Investment

• Iridium Communications reported strong Q2 2025 results with $216.9 million in revenue (up 8% YoY), highlighting continued growth in its satellite-based services across commercial and government markets. Space-relevant updates include the ramp-up of its direct-to-device satellite connectivity and expanding applications of its Positioning, Navigation, and Timing (PNT) service. The company’s U.S. Space Force EMSS contract, a $738.5M agreement for satellite airtime, continues to anchor Iridium’s government operations, which saw a 1% revenue increase despite subscriber decline. Engineering and support revenue surged 62%, driven by increased government activity.

• Collins Aerospace will expand its manufacturing and R&D operations in Richardson, Texas, creating over 570 new jobs and investing more than $57 million. Supported by a $3.7 million Texas Enterprise Fund grant, the expansion reinforces Texas’ position as a national leader in aerospace and defense innovation.

• Amazon has confirmed that its $139.5 million investment in Florida, including a 100,000-square-foot payload processing facility at Kennedy Space Center, is central to ramping up the launch cadence for Project Kuiper, its 3,232-satellite broadband constellation. The facility supports integration and fueling of Kuiper satellites for missions aboard rockets from ULA, SpaceX, and Blue Origin, enabling Amazon to process over 100 satellites per month and manage three simultaneous launch campaigns, helping relieve payload processing bottlenecks on the increasingly crowded Space Coast.

Partnerships

• Turkey’s first domestically built communications satellite, TÜRKSAT-6A, has completed its first year in geostationary orbit. Developer ASELSAN is now expanding its space technology collaboration with Azerbaijan, with an intention to co-develop the Azerspace-3 satellite through a technology transfer model that supports Azerbaijani engineers and lays the groundwork for an independent regional space industry.

• HII has been awarded a $74 million, five-year task order to provide modeling and simulation capabilities for the U.S. Air Force and Space Force, supporting the AFRL’s Space Vehicles Directorate at Kirtland Air Force Base. The work includes developing operational simulations for space unit training, machine-to-machine decision support tools, and readiness solutions for improving space asset survivability in contested multi-domain environments.

• The U.S. Space Force has released its first-ever International Partnership Strategy, outlining a long-term vision to strengthen global collaboration and integration with allies to maintain a secure, stable, and sustainable space domain. Emphasizing that “spacepower is the ultimate team sport,” the strategy sets three main goals: empowering allies as combat multipliers, maximizing information sharing, and integrating coalition forces across design, development, and operations.

Applications

• Researchers at UC Irvine have discovered a new state of quantum matter within a custom material called hafnium pentatelluride, achieved under extreme magnetic fields up to 70 Tesla. Notably, this quantum phase is highly radiation-resistant, making it a candidate for space-based electronics capable of withstanding deep space environments.

• NASA successfully launched the TRACERS mission on July 24 aboard a SpaceX Falcon 9 from Vandenberg, deploying two satellites to study magnetic reconnection in Earth’s polar cusps, a process relevant to both aurora formation and geomagnetic storms. The $170M mission will collect over 3,000 data points in a year, advancing our understanding of space weather and its impact on systems like GPS and satellite operations.

• A Vega C rocket is set to launch tonight from Europe’s Spaceport in French Guiana, carrying five satellites focused on Earth and climate monitoring. The mission, VV27, includes MicroCarb, a French-led satellite that will map global carbon dioxide sources and sinks with unprecedented precision. It also carries four CO3D satellites from CNES and Airbus, which will generate high-resolution 3D maps of Earth’s land surfaces using multispectral optical imaging.

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• The U.S. Department of Defense has awarded Lockheed Martin a $509.7 million contract to build GPS IIIF satellites 21 and 22, pushing the program’s total value past $4.1 billion.
• GPS IIIF enhances navigation capabilities with 60x anti-jamming resistance, new search and rescue functions, and a fully digital payload; SV08, the final GPS III satellite, will launch in 2025 as the program transitions.
• Lockheed Martin has completed major assembly on the first four GPS IIIF satellites, with launches scheduled to begin in 2027 to support global coverage and replace aging infrastructure.

The U.S. Department of Defense has awarded Lockheed Martin a $509.7 million contract to build two more Global Positioning System III Follow-On (GPS IIIF) satellites, extending the company’s production line and pushing the total value of the program past $4.1 billion, according to the DOD.

The contract modification covers GPS IIIF Space Vehicles 21 and 22 and obligates more than $55 million in fiscal 2025 missile procurement funds at the time of award. The additional units are part of a long-term effort by the U.S. military to maintain and enhance the country’s GPS constellation, which provides positioning, navigation, and timing data to both military and civilian users worldwide. Work will continue at Lockheed Martin’s facility in Littleton, Colorado, with delivery expected by late 2031.

