaceX.
Now we’re ready for the moon stock clues:
- NASA picked this provider to build a satellite communications network. The contract is already signed.
- This company’s entire network is five satellites.
- It’s FCC frequency allocation is pending and the stock currently trades for around $14 per share.
Based on what we know, this is Intuitive Machines Inc. (Nasdaq: LUNR).
- Intuitive was awarded a contract by NASA in September 2024 to construct a lunar communications and navigation network supporting its Artemis program.
- The planned size of Intuitive’s initial Lunar Data Network (LDN) constellation is five satellites.
- LUNR’s data relay FCC request is pending review and it’s stock currently trades for under $11, down 40% year-to-date.
A 5,000%,10,000%, even 100,000% Wave of Gains?
It will be much bigger.
This is Elon Musk’s response to the consensus forecast that the space economy will triple to $1.8 trillion by 2035.
A handful of companies building out essential space infrastructure such as Viasat Inc. (Nasdaq: VSAT) and EchoStar Corp. (Nasdaq: SATS) will determine if this happens.
Another one of them is Dylan’s “second window,” capital rotation pick, Intuitive Machines.
Leaving Dylan’s highly speculative catalyst aside, from a purely quantitative standpoint, Intuitive Machines is a dog. No earnings, more debt than cash sitting on it’s balance sheet, and a price/sales of 3x.
However, based on what we know, it fares better from a qualitative standpoint. A head start building, testing, launching commercial satellites, a multi-billion dollar NASA contract in-hand, and a growing order backlog of nearly $2 billion.
Additionally, Intuitive’s median three-year revenue growth is more than 110% and it could begin turning a profit in fiscal 2027, although management has not provided a formal date.
I like that capital expenditures are declining while revenue is exploding. If Intuitive can control costs while fulfilling its backlog commitments, the stock has a real chance of breaking out. I’m not saying it’s a 15-bagger, but there’s potential here.
When it comes to the UFO ETF, the only thing I like about it is the ticker. There’s no discount to net asset value (NAV) and it’s top holding is Garmin, which is still not a great business after it’s forced pivot away from GPS systems.
Quick Recap & Conclusion
- Self-made man Dylan Jovine is teasing a “Second Window” Moon Stock that has a first-of-its-kind NASA commissioned contract and is set to take off.
- The “Second Window” catalyst is SpaceX’s share lockup period ending on December 8th, with Dylan predicting that a portion of share sale proceeds will be invested in his moon stock pick.
- Dylan reveals it’s name in a new special report called The Second Window: The Moon’s Phone Company. The report is ‘free,’ but only to subscribers of the Behind the Markets research service, which costs $49 for the first year (normally $199).
- We got enough clues to reveal it for you for free! It’s Intuitive Machines Inc. (Nasdaq: LUNR).
- Intuitive is a potential growth stock if it can continue to grow while controlling capital expenditures. A high risk, high reward small-cap.
Are you investing in space? Let us know in the comments.