Space Commerce Week

Ex Terra Media, LLC

A weekly newsletter published to the community highlighting the news of the week and letting you know who our podcast guest is that week. We will look ahead to the coming week to see what's happening and let you know. www.exterrajsc.com

  1. 3 DAYS AGO

    A Spectrum Crunch, Voyager’s Results, and Private Astronaut Missions

    Federal Communications Commission Chairman Brendan Carr is taking aim at one of the least-talked-about chokepoints in the commercial space industry — spectrum. On Wednesday, Carr shared a draft Notice of Proposed Rulemaking with his fellow commissioners. If it clears a full Commission vote at the agency’s March monthly meeting, the FCC would open a formal proceeding to address what it calls an acute spectrum shortage for emergent space operations — things like orbital laboratories, satellite repair missions, and private habitable spacecraft. The issue comes down to telemetry, tracking, and command — the radio signals that let operators control spacecraft in orbit. Even satellites that don’t offer public communications services need reliable access to that spectrum. Right now, the FCC says American innovators are facing a crunch that could delay, or in some cases prevent, the growth of domestic space technologies. The proposed rulemaking would move in two directions. First, the FCC wants to clarify its existing rules so that cutting-edge space operations have more predictable access to the spectrum they already use. Second, it wants to identify entirely new spectrum bands dedicated to these emerging use cases — giving companies a clear, reliable path to support the technologies they’re developing. Carr called the proposal the first step toward the spectrum abundance needed to give American space activities a predictable operating environment. It’s worth noting the FCC has already been active on this front. Earlier this year, the Commission launched a separate proceeding to release up to 20,000 megahertz of spectrum for high-speed broadband services from low-Earth orbit constellations, and it has begun a comprehensive review of its overall space licensing framework. The bottom line: spectrum may not be the flashiest topic in commercial space, but for the companies actually trying to operate there, it is foundational. Watch for the Commission vote later this month. -0- Voyager Technologies this week reported its financial results for the fourth quarter and full year 2025 — and paired that earnings release with a significant strategic investment that says a lot about where the company is heading. On the financial side, Voyager delivered net sales of $46.7 million in the fourth quarter, a 24% increase year over year. For the full year, the company posted $166.4 million in net sales — up 15% from 2024. The standout number, though, is backlog. Voyager ended 2025 with total backlog of $265.6 million, a 33% increase over the prior year. That’s a record for the company, and it’s driving a bump in 2026 guidance — Voyager now expects full-year revenue between $225 million and $255 million, which would represent year-over-year growth of 35% to 53%. The company’s Defense and National Security segment drove much of the momentum, with a 63% increase in fourth quarter sales to $35.7 million, led in part by progress on the Next Generation Interceptor program. The Space Solutions segment declined in the quarter, primarily because of the planned wind-down of a multi-year NASA services contract, which had been expected. Voyager also completed five acquisitions during the year, including ExoTerra Resource and Estes Energetics in the fourth quarter, expanding its propulsion and energetics platform. The company’s Starlab commercial space station development achieved 10 NASA milestones in 2025, and received $56 million in NASA cash milestone proceeds during the year. Total liquidity ended 2025 at $704.7 million. In an earnings call posted to the company website, CEO Dylan Taylor called 2025 a transformational year for the company, pointing to its completed IPO, record backlog, and what he described as accelerating demand across defense, national security, and space. “Our defense and national security segment grew significantly, up 59% year over year, driven by execution on next generation interceptor and other classified programs. Our backlog increased 33% year over year, entering 2026 with $266 million to support our accelerating growth,” Taylor said. “During 2025, we raised over $1 billion, including and executing on a successful IPO and issuing a follow-on convertible note, all strengthening our liquidity to fund innovation and strategic growth initiatives. We completed and integrated several acquisitions, expanding our capabilities to meet growing customer demand, which we expect to remain strong in today’s geopolitical environment.” Taylor was also bullish on the company’s Starlab private space station. “We anticipate NASA will soon release the RFP for the second phase of the Commercial LEO Development Program, or CLD, with a decision later in the year. We are highly confident in the modernized, cost-efficient, and commercially scalable solution that Starlab is delivering to NASA and other key stakeholders,” he said. “The architecture is designed to provide continuous U.S. presence in low-Earth orbit, while enabling a broader transition to commercially-led operations. As the program advances, we are expanding Starlab’s commercial ecosystem, building durable partnerships across mission logistics, life sciences, biopharma, advanced materials, and other high-growth verticals. The approach strengthens demand visibility and reinforces Starlab’s role as an ecosystem, not a single-use platform. “ But Voyager’s big news this week wasn’t just about financial results — it was also about where that capital is being directed. Along with its Low Earth Orbit plans, the company announced a multi-million-dollar strategic investment in Max Space, a startup developing expandable habitat technology for the Moon. Max Space’s approach is to build habitats that launch compactly — then expand up to 20 times their stowed volume once they reach their destination. That dramatically increases usable floor area per kilogram delivered, which matters enormously when every pound launched to the lunar surface carries a price tag. The flexible geometry of the design also allows the habitat to adapt as missions evolve, from early surface operations to long-duration habitation. Voyager says the investment is directly tied to its broader lunar roadmap, which spans cislunar mission management, surface logistics, propulsion, and power systems. It also aligns with NASA Administrator Jared Isaacman’s stated goal of establishing a permanent human presence on the Moon by 2028. -0- Two companies from different sides of the Atlantic announced they are teaming up to explore satellite refueling — a technology that could fundamentally change the economics of operating spacecraft in orbit. Orbit Fab and Airbus Defense and Space are working together under a project called RADICAL — part of the European Space Agency’s Advanced Research in Telecommunications Systems program, funded by the UK Space Agency. The goal is to assess whether Orbit Fab’s RAFTI refueling valve can be integrated into future Airbus geostationary satellites. The business case for refueling is straightforward: satellites are expensive to build and launch, and propellant is typically the limiting factor in a spacecraft’s operational life. If you can top off a satellite in orbit, you extend its mission lifetime, reduce the cost of replacing it, and gain the flexibility to reposition it as market conditions change. For defense operators in particular, that ability to maneuver — and the resilience it provides — is becoming a strategic priority. The RADICAL project is designed to work through the practical engineering required: what changes to mission operations, system design, and platform architecture are needed to make refueling possible for a production Airbus satellite? Orbit Fab brings the refueling technology. Airbus brings deep knowledge of geostationary satellite platforms and propulsion systems. Jacob Geer, Orbit Fab’s managing director in Europe, framed the collaboration as essential to enhancing European competitiveness in the telecom satellite market. The UK Space Agency’s head of telecommunications, Henny Sands, called it a great example of how adaptive the UK industry is to changing global requirements. The Journal of Space Commerce is a reader-supported publication. Free subscribers received daily updates and this newsletter. Paid subscribers unlock premium articles focused on the commercial space industry. Two companies have announced new capital raises. Sierra Space closed a $550 million Series C equity round led by LuminArx Capital Management. The financing values the company at $8 billion post-money and brings total capital investment in Sierra Space since 2021 to more than $2 billion. The company says the new funding will support expansion of production capacity and continued development of national security space solutions. Sierra Space has been shifting its focus increasingly toward defense and intelligence customers. It holds contracts with essentially all eight space procurement agencies within the Department of Defense and the Intelligence Community, including a $450 million award to build satellites for a national security customer and an SDA Tranche 2 contract worth up to $740 million for missile warning and tracking satellites. The company also completed all manufacturing and assembly milestones for its Dream Chaser spaceplane last year, with a demonstration flight planned for late 2026. -0- Meanwhile, HawkEye 360 closed an additional Series E round, raising approximately $23 million in new capital. The round included new investors Ghisallo, Principia Growth, and Sixty Degree Capital, alongside continued participation from the Strategic Development Fund. HawkEye 360 provides radio frequency signals intelligence from orbit and is currently integrating its recently acquired Innovative Signal Analysis business. CEO John Serafini said the round reflects investor confidence in the company’s strategy