The contract comes as Lockheed Martin prepares to launch GPS III SV08, the eighth satellite in the current block, from Cape Canaveral in 2025, according to Lockheed Martin. Shipped in early April from Colorado via a U.S. Air Force C-17 aircraft, the spacecraft was deployed on short notice to meet mission requirements, highlighting a shift toward faster, more responsive deployment timelines.

“With each GPS III shipment and launch, America’s GPS constellation grows more resilient and accurate,” Malik Musawwir, vice president of Navigation Systems at Lockheed Martin Space, said in a statement in April. “We’re proud to continue enabling this critical national security mission through both spacecraft production and maintenance of the ground control segment, bringing a seamless experience to Space Force operators.”

GPS III SV08 will join a 31-satellite constellation that supports essential services including civilian navigation, military operations, and emergency response systems. The arrival of SV08 also marks the final stages of the GPS III block before the program transitions fully to GPS IIIF, a more advanced generation with expanded capabilities, according to Lockheed Martin.

• 60X greater anti-jamming to ensure U.S. and allied forces cannot be denied access to GPS in hostile environments.
• Accuracy-enhancing laser retroreflector array.
• New search and rescue payload.
• Fully digital navigation payload.
• New LM2100 Combat Bus for SV13, providing increased cyber-hardening, improved spacecraft power, propulsion and electronics. Capable of hosting on-orbit upgrade ASPIN software.

The GPS IIIF satellites are designed to strengthen signal security and reliability, the company noted. Enhancements include a stronger civilian signal intended to improve commercial aviation safety and a new feature called Regional Military Protection. This system increases the satellite’s resistance to jamming by as much as 60 times in contested environments, making it significantly harder for adversaries to disrupt U.S. military operations.

Lockheed Martin has begun building the first ten GPS IIIF units, with assembly already completed on key structures for the first four. The company finished mating the core of the first GPS IIIF satellite earlier this year and anticipates launch of the new block to begin in 2027. The continued investment in GPS IIIF follows concerns over aging infrastructure, as nearly half of the current GPS constellation exceeds its intended service life.

According to the Space Systems Command, the expanded GPS fleet is intended to ensure seamless global coverage and provide a long-term upgrade path. Lockheed Martin now remains under contract for up to 22 satellites, providing a steady production cadence for the next several years.

SpaceX is targeting Friday, May 30 for a Falcon 9 launch of the GPS III-7 mission from Space Launch Complex 40 at Cape Canaveral Space Force Station in Florida, according to the company. The launch was originally assigned to United Launch Alliance, but was re-assigned to Space-X in April in light of Space System Command’s accelerated launch schedule.

• Raytheon received a $379.8 million contract modification to extend and support the U.S. military’s GPS Next Generation Operational Control System (OCX), raising the total contract value to over $4.5 billion.
• The updated contract includes extended development, pre-operational acceptance, and interim post-operational support for OCX, which enhances GPS accuracy, security, and integration with military and civil services.
• Work will be conducted in Colorado and California, with a new base completion date of March 2026 and an optional extension to March 2027; no additional funds are being obligated as the contract remains incrementally funded.

Raytheon has secured a $379.8 million contract modification to support the next-generation operational control system for the U.S. military’s Global Positioning System, according to a Department of Defense announcement. The updated agreement brings the total value of the contract to over $4.5 billion.

The funding, awarded under contract FA8807-10-C-0001, covers extended work on the GPS Next Generation Operational Control System (OCX), which is designed to enhance the accuracy, security, and resilience of GPS services. The modification also includes pre-operational acceptance support and an interim support phase following operational acceptance. The option period associated with the modification is valued at $162.6 million.

Work will take place across multiple sites including Raytheon’s facility in Aurora, Colorado, as well as Schriever and Vandenberg Space Force Bases. The base period of the contract is now set to conclude by March 31, 2026, with an optional one-year extension to March 31, 2027.

The OCX program is considered a cornerstone of U.S. military space infrastructure, designed to control GPS III and future GPS satellites, according to the National Coordination Office for Space-Based Positioning, Navigation, and Timing. These systems are expected to provide more precise navigation and timing data and offer improved resistance to jamming and cyber threats. OCX also plays a key role in integrating encrypted military signals and managing civil GPS functions.

This latest contract change definitizes a previously undefinitized change order. The Department of Defense notes that no new funds are being obligated at this time, as the contract continues to be incrementally funded.

