That isotope, helium-3, is rare on Earth—measured in just tens of kilograms per year—but plentiful in the Moon’s surface dust after eons of solar-wind bombardment. It carries strong potential as a clean-fusion fuel, and its cryogenic properties already underpin ultra-low-temperature quantum processors, high-definition lung MRI scans, and neutron detectors that police global trade lanes. At roughly $50 million per kilogram, demand is throttled not by interest but by supply.

A new agreement with NASA will give Magna Petra access to flight-qualified hardware for its first lunar prospecting mission. If Max’s phased, partner-heavy plan holds, that hardware could help deliver the first commercially mined lunar commodity back to Earth before the decade ends.

The NASA partnership that de-risks first contact

Under a new Cooperative Research and Development Agreement (CRADA) with NASA’s Kennedy Space Center, Magna Petra will field-test the agency’s lunar-hardened Mass Spectrometer Observing Lunar Operations (MSOLO). The instrument—previously flown on government missions—will validate the company’s AI-driven “digital twin” of helium-3 distribution.

“We’re mounting this NASA instrument on a rover… as the rover transits the lunar surface,a rake on the under-side disturbs the regolith, creating plumes of isotopes,  and the instrument reads the composition,” Max said. NASA retains a research windfall; Magna Petra avoids years of in-house sensor development. “By combining public-sector ingenuity with private-sector agility, this agreement allows us to ground our science in real-world data,” Max says. 

He then widens the lens to explain why the arrangement matters to investors outside the space sector: “We’re an energy/–resource/ logistics company, not a ‘space company.’ This is a resources and energy play—we just happen to be doing it in space.” In other words, he views the Moon as nothing more exotic than an upstream mine site; launch vehicles are the trucking fleet, and cislunar transit is the rail link. The collaboration with NASA is simply the first step in proving that this supply chain can move a high-value commodity—helium-3—from an off-planet quarry to energy and technology markets on Earth.

A phased, partner-heavy flight plan

Before Magna Petra can ferry helium-3 to Earth, it has to progress through a disciplined sequence of milestones that balance scientific validation, commercial risk, and capital efficiency. The plan unfolds in five clearly defined phases—each one leveraging specialized partners for launch, transit, instrumentation, or surface operations—so the company can focus squarely on the missing piece: proving and scaling lunar isotope extraction as a viable business.

Digital-twin groundwork (2024 – 2025)

Magna Petra’s first task plays out on the desktop. An in-house AI team refines a “digital twin” of the Moon, ingesting four-and-a-half billion years of solar-wind models, isotope-migration data, and NASA spectral archives. “The model gives us a first-pass map of helium-3 distribution and density,” Jeff Max says, “but ground truth still matters.”

Recon Mission 1 – South-polar prospecting (2027)

The company’s maiden landing will ride to a south-polar site aboard ispace’s Mission 3 lander. A small rover, fitted with NASA’s flight-qualified MSOLO mass spectrometer, will rake the regolith; liberated gas plumes will flow into the instrument for real-time analysis. “We’re literally shaking loose the dust and reading what comes off,” Max explains, noting that polar regions combine long solar-wind exposure with permanently shadowed cold traps.

Recon Mission 2 – Equatorial validation (2027/8)

A second mission, scheduled for 2027/8 on ispace’s next flight, repeats the experiment at an equatorial location. Comparing data from two widely separated latitudes will confirm—or correct—the digital-twin predictions. “If the model nails both sites, confidence leaps for every pixel of that map,” Max says.

Capture-and-return demonstration (2029 – 2030)

With deposits verified, Magna Petra’s next step is a capture-and-return mission. A proprietary low-energy plume-capture device aims to gather tens of kilograms of helium-3, store the gas in pressure vessels, and deliver it to Earth via a sample-return capsule. Max puts the economics bluntly: “A 20-kilogram cargo at today’s prices approaches a billion dollars of revenue against a mid-nine-figure mission cost.”

Industrial scale-up (2031 and beyond)

Success unlocks an industrial phase early in the next decade. Multiple capture units—delivered by commercial landers, serviced by cislunar transports, and operated in parallel—would create a regular commodity pipeline from the lunar surface to Earth. “I’m not reinventing launch or landers,” Max emphasizes. “SpaceX provides launch, and our cislunar partners handle transit. We focus on the part no one else is doing—harvesting the isotope and proving it can pay for itself.”

To execute each phase, Max refuses to reinvent core services others already excel at. “I’m not going to build launch—SpaceX does that fine… If you want to go fast, go alone. If you want to go far, go together.” That ethos extends to cislunar transport (ispace and others), surface mobility (partner discussions with Toyota and others), and sample-return logistics.

Funding realities: space timelines versus venture horizons

Today the world ekes out only 20-60 kilograms of helium-3 per year, distilled from aging nuclear warheads in the United States, Russia, and China. “Helium-3 today on Earth is super expensive… it can sell for as much as $50 million a kilo,” Max noted, a price that throttles broader commercial use. Magna Petra’s business model targets that bottleneck: collect the isotope where it is plentiful and return it to the markets that need it.

Max remains candid about the financial gap between deep-space project cycles and standard venture-capital return windows. He warns that the Venture Capital ecosystem “have effectively become bankers,” seeking three-to-five-year exits that clash with eight-year technology-readiness ladders common in space tech. That mismatch strands many deep-space ventures in what Max calls “the valley of execution”—too capital-intensive for quick software-style returns, yet too commercial to live on grants alone.

Helium-3 extraction offers a rare bridge: a lunar exploration mission with an Earth-side commodity revenue stream, large enough to satisfy investors without perpetual government grants. Because the isotope already commands ≈ US $50 million per kilogram on Earth, a single 20-kilogram return payload could gross about US $1 billion, while Max pegs the demonstration mission at roughly US $230 million—an undeniably attractive margin.

