Space Commerce Week

The FCC Rewrites the Rulebook on Direct-to-Device, and the Satellite Industry’s Annual Report

On May first, the Commission released a landmark Report and Order replacing decades-old energy caps with a performance-based spectrum sharing framework. The ruling is designed to sharpen competition between satellite, cable, and terrestrial wireless providers. And then, on May twelfth, the F-C-C issued a separate approval for SpaceX [https://www.exterrajsc.com/p/fcc-approves-40-billion-echostar] to acquire approximately 65 megahertz of mid-band spectrum from EchoStar Corporation -- in a 17-billion-dollar transaction. That spectrum -- covering AWS-4, AWS H-Block, and unpaired AWS-3 licenses -- is the foundational layer SpaceX needs for its next-generation Direct-to-Device network. Commercial D-2-D services could begin as early as late 2026 for initial messaging and emergency alerts, with full constellation buildout extending through the next several years. Layer on top of that what the F-C-C had already done in April for AST SpaceMobile. The Commission granted AST commercial authorization to deploy a constellation of 248 satellites providing supplemental coverage from space -- using low-band 700 and 800 megahertz spectrum in coordination with Verizon, AT&T, and FirstNet. Half the constellation -- 124 satellites -- must be in orbit by August of 2030. And then this week, the story got even bigger. AT&T, T-Mobile, and Verizon announced plans for a joint venture to expand satellite-based direct-to-device connectivity across the United States -- specifically targeting unserved and underserved areas. The joint venture would pool spectrum, create common technical standards, and build what the carriers are calling a technology-neutral platform that any qualified satellite operator can plug into. The three carriers aren’t just customers here. They are becoming the infrastructure layer that determines which satellite operators succeed at commercial scale. For investors and supply chain managers watching the D-2-D market -- the regulatory and commercial framework just got a lot more real. -0- NASA has proposed a CLPS 2-point-0 procurement -- a competitive follow-on to its Commercial Lunar Payload Services program -- and the agency intends to launch monthly uncrewed missions to the Moon beginning next year. To support that cadence, NASA moved to raise the CLPS contract ceiling to 4-point-2 billion dollars. (Paywall) The most recent award went to Intuitive Machines -- a 180-point-4-million-dollar contract to deliver seven science and technology payloads to the Lunar South Pole region. That’s Intuitive Machines’ fifth CLPS task order. For context -- this is the company that successfully landed the first commercial spacecraft on the Moon in 2024. On the private side, Lunar Outpost just closed a 30-million-dollar Series B -- oversubscribed -- led by Industrious Ventures. The company now has eight fully contracted lunar and cislunar missions on its manifest before 2030, more than any other commercial surface-mobility provider. Revenue has doubled each year for four consecutive years. The White House is leaning in as well. The Trump administration’s commercial-first architecture is explicitly targeting lunar surface presence by 2028, framing satellite connectivity and lunar logistics as critical national infrastructure. The question worth tracking is not whether the lunar market is real. It is. The question is whether the supply chain serving it can scale fast enough. Component lead times, launch cadence, and ground infrastructure are the binding constraints -- and those are exactly the kinds of gaps that create near-term opportunities for suppliers who move early. -0- The GEO-to-LEO transition [https://www.exterrajsc.com/p/geo-to-leo-migration] has stopped being a debate. It is now an operating reality -- and the numbers from early 2026 earnings make that clear. (Paywall) Eutelsat Group’s early-2026 results showed LEO revenues surging nearly 60 percent year-over-year, while GEO revenues declined 4-point-5 percent. For the first time, the growth curve of the new business visibly outpaced the decline of the old one. Eutelsat followed that with a contract with Airbus valued at between $2.34 and $2.57 billion dollars for 340 additional LEO satellites -- backed by a $1.75 billion capital increase supported by the French and British governments. Those governments aren’t just writing checks. They’re treating satellite connectivity as critical national infrastructure, and they want sovereign capacity that Starlink cannot provide. Telesat Canada tells a different version of the same story -- and a more turbulent one. The company faces a 1-point-7-billion-dollar debt maturity wall in December 2026, and creditor litigation alleging it moved its LEO constellation assets beyond the reach of GEO-linked lenders. Telesat has dismissed the suits. Its prime contractor