• The U.S. Department of Defense has selected an architecture for “Golden Dome,” a $175 billion missile defense system that will deploy weapons in space for the first time, combining land-, sea-, and space-based technologies.
• Golden Dome will consist of four defensive layers: pre-launch disruption, boost-phase interception, midcourse interception in space, and terminal-phase defense; initial funding of $25 billion is included in President Trump’s proposed budget.
• The system will build on existing missile defense assets while adding space-based interceptors and sensors, with oversight by Gen. Michael Guetlein and full coordination across NORAD, USNORTHCOM, and USSPACECOM; China and Russia have criticized the initiative as destabilizing and militarizing space.

Golden Dome is expected to cost $175 billion, President Donald Trump said as he announced the Department of Defense has selected a plan for the missile defense system that would put U.S. weapons in space for the first time.

“Today, I’m pleased to announce we have officially selected an architecture for this state-of-the-art system that will deploy next-generation technology across the land, sea, and space, and including space-based sensors and interceptors,” Trump said during the May 20 announcement in the Oval Office. Trump noted the first $25 billion for Golden Dome is part of the “Big Beautiful Bill” budget proposal currently working its way through Congress.

While Trump stated the system, one first proposed four decades ago by President Ronald Reagan, would be fully operational by the end of his term in 2029, U.S. officials indicated that a limited capability might be more realistic within that timeframe, the AP reported.

Golden Dome aims to create a four-layered defense strategy. The first tier focuses on pre-launch disruption, targeting enemy capabilities before a missile is fired. The second stage centers on intercepting the missile during its boost phase, when it is most visible and vulnerable. The third targets midcourse interception in space, while the final layer provides terminal phase defense as a missile approaches its target, according to the AP.

“The Golden Dome is a game changer,” Secretary of Defense Pete Hegseth said at the announcement.

According to the Department of Defense, the Golden Dome will build on existing missile defense infrastructure but add a new layer of space-based interceptors and sensors, marking a shift in how the U.S. intends to deter and defeat aerial threats. Current systems such as ground-based interceptors and sea-launched missile defense assets will remain in operation. The initiative is being coordinated with NORAD, USNORTHCOM, and USSPACECOM to ensure full interoperability.

In early May, the Congressional Budget Office lowered cost estimates for deploying and operating space-based interceptors over 20 years, citing lower launch costs. The CBO estimates it to be $161 billion (in 2025 dollars) for the lowest-cost option, down from $264 billion, and $542 billion, down from $831 billion, for the highest-cost alternative.

Oversight of Golden Dome will fall to Gen. Michael Guetlein, the vice chief of space operations, reflecting the elevated role of the U.S. Space Force in future defense planning. Guetlein is expected to coordinate across military branches and defense contractors to accelerate development and deployment.

While technical specifications remain limited, at the announcement Guetlein stressed the need for defense systems capable of intercepting the increasingly advanced missiles being developed around the world, including ballistic missiles with multiple nuclear warheads, hypersonic missiles, and cruise missiles capable of avoiding U.S. detection, along with potential space-based weapons of the future.

In March, Guetlein said at the McAleese Defense Programs Conference in Washington that China and Russia have developed counterspace capabilities such as jamming, spoofing, cyberattacks and directed-energy weapons. Guetlein also said American adversaries were practicing orbital engagements, including shadowing U.S. satellites and testing anti-satellite weapons.

In a joint statement in early May, China and Russia called the Golden Dome proposal “deeply destabilizing in nature” and that they “oppose the attempts of individual countries to use outer space for armed confrontation and will counter security policies and activities aimed at achieving military superiority.”

• DIU and SSC said the HSA program supports DoD goals of modernizing acquisitions, accelerating commercial integration, and establishing a fully operational hybrid space architecture by 2026.
• The Pentagon is advancing its Hybrid Space Architecture (HSA), awarding contracts to a slate of commercial firms to prototype technologies that integrate civil, commercial, and military space assets into a unified communications network.
• Companies including Capella Space, Lockheed Martin, Viasat, and OneWeb Technologies will develop and test capabilities over the next year in key global regions, aiming to enhance secure, redundant, and resilient military communications.

The Pentagon has added about a dozen companies — depending on how you count the partnerships — to its program to integrate commercial space technologies into a seamless network designed to give U.S. military forces more reliable and secure communications around the globe.

The Defense Innovation Unit (DIU), the U.S. Department of Defense unit that facilitates implementing emerging commercial technologies across the military, announced contracts with a dozen companies in the development of prototypes for its Hybrid Space Architecture (HSA). HSA is a network that aims to blend civil, commercial and government space assets into a unified communication platform for military operations.

