Wavestar Insights

Long-form writing from the clearing team.

Thesis pieces, market microstructure notes, and commentary on the orbital economy by Mitchell McLennan, founder of Wavestar. Mirrored from mitchellmclennan.substack.com. Subscribe there for delivery to your inbox.

Subscribe on Substack Press releases

Author

Mitchell McLennan

Role

Founder, Wavestar Holdings

Cadence

Weekly during v1 build

Posts

Latest

Most recent essay.

Featured · Sep 3, 2026 · 4 min read

The Circuit Absorbs the Cost

Gregory Bateson spent fifty years asking why systems that learn destroy the conditions they depend on. Prior authorization is the worked example.

Read essay

Earlier essays.

The full archive, newest first. Each essay is mirrored in full on wavestar.space with the original Substack post linked at the bottom.

Sep 1, 2026 · 6 min
The Shortage List Is the Business Model
GLP-1 compounding was never a molecule story. It was a database story, and the database changed.
Read more
Aug 25, 2026 · 2 min
The Authority Wall
Healthcare solved delegated authority decades ago. The agents merely have to catch up.
Read more
May 14, 2026 · 22 min
The Paperwork Crisis Comes for Orbit
Why the four preconditions for clearing house formation just aligned in space, and what gets built between now and 2028
Read more

An essay every Wednesday during v1 build.

Direct to your inbox via Substack. No marketing, no roundups — just the essay, when it lands.

Subscribe on Substack RSS feed

Long-form writing from the clearing team.

Most recent essay.

The Circuit Absorbs the Cost

Earlier essays.

The Shortage List Is the Business Model

The Authority Wall

The Paperwork Crisis Comes for Orbit

An essay every Wednesday during v1 build.