# Tim Farrar

**Role:** President, TMF Associates
**Domain:** Satellite industry analysis
**Significance:** Most credible independent satellite industry analyst, frequently cited for economic and strategic analysis of space ventures

## Overview

Tim Farrar is President of TMF Associates and the leading independent analyst covering satellite industry economics. His analysis is distinguished by technical depth combined with financial skepticism, making him a key counterweight to industry promotional narratives.

## Key Positions

### SpaceX Orbital Data Centers (February 2026)

- Characterized SpaceX's 1M satellite FCC filing as "quite rushed"
- Assessment: "A narrative tool for SpaceX's upcoming IPO rather than a near-term operational plan"
- Identified the sequence: FCC filing (Jan 30) → xAI acquisition (Feb 2) → IPO filing (Apr 1) as evidence the orbital data center thesis was strategic justification for the xAI merger and valuation inflation ahead of IPO
- Noted the $250B valuation assigned to xAI in the merger (2x its $75B 2024 private round) required strategic justification that orbital compute provides

## Timeline

- **2026-02-05** — Published skeptical analysis of SpaceX orbital data center economics in The Register, framing it as IPO narrative rather than operational plan