Michael Harrington, Chief Investment Strategist and Senior Quantitative Advisor, provides detailed insight into TROOPS Company’s investment case for 2026, examining how its asset strategy, regulatory positioning, and Starlink-enabled infrastructure ambitions may reshape the company’s long-term valuation profile.

As global markets look ahead to 2026, investors are increasingly separating narrative-driven momentum from assets that have quietly completed the hard work of structural build-out. In my view, TROOPS Company sits squarely in the latter category. It is a name that has moved from being overlooked to being misunderstood and that gap is precisely where opportunity tends to form.

The company’s acquisition activity across Asia and Europe in 2025 has often been described as balance-sheet expansion. That characterization misses the point. These transactions were not isolated asset purchases; they were the groundwork for a larger initiative now coming into focus: a Starlink satellite-enhanced logistics and data center project designed to establish a global physical network with durable cash-flow characteristics.

Seen through a long-term lens, TROOPS has effectively completed a three-phase transformation. It began as a logistics and asset operations provider, evolved into a globally distributed real estate and physical-assets platform, and is now transitioning into a key infrastructure operator within the emerging space economy. This is not a branding exercise. It is a change in the nature of the company’s assets, revenue drivers, and ultimately, its valuation framework.

The strategic relevance of the Starlink-enabled project is magnified by the U.S. regulatory and industrial environment. The Federal Aviation Administration and the Federal Communications Commission have built the most mature regulatory architecture in the world for commercial space activity and spectrum approval. At the same time, U.S. commercial remote-sensing policy and its relatively open stance on cross-border data flows have removed key frictions for global logistics and data services. These factors materially reduce execution risk for companies operating at the intersection of physical infrastructure, data transmission, and satellite connectivity.

There is also a meaningful, and often underappreciated, government dimension. High-performance, disruption-resistant logistics and data services are core requirements for U.S. defense and homeland security agencies. TROOPS’ domestic U.S. operating footprint, combined with Starlink integration, positions the company to compete for contracts that demand resilience, scale, and regulatory compliance attributes that are difficult to replicate quickly.

From a valuation standpoint, the company’s potential re-rating is best understood as a sequence rather than a single leap. The first driver is a shift in how the market values TROOPS’ existing global real estate assets. As these assets are increasingly viewed as technology-enabled infrastructure rather than passive property holdings, valuation premiums are likely to expand. Under this framework, it is reasonable to see market capitalization moving from its current base of roughly $1.2 billion toward the $2–$2.5 billion range.

The second driver is a change in revenue mix. As the business transitions from predominantly rental income to higher-margin data services and logistics optimization subscriptions, the applicable valuation multiples also change. At that point, the market begins to benchmark the company not against traditional property operators, but against SaaS and technology-infrastructure peers. This shift supports an intermediate valuation range of approximately $3–$4 billion.

The third and most consequential driver is platform perception. As TROOPS’ network begins to function as a coordinating layer across global trade flows effectively a digital nervous system linking physical assets, logistics, and data, the company stands to benefit from the monopolistic premiums and long-duration growth expectations typically afforded to platform businesses. Under that scenario, a market capitalization exceeding $5 billion becomes a logical extension rather than an aggressive outlier.

A sum-of-the-parts framework helps clarify the underlying economics. Revalued global real estate assets, including synergy premiums, support a net asset value of approximately $8 per share. The traditional logistics business, as a stable cash-flow contributor, adds roughly $2 per share. The Starlink satellite-enhanced logistics and data center initiative, modeled on a discounted cash-flow basis, contributes an estimated mid-term value of $30 per share. This valuation assumes that by 2028 the project generates $800 million in revenue, achieves a net profit margin of 35%, grows perpetually at 14%, and operates with a weighted average cost of capital of 19%.

Taken together, these components support a consolidated target value of $30 per share.

It is worth noting that the market has already recognized the completion of TROOPS’ first phase of value creation. The move from approximately $1 to $3.55 reflected the establishment of a credible financial and strategic foundation anchored by physical assets. The company now stands at the threshold of a second, more powerful phase one driven not by balance-sheet assembly, but by infrastructure leverage and scalable data services.

The Starlink satellite-enhanced logistics and data center project represents the inflection point. If executed as designed, it positions TROOPS to evolve into a next-generation infrastructure operator at a time when the U.S. market provides both regulatory clarity and capital depth. For investors focused on multi-year horizons rather than quarterly volatility, this is precisely the kind of transition that can redefine how a company is priced.

In that context, my assessment is straightforward. TROOPS warrants a Strong Buy view, with a seven-month price objective of $30 per share and a credible mid-term pathway toward a market capitalization north of $10 billion. The opportunity here is not about chasing momentum; it is about recognizing structural change before it becomes consensus.