“It’s still exploration,” he notes, “but the economic return lands back on Earth, not in a closed space-only loop”. In other words, helium-3 provides a commodity payoff that arrives early enough to fit within a fund’s second term, effectively bridging the gap that has stalled other lunar-resource concepts such as water or oxygen extraction.

To align incentives across that timeline, Magna Petra relies on three capital channels:

• Strategic hardware contributions: Public agencies provide access to flight-qualified instruments—NASA supplies MSOLO, for example—in exchange for priority access to the new science these devices collect on the Moon.
• Mission-level equity stakes: Long-horizon investors commit capital directly to the demonstration flight and receive a proportional share of any helium-3 revenue that payload generates.
• Partner-aligned investment: Strategic partners are paid in the currency that matters most to them—be it money, mission data, flight heritage, or brand visibility—so long as the mix advances the mission and meets their objectives.

Combined, the model de-risks execution and accommodates investor time horizons: government assets compress early capital needs, strategic partners lower cash burn by supplying proven hardware or services, and the first commercial cargo of helium-3 promises a payday soon enough to satisfy even “banker” VCs—something few other exploration missions can claim

Why Helium-3 Matters—And the Milestones Magna Petra Aims to Hit

Even the most compelling technical promise hinges on two things: a clear value proposition for end-users on Earth and a step-by-step plan that actually delivers product into their hands. Helium-3 checks the first box, offering clean fusion fuel, quantum-grade cryogenics, sharper medical imaging, and better nuclear-contraband detection. Magna Petra’s task is to check the second—moving from verified lunar deposits to kilogram-scale returns and routine deliveries.

Clean power without radioactive waste

Helium-3 fusion converts mass directly to electricity with no long-lived radioactive by-products. “When you fuse two helium-3 molecules … you generate the highest amount of energy per gram of fuel of any source that exists, and you generate zero radioactive waste,” Jeff Max told us. If Magna Petra can ship even a few tens of kilograms per year, grid-scale reactors gain a fuel that sidesteps the disposal and public-acceptance problems that dog deuterium–tritium designs.

The cryogenic backbone for quantum computing

The same isotope boils at 3⁰ K, making it “the only refrigerant that’s been identified for dilutive cooling for quantum data centers.” Quantum processors need millikelvin environments to keep qubits coherent; a reliable lunar supply would remove today’s cost and volume bottleneck, opening the path to industrial-scale quantum clusters.

Sharper images and safer borders

Hospitals already use helium-3 as an inhalant for ultra-high-contrast lung MRI, but scarcity drives prices to roughly US $20 000 per patient scan, limiting deployment. Border agencies face a similar pinch: neutron detectors that “light up if there’s a container … with nuclear material in it” rely on the isotope, yet annual global production hovers between 20 kg and 60 kg. An Earth-bound medical and security market therefore waits for volume, not demand.

A commodity anchor for the lunar economy

Most in-situ resource ideas—water ice, oxygen, construction regolith—carry 20- to 30-year paybacks and depend on government procurement. Max argues that helium-3 is different: it “is an exploration mission that has a commercial hook” because the product returns to Earth and commands billion-dollar cargo values today. That near-term cash flow could seed a broader cislunar logistics network, showing private investors a path to profit before the hotel-on-the-Moon era arrives.

Execution: the only metric that counts

For all the promise, Max keeps the scorecard brutally simple: “It’s only ever about execution … Success looks like success.” For Magna Petra the checkpoints are clear:

1. Verified deposits: Reconnaissance rovers must prove the digital-twin maps accurately locate rich regolith pockets.
2. Captured kilograms: The 2029–2030 capture-and-return mission needs to “grab it, can it, and bring it back.”
3. Delivery and use: True victory arrives only when fusion labs, quantum fabs, hospitals, and port authorities receive isotope they can deploy. “Collection is success number one; delivery and use are success number two.”

If those milestones are met, Magna Petra won’t just have mined the Moon; it will have inserted a critical element into Earth’s clean-energy and advanced-technology supply chains.

Looking Ahead

Magna Petra is betting that disciplined execution, not speculative hype, will anchor the first profitable link between the Moon and Earth’s clean-energy economy. If its timeline holds, the company will deliver a commercial cargo of helium-3 before many terrestrial fusion startups switch on their demonstration plants. Whether Magna Petra or another team crosses the line first, the lesson for the lunar resources field is the same: pair a commodity with existing demand, structure capital around early revenue, and partner for everything else.

The Space Insider team traveled to Colorado Springs for the 40th Space Symposium—an annual gathering that unites commercial, civil, and defense stakeholders across the space industry. Between keynote sessions and exhibit-hall walk-arounds, the team had the opportunity to sit down with Mike Cassidy and Mark Krebs, chief executive officer and vice president of guidance and control, respectively, of the newly formed D-Orbit USA, and Jeff Gilbert, chief executive officer of Spectrum Advanced Manufacturing Technologies (Spectrum AMT).  

The conversation explored how each leader plans to merge agile, Silicon Valley–style iteration with heritage-grade manufacturing discipline, and what that blend means for the next wave of satellite constellations. Their insights extend beyond a single partnership, offering a candid look at the broader challenges and opportunities that high-reliability manufacturing now faces as launch capacity expands and mission cadence accelerates. 

The Partnership at a Glance 

Spectrum AMT and D-Orbit USA announced their manufacturing alliance in early 2025, staking out a shared goal: accelerate the production of high-reliability satellite buses for commercial and government customers. Under the agreement, Spectrum will manage material procurement, printed-circuit-board assembly (PCBA), harness fabrication, and final system integration. D-Orbit USA will provide the bus architecture, test regimes, and mission-specific design updates. 

