Stardust Capital — Investor Letter | June 2026
It's a "Fly Me to the Moon" Market
Right now, Wall Street has grabbed the mic, loosened its tie, and is absolutely belting out Fly Me to the Moon. The market wants to play among the stars, and judging by the recent frenzy, it wants to do it immediately. Valuations have defied gravity, portfolios are in orbit, and everyone seems blissfully convinced that rocket fuel never runs out. It’s euphoric, it’s romantic, and honestly, it’s an incredibly catchy tune.
The ultimate crescendo of this little concert? The SpaceX IPO. It is the perfect, fantastical embodiment of a market that has completely lost its fear of heights. We love a good spectacle as much as anyone, but here is the cold, hard vacuum of truth: when a blockbuster IPO of this magnitude sucks all the oxygen out of the room, it's usually the market's way of planting a flag at the summit. Historically speaking, when everyone is tripping over themselves paying top dollar to see what spring is like on Jupiter and Mars, we see it as the clearest possible signal of a market top.
So, we took advantage of this zero-gravity craziness. While everyone else was busy suiting up for the launchpad, we quietly unbuckled. We locked in some stellar profits, built up a comfortable cash reserve, and let someone else take the spacewalk. In other words—as Frank would croon—we sold some tickets to the tourists.
We have officially repositioned our portfolio into a much safer, distinctly down-to-Earth allocation. And to be clear, we don't even mean low Earth orbit. We mean terra firma. We've anchored our capital into grounded businesses with heavy gravitational pull—the kind that actually generate cash flow rather than just burning it in the atmosphere.
I know the irony isn't lost on me: although our company name is Stardust, my investment thesis lives firmly here on earth on solid ground. We’ll let the rest of the market play among the stars; we are quite happy watching the launch with our boots in the grass.
In other words, I love you guys.
— Gabe
Stardust Capital