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Pre-Launch · Filing seed · Series A — Q4 2026

Wavestar Holdings · Wyoming · 2026

The clearing, settlement, and truth layer for the orbital economy.

One identity registry. One clearing engine. One operator system-of-record. One federated attestation network. The rails under spectrum-hours, downlink minutes, inter-satellite capacity, propellant and ISAM delivery, and hosted-payload slots.

Speak with a clearing officerRead the thesisRegulatory filings
MERKLE ROOT · 0x3fa8c0…9b2eLOG SEQ · 214,509ATTEST QUORUM · 8 OF 12 LIVENEXT BTC ANCHOR · 00:57:41ACTIVE OPERATORS · 62DID:ORBIT MINTED · 14,218ORCH MATCH P99 · 1.8 MSREGULATORY TRACK · 0 / 4 FILEDMERKLE ROOT · 0x3fa8c0…9b2eLOG SEQ · 214,509ATTEST QUORUM · 8 OF 12 LIVENEXT BTC ANCHOR · 00:57:41ACTIVE OPERATORS · 62DID:ORBIT MINTED · 14,218ORCH MATCH P99 · 1.8 MSREGULATORY TRACK · 0 / 4 FILED

The platform · Four modules on one registry

Onboard once. Clear, operate, list, and attest across every orbital asset class.

Every module shares the did:orbit: identity namespace. Terminal data informs ORCH pricing. ORCH trades feed Attest attestations. Market bookings update Terminal. The registry is the moat.
WavestarORCHCCP
BUYERSELLERCCP · NOVATION
ORCH
WavestarTERMINALOMS
WAVESTAR://TERMINAL · SESSION-9F4ANOTIONAL · 24H$12,480,210TRADES4,221MEMBERS · LIVE38MERKLE · 0x3fa8c0…9b2e · LIVE
Terminal
WavestarMARKETMKT
SLOT-016.2 kgSSO 500km$240kSLOT-0212 kgGTO$820kSLOT-034.1 kgLEO 420km$160kMATCHSLOT-0418 kgMEO$1.2MSLOT-058.8 kgSSO 700km$320kSLOT-0622 kgLEO 550km$1.4MBUS · KEPLER-9 · MARCH 2027 LAUNCH
Market
WavestarATTESTORC
BLSAGGREGATEQUORUM · 8-OF-12 · T+0.42s
Attest
WavestarREGISTRYDID
HEADdid:orbitAPPEND-ONLY TRANSPARENCY LOGSEQ 214,509 · MERKLE 0x3fa8c0…9b2e · ANCHORED 00:57:41 AGO
did:orbit Registry — The spine

By the numbers · 2030 projections

Wavestar addressable at steady state.

Gross cleared flow
$0B

Direct clearing volume across five asset classes by 2030.

Blended take
0%

Historical clearing-house average — 0.5 to 3% depending on asset.

Fee pool · 2030
$0M

Direct clearing fees. Terminal, Market, Attest add a multiple.

Active operators
0+

Target member count by 2030 — every Top-10 constellation.

How it clears

One counterparty. Four tracks. One atomic step.

Every trade is novated to Wavestar. Buyer faces us; seller faces us. The cash leg, the resource leg, the attestation, and the transparency log advance together — with deterministic behaviour on default.
BUYERSELLERCCP · WAVESTAR
Step 1 / 4

Thesis · Why now

Four preconditions that were not true in 2023 are true now.

Every clearing house in financial history appeared at the moment its asset class outgrew bilateral settlement. The orbital economy is that asset class today. DTCC in 1973. CME in 1898. LCH in 1888. SWIFT in 1973. Wavestar in 2026.
  • 01

    Satellite density

    1M+ filings on the table. ~14k active spacecraft on track to 70k+. Coordination primitives irrelevant at 1,000 satellites are mandatory at 70,000.
  • 02

    Persistent optical mesh

    Kepler commercial service live. SDA Tranche 1 on orbit, Tranche 2 under contract. Gbps links are a substrate that can be bought, sold, and cleared.
  • 03

    ISAM is real

    Fuel transfer (Orbit Fab). Rendezvous (Northrop MEV). In-space assembly flight demo. Assets in orbit are mutable; contingent-delivery contracts are physically possible.
  • 04

    In-orbit compute

    General-purpose Linux on spacecraft (Aethero, Little Place Labs, Ramon.Space, Lockheed SmartSat). Satellites can run the client side of a settlement protocol.
We don’t build chains. We publish audit trails. Clearing remains a centralised function — the transparency layer does not.
Mitchell McLennan·Founder, Wavestar Holdings

Regulatory · Multi-track

Filed to be treated as what we are — critical market infrastructure.

We do not ask for novel interpretations. We do not ask for exemptions. We file on four regulatory tracks in parallel.
  1. 2026 · Months 3 – 9In progress

    FinCEN — Money Services Business

    Hold member settlement funds in custodial accounts, segregated from operating capital. State-by-state MSB licensing across 49 states + DC.
  2. 2026-27 · Months 9 – 18Planned

    SEC — ATS-N · Alternative Trading System

    Match spectrum-rights trades under Reg ATS. Novation and surveillance obligations attach.
  3. 2027-28 · Months 18 – 30Planned

    CFTC — Form 7-R · Derivatives Clearing Organization

    Clear ISAM forwards and ISL-capacity swaps with a default fund and graduated member margin under Core Principles A–R.
  4. 2028+ · Month 36 onwardPlanned

    CFTC — SEF / DCM

    Exchange-trade derivatives on downlink, ISL capacity, and spectrum. Standardised contracts with public reference prices.
All regulatory filings and status

Newsroom · Insights

Reading from the clearing team.

All insights
Four preconditions just flipped at once
Thesis

Four preconditions just flipped at once

The cross-product of dense constellations, optical mesh, ISAM, and on-orbit compute turns a dozen things into cleared asset types. None were clearable five years ago.

Read more
did:orbit — one identity for every asset in orbit
Registry

did:orbit — one identity for every asset in orbit

The shared namespace that lets ORCH, Terminal, Market, and Attest address the same spacecraft, slot, or ground station. The registry is the moat.

Read more
Boring regulation wins
Regulatory

Boring regulation wins

DTCC, CME, LCH, SWIFT. We file to be treated as utility-class infrastructure — not under a novel interpretation, not under an exemption.

Read more

Clearing members · target

0+

Observer nodes · v1

0

Match latency · p99

0 ms

Seed · 24mo v1

$0M

Now onboarding · Design-partner cohort · Q3 2026

Five operators. Five regulators. Five ground stations.

Zero-fee through clearance of the first $10M notional, a permanent seat on the rulebook working group, and first-look at every new market class.

Request an introductionRead the thesis