MDA Space is completing a high-volume manufacturing facility in Quebec aimed at a full launch cadence of 156 Lightspeed satellites by end of 2027. SES and Intelsat merged for 3-point-1 billion dollars, creating a combined fleet of 120 satellites and projecting free cash flow above $1.17 billion annually by 2027 and 2028. The merged entity’s highest-growth segments now account for roughly 60 percent of combined revenue -- including medium-Earth-orbit capacity serving NATO and defense clients. The through-line: the concept of multi-orbit has moved from conference keynote buzzword to core operating model. Companies that couldn’t afford to make this transition aren’t around to talk about it anymore. The ones still standing -- Eutelsat, SES-Intelsat, Viasat -- are building hybrid architectures that neither orbit can serve alone. The hard part isn’t the boardroom decision. It’s the engineering: creating a system that will enable seamless handovers between disparate orbits for a passenger mid-flight or a naval vessel mid-maneuver. None of the major operators have demonstrated that at commercial scale. That is the milestone the industry’s credibility depends on. -0- SpaceX has confidentially filed with the Securities and Exchange Commission and is targeting a late June initial public offering. The numbers being discussed are unlike anything the public markets have ever processed [https://www.exterrajsc.com/p/the-spacex-ipo-and-the-space-vc-exit]. (Paywall) The most recent reporting puts the target valuation between 1-point-5 and 1-point-75 trillion dollars, with a fundraising goal between 50 and 75 billion dollars. Either figure would shatter the record set by Saudi Aramco’s 29-billion-dollar offering in 2019. At 1-point-75 trillion, SpaceX would enter the public market in the same bracket as Alphabet and Amazon. Prediction markets as of this week placed the probability of a June 30th listing at around 72 percent. SpaceX is essentially three businesses operating in parallel: Starlink, which generates the bulk of current revenue growth; the launch business, which has no close competitor on cost or cadence; and a nascent space infrastructure and A-I platform play that Elon Musk has described as Space A-I Data Centers. For space commerce investors and analysts -- the I-P-O matters beyond the price. A public SpaceX will file quarterly reports. For the first time, the market will have standardized financial visibility into the company that now controls a dominant share of global launch capacity, the world’s largest satellite constellation, and the regulatory approvals shaping the entire direct-to-device market. The information environment around space commerce changes materially the day that S-1 becomes public. -0- A new analysis published this week by the Journal of Space Commerce maps a supply chain constraint [https://www.exterrajsc.com/p/the-invisible-bottleneck] that most constellation programs haven’t fully priced in: space-grade solar cells. (Paywall) Novaspace’s latest market report projects 16-thousand-900 small satellites launching between 2026 and 2035 -- roughly 1,400 pounds of hardware delivered to orbit every single day. But that headline number actually understates the pressure on the solar cell supply chain. In April, Space Systems Command awarded 20 Other Transaction Authority contracts worth up to 3-point-2 billion dollars to 12 companies prototyping orbital Space-Based Interceptors for the Golden Dome missile defense architecture -- including Anduril, Lockheed Martin, Northrop Grumman, SpaceX, and Raytheon. Each of those prototype satellites carries power requirements that must be met by space-qualified solar cells from the same supplier base already serving the commercial constellation market. None of that demand appears in the commercial procurement pipelines. The qualified supplier base for space-grade gallium arsenide solar cells comes down to two dominant players: Spectrolab -- a Boeing subsidiary in California -- and AZUR SPACE Solar Power, based in Germany. AZUR has been expanding aggressively -- up 35 percent in 2024, 30 percent in 2025, another 25 percent expansion announced in February for second-half 2026. Over three years, that’s roughly a 118 percent capacity increase. The problem is the baseline those percentages are measured against. It was already considered a bottleneck before the 2026 demand acceleration. And the binding constraint in that particular solar cell supply chain isn’t cell assembly -- it’s germanium wafers, the semiconductor substrate on which every triple-junction cell is built. The global germanium wafer market for space solar applications had a total value of approximately 125 million dollars in 2024. That is a small market to underpin 16-thousand-900 satellites, a proliferated interceptor constellation, and multiple sovereign programs. That germanium market is dominated by two players: Umicore, a Belgian