Mike Cassidy, CEO of D-Orbit USA, explained. “We know how to design scalable satellites; Spectrum knows how to manufacture them at high quality and low cost,” he said. Jeff Gilbert, Spectrum’s CEO, agreed: “You can usually tell on the first call if there’s alignment—and we had it. We share the same philosophy.” That shared outlook revolves around speed, transparency, and a refusal to compromise on reliability—factors Cassidy, Krebs, and Gilbert all claim the market increasingly demands. 

From Deep Heritage to Agile Growth 

Spectrum AMT cut its teeth on marquee NASA missions like the James Webb Space Telescope, the Parker Solar Probe, and the Mars 2020 Perseverance rover. Over 28 years, the California-based manufacturer has refined processes for soldering, conformal coating, and environmental stress screening—skills that translate directly to satellite-bus production. “Our AS9100-certified techs include NASA-qualified trainers,” Gilbert said. “Every satellite bus is different, and we treat them that way.” 

D-Orbit USA, by contrast, is the year-old American subsidiary of Italy’s D-Orbit Group, which has already flown 17 successful ION orbital-transfer missions. The U.S. outfit zeroes in on bus design and carries a management roster that reads like a cross-section of New Space: former SpaceX, OneWeb, Starlink, and Kuiper engineers alongside veterans of propulsion start-ups. Krebs previously ran attitude-control, flight-dynamics, and vehicle-integration for both Starlink and Kuiper, steering each constellation from architecture to first-launch success, while Cassidy’s own résumé spans Google’s Project Loon and electric-thruster firm Apollo Fusion, giving him a vantage point on both Silicon Valley speed and aerospace rigor. 

Aligning Design and Production 

The crux of the alliance lies in integrating D-Orbit’s iterative design cycles with Spectrum’s disciplined manufacturing culture. Mark Krebs, D-Orbit USA’s vice president of guidance and control, spelled out the handshake: “We’ll be providing the designs, procedures, and lessons learned; Spectrum will be delivering the team and the facility to make that work efficiently at scale.” 

For Gilbert, that efficiency begins with early mock-ups. “We’re doing fit-ups in-house, retrofitting wiring, bringing D-Orbit engineers onto our floor,” he said. By pairing D-Orbit’s hardware-in-the-loop test benches with Spectrum’s environmental-stress chambers, the partners expect to catch integration issues before they reach flight hardware. Cassidy added a blunt rationale: “There are so many tragic mission failures from small, dumb mistakes. Building in layers of protection—design experience and test experience—gives you a much higher probability of surviving that first two hours in orbit.” 

Building the Factory for Tomorrow 

Spectrum is midway through renovating 7,500 square feet of new space that includes a 2,000-square-foot ISO 8 cleanroom capable of hosting four satellite buses simultaneously. The company’s longer-term plan calls for an 80,000-square-foot campus with room for 20–30 buses on the floor at any time. “That’s how you drive efficiency and bring down costs,” Gilbert said. 

Physical infrastructure, however, is only part of the equation. Spectrum is automating traceability with a manufacturing-execution system that tags each board and harness to its inspection records, a requirement for both NASA and U.S. Department of Defense programs. D-Orbit USA will plug its digital twin and fault-injection models into Spectrum’s shop-floor data, allowing design engineers to tweak tolerances while the production line runs. “We want factory-style throughput without sacrificing flight heritage,” Cassidy explained. 

Engineering Reliability into Every Bus 

Reliability begins with parts selection. D-Orbit USA front-loads radiation analysis—heavy-ion and proton testing—during the component-pick phase rather than after prototypes are built. “Some competitors skip that step or roll the dice—we don’t,” Cassidy said. For missions beyond low-Earth orbit, the company collaborates with radiation-services providers to validate parts against GEO and high-elliptical environments. 

Spectrum complements that approach with workmanship discipline honed on deep-space programs. Each solder joint undergoes automated optical inspection, X-ray validation, and, when required, destructive physical analysis. Gilbert pointed to repeatability metrics: “Our goal is zero rework after environmental test. That saves both time and risk.” When rework does occur, root-cause findings feed back into operator training and design-for-manufacture checklists shared with D-Orbit engineers. 

Workforce Culture as a Competitive Edge 

All three leaders frame talent as their ultimate differentiator. Spectrum has doubled headcount in three years yet claims to keep turnover below industry averages by granting employees a stake in profits. “If you cut someone in on the bottom line, you don’t have to tell them what to do,” Gilbert said. The company also offers tuition reimbursement and cross-training that allows assemblers to rotate through inspection and test roles—an approach that builds redundancy and flexibility into production schedules. 

At D-Orbit USA, incentives skew toward rapid iteration. Engineers receive budget authority to run sub-scale prototypes early, with clear performance gates that trigger full-scale builds. “In the private sector, you can’t afford bureaucracy,” Krebs said. “As a founder or investor, you won’t tolerate it. That forces you to build better, faster, and more efficiently.” 

Toward an Industrial-Grade Space Supply Chain 

Today’s spacecraft still rely on what Krebs called “Swiss-watch-level” components: reaction wheels, star trackers, torque rods, computers, and batteries produced in low volume. “We need aircraft-level quantities so spacecraft start costing like aircraft,” he said. 

Both companies view supply-chain transparency and early test insertion as keys. Spectrum’s manufacturing-execution system tags each board to its inspection history; D-Orbit plans to extend its test scripts upstream so suppliers run the same hardware-in-the-loop cycles during development. “Long-term, we want to push our tests out to suppliers, not just once the hardware hits our bench,” Cassidy explained. 

