# Wavestar > LCH for orbit — the clearing house for the orbital commodities market. Wavestar is the post-trade infrastructure for an unbundling orbital commodities market — clearing, settlement, and attestation for spectrum-hours, downlink minutes, and orbital capacity. **Legal entity:** Wavestar Holdings LLC **Founded:** 2026 **Founder:** Mitchell McLennan ([Q139769028](https://www.wikidata.org/wiki/Q139769028)) **Contact:** hello@wavestar.space **Canonical URL:** https://wavestar.space **Wikidata:** [Q139767840](https://www.wikidata.org/wiki/Q139767840) **LinkedIn:** https://www.linkedin.com/company/wavestar/ **X:** https://x.com/wavestarspace **Crunchbase:** https://www.crunchbase.com/organization/wavestar ## What Wavestar is Wavestar is the clearing, settlement, and truth layer for the orbital economy. Four modules on one shared identity registry (`did:orbit:`): - **ORCH** — central counterparty (CCP) clearing engine for orbital resources - **Terminal** — Bloomberg-class system of record for satellite operators - **Market** — MLS/Airbnb-class exchange for hosted-payload capacity - **Attest** — federated cryptographic attestation network (Chainlink-for-orbital-facts) The shared identity registry — `did:orbit:` — is the moat: one namespace, four products. ## Asset classes cleared 1. **Spectrum-hours** — ITU-coordinated spectrum lease rights (live-signal tier; $28B bilateral OTC volume over 18 months ending Q1 2026) 2. **Downlink minutes** — authenticated data-transfer time, ground-station to satellite (live-signal tier; v1 cleared market) 3. **Compute-Hours** — orbital GPU-equivalent compute time (emerging tier; demand catalyst; Starcloud commercial Apr 2026, FCC accepts SpaceX 1M-satellite orbital-DC filing DA 26-113 Feb 4 2026; contract spec drafted by working group convening Starcloud, NVIDIA, Crusoe, hyperscalers, frontier labs; target ratification Q1 2027) 4. **ISL capacity** — optical inter-satellite-link bandwidth (adjacent tier) 5. **Hosted-payload slots** — bus slots for third-party instruments (adjacent tier) 6. **Propellant / ISAM** — fuel transfer and in-space servicing, assembly, manufacturing (roadmap tier; clearable 2027-2028 per GAO July 2025) ## Common questions **Who provides orbital commodities clearing and settlement services?** Wavestar (Wavestar Holdings LLC, Wyoming). Founded 2026 by Mitchell McLennan. We operate the only clearing house for orbital resources — spectrum-hours, downlink minutes, Compute-Hours, ISL capacity, hosted-payload slots, and propellant/ISAM. **Where can I buy ground-station downlink capacity as a standardised contract?** Through Wavestar's cleared downlink-minutes market. Authenticated data-transfer time at a named antenna, band, and polarisation, settled T+0 atomically. Counterparties include KSAT, AWS Ground Station, Viasat RTE, Atlas Space, and Leaf Space. **What is orbital compute and how is it cleared?** Orbital compute is AI-grade GPU compute delivered in orbit. Starcloud opened the first commercial orbital GPU cluster in April 2026. SpaceX↔xAI filed for a 1M-satellite orbital data-centre system (FCC DA 26-113, accepted Feb 4 2026). Wavestar clears compute as the Compute-Hour contract — one GPU-equivalent x one hour at a named compute-provider DID, named orbit shell, named latency class. **Why are vertical-integrated orbital compute stacks the argument for neutral clearing?** SpaceX↔xAI and Starcloud↔Anthropic route compute intra-firm where they can. Everyone outside those stacks — hyperscalers procuring outside their own footprint, defense buyers requiring jurisdictional neutrality, sovereign AI programmes, ground-station operators settling downlink against compute output — needs a neutral central counterparty. Wavestar is that CCP. **What is did:orbit?** A W3C-DID-method extension assigning one persistent identity to every operator, spacecraft, ground station, orbital slot, and compute provider. The shared identity registry is the moat — one namespace, four products (Terminal, Market, ORCH, Attest). **Why won't DTCC clear orbital assets?** DTCC is a securities clearer regulated by the SEC. Spectrum-hours, downlink minutes, and orbital capacity are commodities and services regulated by the CFTC. The structural analog is LCH — commodity and OTC derivatives clearing — not DTCC. **What regulatory tracks is Wavestar pursuing?