According to DIU, a slate of commercial vendors, including Capella Space Corporation, EdgeCortix, Eutelsat America Corp. + OneWeb Technologies, Fairwinds Technologies – AST Space Mobile, Illumina Computing Group, Lockheed Martin Space, MapLarge, SES Government Solutions, Skycorp Incorporated, SkyFi, Ursa Space Systems, and Viasat have been added to the program. These vendors will build and test new capabilities in live operational demonstrations across the Indo-Pacific, European, Central and South Command theaters over the coming year.

This initiative, according to DIU and SSC, represents a major step toward boosting situational awareness and operational agility for the U.S. and its allies. The concept centers on enabling multi-path routing of communications that can bypass disruptions caused by weather or interference, providing low-latency, redundant data transport.

“This is a winning collaboration between DIU, SSC and the commercial space industry to advance Hybrid Space Architecture for the U.S. Space Force,” said Lt. Col. Tim Trimailo, director of Space Systems Command’s Commercial Space Office, said in a statement. “Together with DIU we’re accelerating the integration of commercial capabilities through HSA demonstrations and pilot efforts to scale quickly into a resilient, multi-orbit architecture supporting the DoD’s vision for seamless, uninterrupted global communications. These efforts exemplify the power of whole of government and industry collaboration in delivering real-world capability at speed.”

The HSA will incorporate commercial capabilities like persistent sensing, data fusion, and advanced edge computing, combined with secure communication platforms, to enhance mission planning and execution. The program also reflects broader Department of Defense goals to modernize software acquisition and streamline space systems procurement to outpace emerging threats.

A live hybrid network will soon be activated to support demonstrations, wargames, and additional technical integrations. DIU says these trials will lay the groundwork for a fully operational architecture by 2026.

“DIU’s ability to rapidly integrate and deliver a hybrid space network architecture is testament to its process of allowing commercial innovators to solve complex problems at speed and scale by applying their solutions to DoD’s problems,” said Steve Butow, Director of DIU’s Space Portfolio.

Key contributors to HSA include the Air Force Research Laboratory’s Rapid Architecture Prototyping Integration Development division, the Strategic Capabilities Office, and the Naval Research Laboratory.

“Working closely with DIU is key to providing commercial options to the Space Force and overcoming the challenges to incorporate those capabilities into our architectures.  We are committed to continuing that work,” said Dr. Michael Starks, Rapid Architecture Prototyping and Integration Demonstration Laboratory, U.S. Air Force Research Laboratory.

• The U.S. Space Force has awarded Phase 2 contracts to CACI, General Atomics, and Viasat to develop laser communication terminal prototypes under its $100 million Enterprise Test Terminal (EST) program.
• The initiative seeks to build standardized, low-cost, low-power optical crosslink terminals for seamless data transmission among Department of Defense satellites, forming a core part of the military’s MILNET space mesh network.
• The EST prototypes will implement a common waveform enabling satellite-to-satellite communications, enhancing speed, resilience, and security across DoD space assets. Blue Origin, a Phase 1 participant, was not selected for Phase 2.

The U.S. Space Force has selected three contractors to move forward and develop prototypes of laser communication terminals in Phase II of its Enterprise Test Terminal Program.

Phase 2 contracts were awarded to CACI, General Atomics, and Viasat, while Blue Origin did not make the cut, according to the Space Systems Command (SSC), headquartered in El Segundo, Calif., awarded. The initiative, with a $100 million total value, aims to create standardized, low-cost optical communication systems that enable crosslink data transfer among Department of Defense (DoD) satellites.

“The EST prototypes are foundational elements to the future space data transport network that we are building,” according to USSF Lt. Col. Jeffrey Fry, MILNET Program Manager for SSC’s Space Domain Awareness and Combat Power Program Executive Office, adding in a statement he was pleased with the program’s progress. “The ESTs will implement a common waveform so all satellites carrying these terminals can talk to each other. This is important as the network of satellites carrying EST compatible terminals will provide diverse communication paths for data that is critical to our national security and our way of life.”

The EST program, managed under the Space Enterprise Consortium’s Other Transaction Authority (OTA), is intended to support development of low size, weight, power, and cost (SWaP-C) laser terminals compatible with a newly created enterprise waveform. This waveform, a kind of standardized data signal, will allow disparate satellite systems to communicate across orbits, including beyond low Earth orbit (bLEO).

All three contractors had previously completed Phase 1 of the EST program, which culminated in a Preliminary Design Review (PDR). According to SSC, the final selection was based on an evaluation of cost, timeline, and technical performance, with an emphasis on fostering innovation while controlling government spending.