    19 min
  2. 8 MAR

    Congress Pushes Back on FCC Overreach

    The bipartisan leadership of the House Science, Space, and Technology Committee is pushing back hard on the Federal Communications Commission. Committee Chairman Brian Babin and Ranking Member Zoe Lofgren have sent a letter to FCC Chairman Brendan Carr urging the Commission to withdraw — or substantially narrow — a proposed rulemaking titled “Space Modernization for the 21st Century.” The committee leaders say several provisions of the FCC’s Notice of Proposed Rulemaking go well beyond communications policy. Their letter warns that the NPRM would require satellite operators to, quote, take all possible steps to assess and mitigate collision risks and certify compliance with an FCC-established human casualty threshold — requirements they argue have nothing to do with spectrum management. The letter is explicit on the legal question. Members write that the Communications Act of 1934 contains no clear congressional authorization empowering the FCC to regulate space safety, space traffic management, or broader non-communications space operations. They also cite recent Supreme Court decisions as reinforcing limits on federal agencies asserting authority Congress never granted. And the stakes here are significant. The committee letter notes the proposed requirements would impact billions of dollars in commercial space activities and raise concerns under the 1967 Outer Space Treaty and existing national space policy. The members are asking the FCC to either rescind the NPRM outright — or issue a new, narrower proposal confined strictly to radiofrequency communications licensing. No timeline has been set for the Commission to respond. -0- Rocket Lab is expanding again — and this time in two directions at once. The company has announced the acquisitions of Optical Support Inc. — or OSI — based in Tucson, Arizona, and Precision Components Limited, known as PCL, based in Auckland, New Zealand. OSI designs and manufactures custom high-precision optical and optomechanical instruments. Its systems are used in national security and commercial satellites, and the company’s resume includes contributions to NASA’s James Webb Space Telescope and Sphere Las Vegas. Rocket Lab says OSI will strengthen its vertical integration for programs like the Space Development Agency’s Proliferated Warfighter Space Architecture, while also positioning the company for next-generation initiatives including the Golden Dome missile defense system and future Mars exploration missions. This acquisition follows Rocket Lab’s 2025 purchase of Geost (GEE-uhst), which formed the core of what is now called Rocket Lab Optical Systems. OSI was already a key supplier to Geost, so the integration should move quickly. On the manufacturing side, the acquisition of Precision Components Limited in Auckland creates what Rocket Lab is calling the Auckland Machine Complex — a dedicated facility for high-volume, high-tolerance machined components. PCL has been a Rocket Lab supplier for more than 15 years. Together, the two deals deepen Rocket Lab’s position as a vertically integrated prime contractor. The company currently holds a total contract backlog of 1.85 billion dollars across its launch and space systems businesses. -0- Redwire has released its fourth-quarter and full-year 2025 financial results — and the headline from the company’s leadership is that 2025 was, in their words, a transformational year. Full-year revenue came in at $335.4 million dollars — a 10.3 percent increase over 2024. Fourth-quarter revenue was especially strong, jumping 56.4 percent year-over-year to $108.8 million dollars. During the earnings call which was recorded and posted to the company website, Redwire Chairman and CEO Peter Cannito said the company is positioned well for the future. “In 2025, Redwire transformed from a pure-play space provider to an agile, scaled, multi-domain space and defense tech company. We closed our transformational acquisition of Edge Autonomy in June 2025 and have been successfully executing on our integration plan to include the full assumption of Edge Autonomy into the Redwire brand,” Cannito said. “During 2025, Redwire moved up the value chain with five spacecraft platforms and multiple prime contracts in the US and Europe, and two mature combat-proven airborne platforms. We expanded our customer base to more than 170 civil, national security, and commercial space and defense tech customers, emphasizing our breadth and diversity. We added approximately 660 employees for an ending headcount of approximately 1,410 employees around the globe. We ended 2025 with record contracted backlog of $411.2 million, providing confidence as we move into 2026. And finally, strengthened our balance sheet and simplified our capital structure, ending with record year-end total liquidity of $130.2 million. Along with that backlog, the company ended 2025 with a book-to-bill ratio of 1.52 for the fourth quarter — meaning it booked significantly more new business than it recognized in revenue during the period. Total liquidity at year-end was $130.2 million dollars, more than double where it stood at the end of 2024. Among the highlights: Redwire landed a $44 million Phase 2 contract for DARPA’s Otter mission, which uses the company’s SabreSat platform in very low Earth orbit. The company also signed an eight-figure agreement to supply international berthing and docking mechanisms for The Exploration Company’s Nyx spacecraft, and delivered more than 100 uncrewed aerial systems to customers in seven countries following its June 2025 acquisition of Edge Autonomy. Not everything was positive. Redwire posted a net loss of $226.6 million dollars for the full year, driven in large part by more than $130 million dollars in non-recurring charges. Adjusted EBITDA was also negative. The Journal of Space Commerce is a reader-supported publication. To receive new posts and support my work, consider becoming a free subscriber. Pait subscribers have access to exclusive in-depth content. A piece of U.S. launch history has found a new home. Phantom Space has acquired key assets and intellectual property from Vector Launch Inc. — including flight-proven design elements, engineering data, and proprietary technologies originally developed for Vector’s small-launch vehicle program. Phantom plans to integrate those assets immediately into its Daytona launch vehicle — a two-stage, mass-manufactured rocket designed to deliver small satellites and spacecraft into orbit. Company officials say the acquisition reduces development risk and advances the path to orbital flight. There is a personal dimension to this deal as well. Phantom Space was founded in 2019 by Jim Cantrell — who was also a co-founder of Vector Launch. So the acquisition, in a sense, brings these assets back to one of the people who helped create them. The Daytona vehicle features a modular payload fairing capable of supporting a wide range of spacecraft — from CubeSats to ESPA-class payloads. The company says it has completed successful hot-fire tests of Daytona’s propulsion assemblies and plans to begin integration and qualification activities immediately, with stage-level testing and vehicle milestones scheduled throughout 2026. Phantom was founded by two of the original five members who built SpaceX. The company’s broader vision includes launch, satellite production, and future orbital infrastructure through its Phantom Cloud constellation. -0- There is a potential major shift reshaping the satellite connectivity market. A new report from Novaspace — the eighth edition of its Capacity Pricing Trends analysis — concludes that the satellite industry has entered what analysts are calling a Post-Capacity Era. The core argument: bandwidth is no longer the basis of competitive differentiation in this market. The driver of that shift is familiar. Starlink’s vertical integration and aggressive cost compression are resetting expectations across the sector. With global supply rising and cost bases falling, capacity pricing is now on a structural downward trajectory. Data-driven applications are experiencing the steepest price declines, due largely to low-cost non-geostationary orbit supply. Legacy video markets are facing their own structural pressures as viewing habits continue to evolve. The defining metric in this environment, according to Novaspace, is now cost per gigabyte. Starlink’s pricing — currently below 30 cents per gigabyte — is setting new industry benchmarks and pushing operators toward regional pricing strategies, promotional tiers, and more flexible service offerings. As satellite broadband approaches cost parity with terrestrial service in rural and underserved areas, the competitive landscape is expanding well beyond the satellite sector itself. The report concludes that in a world where bandwidth is a commodity, the competitive advantage moves downstream — to the terminal, the hardware ecosystem, and the service layer. Companies that can innovate at the device and user experience levels, Novaspace says, will be the ones that lead this next phase of the market. -0- In Depth this week ... a $17 million funding round closed quietly in February, and on the surface, it looked like routine Series A news. But the details tell a different story — and if you work anywhere in the space supply chain, this one is worth paying attention to. (Paywall) The company is Agile Space Industries, based in Durango, Colorado. It builds chemical propulsion systems — the thrusters that keep satellites in orbit, execute on-orbit maneuvers, and power in-space servicing vehicles. What makes the funding round notable is who is behind it: Lockheed Martin Ventures. And this is not Lockheed’s first check to Agile. It’s their third — seed round, bridge round, and now Series A. That pattern is not casual portfolio diversification. It is a prime defense contra

    16 min
  3. 1 MAR

    NASA releases a long-awaited report on Boeing’s Starliner; Starlab clears a major milestone; and the growing market for space robotics.