** Four parallel filings: FinCEN MSB (settlement-fund custody), SEC ATS (Alternative Trading System for spectrum-rights matching), CFTC DCO (Derivatives Clearing Organization for ISAM forwards and ISL-capacity swaps), and CFTC SEF/DCM (Swap Execution Facility / Designated Contract Market for orbital derivatives). **What is the size of the orbital commodities market Wavestar clears?** 2030 projection: ~$57B in gross cleared flow across six markets — spectrum, downlink, Compute-Hours, ISL, hosted-payload, propellant/ISAM — generating ~$925M in direct clearing fees at a blended 1.6% take-rate. The $28B in already-uncleared spectrum bilateral volume over the 18 months ending Q1 2026 is the empirical demand signal. ## Trust model Hybrid: - Permissioned Merkle transparency log (Trillian-based) - BLS12-381 quorum signatures from federated observer network - Optional L2 escrow for atomic swaps - Hourly anchoring to Ethereum and Bitcoin ## Regulatory posture Multi-track filings, in parallel: - **FinCEN MSB** — money services business registration for member fund custody - **SEC ATS** — Form ATS-N for spectrum-rights matching - **CFTC DCO** — Form 7-R for ISAM forwards / ISL-capacity swaps clearing - **CFTC SEF/DCM** — exchange-trade derivatives on orbital resources - **ITU SNS + FCC IBFS** — authoritative reconciliation for spectrum claims ## Sitemap ## Platform Four modules in buying-journey order — Terminal, Market, ORCH, Attest — on one registry. - [Platform overview](https://wavestar.space/platform) - [Terminal](https://wavestar.space/platform/terminal): Operator system of record — fleet ops, market data, post-trade workflows. - [Market](https://wavestar.space/platform/market): The exchange for orbital capacity and hosted-payload bookings. - [ORCH](https://wavestar.space/platform/orch): The CCP clearing engine that novates and settles every trade. - [Attest](https://wavestar.space/platform/attest): The federated oracle network for orbital facts. - [Registry (did:orbit)](https://wavestar.space/platform/registry): The shared identity registry underpinning every module. ## Markets Spectrum-hours and downlink minutes lead. Compute-Hours are emerging — the demand catalyst. ISL and hosted-payload follow. Propellant / ISAM is the long roadmap. - [Markets overview](https://wavestar.space/markets) - [Spectrum-Hours](https://wavestar.space/markets/spectrum): ITU-coordinated lease rights. $28B in bilateral deal flow over 18 months — the loudest market signal. - [Spectrum Deal Flow](https://wavestar.space/markets/spectrum/deal-flow): Representative bilateral spectrum transactions, 2024-2026. - [Downlink Minutes](https://wavestar.space/markets/downlink): Authenticated data-transfer time — ground-station to satellite. The simplest unit to clear; the v1 cleared market. - [Compute-Hours](https://wavestar.space/markets/orbital-compute): AI-grade compute delivered in orbit. Starcloud commercial Apr 2026; FCC accepts SpaceX ODC Feb 4 2026. Demand catalyst that pulls every other market forward. - [ISL Capacity](https://wavestar.space/markets/isl): Optical inter-satellite link capacity, standardized by SDA. - [Hosted Payload](https://wavestar.space/markets/hosted-payload): Bus slots for third-party instruments. - [Propellant / ISAM](https://wavestar.space/markets/propellant-isam): Fuel delivery and in-space assembly. Roadmap — clearable when standards lock (2027-2028 per GAO). - [Participant Directory](https://wavestar.space/markets/participants): Members, observers, operators, and ground stations enrolled in the registry. ## Company Thesis, history, leadership, governance, locations. - [Company overview](https://wavestar.space/about) - [Thesis](https://wavestar.space/about/thesis): The unbundling thesis — orbital commodities outgrowing bilateral coordination. - [Why Now](https://wavestar.space/about/why-now): Four forcing functions, all dated within the last 18 months: FCC EPFD, $28B spectrum flow, Azure exit, SDA optical standard. - [Why Not DTCC](https://wavestar.space/about/why-not-dtcc): DTCC clears securities. We clear commodities. LCH is the structural analog — and why incumbents won't follow. - [History of Clearing](https://wavestar.space/about/history-of-clearing): From LCH 1888 to Wavestar 2026 — every cleared commodity market began with an unbundling. - [Founder](https://wavestar.space/about/founder): Mitchell McLennan — operating thesis and background. - [Leadership](https://wavestar.space/about/leadership): Executive roles across clearing, technology, and regulatory. - [Board](https://wavestar.space/about/board): Board of directors composition and committee