The Commercial–Government Balance 

While both companies welcome government contracts, Cassidy expects commercial demand to drive their volume ramp. “We’re seeing more and more success in the commercial space,” he said. “SpaceX is proof. I think commercial companies will keep leading, with government following.” Still, the partnership remains mindful of regulatory compliance—ITAR, EAR, and cybersecurity maturity model certification (CMMC) requirements are baked into Spectrum’s documentation control. 

For government primes, D-Orbit USA positions its buses as modular platforms that can host classified or proprietary payloads without exposing sensitive software to outside vendors. Spectrum’s secure-build segregations and RFID-badge access zones support that model. “The hardware might be unclassified, but the data flow needs protection,” Gilbert noted. 

Looking Ahead: Manufacturing for the Starship Economy 

Cassidy sees SpaceX’s Starship as a near-term inflection point. “When launch capacity jumps and cost per kilogram drops, the pressure to shave every gram disappears,” he said. “We’ll shift to higher rates— dozens of buses per month—which means robotic assembly, automated inspection, and lithography-style throughput.” 

Spectrum is preparing by pre-qualifying collaborative robots for harness routing and conformal-coat masking. The company is also evaluating automated optical-inspection algorithms that learn from flight-heritage defect libraries supplied by D-Orbit USA. Gilbert summed up the ambition: “True vertical integration costs billions. Partnering with D-Orbit, which already understands the upstream supply chain, lets us focus on what we do best—receiving components, inspecting them, and integrating them efficiently.” 
 

Longer term, all three executives predict an orbital-logistics ecosystem that mirrors terrestrial freight networks, complete with in-orbit refueling, repair depots, and autonomous transfer vehicles. “Why not a business park in orbit? Honeymoon in space? Mining the Moon?” Krebs mused. Whether those visions materialize, the immediate objective remains clear: deliver flight-ready satellite buses on schedule, at a price the market will bear, ultimately, helping the satellite industry meet the unprecedented demand looming on the horizon. 

However, as exciting as the potential is, the space industry is also navigating a complex landscape of financial, technical, and operational hurdles. For many companies, transitioning from a small, technology-driven start-up to a fully operational, market-leading enterprise demands a careful balance of innovation and executive expertise. 

The Space Insider team had the opportunity to sit down with Bogdan Gogulan, CEO and Managing Partner of NewSpace Capital, where he shared his insights on how companies can successfully navigate this balance, the critical role of investment, and how the space industry’s evolving needs will shape its future. As Gogulan, puts it, “The space industry has immense potential, but to fully realize that potential, companies must combine technological brilliance with a clear commercial strategy. Without that balance, growth can be difficult, and opportunities may be missed.”

The Importance of Continued Investment in Space Tech

To fully grasp the potential of the space industry and the challenges it faces, it’s crucial to first understand the importance of continued investment in space tech.The space industry remains a highly specialized and complex field, and as Gogulan points out, “is still underfunded compared to other sectors.” Despite its promise, many space-related technologies—essential for addressing global issues such as climate change, resource management, and sustainable development—are not receiving the financial backing they need. Space technologies can improve efficiencies in industries like agriculture, healthcare, and telecommunications, making the sector an attractive option for long-term investment. As Gogulan notes, “We’re talking about an industry that has been growing above the economy for the last decade, and it is expected to triple in size in the next decade.”

However, traditional investors, especially those from sectors like real estate or consumer products, often struggle to navigate the technical complexities of space technologies. The intricacies of space tech, combined with its non-traditional asset class status, make it difficult for investors to assess risks and growth potential. “Space is becoming an asset class in its own right, but most traditional investors still don’t understand its unique dynamics,” Gogulan explains. “Investors who are not familiar with the market need to develop a deep understanding of its technological complexities and growth cycles in order to make informed decisions.”

This gap in understanding, along with the fragmented nature of the space industry, can result in overlooked opportunities or miscalculated risks. For growth-stage companies, the need for investors who grasp the nuances of both technology and commercial scalability is essential. NewSpace Capital, for example, is bridging this divide by combining technical expertise with financial insight, helping investors make more informed decisions as the space sector evolves.

Bridging the Gap Between Technology and Business Acumen

For space tech companies at the growth stage, one of the most significant hurdles is the gap between groundbreaking technology and the commercial acumen required to scale. While many space tech founders excel in technical innovation, translating that innovation into scalable business operations is a distinct skill set that not all technical experts possess naturally. As Gogulan emphasizes, “The most successful CEOs in the space sector are not just technology experts—they are also visionaries who can scale their companies. They know when to step back and allow others to take the reins in certain areas, which is essential for scaling effectively.”

Scaling from a technology-focused start-up to a fully operational enterprise demands a combination of innovation and strong leadership with the ability to delegate strategically as the company grows. “What separates the most successful companies from others is leadership—the ability to inspire teams, execute a vision, and scale rapidly. The ability to delegate, let go of certain responsibilities, and trust others to carry the torch is crucial,” says Gogulan.

Gogulan further points out that great leaders understand their role evolves as their companies grow. “A good leader is someone who adapts. Every couple of years, they need to reinvent themselves. From being a technical expert, to a strategist, to a people leader, and finally, a visionary—each step requires new skills and a new mindset.” This ability to evolve alongside the company is critical for successful scaling in the space tech sector, where companies must continuously shift their focus as they move from product development to market dominance.

Space Tech as a Geopolitical Asset

Gogulan’s insights also challenge traditional ideas of national sovereignty in space, advocating for more cross-border collaboration to drive innovation and efficiency. Space, he argues, should not be viewed solely as a national competition but as a global asset that benefits from international cooperation. “Space is not an industry; it’s a geography,” he says. “Every global industry will have a space component, whether it’s agriculture, defense, transportation, or insurance.” This broad view of space technology reflects its growing integration into global infrastructure, impacting multiple sectors and economies.