    We start with what may be the most closely watched accountability story in human spaceflight in years. NASA has officially released the findings of an independent Program Investigation Team that examined what went wrong during Boeing’s Starliner Crewed Flight Test back in 2024. Starliner launched on June 5th, 2024, carrying NASA astronauts Butch Wilmore and Suni Williams to the International Space Station. The mission was supposed to last eight to fourteen days. Instead, propulsion system anomalies discovered while the spacecraft was in orbit stretched the mission to 93 days — and ultimately led NASA to make the extraordinary decision to bring the spacecraft home without its crew. Wilmore and Williams eventually returned to Earth in March 2025 aboard a SpaceX Crew Dragon. Now we know more about why. Investigators found what they describe as an interplay of combined hardware failures, qualification gaps, leadership missteps, and cultural breakdowns — all of which created risk conditions inconsistent with NASA’s human spaceflight safety standards. NASA Administrator Jared Isaacman said that NASA had allowed “overarching programmatic objectives.” “Mistakes incurred from program’s inception and continued throughout execution, including contractual management, oversight posture, technical rigor, and leadership decision-making. Boeing built the spacecraft, and from the onset, NASA approved variances, and we agreed to fly it. As development progressed, design compromises and inadequate hardware qualification extended beyond NASA’s complete understanding,” Isaacman said. “Now, variances exist across all major aerospace programs and by themselves are not unusual. The engineering reality, however, is that Starliner, with its qualification deficiencies, is less reliable for crew survival than other crewed vehicles. And that was as noted by the report. But at NASA, we managed the contract. We accepted the vehicle. We launched the crew to space. We made decisions from docking through post-mission actions. A considerable portion of the responsibility and accountability rests here.” As a result of the findings, NASA has formally classified the Starliner crewed flight test as a Type A mishap — the highest-level classification — citing potential for a significant mishap and the financial damages incurred. No astronauts were injured, and the mission did regain spacecraft control prior to docking. But the classification signals that NASA is treating this with full seriousness. NASA says it will continue working with Boeing to address the technical challenges before flying Starliner again. The full report — with some redactions to protect Boeing’s proprietary information — is available on NASA’s website. -0- Transportation is just one aspect of maintaining a sustained human presence in Low Earth Orbit ... one big question is where will that human presence be when the ISS is retired, possibly as early as 2030. One of the possible replacement commercial stations is being developed by Starlab Space, and that company marked a significant milestone recently, completing its Commercial Critical Design Review, or CCDR, with NASA in attendance. This marks a decisive transition: the program is moving from the design phase into manufacturing and systems integration. In milestone terms, it satisfied the 28th checkpoint on Starlab’s NASA Commercial LEO Destinations Space Act Agreement — a mouthful, but what it means in plain English is that Starlab has demonstrated its design is technically mature, integrated, and ready to be built. According to Starlab CEO Marshall Smith, the CCDR is a critical step toward delivering that continuous access to Low Earth Orbit with — his words — “no gap in capability to science, industry or national interests.” He also emphasized that the program’s business plan review was completed in parallel, validating what he called a diversified commercial market rather than a government-dependent model. The Starlab program draws on a remarkable international coalition of partners, including Voyager Technologies, Airbus, Mitsubishi Corporation, MDA Space, Palantir Technologies, ESA, JAXA, and Space Applications Services. This is a significant milestone. A lot of things have to go right for humanity to maintain an unbroken chain of human presence in orbit — and Starlab just demonstrated that its piece of the puzzle is executable. -0- A new report from Verified Market Research finds that the global space robotics market — valued at 4.7 billion dollars in 2024 — is projected to grow to more than 7.3 billion dollars by 2032. That’s a compound annual growth rate of about 7.2 percent over the forecast period. What’s driving this? A few key forces. First, the increasing complexity of orbital and deep-space missions is accelerating demand for autonomous systems that can perform inspection, assembly, repair, and exploration tasks with minimal human intervention. Second, satellite servicing — including refueling, debris management, and in-space infrastructure maintenance — is creating sustained demand for precision robotic platforms. Third, rapid advances in artificial intelligence, machine learning, and sensor fusion are expanding what robotic systems can actually do, and where they can do it — from low Earth orbit to the Moon to Mars. The report notes that North America remains the dominant market, led by U.S. government funding, private sector innovation, and a mature aerospace industrial base. Europe is a strong secondary market. And Asia-Pacific is emerging quickly, with China, India, and Japan all expanding their space robotics capabilities. There are challenges too. Space robotics systems require extensive testing, radiation hardening, and customization for specific missions — all of which drive up costs and development timelines. And robotic failures in space carry serious financial and reputational consequences, which means reliability and redundancy engineering remain critical and expensive. The Journal of Space Commerce is a reader-supported publication. To support our work and get access to exclusive content, please consider becoming a paid subscriber. The Commercial Space Federation has released a new study titled “Perfecting Public-Private Partnerships: The Future of Government Space Contracts,” authored by the policy consultancy Rational Futures. The report is a candid assessment of how NASA, the Department of Defense, and other space agencies structure their commercial relationships — and it argues that many of those agencies are getting it wrong in ways that lead to cost overruns, schedule delays, and missed opportunities. The core argument is this: agencies too often conflate “public-private partnership” with specific contract mechanisms — particularly firm-fixed-price contracts — without thinking carefully about whether those mechanisms match the actual risk profile of what they’re buying. The report frames procurement on a spectrum from fully government-controlled programs, where the public sector holds all the risk, to fully commercial models, where a private company holds all the risk and sells services to anyone who will buy them. Most space programs sit somewhere in the middle, and the paper argues that matching the right contract type to the right program characteristics is essential. The study holds up NASA’s Commercial Orbital Transportation Services program — the original COTS effort that incubated SpaceX and Orbital Sciences — as the gold standard of what works: cost-sharing, multiple suppliers, stable requirements focused on outcomes rather than process, and large follow-on contracts that gave investors confidence. By contrast, it looks at the Commercial Lunar Payload Services program as a cautionary tale, citing overly optimistic demand projections, shifting requirements, and inconsistent oversight as contributors to delays and cost growth. The recommendations span three levels. At the agency level: build internal capacity in finance, economics, legal, and procurement — not just engineering. At the program level: conduct rigorous independent market assessments, signal clear multi-year demand, and avoid over-relying on a single vendor. At the contract level: match the procurement vehicle to where the technology actually is, not where you wish it were. The report’s authors sum it up this way: “Success requires careful planning, involvement of appropriate experts, and understanding of market conditions and program characteristics.” It sounds obvious. But based on recent history, it’s a lesson the industry apparently still needs to hear. -0- This week on The Journal of Space Commerce Podcast, I talked with Dr. Belinda Marchand, the chief scientist at Slingshot Space. Space has become a critical warfighting domain, requiring an approach to training that prepares warfighters to use new technology. AI is redefining space warfare training, and is becoming vital for deterrence and national security. Slingshot Aerospace is a U.S.-based space data and analytics company focused on making space operations more safe, sustainable, and secure through satellite tracking, space traffic coordination, and high‑fidelity modeling and simulation tools. Dr. Marchand said that using AI allows warfighters to train like they’ll fight. But she also said that the technology being used can be applied to commercial scenarios as well. “I think the defense use case was a very valuable and timely example of a way to demonstrate the capabilities of the technology. But the technology itself that powers things like Talos, or even that powers our anomaly detection software like Agatha or anomalous actor detection, all those technologies can be used for other purposes as well, right?” Marchand said. “You can use them to... fly your fleet to control your fleet, to achieve your on-orbit servicing objectives, anything that invo

