Methodology: layers follow the physical path a bit takes — photons hit a sensor in orbit, cross the mesh,
and land at an antenna before anyone gets paid. The bottleneck score ranks how
supply-constrained each layer is at the current deployment rate — capacity concentration, lead times, and share
of mission cost, not company quality. Launch is scored low on purpose: reusability made it the abundant layer, which
is exactly why the constraint migrated downstream. One layer runs at 5/5 — the ground segment, where antennas,
spectrum, and downlink scale linearly while orbit scales exponentially. Company lists are representative, not
exhaustive. All layer framing, scores, and takes are BEP Research.
DISCLOSURE — Long NVDA, LITE, CRDO, TSEM, LSCC, ALAB, WOLF, ORCL (2027 LEAPS), BE.
Positions flagged in the map. This is research, not investment advice. Do your own work.
BEP Research · bepresearch.substack.com