“No single country can fully control or dominate space anymore,” Gogulan explains. “The challenges we face in space—whether it’s satellite communications, climate monitoring, or even deep space exploration—require a global effort. Space is inherently international, and the future of space innovation lies in collaboration across borders, leveraging the best capabilities from different countries and industries.”

That being said, Gogulan is realistic about the barriers to international collaboration, particularly when it comes to government policies. He stresses that geopolitical tensions and national security concerns can create uncertainty that hinders investment in the sector. “Investors hate uncertainty,” he states, adding that a clearer, more cohesive global strategy for space could alleviate some of these issues and allow for more effective international partnerships.

The Role of Space in Addressing Global Challenges

As the world faces an increasing range of global challenges, including climate change and resource shortages, space technologies offer potential solutions. Gogulan notes that space can help improve productivity and efficiency across industries, thereby supporting sustainability goals. For instance, precision agriculture, which relies on satellite data, can increase crop yields while using fewer resources. Similarly, satellite-based communications systems are far more resource-efficient than traditional infrastructure. “The space industry is incredibly resource-efficient,” he explains, comparing satellite-based communications to traditional broadband infrastructure. “If we tried to build the same amount of infrastructure on the ground, we would run out of resources like copper and steel.”

With that in mind, for Gogulan, the biggest question isn’t whether space is a good investment—it’s how to allocate resources effectively within the sector. He stresses that investors should focus on companies that are solving real-world problems and not just creating new technology for technology’s sake. “The key to successful investment in space is identifying companies that are addressing actual challenges, not just those with cool tech. Technology should be a means to an end—solving a problem or improving an existing system. Investors need to look beyond the novelty of the technology and evaluate its real-world impact,” Gogulan explains. By focusing on companies with real-world impact, investors can direct financial resources toward businesses that are not only profitable but also contribute to solving critical global issues.

The Future of Space Tech Investment

Looking ahead, Gogulan is optimistic about the growth potential of space technologies, particularly in low Earth orbit (LEO). He highlights the importance of innovations in onboard processing, materials, and satellite communications, which will pave the way for more advanced space applications. “We’re seeing a convergence of space and non-space supply chains,” he explains, referencing industries like medical devices, automotive, and agriculture, which are increasingly incorporating space technologies into their operations.

As for NewSpace Capital’s role, Gogulan emphasizes the firm’s focus on growth-stage companies. “We’re not looking for early-stage tech startups,” he says. “We invest in companies that have already proven their technology, have a customer base, and are ready to scale globally.” The firm’s portfolio includes market-leading companies in areas like synthetic aperture radar, laser communications, and optical sensors, all of which are well-positioned for rapid growth in the coming years.

Gogulan’s insights highlight the need for continued financial backing in space tech to unlock its full potential. With the right combination of technical expertise, business acumen, and strategic leadership, the space industry is poised to become a key driver of economic growth and societal impact. For investors, the opportunity to support companies that not only promise significant financial returns but also contribute to solving global challenges is an enticing one. As Gogulan puts it, “Space is not just an investment opportunity; it’s an opportunity to make the world a better place.”

The Core Trade-off: Capital Investment vs. Flexibility

“One of the fundamental distinctions between leasing and owning satellites comes down to financial structure,” says Tsakalis. “Owning a satellite requires significant upfront capital and a long-term commitment. While operators are responsible for managing the asset throughout its lifecycle—including operations and decommissioning— regardless of whether they own or lease, leasing offers a way to reduce the financial burden of ownership and shift capital costs to a more flexible, operational model.”

The alternative financial model that leasing offers prioritizes operational flexibility over heavy capital investment. “Instead of making a massive upfront purchase, companies can convert it into a predictable operating expense,” Tsakalis explains. “This enables operators to scale with demand while reducing financial exposure.”

For emerging players in the satellite industry, leasing lowers the entry threshold, allowing capital to be directed toward R&D, market expansion, or high-return projects instead of asset ownership. It also helps mitigate technology obsolescence—a growing concern in an industry where hardware advancements outpace satellite lifespans. “We’ve seen satellites launched as recently as 2017 or 2019 already falling behind today’s software-defined models,” Tsakalis notes. “Leasing allows companies to upgrade more easily as technology evolves.”

Leasing in Space: Drawing Parallels from Aviation & Telecommunications

Leasing has transformed industries like aviation and telecommunications, offering capital-efficient financing solutions for these asset-heavy businesses. Tsakalis argues that a similar opportunity exists for the space industry, where space assets, such as software-defined (SD) satellites and ground stations, share key characteristics with leased aircraft and telecommunications towers.

According to Tsakalis, these asset classes share fundamental financial and operational similarities:

Aircraft and SD Satellites

Both require significant upfront investment, have a long expected lifespan, and are transferable and financeable assets that retain residual value.

Telco Towers and Ground Stations

These are critical infrastructure assets, designed for long-term operational stability, and can be repurposed for evolving industry needs.

Given these parallels, Tsakalis and the SLI team expect leasing to gain traction as a viable financing solution for satellite operators and OEMs.

However, key differences still exist—particularly in scientific and government-led missions, where ownership is likely to remain the prevailing model due to more restrictive security and strategic considerations.

Regulatory Challenges and Evolving Frameworks

As a relatively new financial model in space, leasing faces regulatory hurdles, particularly regarding orbital slots, frequency spectrum rights, and liability laws. However, the policy landscape is evolving to address these challenges.

“Regulatory bodies are adapting to enable more flexible business models,” Tsakalis says. “Countries that historically relied on sovereign ownership are now considering leasing as a complement to national space strategies.” As the space industry continues to evolve, international and national regulatory agencies are working to develop frameworks that support leasing while ensuring compliance with existing space laws and frequency spectrum regulations. The Cape Town Convention and its Space Assets Protocol are among the legal mechanisms laying the groundwork for more structured leasing arrangements in space.

