Marc Lichtenfeld's Oxford Income Letter promotes the “SpaceX Royalty” Portfolio. We identify the two companies and test the promised income claim.
One promotion, several names — all of them point to the same pitch, and the same stock.
The Oxford Club is selling Marc Lichtenfeld's Oxford Income Letter with the headline, “You’re One Step Away From Discovering How to Collect Income Using ‘SpaceX Royalty Shares’.” The pitch presents a way to profit from companies supplying the space economy without owning SpaceX itself.
The offered report, “SpaceX Royalty” Portfolio: How to Collect Up to $11,400 Per Year From Critical Suppliers, claims that two little-known suppliers sit behind SpaceX's growth and that investors can collect a mandated share of their profits. The filings support parts of the supplier story. They don't support the federal royalty promise.
The two stocks are identified below with high, though not absolute, confidence. The headline pick is Linde plc, with Vale S.A. as the second name.
The most distinctive clues point to Linde: more than 60 years supporting America's space program, liquid oxygen supplied to Apollo, a planned $100 million air-separation facility in Brownsville for SpaceX Starship operations, and a claim involving 356 patents. Those details are unusually specific and easy to check.
The second trail points to Vale: a long-term agreement to supply Tesla with Class 1 nickel from Canada and a large shareholder distribution. The same pitch also travels under the names “SpaceX Royalty,” “SpaceX Royalty Portfolio,” and “Retirement Royalty.” These are different labels for the same promotion.
The two stocks are Linde plc (LIN) and Vale S.A. (VALE). Linde is the headline pick, and its clues line up most cleanly: Linde's July 21, 2025 space-sector release says the company has supported space exploration for more than 60 years, including Apollo, and supplied products involved in more than 100 successful rocket launches in 2024.
The Brownsville clue tightens the identification. The City of Brownsville announced a planned $100 million Linde plant intended to produce oxygen and nitrogen for SpaceX Starship operations, and city records show a construction permit. That is a strong match, even though the public records don't confirm that a formal groundbreaking had already taken place.
Vale fits the second slot through its May 6, 2022 announcement of a long-term Tesla contract for Class 1 nickel. That establishes a real critical-minerals and Tesla connection, but not a SpaceX royalty. Our confidence is 91/100 for Linde and 82/100 for Vale.
The claim-by-claim checks separate the real corporate links from the parts of the sales copy that stretch well past the evidence. They draw on Linde's company releases and 2025 10-K, Brownsville announcements and records, Vale's annual report and Tesla agreement, Tesla's 2021 Impact Report, and SEC investor materials.
The result is a mixed picture: the companies are identifiable, several supplier connections are real, and the income mechanism remains unsupported. The details below show exactly where each claim lands.
| The promotion claims | Verdict | What we found |
|---|---|---|
| Linde is a little-known energy giant. | Overstated | Linde's corporate profile describes a global industrial-gases company, while its market capitalization was about $222.6 billion, average volume about 2.31 million shares and institutional ownership about 89%, making the 'little-known' description implausible. |
| Linde sits behind nearly every Starlink mission and every SpaceX launch. | Overstated | Linde's July 21, 2025 release says it powered more than 100 successful rocket launches in 2024 and signed launch-supply agreements, but it does not say Linde supplied nearly every Starlink mission or every SpaceX launch. |
| The promotion claims | Verdict | What we found |
|---|---|---|
| Vale is a little-known critical-mineral supplier. | Overstated | Vale's corporate profile confirms nickel and other critical-mineral production, but VALE had about a $59.3 billion market capitalization and averaged roughly 22.2 million shares traded daily, so 'little-known' is promotional flattery. |
| Vale is tied to nickel, the critical metal every long-range Tesla battery depends on. | Overstated |
| The promotion claims | Verdict | What we found |
|---|---|---|
| The report reveals two backdoor SpaceX suppliers. | Can't verify | The Oxford Club's public SpaceX-supplier page confirms a supplier-focused thesis but does not name the two securities; Linde and Vale's public materials establish separate SpaceX and Tesla-supply links, not the report's complete two-stock disclosure. |
| Investors can collect up to $11,400 per year from the suppliers. | Can't verify | The Oxford Club material located does not substantiate the exact $11,400 annual figure or identify a security with that stated payout formula. |
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This is the seventh Marc Lichtenfeld promotion we've identified. The earlier six have returned down 4.33% for Texas Pacific Land Corporation, down 2.62% for Quantum Computing Inc., down 6.96% for enCore Energy in each of two separate promotions, up 4.44% for AbbVie, and up 0.24% for Permian Basin Royalty Trust since identification.