materials company -- and China Germanium, a state-linked Chinese enterprise. China accounts for roughly 60 percent of global refined germanium output. In a scenario where export controls tighten or U-S-China trade tensions escalate further, a germanium supply disruption would propagate through the entire Ga-As cell production base. The downstream signal is already visible. Satellite integrators and mission designers have reported significant delays in solar cell procurement, with lead times lengthening and costs rising. For small satellite programs on fixed-price contracts, this is an active schedule and margin threat. For supply chain leaders -- the window to lock in 2027 and 2028 production slots is closing faster than most forward procurement schedules assume. -0- The Satellite Industry Association has released its 29th Annual State of the Satellite Industry Report [https://www.exterrajsc.com/p/record-launches-and-broadband-growth], and Ex Terra Media sat down with SIA President Tom Stroup to discuss the findings. The commercial satellite industry wrapped up 2025 with records across the board -- more launches, more satellites, and more subscribers than ever before. Stroup says two forces are behind the surge. “I think it’s a combination of both demand and the ability to be able to manufacture and launch much more cost effectively than in the past. The vast majority of those satellites that were launched last year were for communications purposes. We’ve seen that access to broadband is considered essential across the globe,” Stroup said. “The demand is there for more and more connectivity and it doesn’t matter whether it’s consumers at home or whether it’s on board airplanes or maritime vessels. There’s an expectation that people are going to have access to the broadband service no matter where they are.” The price drop is just as significant as the technology leap. Stroup says satellite broadband is now competing directly with cable and fiber on cost. “The service starts at about fifty dollars a month. The cost of terminals is continuing to decrease. I think that the typical cost now is fifty dollars or less. So the ability to be able to manufacture and launch them and be cost effective is really the other major aspect of it.” Satellite broadband subscribers topped 10 million in 2025 -- a 62 percent jump in a single year. Stroup calls it a milestone -- but says the industry is just getting started. “I think it’s a very important milestone. But in some ways I’m just going to say it’s another number because we’re going to see 15 million, 20 million. The number is just going to continue to increase as more and more people who have not had access to broadband services are able to be served because of the ubiquitous coverage that the industry provides,” Stroup said. That growth is already rattling the competition on the ground. According to Stroup, those cable companies, those fiber companies that are in areas where they’ve been operating as monopolies are going to have to deal with competition from satellite companies that are providing very high speeds, high capacity, at very competitive prices. Meanwhile, manufacturing the satellites driving that growth is a massive undertaking -- and not without bottlenecks. Stroup says the supply chain is under strain. “We end up having to compete for chips as an example with other technology industries. But ours have the additional need of being radiation resistant,” Stroup said. “And there are other components -- just nozzles would be one example, the fuel containers that are used for launch -- those are still relatively small numbers. So those are some of the areas where we’re encountering supply chain issues.” One of the industry’s most-watched emerging sectors is Direct-to-Device -- the ability to connect a standard smartphone directly to a satellite. Stroup says it has moved from science fiction to shop floor. “The systems are being deployed. It’s just been a fascinating transition because we’ve gone from 10 years ago, people saying there’s no way you could make this work, to basically most satellite operators having a strategy in place and feeling that they need to have either partnerships or deployment plans,” he said. “We’ve already seen lives saved as a result of some of the emergency capabilities.” And mainstream consumers are already hearing about it. “Last year for the first time we saw mobile companies advertising their satellite capability -- whether it was at the Super Bowl or award ceremonies,” he continued. “It was the mobile companies who were making the announcements of that capability, because they see it as very important to their ability to compete with other mobile companies.” On Capitol Hill, Stroup says SIA’s top priority is securing U-S influence at the next World Radiocommunication Conference -- known as WRC-27 -- where global spectrum policy will be set. “Over 80 percent of the issues