BSV Podcast 0081: Investing in the New Space Economy with Andrew Swartz

Balerion Senior Associate Aidan Daoussis sits down with Balerion Advisor Andrew Swartz, Advisor at Balerion Space Ventures,to discuss investing in the new space economy. Swartz describes his background in private equity, private credit, and family office investing, and explains why Balerion’s infrastructure-focused strategy shifted his view of space from a non-investable category to an investable one. The conversation covers portfolio construction, family office capital, commercialization of space, and the areas he sees as most compelling today, including space-based data centers and privately funded space stations.Timestamped Overview00:00 – Introduction and Andrew Swartz’s investing background in private equity, private credit, real estate, and family offices02:47 – Why Balerion changed his view on space as an investable category04:16 – Balerion’s “picks and shovels” approach and Crossbow’s solid rocket motor demonstration05:45 – The analogy between space commercialization and the discovery of the New World08:52 – SpaceX, reusable launch, and the development of broader launch capacity09:52 – Risks in space and why current technology lowers perceived risk compared with earlier eras of exploration11:01 – What Swartz believes differentiates Balerion from other space and defense funds12:03 – The opportunities he finds most compelling: space-based data centers and privately funded space stations14:17 – Why Balerion now has stronger access to high-quality rounds and more influence with companies15:42 – Why family offices should care about space, and how permanent capital can support long-term frontier investing18:19 – Portfolio risk, diversification, and why early involvement can matter in an emerging sector20:17 – Space as infrastructure, and the accelerating cadence of technical progress22:47 – Swartz’s 20–30 year view of the space economy and its potential scale25:11 – Additional proof points from Balerion’s ecosystem, including trips to El Segundo and Austin27:14 – The next wave of space opportunity, with focus on power stations and manufacturing platforms in orbit28:31 – Closing thoughts on space as a defining investment theme and an invitation for direct conversations with the Balerion team This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit balerionspace.substack.com