    16 min
  4. 22 FEB

    A UK Launch Company in Crisis, and NASA Taps a Fresh Face for the Sixth Private ISS Mission

    The UK small launch sector is facing a rough moment. Orbex, one of Britain’s most prominent homegrown rocket companies, has filed a notice of intention to appoint administrators after its Series D fundraising round came up empty. Merger and acquisition talks also failed to produce a deal. With no funding lifeline in sight, the company is now formally exploring the sale of all or part of its business. It’s a painful moment for a company that was genuinely close to something. Orbex had brought hundreds of skilled jobs to Scotland, had been at the vanguard of UK space ambitions, and was on the verge of test flights for its Prime microlauncher later this year. All of that is now in limbo. But here’s where the story takes a turn. Skyrora — another UK launch company — has stepped forward with an interest in acquiring select Orbex assets, including the Sutherland Spaceport in northern Scotland. Skyrora says it’s prepared to invest up to ten million pounds — roughly thirteen-and-a-half million dollars — subject to due diligence and negotiations with the administrators. The framing from Skyrora is explicitly nationalistic: keeping UK technology under UK ownership, protecting national infrastructure, and safeguarding the return on taxpayer investment that went into Orbex over the years. Now, nothing is done yet. Administrators have only just been notified, and the legal process has to run its course. But if Skyrora does pull this off, it would be a remarkable consolidation story — one UK launch company absorbing the assets of another to create something more resilient. The Sutherland Spaceport alone would be a significant prize, as it’s one of the few licensed launch facilities in Europe capable of reaching polar and sun-synchronous orbits. -0- A new wave of industrial connectivity could be about to reshape how industries operate in remote and underserved areas — and the timeline is tighter than you might expect. New research from satellite company Viasat, based on a survey of 600 industrial decision-makers worldwide, finds that 91% plan to adopt direct-to-device satellite technology within the next 18 months. The sectors involved span agriculture, energy, mining, logistics, and utilities — industries where reliable connectivity has long been a limiting factor. At the heart of this shift is a technology called Narrowband Non-Terrestrial Networks — or NB-NTN — a connectivity standard that allows IoT devices to maintain a satellite link when ground-based networks are unavailable or overstretched. Think of it as a seamless fallback that kicks in without any manual intervention. The data suggests momentum is already building. 78% of respondents say their IoT deployments have accelerated over the past year — and among organizations already using hybrid satellite-terrestrial setups, that figure jumps to 86%. Viasat frames this less as a performance upgrade and more as a pursuit of what the report calls “coverage certainty” — the ability to stay connected at scale, regardless of where you are or what the local infrastructure looks like. The findings also carry a pointed message for mobile network operators: direct-to-device satellite capability shouldn’t be treated as a niche add-on. According to the report, it represents a genuine opportunity to expand into new enterprise revenue streams — without requiring significant reinvestment in existing networks. -0- The Idaho National Laboratory just released a report called “Weighing the Future: Strategic Options for U.S. Space Nuclear Leadership”, and it lays out three distinct paths forward. The first is what the report calls “Go Big or Go Home” — a large-scale, hundred-to-five-hundred kilowatt electric project led by NASA or the Department of Defense. But it’s high risk, high reward, and requires consistent top-level funding and political will. The second option — dubbed the “Chessmaster’s Gambit” — splits the approach into two smaller public-private projects, both under a hundred kilowatts. One would put a reactor in lunar orbit or on the Moon’s surface. The other would be an in-space system. The appeal here is flexibility — private companies choose the technology, which distributes risk and keeps timelines more manageable. The third path, “Light the Path,” is the most cautious — a small radioisotope demonstration under one kilowatt, designed mainly to build regulatory frameworks and institutional knowledge before committing to bigger bets. For context on why this matters: NASA has already issued a directive to place a fission reactor on the Moon by fiscal year 2030. That’s four years away. The technology challenges are real — space reactors have to be lightweight, run at much higher temperatures than terrestrial units, and operate for a decade without maintenance. None of that is easy. Sebastian Corbisiero, the Department of Energy’s Space Reactor Initiative national technical director, described the moment as potentially being on the cusp of a major step forward for nuclear power in space. And given that competitors — particularly China — are investing heavily in space nuclear capabilities, the pressure to act is real. Which path the U.S. ultimately chooses will say a lot about its appetite for risk — and its confidence in the commercial sector to deliver. The Journal of Space Commerce is a reader-supported publication. To receive new posts and support this work, consider becoming a free or paid subscriber. NASA has selected Vast Space for the sixth private astronaut mission to the ISS. The flight is targeting no earlier than summer 2027, launching on a SpaceX Falcon 9 carrying a Dragon spacecraft. The crew will spend up to 14 days aboard the station. This is a milestone for Vast, which is best known for its ambitions to build and operate its own commercial space station — the Haven-2 — as a successor to the ISS. A crewed mission to the station is exactly the kind of operational credibility the company needs to make that case. Vast has framed the mission as part of the broader transition to commercial space stations, and fully unlocking the orbital economy. The science portfolio planned for the mission spans biology, biotechnology, physical sciences, human research, and technology demonstrations. What’s interesting here is the strategic layering. Vast isn’t just flying to the ISS for the publicity — the company has a live call for research proposals open right now, meaning external researchers can submit experiments for consideration aboard this mission. That’s a signal that Vast is trying to build an actual customer base and research pipeline before its own station even exists. The ISS is scheduled for deorbit in 2030. Between now and then, these private astronaut missions serve a dual purpose: they generate revenue for NASA and its partners, and they give commercial operators like Vast the hands-on experience they’ll need to run stations on their own. -0- Analysts at MarketsandMarkets are projecting the global space situational awareness market — SSA, for short — will grow from about 1.7 billion dollars in 2025 to nearly 2.8 billion dollars by 2030. That’s a compound annual growth rate of ten percent over five years. SSA, if you’re not familiar, is the business of tracking what’s in orbit: active satellites, spent rocket bodies, debris fragments, and everything in between. As constellations like Starlink and others pour thousands of satellites into low Earth orbit, the risk of collisions — and the cost of getting it wrong — increases dramatically. The debris segment is expected to hold the largest share of the SSA market. That tracks. There are hundreds of thousands of debris objects in orbit too small to track reliably but large enough to be catastrophic. Even a centimeter-sized fragment at orbital velocity carries enormous kinetic energy. Geopolitically, there’s another driver: governments want independent visibility into what’s happening in their orbital neighborhoods. That’s pushing investment in indigenous SSA infrastructure, particularly in the Asia-Pacific region, where China, India, Japan, and South Korea are all expanding their space programs and their appetite for homegrown tracking capabilities. The major players in this space currently include Lockheed Martin, L3Harris, Kratos, Parsons, and Peraton — all defense-adjacent firms with deep government relationships. But as the market grows, expect more commercial entrants chasing the non-government slice of that revenue. So the bottom line would appear to be that, if you’re operating in orbit, knowing where your spacecraft ... and everything else ... is has never been more important — or more valuable. -0- In Depth this week ... The space economy is booming — but not in the way you might expect. Forget rockets and moonshots. The real action right now is in data. Earth observation satellites, geospatial intelligence platforms, and satellite communications networks are driving a steady wave of mergers and acquisitions, and investors are paying serious money to get in. (Paywall) Deals in 2024 and 2025 are showing revenue multiples in the one-to-four-and-a-half times range, with EBITDA multiples stretching into the teens — healthy numbers that hold up well against broader aerospace benchmarks. The buyers range from defense giants filling gaps in their geospatial portfolios to private equity firms building roll-up platforms around recurring data revenue. The message from the deal tape is clear: space data is now considered core infrastructure, alongside defense, climate monitoring, and global connectivity. But here’s where it gets complicated. Regulators are catching up — fast. The European Union is advancing a Space Act that would treat certain satellite-derived data much like personal data under GDPR. The OECD is raising red flags about high-resolution imagery being combined with AI to

