Building the Orbital Economy
We partner with founders building critical infrastructure for space, defense, and dual-use applications across Five Eyes nations.
Investment Focus
Orbital Infrastructure
Satellite constellations, space stations, orbital manufacturing, and debris management systems enabling permanent human presence in orbit.
In-Space Logistics
Orbital transfer vehicles, refueling systems, satellite servicing, and last-mile delivery capabilities for the cislunar economy.
National Security Systems
Space domain awareness, secure communications, ISR capabilities, and defense-critical technologies for allied nations.
Dual-Use Platforms
Advanced propulsion, materials science, AI/autonomy for space operations, and technologies serving both commercial and defense markets.
Energy & Power
Space-based solar power, energy beaming, advanced nuclear systems, and next-generation power solutions for orbital and terrestrial applications.
Communications
Satellite internet mega-constellations, quantum communications, secure networks, and data relay systems for global connectivity.
Select Investments
Portal Space Systems
Next-generation orbital transfer vehicles enabling sustainable in-space logistics and satellite servicing operations.
Mission Control
Ground station infrastructure and mission operations software for satellite operators and space agencies.
Wyvern
Hyperspectral imaging satellites providing unprecedented Earth observation data for agriculture, mining, and defense.
Investments made through Carvalho Capital and HUMANUS Syndicate on AngelList.
Team
Jason Carvalho
Founder of Carvalho Capital and creator of SpaceChallenge.com. Over six years building a portfolio of pre-seed investments in leading SpaceTech startups working with NASA, U.S. Space Force, and national defense ecosystems across North America.
Long-time mentor in the Creative Destruction Lab (CDL) Space Stream, advising deep tech founders in partnership with top-tier institutions and global venture networks.
Previously first employee at Indochino.com and ParetoLogic, both reaching $100M+ revenue. Featured in The Wall Street Journal, Forbes, and WIRED. Harvard Kennedy School alum.
Jeff Thornburg
CEO of Portal Space Systems, developing next-generation in-space propulsion systems for orbital transfer and satellite servicing missions.
Veteran aerospace executive with deep experience at SpaceX, Stratolaunch, and within U.S. government propulsion programs. Led engineering and propulsion initiatives for some of the most advanced space systems in development.
Brings operational expertise in building, testing, and deploying complex aerospace systems from concept through production.
Beyond the Prime Directive
The orbital economy is not a future scenario — it's infrastructure being built today. Critical systems for communications, navigation, earth observation, and national security increasingly depend on space-based assets.
We invest in companies solving civilization-scale challenges: orbital debris management, in-space logistics, satellite servicing, and dual-use technologies that serve both commercial and defense markets.
Our focus on Five Eyes nations (Canada, USA, UK, Australia, New Zealand) reflects a strategic thesis: the most critical space and defense infrastructure will be developed by allied democracies working in concert.
We partner with technical founders who understand that space is no longer a domain for prestige projects, but a vital arena of innovation, commerce, and security. The companies building orbital infrastructure today will define economic and strategic advantage for decades.
For Founders
We work with technical founders building companies in orbital infrastructure, in-space logistics, national security systems, and dual-use technologies across Five Eyes nations.
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