THE COMPANY DESK
The tracked universe, one board
Every company the desk follows, grouped by what kind of business it is. Each carries a full EDGAR filing index, quarterly financials, and its transcript shelf. The matrix below is the pattern the desk is watching: the sector migrating out of the merchant middle toward end-to-end, the SpaceX template.
THE PATTERN · VALUE-CHAIN OCCUPANCY
Who occupies which layer — and who is moving
Each row is a company; each column a layer of the value chain, from components to services. A filled cell means the company operates there. Captive = it does the work for itself (the verticalization signal); merchant = it sells that layer to others (the exposed position); entering = it is building in, the migration caught in the act. Read down: the merchant middle is thin and pinned left, operators sit at the right, and the integrated primes — plus every dashed arrow — are the sector converging on the full stack.
Across the watchlist, 16 companies already occupy three or more layers, and 15 more layer positions are being built into right now (the arrows) — almost none of them pointing back down the chain. The merchant suppliers hold the fewest cells and the most exposed ones: single layers other companies are learning to do for themselves. That asymmetry is the thesis in one picture.
Seed scores, 35 companies · end-to-end convergence dossier · layer definitions in companies/README.md
Integrated primes
3+ layers, selling end-to-end missions — the SpaceX template
Operators
Own/operate a fleet, sell capacity or services
EO services
Captive imaging constellation monetised as data
Merchant suppliers
Sell components, buses, or transport to primes — the squeezed middle
Ground segment
Terminals, modems, ground networks
Defense primes
Diversified defense contractors with space segments
Hyperscaler entrant
Non-space giant building a captive constellation
Other
Doesn't fit the buckets above
35 companies · 89 occupied layer positions · full filing index and XBRL financials refresh twice daily from SEC EDGAR. Non-US filers (SES, Eutelsat, MDA, OHB, Space42) carry their own disclosure channels.