As private-sector investment in space grows, Tsakalis expects regulatory pathways to become clearer. “We’re at an inflection point,” he notes. “In the next few years, leasing will become a widely accepted approach in commercial satellite operations.”

Enabling Growth in Emerging Space Segments and Private Investment

Beyond communications satellites and ground stations, Tsakalis sees leasing as a critical enabler of other space segments and infrastructure expansion. “Leasing can help enable operators to focus on their core missions instead of the complexities of managing infrastructure,” he says. “As the industry expands into space-based operations , the ability to lease specialized assets—such as orbital data centers and life extension vehicles—can significantly lower financial barriers to entry and accelerate industry growth.”

A Flexible Financial Tool for a Changing Industry

Leasing won’t replace ownership across all areas of the satellite industry, but it offers a compelling alternative for commercial operators prioritizing scalability, risk management, and capital efficiency. As technology evolves and private investment expands, leasing will likely become a fundamental financial tool in the space economy.

“Operators need flexibility to grow and innovate — SLI’s recent acquisition of RBC Signals’ ground stations underscores this trend. Facing increasing demand from both existing and new customers, RBC Signals needed to rapidly scale its ground station network. Rather than pursuing traditional financing through debt or equity, leasing from SLI provided a more efficient and strategic approach to asset deployment, optimizing capital allocation and accelerating market responsiveness”.Tsakalis concludes. “Leasing isn’t about replacing ownership—it’s about creating options that support business growth in a rapidly evolving industry.”

At the core of these challenges is the demand for mobility: the ability for satellites to maneuver efficiently, avoid collisions, maintain station-keeping, and actively deorbit at the end of their operational lifetimes. Traditional propulsion systems, often bespoke and mission-specific, have struggled to meet the evolving demands of today’s dynamic and cost-sensitive space environment. Addressing these needs requires scalable propulsion solutions that emphasize modularity, efficiency, and reliability.

Morpheus Space, a leader in satellite propulsion technology, is tackling this challenge with its GO-2 electric propulsion system. Designed for mass production and broad applicability, GO-2 represents a shift toward propulsion solutions that can be adapted across a range of satellite missions. In an interview at SpaceCom Expo 2025, Kevin Lausten, President of Morpheus Space, shared insights into his career, the company’s approach to propulsion supply and scalability, and the future of satellite mobility.

A Career Shaped by Space Mobility

With more than 20 years in the space industry, Kevin Lausten’s experience spans government, software, and hardware sectors. His early career in Washington, D.C., focused on Earth imaging and observation, giving him a deep understanding of how space services benefit end users. “That was really foundational for me,” Lausten noted. “It gave me an appreciation for not only the technology and data analysis but also how the quality of data impacts the end customer.”

His roles at Maxar Technologies, DigitalGlobe, and Ursa Major further developed his expertise in geospatial big data, national security applications, and propulsion innovation. Now at Morpheus Space, Lausten sees propulsion as a fundamental enabler for the industry’s long-term vision. “To fully realize the potential of national security, defense, exploration, and commercial services, we need propulsion capabilities across the board. Without propulsion, we can’t achieve the mobility necessary to maximize the value space brings to the world.”

Addressing Scalability in the Propulsion Market

The satellite propulsion sector is fragmented, with various technologies serving distinct mission requirements. Morpheus Space is positioning itself as a leader in this evolving market by prioritizing scalability and modularity. “We built our GO-2 electric propulsion system to be scalable and modular,” Lausten explained. “This allows us to support a broad range of use cases without requiring custom development for each mission.”

Traditional propulsion solutions often involve bespoke designs tailored to specific satellites, which can be costly and inefficient. “Every new mission means new design, development, testing, and qualification processes,” Lausten said. “That’s expensive, and it’s not scalable. We’ve taken a different approach—our system is modular, meaning a single unit can serve smaller satellites, while multiple units can be clustered to meet the needs of larger spacecraft.”

Morpheus Space has also addressed a critical supply chain issue: the dependence on inert gases, which are costly and logistically challenging. “We use a proprietary metallic alloy that eliminates those supply chain risks,” Lausten stated. “It’s a solid fuel at launch, reducing complexity and failure points, and becomes liquid once on orbit. This strategy enhances both economic stability and operational reliability.”

Key Applications for GO-2 Propulsion

The GO-2 propulsion system supports several crucial functions for satellite operators:

1. Station Keeping – “Satellites in low Earth orbit experience atmospheric drag, which can shorten their operational lifetime. With GO-2, station-keeping maneuvers can extend a satellite’s life from 18 months to up to a decade.”
2. Collision Avoidance – “As space becomes more congested, avoiding conjunction events is essential. Our propulsion system enables quick and efficient maneuvers to mitigate collision risks.”
3. Active Deorbiting – “There’s growing regulatory pressure to reduce space debris. We’ve ensured our system includes sufficient fuel to perform an active deorbit maneuver at the end of a satellite’s life, reducing long-term debris risks.”
4. Rendezvous and Proximity Operations (RPO) – “One of the emerging applications we’re seeing is RPO, where a satellite intentionally approaches another object in space. This has applications in servicing, refueling, and even intelligence gathering.”

Regulatory Landscape and Industry Challenges

The increasing congestion in space has led to heightened regulatory scrutiny. Lausten sees recent updates to active deorbiting regulations as a positive step. “The FAA’s updated guidelines provide a framework for cleaning up space and ensuring future generations can continue benefiting from space infrastructure.”

However, one area still lacking regulation is communication norms. “In aviation, pilots follow a standard protocol using English to communicate across borders. We don’t have an equivalent in space, and as more nations operate in orbit, this lack of coordination presents risks. Establishing communication standards would significantly improve safety and operational efficiency.”