    15 min
  5. 15 FEB

    A Million-Satellite Constellation, and Tough Sledding for Space Tourism

    SpaceX has filed an application with the Federal Communications Commission seeking approval to launch up to one million satellites for what the company is calling an orbital data center system. To put that number in perspective, that’s roughly a thousand times larger than SpaceX’s current Starlink internet constellation. The FCC’s Space Bureau accepted the application last week, setting the wheels in motion for what could become an unprecedented expansion of commercial space operations. According to the filing, these satellites would operate at altitudes between 310 and 1,243 miles above Earth, organized in orbital shells spanning up to 30 miles each. The system would rely primarily on high-bandwidth optical links to communicate between satellites and connect with the existing Starlink network. What’s particularly interesting here is the timing. This filing comes on the heels of SpaceX’s acquisition of xAI, Elon Musk’s artificial intelligence company. In the application, SpaceX characterizes this orbital data center system as the first step toward becoming what’s called a Kardashev Type Two civilization—that’s a theoretical framework describing a civilization advanced enough to harness the full power of its host star. SpaceX has requested several waivers from standard FCC regulations, including exemptions from typical deployment milestones and surety bond requirements. The commission has set March 6 as the deadline for public comments on the application. If approved, this would represent a fundamental shift in how we think about computing infrastructure—moving massive data processing capabilities off Earth and into orbit. -0- According to a new report from Verified Market Reports, the space robotics sector is positioned for robust expansion over the next decade. The market, valued at 5.1 billion dollars in 2024, is expected to reach 14.5 billion dollars by 2033—that’s a compound annual growth rate of 12.5 percent. The drivers behind this growth are multifaceted. There’s accelerating demand for on-orbit servicing, satellite life extension, debris mitigation, and planetary exploration. But what’s really changing the game are advances in autonomy and artificial intelligence. The report highlights how robotic systems are transitioning from government-led experimentation to commercially scalable deployment. We’re seeing robots designed for satellite servicing, refueling, inspection, and in-space assembly becoming integral to cost-optimization strategies for satellite operators. This directly supports longer satellite lifecycles, reduced launch frequency, and improved return on space infrastructure investments. Artificial intelligence and machine learning are redefining what’s operationally possible. Autonomous navigation, fault detection, and adaptive manipulation allow space robots to operate with minimal human intervention. This is crucial for mitigating communication latency and enabling deep-space and cislunar missions. The growth isn’t limited to commercial applications either. Space robotics is emerging as a core enabler for defense applications—satellite inspection, threat monitoring, and orbital asset protection. Governments worldwide are prioritizing resilient and responsive space infrastructure, creating sustained demand for robotic platforms. Looking ahead, robotic systems are foundational to lunar and Martian exploration strategies. They enable surface mobility, regolith handling, construction, and scientific experimentation while reducing human risk and establishing infrastructure for future crewed missions. Despite the momentum, challenges remain. High upfront development costs, technical complexity, regulatory uncertainty, and mission risk continue to present obstacles. However, the industry is addressing these through modular design architectures, digital twins, and simulation-driven development. Public-private partnerships are also playing a critical role by sharing financial risk and accelerating validation through government-sponsored missions. -0- Voyager Technologies and Max Space have announced a collaboration to advance expandable space habitat technology. This partnership brings together Voyager’s experience delivering mission-critical space systems with Max Space’s high-volume, low-mass expandable structure technology. According to Voyager chairman and CEO Dylan Taylor, the Moon is no longer viewed as a single destination or a symbolic achievement. It’s becoming the next operational domain in a growing space economy that spans exploration, science, national security, and commercial development. What makes expandable structures so significant? They offer a step change in how surface infrastructure can be delivered and deployed. Max Space’s technology is built on 40 years of on-orbit heritage and represents what the company says is a significant improvement over previous generations. The development path is phased and methodical. Ground validation and in-space demonstrations are planned for later this decade, with operational lunar and Mars capabilities aligned with NASA’s exploration timelines on the horizon. The partnership emphasizes early risk retirement, interoperability, and commercial scalability as guiding principles. This collaboration reflects a broader trend in the space industry—moving from short-duration missions to sustained operational presence beyond low Earth orbit. As the space economy expands, infrastructure designed for endurance and industrial-scale execution becomes increasingly important. Subscribe The Journal of Space Commerce is a reader-supported publication. To receive new posts and support this work, consider becoming a free or paid subscriber. NASA’s Space Technology Mission Directorate is inviting public feedback on its prioritization of technology shortfalls critical to civil space. The deadline for input is February 20, so if you’re listening to this and have expertise in the field, there’s still time to participate. NASA has identified 32 technology shortfalls—these are technology areas requiring further development to meet future exploration, science, and mission needs. Each shortfall includes a subset of specific functions that must be achieved to overcome that particular challenge. This represents a streamlined approach compared to NASA’s 2024 effort, which featured 187 shortfalls. The agency consolidated these into broader, integrated categories based on stakeholder feedback, making the process more efficient and accessible. Why does this matter? This prioritization framework will guide NASA’s evaluation of current technology development efforts and may inspire new investments within the agency or spark innovative partnerships. Understanding and prioritizing the most impactful efforts allows NASA to appropriately direct available resources to best support mission needs. The Space Technology Mission Directorate’s investment strategy is comprehensive. It aligns with the current Presidential Administration’s priorities and NASA’s Moon to Mars strategy. It focuses on science priorities identified in the Decadal Surveys. It fosters creation and growth of the space economy through industry partnerships and small business innovation. NASA is encouraging all U.S. businesses, organizations, agencies, and individuals with a vested interest in space technology to review the shortfall list and submit feedback. This collaborative approach to identifying and addressing technology gaps represents a best practice in government-industry partnership. The results will inform not just immediate investment decisions but also the development of long-term technology roadmaps. -0- NASA and Momentus have signed a Space Act Agreement for a mission demonstrating rendezvous and proximity operations, as well as formation flying in low Earth orbit. At the center of this mission is NASA’s R5 Spacecraft 10, which will act as a free-flying imager for Momentus’ Vigoride 7 Orbital Service Vehicle. The R5-S10 will assess spacecraft health and performance, marking a critical step in refining In-Space Assembly and Manufacturing capabilities—essential for future autonomous space operations. The mission is funded and managed by NASA’s Small Spacecraft Technology program and the Engineering Directorate at Johnson Space Center. There’s an additional military dimension to this mission. NASA is supporting Momentus in executing a rendezvous demonstration for the Air Force Research Lab’s SPACEWERX organization. The Low-Cost Multispectral Rendezvous and Proximity Operations Sensor suite will enhance spacecraft situational awareness and relative navigation—critical capabilities for satellite servicing and space debris management. The mission will also demonstrate inter-satellite link technology using WiFi-based data transmission. The CubeSat will transfer large files to the Vigoride host platform, which will then downlink them to ground stations. This demonstrates the viability of real-time space communication for future missions. Vigoride 7 is scheduled for launch no earlier than March 2026 aboard a SpaceX Transporter mission. -0- In Depth this week ... the dream of space tourism is hitting turbulence. Just weeks ago, Blue Origin announced it’s grounding its New Shepard tourist flights for at least two years, marking a dramatic shift in an industry that once promised exponential growth. (Paywall) The pause comes on the heels of Virgin Galactic’s suspension of operations back in June 2024. That means the suborbital space tourism market—the more affordable option for space travel—is effectively dormant through at least 2027. So what happened? Industry analysts say the business model simply didn’t work. Despite ticket prices of up to $600,000, companies couldn’t turn a profit. Vehicles required weeks of refurbishment between flights. The rapid reusability that makes SpaceX profitable never materialized for