at WRC-27 are going to be related to satellites. I would say that congressional support for the U.S. naming the head of the delegation and then making sure that they’re encouraging the administration to move forward with positions that are supportive of the industry.” Stroup also sees China as the defining competitive threat -- and draws a cautionary parallel to the wireless infrastructure wars of the last decade. “One of the best examples would be Huawei. What they did with respect to infrastructure, especially for the wireless industry -- they were a very effective competitor, offering subsidized equipment that had a very negative impact on other manufacturers, both in the United States and in Europe,” he said. “We’re quite positive that Chinese companies that are going to be providing satellite-based services are going to do so at subsidized rates. So to the extent that they’re offering subsidized services in developing areas of the world, there’s a great risk to the United States. “The good news is we’ve got a lot of innovation capital coming into the industry, supportive government. But that needs to continue to make sure that we maintain our leadership position,” Stroup said The full State of the Satellite Industry Report is available through the Satellite Industry Association’s website. -0- Worth a Second Look Five Skills Every Space Communicator Needs — And Where the Gaps Are [https://www.exterrajsc.com/p/five-skills-every-space-communicator] (Paywall) The NASA Station Award That Cannot Slip [https://www.exterrajsc.com/p/the-nasa-station-award-that-cannot] (Paywall) Acquisition Would Create Integrated Commercial Lunar Communications Network [https://www.exterrajsc.com/p/acquisition-would-create-integrated] Positioning, Without the Satellite [https://www.exterrajsc.com/p/positioning-without-the-satellite] When (And Why) NASA Partners Instead of Buys [https://www.exterrajsc.com/p/when-and-why-nasa-partners-instead] Theme Stock Music [https://www.pond5.com/royalty-free-music/item/108525138-interesting-facts-60sec-technology-science-production-fun] Provided by Pond 5 [https://www.pond5.com] This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.exterrajsc.com/subscribe [https://www.exterrajsc.com/subscribe?utm_medium=podcast&utm_campaign=CTA_2]

Satellite Spectrum Rules Get a Major Update From the FCC. And the Earth Observation and Satellite Propulsion Markets

The Federal Communications Commission has updated the rules governing how geostationary and non-geostationary satellite systems share spectrum [https://www.exterrajsc.com/p/satellite-spectrum-sharing-rules]. The Commission voted 3-0 on April 30 to approve a Report and Order that replaces a framework dating back to the late 1990s. That old framework was known as Equivalent Power Flux Density, or EPFD. The problem is that the satellite market no longer looks like it did in the 1990s. Modern broadband constellations can change signal behavior in real time, based on link conditions. The FCC’s new approach moves toward performance-based protection criteria, rather than fixed limits built for an earlier technical era. The Commission says the change could unlock as much as seven times more capacity for space-based broadband and generate more than 2 billion dollars in economic benefits. But the regulatory point is only half the story. The commercial point is that the FCC is clearing more operating room for satellite broadband to compete directly with cable, wireless and other terrestrial providers. FCC Chairman Branden Carr said at the April 30th meeting that the new rules will benefit consumers. “Today’s FCC decision will help supercharge that competition while expanding our country’s technological leadership,” Carr said. “Even though high-speed next-gen satellite services provide essential connectivity across the country already, Americans are now about to see a big upgrade. With today’s decision, Consumers could see a seven-fold increase in capacity for these high-speed satellite offerings.” The decision keeps pressure on private agreements and good-faith spectrum sharing. But it moves the center of gravity away from old technical caps and toward actual performance outcomes. For executives, investors and program managers, that is the signal to watch. Spectrum policy is now a direct driver of capacity, pricing and market entry. -0- Two new market reports this week tell the same broad story from different ends of the satellite business. One looks downstream, at satellite-based Earth observation. The other looks upstream, at propulsion. Together, they show where demand is growing and where the supply chain may come under stress. First, Earth observation [https://www.exterrajsc.com/p/satellite-earth-observation-market]. According to Allied Market Research, the global satellite-based Earth observation market is projected to grow from $3.5 billion in 2022 to $6.4 billion by 2032. That is a compound