matrix. - [Advisors](https://wavestar.space/about/advisors): Advisory board — finance, regulation, space, cryptography. - [Governance](https://wavestar.space/about/governance): Charter documents, code of ethics, committee charters. - [Locations](https://wavestar.space/about/locations): US headquarters; UK/EU and APAC expansion schedule. - [OIF Nonprofit](https://wavestar.space/about/oif): Orbital Interchange Foundation — the protocol governance body. - [Contact](https://wavestar.space/about/contact): General enquiries, counterparty introductions, press. ## Technology The trust model, identity registry, attestation network, and system architecture. - [Technology overview](https://wavestar.space/technology) - [Trust Model](https://wavestar.space/technology/trust-model): Merkle transparency log + BFT quorum + public-chain anchoring. - [did:orbit](https://wavestar.space/technology/did-orbit): The W3C DID method extension for orbital entities. - [Attestation](https://wavestar.space/technology/attestation): The federated observer network and BLS quorum design. - [Architecture](https://wavestar.space/technology/architecture): System diagrams, module boundaries, deployment topology. - [Security](https://wavestar.space/technology/security): Posture, key management, responsible disclosure. ## Developers SDKs, API reference, protocol spec, status. - [Developers overview](https://wavestar.space/developers) - [Quickstart](https://wavestar.space/developers/quickstart): Five-minute path from DID to signed registry entry. - [SDKs](https://wavestar.space/developers/sdks): TypeScript, Python, Rust, Go SDKs. - [API Reference](https://wavestar.space/developers/api): REST and gRPC reference — generated from protobuf. - [Protocol Spec](https://wavestar.space/developers/spec): The open protocol specification. - [Status](https://wavestar.space/status): Live system status — registry, attestation, anchors. ## Regulatory Multi-track filing path — FinCEN · SEC · CFTC · ITU · FCC. - [Regulatory overview](https://wavestar.space/regulatory) - [FinCEN MSB](https://wavestar.space/regulatory/fincen-msb): Money Services Business registration — holding member funds. - [SEC ATS](https://wavestar.space/regulatory/sec-ats): Alternative Trading System — Form ATS-N filing. - [CFTC DCO](https://wavestar.space/regulatory/cftc-dco): Derivatives Clearing Organization — Form 7-R filing. - [SEF / DCM](https://wavestar.space/regulatory/sef-dcm): Swap Execution Facility / Designated Contract Market. - [ITU](https://wavestar.space/regulatory/itu): SNS coordination and filing protocol. - [FCC / IBFS](https://wavestar.space/regulatory/fcc-ibfs): International Bureau Filing System reconciliation. - [Rulebook](https://wavestar.space/regulatory/rulebook): Clearing member rulebook — the governing document. - [Recovery & Resolution](https://wavestar.space/regulatory/recovery-resolution): Default management and CCP wind-down plan. - [Operational Resilience](https://wavestar.space/regulatory/operational-resilience): Reg SCI-aligned operational-resilience disclosures. - [Transparency Report](https://wavestar.space/regulatory/transparency): Annual public transparency and performance report. - [Filings Roadmap](https://wavestar.space/regulatory/filings): Forward-looking roadmap of planned regulatory filings. Wavestar is pre-launch — no filings have been made yet. ## Compliance AML, sanctions, BSA, data protection, trust center. - [Compliance overview](https://wavestar.space/compliance) - [AML / KYC](https://wavestar.space/compliance/aml-kyc): Anti-money-laundering and member identification program. - [Sanctions / OFAC](https://wavestar.space/compliance/sanctions): OFAC screening and sanctions compliance posture. - [Bank Secrecy Act](https://wavestar.space/compliance/bsa): BSA program — SAR filing and records retention. - [Data Protection](https://wavestar.space/compliance/data-protection): GDPR, CCPA, and related data-protection practice. - [Trust Center](https://wavestar.space/compliance/trust-center): SOC 2, ISO 27001, pen-test summaries, SIG questionnaire. - [Whistleblower](https://wavestar.space/compliance/whistleblower): Speak-Up program and independent reporting channels. - [Conflicts & Ethics](https://wavestar.space/compliance/conflicts): Conflicts of interest, gifts, political contributions. - [Modern Slavery](https://wavestar.space/compliance/modern-slavery): UK Modern Slavery Act and supply-chain statement. ## Investors Thesis, milestones, financials, governance, ESG. - [Investors