    15 min
  6. 8 FEB

    NASA’s Reauthorization Bill Focuses on Commercial Contributions

    The House Science, Space and Technology Committee took its first look at the NASA 2026 Reauthorization bill in a markup hearing this week. “The NASA Reauthorization Act of 2026 ensures that America does not merely participate in the next year of space exploration, but that we lead it.” Brian Babin (R-TX) The full committee markup is the first opportunity for lawmakers to formally vote on the underlying bill, and offer amendments. The bill brings a particular focus on the role the commercial space industry will play in future NASA missions. It explicitly empowers the NASA Administrator to enter into agreements and public–private partnerships with U.S. commercial providers to support human exploration of the Moon and cislunar space, expanding a model pioneered for cargo and crew to the International Space Station (ISS). The bill directs NASA to “support the development and demonstration of” human-rated lunar landing capabilities and, subject to funding, to procure those capabilities from “not fewer than two commercial providers,” effectively guaranteeing a multi‑vendor market for lunar landers and related services. The legislation requires that any commercial provider supplying human lunar landing systems be a U.S. commercial provider, reinforcing a domestic industrial base for high‑end human‑spaceflight hardware and operations. By tying these systems directly to NASA’s Moon‑to‑Mars roadmap and Artemis missions, the bill signals steady demand for lunar transportation and surface operations that could anchor long‑term business plans in the commercial space sector. Committee Chairman Brian Babin of Texas said that passing the reauthorization is essential to America’s future in space. “The NASA Reauthorization Act of 2026 ensures that America does not merely participate in the next year of space exploration, but that we lead it. It strengthens our commitment to returning astronauts to the moon and building the capabilities needed to send humans onward to Mars,” Babin said. “It supports the systems, the technologies, and partnerships required for deep space missions, while also fueling a growing commercial economy and low Earth orbit that will sustain American leadership for many decades. With China nipping at our heels and investing heavily in its own ambitions beyond Earth, we cannot afford to drift without direction. This legislation ensures the United States sets the pace, establishes the standards, and carries forward the spirit of exploration that has long defined our nation.” The bill positions commercial space stations and other private platforms as the backbone of U.S. low‑Earth orbit operations once the ISS is retired, directing NASA to spell out its research, development, and operational requirements in orbit and share them with U.S. industry. Another section orders a report on the risks of any gap in U.S. access to low‑Earth orbit platforms, including the potential impact on “the development of the United States-based commercial space industry,” and explicitly lists “increasing investment in and accelerating development of commercial space stations” as one option to prevent such a gap. By writing commercial platforms into the strategy for replacing the ISS, the bill effectively treats private space stations as critical national infrastructure and a central pillar of the future orbital economy. While the bill aims to expand commercial roles, it also tightens guardrails by requiring NASA to certify compliance with existing “commercial item” and competition statutes. Collectively, the provisions would entrench commercial companies as indispensable partners in NASA’s exploration, ISS transition, and low‑Earth orbit strategies. -0- Blue Origin will pause its New Shepard flights for at least two years, and shift resources to further accelerate development of the company’s human lunar capabilities, the company announced late last week. Blue Origin says the decision reflects its commitment to the nation’s goal of returning to the Moon and establishing a permanent, sustained lunar presence. New Shepard has flown 38 times and carried 98 humans above the Kármán line to date. New Shepard has also launched more than 200 scientific and research payloads from students, academia, research organizations, and NASA. Blue Origin’s larger rocket, New Glenn, is slated to fly for the third time in late February, though a launch window has not been announced. That flight is scheduled to deploy the BlueBird 7 communications satellite for AST SpaceMobile. -0- A Series C funding round has resulted in a $470 million growth capital raise for CesiumAstro, which the company says cements its position as a mission-critical provider of next-generation space and defense communications. The funding includes $270 million in equity, led by Trousdale Ventures. The capital will fuel CesiumAstro’s rapid scale-up, including the build-out of a new 270,000-square-foot headquarters, expanded manufacturing capacity, and accelerated deployment of its software-defined, AI-enabled space communications platforms worldwide. The funding comes amid strong operational execution, as CesiumAstro advances multiple government and commercial programs and expands its portfolio of software-defined communications systems. Proceeds will support expanded manufacturing, accelerated AI-enabled communications development, scaled production of the company’s fully integrated Element LEO satellite, and growth of global technical and program teams. The Journal of Space Commerce is a reader-supported publication. To receive new posts and support this work, consider becoming a free or paid subscriber. A mission order for the fifth private astronaut mission (PAM) to the International Space Station has been signed by NASA and Axiom Space, the fifth consecutive such award granted by the agency. Axiom Mission 5 (Ax-5) is targeted to launch no earlier than January 2027 from NASA’s Kennedy Space Center in Florida and is expected to spend up to 14 days docked to the space station. The crew complement is pending final agreements and agency and international approvals and will be announced at a future date. As part of the NASA award, Axiom Space brings on Voyager Technologies as a teammate participating in payload integration. In four years, Axiom Space has successfully executed four missions onboard the space station, flying 14 private and government astronauts, who conducted more than 160 science and research activities, and more than 100 outreach and media engagements while on orbit. -0- The satellite propulsion market, which encompasses propulsion systems that enable satellites to maintain orbit, change trajectories, control orientation, prevent collisions, or deorbit at mission end, is on track for significant expansion over the coming decade. Stratview Research projects that the market will grow from $3.08 billion in 2024 to $7.82 billion by 2032, achieving a CAGR of 12.3 % during the forecast period (2025-2032). The single most important growth driver is the expansion in satellite launches for communication and Earth observation services, as the proliferation of satellites-which require reliable and efficient propulsion for accurate orbital placement and station-keeping-boosts demand across commercial, government, and defense sectors. The electric propulsion segment is expected to be the fastest-growing segment through 2032, propelled by its efficiency, extended mission durations, and lower propellant requirements compared to chemical systems. As satellite platforms-particularly small and medium satellites-prioritize weight and performance, manufacturers and developers are increasingly investing in electric propulsion technologies that support longer operational life and reduced mission costs. Market drivers include an increasing number of satellite launches for communication and Earth observation services; the rising adoption of efficient electric propulsion systems for extended mission life and reduced propellant needs, and; growth in commercial space activities driving demand for satellite propulsion innovations. -0- A stark divide is reshaping the space industry—and it comes down to a decision made back in late 2022. In Depth this week, the industry split between adaptive commercial operators and constrained government programs. (Paywall) When pandemic-era supply shortages hit satellite manufacturers, they faced a choice: wait for supply chains to recover, or rebuild them from scratch. Four years later, the companies that chose to rebuild are deploying satellite constellations on schedule. The ones that waited? They’re still waiting. This isn’t just about pandemic recovery. An analysis published this week shows the space industry has fundamentally restructured into two tiers—where organizational agility matters more than component availability for well-funded operators, while material constraints continue to strangle everyone else. Back in mid-2022, the crisis was severe. Semiconductor lead times stretched to 40 to 52 weeks—triple the pre-pandemic baseline. Optical terminals for satellites required 18 months. Radiation-hardened processors? Also 18 months. As one production manager told Via Satellite: “After COVID, there are no more miracles.” Fast forward to 2026, and some constraints have actually worsened. Rare earth elements, critical for satellite control systems, still face 12 to 18 month delays. China controls up to 93 percent of global rare earth processing. Heat pipe manufacturers can produce 200 to 300 units annually, but constellation demand sits at 600 to 1,000 units. The math simply doesn’t work. So how are some companies succeeding? Vertical integration. SpaceX, for example, now manufactures roughly 85 percent of its components in-house—from engines to satellite systems. The result? 62 Starlink launches in just the first half of 2025. But this strategy requires