annual growth rate of 6.6 percent. The demand drivers are familiar, but stronger: agriculture, urban planning, disaster management, climate monitoring and defense. Government procurement is still doing a lot of the heavy lifting, with NASA, NOAA and the National Geospatial-Intelligence Agency all buying more commercial data and analytics. The market is also shifting from raw imagery toward services. Observation-as-a-service, subscription imagery, on-demand tasking and AI-assisted analytics are becoming the more valuable layers. That is the downstream signal. The upstream signal is propulsion [https://www.exterrajsc.com/p/satellite-propulsion-market-projected]. A MarketsandMarkets analysis projects the global satellite propulsion market will grow from a tweak over $2 billion in 2026 to $4.66 billion by 2031. That is a 17.6 percent compound annual growth rate. The reason is simple. Satellites are not passive hardware once they reach orbit. They need propulsion for orbit raising, station keeping, collision avoidance, repositioning and controlled deorbiting. Electric propulsion is expected to be one of the strongest growth areas because it lowers propellant mass and fits constellation economics. But there is a caution inside the growth number. Market size does not equal supplier depth. A market can grow quickly and still be constrained by manufacturing capacity, qualification timelines and a limited base of flight-proven providers. That is why these two reports should be read together. Earth observation growth means more demand for analytics and more government reliance on commercial data. Propulsion growth means more demand for the hardware that keeps satellites maneuverable. All of that points to value moving toward companies that can connect data, hardware, operations and procurement into something customers can use. -0- Next, we turn from market reports to the organizations that help hold the industry together. Space Foundation was established in 1983, and for more than 40 years it has played the role of convener across the global space community. It does not build rockets. It does not operate constellations. Its job is to build the ecosystem around the companies, agencies, investors and international partners that do. That role is easy to understate until the industry gets complicated. Right now, the industry is dealing with Artemis, Golden Dome, national security space, commercial stations, proliferated constellations and harder questions about international partnerships. Rich Cooper, vice president of Strategic Communications and Outreach at Space Foundation, made that point in a conversation on The Journal of Space Commerce podcast [https://www.exterrajsc.com/p/space-foundation-convening-the-industry]. “I will say the state of relationships between international partners, who can do what, who is prepared to do what. Obviously, there’s a lot of challenge that’s going on in the world and lots of debate and discussion about what those alliances are and what they may look like in the future,” Cooper said. “But what you also, I would say, saw is relationships that have been built over decades. literally decades of collaboration and cooperation on countless numbers of missions. Those relationships remain as strong today as they were before. And that’s what gives, I would say, a great deal of energy to this community that we know we can do hard things. We know it’s going to take some challenge. We know that there are going to be some obstacles, but we know together we can get there. Artemis II proved that when you have all of the various pieces that came together and it all worked perfectly.” The point being that Space commerce is not just a collection of contracts. It is also a relationship network. It depends on which agencies trust which suppliers, and which international partners can still coordinate when politics get hard. The launch vehicles, the spacecraft and the payloads are visible. The trust network is more behind the scenes. But when programs become multinational and span multiple decades, the trust network becomes a very important part of the operating infrastructure. A piece of the American launch stack is changing hands again. AE Industrial Partners is taking a majority stake [https://www.exterrajsc.com/p/rocketdyne-reborn] in Rocketdyne’s upper-stage propulsion assets from L3Harris Technologies in an 845 million dollar carve-out. AE Industrial Partners will acquire 60 percent. L3Harris will retain roughly 40 percent. (Paywall) AE Industrial Partners Managing Partner Kirk Konert told Ex Terra Media just after the acquisition was announced that the company was proud to be restoring a legacy name to the rocket propulsion market. “It’s been part of every lunar mission since the US started going to the moon and bringing humans to the moon and coming back to the moon this year. We’re really excited to be part of part of that in partnership