did:orbit: identity registry — one namespace, four products.
Wavestar Holdings · Wyoming · 2026
LCH for orbit. The clearing house for the orbital commodities market.
Wavestar clears the orbital commodities market — settling spectrum-hours, downlink minutes, orbital compute, ISL capacity, hosted-payload slots, and propellant/ISAM on one shared registry. $28 billion of bilateral volume already crosses the industry uncleared. On April 30 2026 the FCC opened private bargaining for NGSO/GSO coordination. We are the post-trade infrastructure underneath — Terminal, Market, ORCH, and Attest.
SPECTRUM DEAL FLOW · $28B · 18 MOFCC EPFD ORDER · APR 30 · 2026FCC ACCEPTS SPACEX ODC · DA 26-113STARCLOUD COMMERCIAL · APR 2026COMPUTE-HOURS · WORKING GROUP V0.1BILATERAL VOLUME · UNCLEAREDATTEST QUORUM · 8 OF 12 LIVEORCH MATCH P99 · 1.8 MSSPECTRUM DEAL FLOW · $28B · 18 MOFCC EPFD ORDER · APR 30 · 2026FCC ACCEPTS SPACEX ODC · DA 26-113STARCLOUD COMMERCIAL · APR 2026COMPUTE-HOURS · WORKING GROUP V0.1BILATERAL VOLUME · UNCLEAREDATTEST QUORUM · 8 OF 12 LIVEORCH MATCH P99 · 1.8 MS
The platform · Four modules on one registry
Operate. List. Clear. Attest. The buying journey, in order.
Operators open Terminal to manage their fleet. They list and discover capacity in Market. ORCH novates and clears the trades that result. Attest signs every external fact those trades depend on. All four modules share the
Market signal · today through 2030
The bilateral volume already exists. We clear it.
Spectrum bilateral volume
$0B
Direct-to-device spectrum deal flow over the eighteen months ending Q1 2026 — uncleared, bilateral, today.
Wavestar cleared flow · 2030
$0B
Direct clearing volume across the asset-class roadmap by 2030, including emerging Compute-Hours.
Blended take
0%
Historical clearing-house average — 0.5 to 3% depending on asset.
Fee pool · 2030
$0M
Direct clearing fees across all six markets. Terminal, Market, Attest add a multiple.
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.
Step 1 / 4
Why now · Five forcing functions
Five forcing functions, all dated within the last eighteen months.
Every commodity clearing house in financial history appeared at the exact moment a bilateral OTC market broke under its own volume. LCH in 1888 for London commodities. ICE Clear for energy. The orbital commodities market is that market today — and the regulatory door opened five days ago. The fifth function — orbital compute — is the demand catalyst that pulls every other market forward.
- 01
FCC EPFD modernization · April 30 2026
The FCC voted to replace fixed regulatory protections with voluntary private bargaining for NGSO/GSO interference coordination. The order applies to current licensees, market-access grantees, and every future applicant. Private spectrum coordination is now the regulatory default. - 02
$28 billion of bilateral spectrum deal flow
Eighteen months of direct-to-device spectrum transactions — AST/Verizon, SpaceX/T-Mobile, Globalstar/Amazon, and the long tail behind them. The volume that needs clearing is already crossing, today, without any post-trade infrastructure underneath it. - 03
Ground-station fragmentation
Azure Orbital exited GSaaS in 2024. EQT acquired Eutelsat's ground stations. AWS, KSAT, Leaf, and Atlas are vertically integrating. The neutral coordination layer between operators and ground infrastructure is missing — and the market is asking for it. - 04
SDA optical comms standard · live
The Space Development Agency's optical inter-satellite-link standard is now compliance-real. Kepler launched its commercial relay constellation in January 2026 against SDA-compatible terminals. Cross-constellation ISL capacity is becoming fungible — the prerequisite for a clearable wholesale market. - 05
Orbital compute · Starcloud commercial · FCC accepts SpaceX ODC
Starcloud opened the first commercial orbital GPU cluster in April 2026 around an NVIDIA H100 launched in November 2025. The FCC's Space Bureau accepted SpaceX's filing for ~1M orbital-DC satellites on February 4, 2026 (DA 26-113). Vertical-integrated stacks (SpaceX↔xAI, Starcloud↔Anthropic) make the case for a neutral CCP themselves.
We don’t build chains. We publish audit trails. Clearing remains a centralised function — the transparency layer does not.
Newsroom · Insights
Reading from the clearing team.
Clearing members · target
0+
Observer nodes · v1
0
Match latency · p99
0 ms
Spectrum bilateral · 18mo
$0B
Now onboarding · Design-partner cohort · Q3 2026
Spectrum operators. Ground stations. Constellation operators. Compute providers. Regulators.
Zero-fee through clearance of the first $10M notional, a permanent seat on the rulebook working group — including the Compute-Hours spec convening Starcloud, NVIDIA, Crusoe, hyperscalers, and frontier labs — and first-look at every new market class as it comes online.