The two enCore Energy promotions are worth separating in the record, but they pointed to the same company. That makes this latest two-stock basket a new set, not a new name for one of the earlier picks.
The pitch's argument is simple: SpaceX needs critical supplies, Linde and Vale sit behind that demand, and federal law turns their profits into income for investors. The first part holds better than the last. Linde has a genuine space-supply history and a planned Starship-related facility; Vale has a genuine Tesla Class 1 nickel agreement. Those are supplier links, not royalty rights.
The weakest link is also the one carrying the whole income promise. SEC investor materials describe dividends, royalties and profit participation as rights created by particular securities or contracts. They do not establish a blanket federal rule requiring SpaceX suppliers to hand outside investors a cut of profits. That is not what the filings say.
The copy also inflates the map around the companies. Linde's release does not say it supplied nearly every Starlink mission or every SpaceX launch, and its more-than-356-patent figure refers to air-separation technologies rather than 356 exclusive space patents. Vale's Tesla contract matters, but Tesla says nickel chemistries serve higher-energy applications while also listing LFP batteries; that is a long way from saying every long-range Tesla battery depends on Vale nickel.
As a basket, these are established industrial and mining companies with different kinds of exposure, not two interchangeable royalty machines. Linde is the cleaner match for the SpaceX thesis because its operating history and Brownsville project point directly toward launch infrastructure. Vale is the more indirect critical-minerals angle through Tesla. Either may deserve separate research on its own merits, but the filings don't turn either stock into a federally guaranteed SpaceX income stream.
How confident are we? LIN 91, VALE 82 out of 100. We identified 2 stocks from the promotion's own clues and checked 11 claims across them against filings, earnings calls, ownership records, market data and public reporting. Confidence is scored per stock, so a weaker one does not borrow credit from a stronger one. This is our analysis, not the publisher's disclosure — we have no relationship with them.
Knowing which stock it is only gets you halfway. We score LIN on valuation, profitability, growth, financial health and momentum — and reach our own conclusion, independent of how it was sold to you.
Read the LIN report →Independent of the promotion — our own numbers, score and analysis.
The analyst-grade research report — charts, grades, valuation, and price targets — in 10 minutes.
| Vale S.A. |
| 82/100 — solid |
| Linde holds 356 exclusive patents. |
| Overstated |
| Linde Engineering says more than 356 patents protect its air-separation technologies; Linde's 2025 10-K instead says it owns or licenses many patents and is not materially dependent on any one patent, so the promotion miscasts an air-separation figure as 356 exclusive space patents. |
| Linde has fueled America's space program for more than 60 years. | Checks out | Linde's July 21, 2025 space-sector release says it has supported space exploration for more than 60 years, including providing liquid oxygen to the Apollo program in the 1960s. |
| Linde broke ground on a $100 million facility built to keep SpaceX rockets fueled. | Overstated | The City of Brownsville announced a planned $100 million Linde air-separation plant producing oxygen and nitrogen for SpaceX Starship operations, and city records show a construction permit, but neither the city's announcement nor Linde's release confirms that a formal groundbreaking had occurred. |
| Vale paid out over $4 billion to shareholders last year. | Overstated | Vale's annual-report remuneration schedule totals about $3.972 billion paid for the 2024 payment dates, just below $4 billion; the later $4.3 billion figure was approved for fiscal 2025 and should not be presented simply as cash paid last year. |
| Contradicted |
| SEC investor materials describe dividends, royalties and profit participation as rights created by particular securities or contracts; they do not establish a blanket U.S. federal requirement that SpaceX suppliers pay outside investors a profit share. |
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