By awarding multiple contracts in this second phase, the Space Force indicated it aims to preserve competition and support a broader industrial base in space communications. It also reflects a trend toward modular, interoperable systems, where different satellite platforms can share resources across a larger space mesh network.

That network is known as MILNET, a DoD initiative to establish a resilient space-based communications infrastructure. The EST program is seen as a cornerstone of this architecture, enabling flexible routing of data via multiple satellites rather than relying on fixed ground connections. This diversity in information pathways could enhance both the speed and security of defense communications.

The program builds on existing investments made by both the government and the commercial space sector, helping to operationalize prior research and experimental technologies. If successful, the EST program could help usher in a new era of military communications where satellites talk to one another as seamlessly as cellphones on a global network.

SSC, which manages a $15.6 billion annual budget, is responsible for the procurement and development of U.S. military space systems. It works closely with the Pentagon, academic institutions, allied governments, and industry to ensure U.S. strategic superiority in orbit.

• Raft has been awarded a Phase 2 OTA contract by the U.S. Space Force to advance its API Gateway program, extending its role in enabling secure, real-time, bi-directional data translation across U.S. government and allied space operations.
• The API Gateway builds on Raft’s [R] Data Platform, supporting cross-domain interoperability, modular architecture, and AI-driven mission response while meeting IL6+ security standards—key to the modernization of the Unified Data Library and Space Force’s Golden Dome strategy.
• Raft’s solution processes over 1.45 billion messages per day with 9ms latency, supporting Space Traffic Management and Protect and Defend missions; Phase 2 will further integrate autonomous operations and cloud-agnostic deployment.

PRESS RELEASE – Raft, a non-traditional defense technology company delivering autonomous data fusion and AI-driven decision dominance for the Department of Defense, has been awarded another Other Transaction Agreement (OTA) by the U.S. Space Force — this time for Phase 2 of the API Gateway program. This award builds on Raft’s successful execution of Phase 1 and marks another strategic win as the company continues to shape the future of secure data transformation across the space domain.

In a highly competitive down selection that included new and established defense contractors in the industry, Raft’s high-performance solution proved its ability to deliver universal, bi-directional data translation and transformation at massive scale — a critical capability as the Space Force pushes forward with its Unified Data Library (UDL) modernization and Golden Dome initiatives.

“We’re not just building for Space Force—we’re building for the future of space operations across the entire U.S. government,” said Shubhi Mishra, Founder and CEO of Raft. “This API Gateway is an extension of our proven [R] Data Platform ([R]DP), which stands apart for its ability to perform real-time, secure data translation across all classification levels—from the tactical edge to the enterprise. With built-in Cross Domain Solutions, a modular architecture, deployments in IL6+ networks, data standard and ontology agnostic integration, [R] DP enables seamless interoperability between legacy systems, commercial space data providers, and operational platforms supporting real-time mission execution—at speed and at scale. It’s not just about connecting data; it’s about transforming it into immediate, mission-ready action. This OTA award reinforces that the government is leaning into agile, non-traditional partners to lead the way on critical infrastructure modernization—and we’re proud to deliver.”

The API Gateway is a mission-critical enabler of the Space Force’s expanded UDL strategy outlined in its recently released Data & AI Strategic Action Plan. The Gateway acts as the connective tissue between legacy and modern systems, commercial and DoD data sources, and allied partners—ensuring the right data is accessible, interoperable, and secure across classification levels. Raft’s technology accelerates decision cycles, decreases latency, and ensures warfighters and Guardians have real-time insights at the tactical edge.

In Phase 1, Raft exceeded government benchmarks, delivering a system capable of processing over 1.45 billion messages per day with an average latency of just 9 milliseconds. This foundation now enables the Department of Commerce (DoC) to operationalize Space Traffic Management (STM), while the U.S. Space Force sharpens its focus on Protect and Defend missions in support of Space Policy Directive-3 (SPD-3).

With Phase 2 underway, Raft is advancing the API Gateway to serve as the backbone of autonomous space operations—integrating AI-driven mission response, resilient encryption, and cloud-agnostic deployment at IL6 and above. These enhancements directly support the Space Force’s multi-domain operations by enabling seamless joint and allied interoperability and delivering real-time, AI-enhanced situational awareness across the evolving Unified Data Library (UDL) ecosystem. As the Space Force accelerates its vision for a unified, intelligent space domain infrastructure, Raft’s autonomous architecture bridges the gap between commercial innovation and operational reality—faster, more securely, and without the burden of legacy lock-in.