    14 min
  7. 1 FEB

    First Deorbit-as-a-Service Contract Awarded to Starfish Space

    The U.S. Space Force Space Development Agency (SDA) has awarded a $52.5 million contract to Starfish Space to provide Deorbit-as-a-Service (DaaS) for satellites within the Proliferated Warfighter Space Architecture (PWSA). The award is the first such contracted mission for end-of-life satellite disposal service for any provider. Under the contract, Starfish Space will build, launch, and operate an Otter spacecraft in low Earth orbit (LEO) to safely and efficiently dispose of SDA satellites at the end of their operational lives. The mission begins with an initial deorbit, with options for multiple additional deorbits, enabled by Otter’s significant capacity and ability to service several satellites in a single mission. As LEO constellations continue to expand and require refresh cycles, operators must put more emphasis on managing end-of-life disposal safely, reliably, and at scale. Until now, operators have only had two options for managing end-of-life: actively deorbit satellites prematurely to mitigate risk of early failure and resulting operational hazards, or fly satellites for longer and contend with increasing debris and collision risks across their constellation. With Deorbit-as-a-Service, operators have a better alternative: maximize the operational life and value of their constellations and rely on vendors to dispose of any satellites which cannot dispose of themselves. The mission, which is targeting a 2027 launch date, will demonstrate how commercial Deorbit-as-a-Service can support both government and commercial constellation operators, maximizing the value and capabilities LEO operators can derive from their constellations as they continue to scale. ### In a related development, the European Space Agency (ESA) has awarded a contract valued at more than $475,000 to Astroscale UK to lead the design of the In-Orbit Refurbishment and Upgrading Service (IRUS). The novel mission concept is designed to lead to technology that will enable satellites to be upgraded, repaired, and extended while in orbit. This initiative supports ESA’s Space Safety Program, reinforcing Europe’s commitment to reducing orbital risks and ensuring safe operations for future generations. With the involvement of the spacecraft manufacturer and operator BAE Systems in the role of a future in-orbit servicing client, IRUS represents a major step towards a circular space economy, where satellites are maintained, repaired and enhanced in orbit rather than treated as single-use. Developing this new capability will pave the way for more complex In-Orbit Servicing, Assembly and Manufacturing (ISAM) capabilities – as refurbishment and upgrading are essential precursors to assembling and manufacturing platforms in space. The eight-month Phase A study contract will develop the technical groundwork and commercial case for in-orbit refurbishment and upgrading services. The team will explore how robotic and servicing technologies can safely connect with and refurbish satellites already in orbit, assessing the technical feasibility and commercial viability of upgrading a satellite or extending its life through replacing degraded or out-of-date subsystems such as batteries, solar panels and on-board computers. ### The Optical (laser) Satellite Communication Market is projected to grow from $620 million in 2025 to $1.56 billion by 2030 at a CAGR of 20.4%, according to a new report from MarketsandMarkets. The market is growing steadily, driven by a growing need for secure, high-capacity data links across space missions, defense applications, and commercial satellite networks. Improvements in laser terminal pointing and tracking systems, along with AI-based link management, are making these systems more reliable and easier to operate. The demand is rising for high-capacity inter-satellite links, secure data transmission, and low-latency connectivity across LEO and multi-orbit satellite constellations. The optical (laser) satellite communication market is driven by the need for high-throughput and secure data links to support growing satellite data traffic. There is an increase in the adoption of laser inter-satellite links in LEO constellations, and demand for low-latency connectivity across defense and commercial missions is a key growth factor. By component, the Pointing, Acquisition, and Tracking (PAT) module segment is projected to account for the largest market share during the forecast period. By application, the network backbone and relay communications segment is expected to see the highest growth, driven by the use of optical intersatellite links to build space-based mesh networks that reduce dependence on ground stations. North American accounted for a 67.9% market revenue share in 2024. However, the Asia Pacific region is expected to be the fastest-growing region during the forecast period. ### A milestone year has been reported by Astra, showing $45 million in revenue for 2025, breakeven EBITDA and 100% satellite engine mission reliability. The company says it has shipped 110 satellite engine systems in the past calendar year, surpassing a key operating milestone set when the company went private in 2024. Astra shipped the 110 systems with a team of approximately 100 employees, reflecting operating leverage driven by tighter process gating, increased automation, and execution discipline across manufacturing, test, and their supply chain. All systems are designed, manufactured, and tested at Astra’s Alameda, California facility. A series F funding round coming in at just under $130 million has been closed by Interstellar Technologies through a third-party allotment of new shares. The round was completed with the investments from SBI Group, Nomura Real Estate Development, B Dash Venture, SMBC Edge, and existing shareholders, in addition to the previously announced investors, and represents one of the largest fundraising efforts to date by a privately held space startup in Japan. The round, led by Woven by Toyota, raised $95.5 million through a third-party allotment of preferred shares in an up-round. In addition, the company secured just over $34.2 million in debt financing from financial institutions, including loan facilities with stock acquisition rights provided by the Japan Finance Corporation. Alongside the fundraising, secondary transactions with existing shareholders were also conducted to optimize the company’s capital structure. Nomura Securities provided advisory support in this series, including the introduction of several potential investors, some of which resulted in fundraising. The funds raised in this round will be used primarily for the development of first ZERO orbital launch vehicle, strengthening the manufacturing system toward future commercialization, and the research and development of satellites, thereby driving further expansion of both businesses. ### Launch timing for the BlueBird 7 mission has been announced by AST SpaceMobile. The launch is currently scheduled for late February from Launch Complex 36 at Cape Canaveral Space Force Station on Blue Origin’s New Glenn launch vehicle. Identical to BlueBird 6, BlueBird 7 is the second satellite in AST SpaceMobile’s next-generation campaign. At nearly 2,400 square feet, it features the largest commercial communications array in low Earth orbit, 3.5 times larger than BlueBirds 1-5. Its size and design, built on significant technical innovation and supported by more than 3,800 patent and patent-pending claims, enable peak data rates of up to 120 Mbps space-based broadband connectivity for voice, data, and streaming. The next generation BlueBirds are designed to be compatible with all major launch vehicles. Future missions on New Glenn are expected to deliver up to 8 next generation BlueBirds per flight, with its seven-meter fairing enabling twice the payload volume of five-meter class commercial launch systems. ### In depth this week, the satellite industry faced a supply chain nightmare in 2022, with critical components like optical communication terminals and radiation-hardened processors backordered for 18 months. Industry analysts predicted widespread deployment delays that would cripple the booming constellation business. But those delays never materialized—at least not for commercial operators. (Paywall) According to industry data, constellation operators achieved 94% of their planned launch targets despite the crisis. SpaceX launched 96 missions in 2023 alone, more than all other launch providers worldwide combined. OneWeb finished deploying its 648-satellite constellation on schedule by 2023. The secret? Commercial operators rebuilt their supply chains from scratch rather than waiting for global markets to recover. Companies like SpaceX doubled down on vertical integration, manufacturing critical components in-house at their Redmond, Washington facility—a strategy industry veterans initially dismissed as inefficient. The approach created what one analysis calls “a parallel manufacturing economy” built on three pillars: making components internally, stockpiling critical parts, and simplifying satellite designs to reduce dependencies. The strategy worked. While component shortages were real—German optical terminal maker Mynaric nearly went bankrupt before being acquired—commercial operators maintained their production pace through manufacturing flexibility unavailable to competitors. The exception highlights the rule: The Space Development Agency, bound by government procurement regulations, experienced exactly the delays commercial operators avoided on their Tranche 1 satellite constellation. Industry observers say these manufacturing changes aren’t temporary fixes but represent a permanent shift in constellation economics, widening the gap between operators controlling their own production and those relying on traditional supply chains. Paid subscribers can read the full analysis on The Journal of Space Commerce under the S