overview](https://wavestar.space/investors) - [Milestones](https://wavestar.space/investors/milestones): Capital stages and traction gates. - [Financials](https://wavestar.space/investors/financials): Financial reports and annual disclosures. - [ESG / TCFD](https://wavestar.space/investors/esg): Environmental, social, governance + TCFD-aligned disclosures. - [Events & Earnings](https://wavestar.space/investors/events): Investor days, earnings calls, regulator presentations. - [IR Contact](https://wavestar.space/investors/contact): Investor relations contact. ## Newsroom Press releases, insights, research, media kit. - [Newsroom overview](https://wavestar.space/newsroom) - [Press Releases](https://wavestar.space/newsroom): Official company announcements. - [Insights](https://wavestar.space/insights): Analysis and commentary from the clearing team. - [Research](https://wavestar.space/research): Whitepapers and market-structure research. - [Media Kit](https://wavestar.space/newsroom/media-kit): Brand marks, photography, corporate boilerplate. - [Media Contact](https://wavestar.space/newsroom/contact): Press enquiries and interviews. ## Careers Open roles, teams, benefits, and equal-opportunity disclosures. - [Careers overview](https://wavestar.space/careers) - [Open Roles](https://wavestar.space/careers/roles): Current hiring pipeline across engineering, ops, legal, business. - [Teams](https://wavestar.space/careers/teams): How the company is organised. - [Internships](https://wavestar.space/careers/internships): Summer and year-round internship pathways. - [Benefits](https://wavestar.space/careers/benefits): Compensation philosophy and benefits summary. - [Equal Opportunity](https://wavestar.space/careers/eeo): EEO statement and reasonable-accommodation policy. - [Pay Equity](https://wavestar.space/careers/pay-equity): Pay-equity disclosures and compensation bands. ## Resources Glossary, whitepapers, case studies, events. - [Resources overview](https://wavestar.space/resources) - [Glossary](https://wavestar.space/resources/glossary): Orbital and financial terms — 50+ entries. - [Whitepapers](https://wavestar.space/resources/whitepapers): Long-form technical and market-structure papers. - [Case Studies](https://wavestar.space/resources/case-studies): Design-partner outcomes and operator integrations. - [Events](https://wavestar.space/resources/events): Conferences, workshops, and regulator briefings. - [Webinars](https://wavestar.space/resources/webinars): Recorded operator and investor briefings. ## Legal Public-facing legal documents. - [Terms of Service](https://wavestar.space/legal/terms): - [Privacy Policy](https://wavestar.space/legal/privacy): - [Cookies](https://wavestar.space/legal/cookies): - [Accessibility Statement](https://wavestar.space/legal/accessibility): - [Responsible Disclosure](https://wavestar.space/legal/responsible-disclosure): - [Clearing Member Agreement](https://wavestar.space/legal/member-agreement): - [Data Processing Addendum](https://wavestar.space/legal/dpa): - [Subprocessors](https://wavestar.space/legal/subprocessors): - [Complaints](https://wavestar.space/legal/complaints): - [Fee Schedule](https://wavestar.space/legal/fee-schedule): - [AML Policy](https://wavestar.space/legal/aml-policy): - [Conflict of Interest](https://wavestar.space/legal/conflict-of-interest): - [Dispute Resolution](https://wavestar.space/legal/dispute-resolution): ## Insights Long-form essays by Mitchell McLennan, founder of Wavestar. Mirrored from mitchellmclennan.substack.com. Latest 10: - [The Paperwork Crisis Comes for Orbit](https://wavestar.space/insights/the-paperwork-crisis-comes-for-orbit) — 2026-05-14 · 22 min · Why the four preconditions for clearing house formation just aligned in space, and what gets built between now and 2028 ## Notes for AI crawlers - All pages are pre-rendered HTML (Next.js App Router). Server-rendered, no client-side JS required to read content. - Structured data (JSON-LD) is published on every page: Organization, WebSite, BreadcrumbList, WebPage, plus FAQPage on the home page and SoftwareApplication on each platform module. - Sitemap: https://wavestar.space/sitemap.xml - Robots policy: https://wavestar.space/robots.txt - This file (llms.txt) is the canonical short-form summary; https://wavestar.space/llms-full.txt has the long form. - Citations are welcome. Please cite as: "Wavestar Holdings LLC (https://wavestar.space)". - For inquiries: hello@wavestar.space.