The Importance of Partnerships in Space Mobility

Lausten emphasized that no single company can solve these challenges alone. “Only those backed by billionaires can afford to go at it alone, and even they rely on supply chains and partnerships. Industry collaboration is key to growing the space economy as a whole.”

Morpheus Space actively engages in partnerships to enhance its offerings and ensure interoperability within the broader space ecosystem. “Events like this help us connect not just with customers but also with commercial partners who can complement our solutions,” Lausten noted. “Space is hard, and success depends on building strong relationships across the industry.”

Looking Ahead

The satellite mobility landscape is shifting toward a more scalable and economically viable future. As more constellations come online, propulsion solutions must keep pace with rising demand. Industry-wide adoption of modular, efficient propulsion systems will be critical in preventing bottlenecks and ensuring mission success.

According to Lausten, the next phase of satellite mobility will hinge on three key factors: regulatory clarity, technological advancements, and global coordination. “The industry needs propulsion to be predictable, scalable, and adaptable to evolving mission requirements,” he emphasized. “Companies that can provide solutions that meet these criteria will be in the best position to support the next generation of space operations.”

While Morpheus Space is focused on contributing to this transformation, Lausten acknowledges that the challenge extends beyond any single company. “The industry is moving fast, and we need to work together to ensure that propulsion doesn’t become a limiting factor in unlocking space’s full potential.”

Leading the charge at Spectrum AMT is CEO, Jeff Gilbert, an industry veteran with over 35 years of experience in manufacturing and executive leadership. The Space Insider team had the opportunity to sit down with Jeff at SpaceCom Expo 2025 in Florida this past January where he shared his insights on the quickly evolving space manufacturing landscape. He spoke to the increasing demands for reliability, efficiency, and scalability, along with the regulatory requirements that are becoming more stringent, ensuring that components used in space applications meet rigorous quality and safety standards. These industry-wide shifts are making waves in space manufacturing and reinforcing the need for companies like Spectrum AMT to continuously adapt.

Driving Growth Through AS9100 Certification

One of the company’s latest milestones is achieving AS9100 certification for its Colorado Springs facility. Gilbert emphasized the importance of this certification, stating, “Achieving AS9100 certification is not just about compliance; it demonstrates our commitment to building the most reliable and high-quality products for space applications.” This certification is a critical step in Spectrum AMT’s expansion strategy, reinforcing its commitment to stringent quality management standards required for spaceflight hardware.

“Being ISO certified is already a high standard, but AS9100 adds another level of complexity,” Gilbert explained. “It requires a rigorous evaluation of our processes, ensuring that we can meet the most demanding specifications required for aerospace and spaceflight. It also reassures our customers that we are equipped to handle mission-critical components with the utmost precision.”

The certification enables Spectrum AMT to strengthen relationships with key aerospace players, including Lockheed Martin and Northrop Grumman. Additionally, it has played a role in securing a partnership with D-Orbit USA, the U.S. member company of the Italian space logistics company D-Orbit Group. As part of this partnership, Spectrum will provide material management, PCBA manufacturing, harness manufacturing, and final assembly of D-Orbit USA satellite buses, ensuring high-reliability electronics for their growing U.S. market presence.

Manufacturing Challenges in the Space Industry

As the demand for space-based infrastructure grows, manufacturers face unique challenges, particularly in quality control and supply chain management.

“When you talk about spaceflight, satellite, and deep space, it’s one shot, never fail,” Gilbert said. “High-reliability electronics require rigorous tracking, testing, and documentation. Each component must be traceable from its manufacturing date through its lifecycle.”

A key challenge is the highly regulated supply chain, especially for defense and government contracts. “When we use components in Department of Defense or spaceflight applications, they must come from an approved U.S. manufacturer. This limits the supply chain significantly and makes procurement more complex,” Gilbert noted.

In 2024, Spectrum AMT faced delays due to supply chain bottlenecks, missing shipment targets for the year. Gilbert emphasized that the industry’s reliance on single-source suppliers for critical components increases vulnerability. “There’s a long list of approved vendors, but as those lists shrink over time, it becomes harder to secure the parts we need.”

To mitigate these challenges, the company has taken a proactive approach by expanding its supplier network, implementing stricter quality controls, and working closely with government and industry partners to navigate sourcing restrictions. “We are actively investing in supplier relationships and leveraging our AS9100 certification to demonstrate our reliability and capabilities to key partners,” Gilbert noted. “By focusing on automation and process improvements, we can better predict potential supply chain disruptions and respond swiftly to ensure we meet our commitments.”

Expanding Space Applications and Sustainable Space Operations

The declining cost of satellite launches and improvements in manufacturing efficiency are opening the sector to a wider range of industries beyond traditional government and defense customers. Companies focused on communications, remote sensing, and in-orbit infrastructure are increasingly looking to space as a viable investment.

“We’re seeing an expansion of the customer base,” Gilbert observed. “It’s not just NASA and defense contractors anymore—internet providers and commercial enterprises are becoming key players. As launch costs decrease, space-based services will become more accessible.”

One of the most notable trends is the growing demand for sustainable space operations. With thousands of satellites entering orbit each year, concerns about space debris and long-term infrastructure sustainability are driving innovation. “At some point, there will be enough satellites in orbit that we’ll need to figure out how to sustain them,” Gilbert explained. “Whether that means manufacturing components for space refueling stations, satellite servicing, or other in-orbit logistics, Spectrum AMT is positioning itself to support these initiatives.”

Looking Ahead: Spectrum AMT’s Strategic Priorities

Companies across the space manufacturing sector are working to address supply chain challenges, enhance production capabilities, and meet the growing demand for reliable, cost-effective space hardware. As new players enter the market and existing companies expand their operations, the need for scalable, high-quality manufacturing solutions continues to grow.

