Why is Linde considered a 'pick-and-shovel' play for SpaceX's growth, according to the news?

Linde is considered a 'pick-and-shovel' play for SpaceX's growth because it serves as SpaceX's main supplier of liquid oxygen and other industrial gases—critical propellants and support materials for rocket launches. Although space-related revenue currently represents only a small percentage of Linde's total revenue, the news states that its space-related revenue is projected to increase significantly over the next five years due to SpaceX's accelerated launch cadence and the transition to the propellant-intensive Starship rockets.

What specific factors are expected to drive Linde's future revenue growth tied to SpaceX?

The news identifies two specific factors expected to drive Linde's future revenue growth tied to SpaceX: (1) SpaceX's accelerated launch cadence, which increases demand for industrial gases like liquid oxygen, and (2) the transition to the Starship rocket system, which is described as 'propellant-intensive'—implying substantially higher consumption of Linde-supplied cryogenic gases per mission compared to previous vehicles.

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