    13 min
  8. 25 JAN

    A Congressional Call for a Strong Space Economy

    Bipartisan legislation to provide regulatory predictability to the satellite industry, boost high-speed Internet access, and ensure American space leadership has been introduced in the U.S. Senate by U.S. Senate Commerce Committee Chairman Ted Cruz (R-TX) and Senator Peter Welch (D-VT). The SAT Streamlining Act establishes a clear, one-year deadline for the FCC to make a decision on a license application. These changes would help expand broadband access to underserved areas, and incentivize commercial satellite operators to base operations in the United States over foreign jurisdictions where satellite application processes may be less burdensome. The legislation also standardizes “market access” for foreign satellite systems operating in the United States by capping licenses at 15 years, aligning them with the 15-year approval term applied to U.S. companies. The legislation establishes strict deadlines for the FCC to act on applications. The agency would have one year to approve or deny applications for satellite licenses, including those for geostationary and non-geostationary orbit space stations and earth stations. If the FCC misses these deadlines, applications would be automatically approved. For license renewals, the FCC would have 180 days to make decisions. Minor technical modifications to licenses would need to be processed within 90 days, while certain equipment replacement requests would get expedited 30-day reviews. Tom Stoup is the president of the Satellite Industry Association. He says the industry will benefit greatly from a standardized process. “Members of Congress realize that the industry has grown so rapidly that we need to find ways to be able to expedite the licensing process. And I think in a nutshell, that’s really it,” Stroup said. “I mean, it’s just like The FCC has done a great job of dealing with some of the backlog and applications. And there’s a proceeding at the FCC on creating a new set of rules with their modernization proceeding. And I think, again, it all ties into a recognition of the growth in the industry and the importance of the national economy.” The bill emphasizes that the U.S. space industry is vital for the economy and job creation. It aims to ensure America maintains global leadership in commercial space by modernizing regulatory processes to keep pace with industry innovation. -0- A new demonstrator called Airbus UpNext SpaceRAN (Space Radio Access Network) has been launched into orbit. Its mission is to enable standardized global connectivity by exploring advanced 5G Non-Terrestrial Network (NTN) capabilities. This demonstrator aims to explore the 5G NTN, a versatile connectivity technology compatible with all types of business applications. The demonstration will confirm the feasibility of providing universal connectivity that is standardized, interoperable, and globally available for commercial, defence or governmental use. Airbus UpNext SpaceRAN will leverage Airbus’ software-defined satellite 1 capabilities to manage and optimize 5G signals in orbit. By processing data directly in space rather than simply relaying it, the demonstrator 2 will prove that we can reduce latency, maximize data throughput, and enable more efficient network management and routing, opening the door to user-to-user direct connectivity. Developed as part of Air!5G, a project supported by the French government through the France 2030 investment plan under the Future Networks strategy, this demonstrator is expected to show its first results by 2028. -0- In anticipation of its Initial Public Offering, York Space Systems has launched the roadshow for the IPO of 16,000,000 shares of its common stock. In addition, York intends to grant the underwriters a 30-day option to purchase up to an additional 2,400,000 shares of its common stock at the initial public offering price, less underwriting discounts and commissions. The initial public offering price is expected to be between $30 and $34 per share. York has applied to list its common stock on the New York Stock Exchange under the ticker symbol “YSS.” A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The Journal of Space Commerce is a reader-supported publication. To receive new posts and support this work, consider becoming a paid subscriber. The first Rocket Lab launch of 2026 successfully lifted two spacecraft into orbit for European space technology company, Open Cosmos. That’s Murielle Baker is the Director of Corporate and Launch Communications at Rocket Lab. “On board Electron today are two small sats by Open Cosmos that are heading to a 1,050 kilometer low Earth orbit at an 89 degree inclination. The pair will verify new capabilities that Open Cosmos is developing, and it is the first time flying on Electron for the Open Cosmos team. The mission ‘The Cosmos Will See You Now’ lifted off from Launch Complex 1 in New Zealand at 11:52 p.m. local time on January 22. The two spacecraft were deployed into an ≈652 mile low Earth orbit. It was the company’s 80th electron launch overall. The story was a bit different at Launch Complex 3 in Wallops Island, Virginia however. Rocket Lab released a statement saying that qualification testing of the Stage 1 tank for its larger Neutron rocket Wednesday night resulted in a rupture during a hydrostatic pressure trial. The company stressed that testing failures are not uncommon during qualification testing, and that structures are intentionally stressed to their limits to validate structural integrity and safety margins and ensure the robust requirements for a successful launch can be comfortably met. The Company intends to provide an update on the Neutron schedule during its 2025 Q4 earnings call in February. -0- Integration has begun on the Vast Haven-1 commercial space station. Scheduled to be the world’s first private space station, Haven-1 is designed as a standalone, crewed station and serves as the first step for Haven-2, a multi-module station capable of supporting a continuous human presence in low-Earth orbit (LEO) that is Vast’s proposed successor to the ISS. The first phase of Haven-1 integration includes installation of the station’s pressurized fluid systems, including thermal control, life support, and propulsion system tubes, and component trays and tanks. These systems will undergo pressure, leak, and functional testing. The second phase of integration will incorporate avionics, guidance, navigation and control systems, and air revitalization hardware. The third and final phase will complete the vehicle with crew habitation and interior closeouts, exterior micrometeoroid and orbital debris (MMOD) shielding, thermal radiator installation, and solar array integration, bringing Haven-1 to a fully flight-ready configuration. Based on the current integration timeline, Vast is updating its schedule for Haven-1 to be ready to launch Q1 2027. -0- The polar region satellite communications industry is on the verge of significant expansion, driven by increasing technological advancements and growing needs for connectivity in extreme environments. According to new analysis from The Business Research Company, as demand intensifies for robust communication systems in the Arctic and Antarctic, the market is set to experience remarkable growth in the coming years. The polar region satellite communications market is anticipated to reach a value of $4.25 billion by 2030, showcasing a strong compound annual growth rate (CAGR) of 11.3%. This surge is largely fueled by the deployment of low-earth orbit (LEO) satellite constellations specifically focused on polar coverage, integration with Arctic navigation and surveillance systems, and the increasing use of AI-powered communication optimization technologies. Additionally, expanding activities in polar resource exploration and a growing reliance on emergency and disaster communication services further contribute to this robust growth. Key trends expected to shape the market include the expansion of LEO constellations to enhance polar communication, rising demand for resilient systems to support Arctic shipping, increasing scientific research requiring high-bandwidth data transmission, widespread adoption of portable satellite terminals for fieldwork, and advancements in high-frequency Ka- and Ku-band solutions designed to withstand harsh weather conditions. One critical driver of market expansion is the rollout of low-earth orbit satellite constellations tailored for polar regions. These constellations improve connectivity and coverage in remote areas, supporting a variety of applications from scientific missions to commercial operations. -0- In depth this week, Congress has handed NASA its biggest budget in nearly three decades, and with it, a clear mandate: put commercial space companies at the center of America’s future in orbit and on the Moon. (Paywall) On January 15, lawmakers approved a $27.5 billion package for NASA for fiscal year 2026, combining traditional appropriations with a special reconciliation bill. The move reverses a proposed 24 percent cut from the Trump administration and instead boosts funding for exploration systems, science, and new commercial space stations in low Earth orbit. It also cements a bipartisan deal that treats commercial partnerships not as experiments, but as national infrastructure. At the heart of the shift is a new role for NASA as an “anchor customer” rather than the builder and operator of its own spacecraft and stations. Reauthorization language led by Senators Maria Cantwell and Ted Cruz instructs the agency to use commercial capabilities “as appropriate and practicable” for lunar missions, cargo runs, and low Earth orb

    16 min

About

A weekly newsletter published to the community highlighting the news of the week and letting you know who our podcast guest is that week. We will look ahead to the coming week to see what's happening and let you know. www.exterrajsc.com