Gilbert expressed his enthusiasm about being part of the space tech industry at this pivotal time. “It’s an exciting time to be in the space sector,” he said. “We’re seeing rapid developments in technology, a surge in private-sector investment, and new missions that will push the boundaries of what’s possible. The space industry is no longer just about government contracts—there’s a commercial boom happening, and it’s changing everything.”

As Spectrum AMT scales its operations, it remains committed to staying ahead of industry trends and adapting to new challenges. The company continues to invest in automation, workforce development, and advanced manufacturing facilities. Gilbert emphasized the role of manufacturing partners in supporting the space sector. “Manufacturing is at the core of the space economy. Whether it’s building satellite components, circuit boards, or complete spacecraft, reliable production capabilities are critical to keeping up with deman,” he said. “As the space economy continues to expand, we are committed to delivering the high-reliability solutions that will enable the next generation of missions and technological advancements.”

At Space Insider, we spend a lot of time interviewing and working with people who want to accelerate development cycles in the space sector: test, fail, figure it out, fix it, test again. But as Parsons pointed out, when it comes to human spaceflight, failure is not an option, and safety is priority number one. Few understand this better than he does.

Peraton’s Role in Civil Space

Peraton’s civil space program leverages decades of experience in space communications, mission integration, and human spaceflight operations. The company’s civil space division encompasses mission operations, space flight hardware manufacturing, and critical engineering services that support both NASA and other government agencies.

Parsons’ leadership at Peraton reflects his commitment to ensuring that human spaceflight remains a disciplined and technically rigorous endeavor. “Peraton is involved in a lot of business with NASA, and we want to do more,” Parsons explained. “We are pursuing key projects in human spaceflight, and our goal is to bring in the right expertise—people who have the experience and knowledge to take us further in this domain.”

The Paramount Role of Safety in Human Spaceflight

“Safety, safety, safety. That’s the first thing I think about in human spaceflight,” Parsons emphasized. His tenure at NASA, including leadership roles at Kennedy Space Center and Stennis Space Center, placed him at the center of some of the agency’s most critical missions. “When I talk with my staff, I always end with a safety message. It’s important to remember why we do this and who we are responsible for—our teams, our astronauts, and the mission itself.”

Parsons’ experience managing NASA’s Return to Flight efforts following the Columbia disaster shaped his approach to safety in ways that remain relevant as commercial spaceflight expands. “One of the key takeaways from the Columbia accident investigation was that too many decisions were being made in back rooms, based on cost, schedule, and other pressures, rather than solid technical rationale. That’s not how you do human spaceflight. You have to focus on the engineering and the risks, not just the bottom line.”

His concern is particularly relevant as commercial space companies push for rapid development and testing cycles. “You can’t do these hard things—sending people to space—if you’re only worried about financials and schedules. That’s a dangerous mindset.”

The Tension Between Rapid Innovation and Risk Management

Parsons acknowledges the differences in approach between traditional government-led space programs and newer commercial ventures. “Companies like SpaceX operate on a ‘test, fail, fix, and test again’ model. That’s one way to do it, as long as you’re not putting people at risk. On the other extreme, you have programs that test everything to the point of over-engineering before a single crewed flight.”

The challenge, he argues, is finding a middle ground that allows for innovation while maintaining rigorous safety standards. “There’s a natural friction between the newer generation that wants to move fast and those of us who have lived through past failures. It’s a learning process. Those who haven’t experienced an Apollo 1, a Challenger, or a Columbia may not fully appreciate why certain safety measures exist.”

Parsons stresses the importance of institutional knowledge in bridging this gap. “You have to have experienced people who understand the history, who can explain why we do things a certain way, and who can recognize when it’s safe to adjust and when it’s not.”

The Future of Human Spaceflight: Government and Industry Collaboration

Having worked in both the government and private sector, Parsons sees a future where NASA and commercial space companies collaborate more deeply. Today, commercial space companies are major players, but Parsons believes their long-term success will depend on striking a balance between speed and discipline. “NASA’s role will be to continue pushing the hardest things—going back to the Moon, moving on to Mars. But the commercial sector will be the one that finds the right cost models and efficiencies to make human spaceflight sustainable.”

That collaboration will require commercial companies to adopt some of the hard-learned lessons from NASA’s past. “You don’t want to ignore the disciplines of human spaceflight just because you weren’t there when the lessons were learned. You don’t want to cut corners on something just because no one remembers why a specific process was put in place. We put them there for a reason – if you completely disregard them, you risk going back 50 years and starting over again.”

Integrating Lessons from the Past into the Future

Parsons sees the next phase of space exploration as an opportunity to integrate the best of both worlds—government rigor and commercial agility. “The future will require merging the enthusiasm and risk-taking mentality of commercial space with the deep institutional knowledge that’s been built over decades in government programs.”

As Peraton expands its role in civil space and human spaceflight, Parsons envisions a greater blending of disciplines, including cybersecurity, intelligence, and space operations. “There are a lot of similarities between what we do in civil space and what happens on the intelligence side of satellite operations. We’re exploring ways to bring that expertise together, ensuring efficiency without sacrificing security or mission success.”

Looking Ahead

Ultimately, Parsons’ message is one of careful progress. “Human spaceflight is about pushing the boundaries of what’s possible—but it must be done right. You can innovate, you can be ambitious but, if someone raises a concern, you need to stop, listen, and understand. Sometimes, that means making changes. Other times, it means explaining why a process is safe. Either way, you can’t rush past those moments.”

It’s clear that Peraton has found the right ambassador to guide its growing presence in human space programs. With Parsons at the helm, the company stands positioned to bring together the best of commercial innovation and government expertise, ensuring that the next era of space exploration is built on both progress and deep-seated knowledge.