with NASA and national security programs. And it’s I think it’s a really interesting model as we think about what’s happened with consolidation of all their aerospace and space companies over the last a few decades,” Konert said. “And now what we’re seeing is more of a deconsolidation and new entrants being being introduced into the market. This is part of part of that theme in a new way, which where L3 a prime has been part of the consolidation over the last couple of decades is now partnering with a specialized investor like AE industrial to reinvigorate and standalone a new platform in Rocketdyne, which includes some of the key workhorses of propulsion for our space and national security programs in the U.S.” The assets include the RL10 upper-stage engine, in-space propulsion systems, nuclear power assets for exploration missions and launch avionics. The RS-25 engine business is not part of the deal. The RL10 is the center of this story. It powers the Centaur V upper stage on United Launch Alliance’s Vulcan Centaur. That vehicle is tied to National Security Space Launch missions, including payloads for the National Reconnaissance Office, GPS Block III and Wideband Global SATCOM. That means this is not just another aerospace carve-out. It touches national security launch and the long-term industrial base behind upper-stage propulsion. AE Industrial Partners has said it wants to apply modern manufacturing discipline to the RL10 production line. That could mean additive manufacturing, better throughput and relief for a constrained supplier base. But the ownership question matters. Private equity operates on return horizons. National security launch programs operate on long-term infrastructure commitments. Those timelines can coexist, but they are not the same. And engine substitution is not easy. Upper-stage engines are tightly integrated into vehicle architectures. Qualifying an alternative engine for Centaur V could take two to three years of testing and integration work. If RL10 production improves, the deal could strengthen a critical piece of launch infrastructure. If ownership incentives or exit timing create disruption, customers do not have a simple procurement detour. For program offices, investors and primes, the question is whether the owner can steward an engine line that national security customers still depend on. -0- Previously, we talked about a satellite propulsion market forecast showing growth from just over $2 billion in 2026 to $4.66 billion by 2031. Those numbers sound healthy. But a separate supply-chain analysis asks a harder question: who is actually going to build all the thrusters the market assumes will be available? (Paywall) The answer may be thinner than the growth charts suggest. Novaspace has forecast 16,900 small satellite launches through 2035. Analysys Mason has projected more than 36,000 constellation satellites launching between now and 2034. But according to the analysis [https://www.exterrajsc.com/p/the-thruster-math-nobody-has-run], fewer than a dozen manufacturers can deliver radiation-tested, low Earth orbit-qualified thrusters at the scale implied by that demand. That is the gap. Demand is rising. The supplier map says the open-market base may not be deep enough. And that base is getting narrower as constellation operators buy propulsion companies for internal use. Muon Space acquired Starlight Engines in April. For Muon, that may be a smart hedge. For everyone else, it removes one more independent propulsion supplier from the open market. This is how supply-chain pressure often shows up before it becomes obvious. The first sign is not always a failed program. Sometimes it is vertical integration. Sometimes it is a supplier that used to be available to the market becoming captive to one customer. Golden Dome adds another layer. The 2028 demonstration deadline will increase demand for hardware that can survive low Earth orbit radiation environments and fit constellation production schedules. For program managers, the action item is straightforward: validate secondary sourcing before the bottleneck becomes a schedule problem. For investors, aggregate market growth is useful, but supplier concentration is where the risk and opportunity sit. This is why the propulsion story is not only a market-size story. It is a capacity story, a qualification story and a make-or-buy story. -0- Finally this week, another supply-chain map has changed, this time in optical intersatellite links. [https://www.exterrajsc.com/p/the-oisl-market-after-mynaric] (Paywall) Rocket Lab closed its $155.3 million acquisition of Mynaric AG on April 14. That deal brought Mynaric’s Munich-based CONDOR Mk3 and HAWK terminal lines into Rocket Lab’s space systems portfolio. The acquisition matters because optical intersatellite link terminals are not a broad, commodity supplier market. They are a narrow, program-critical piece of the Space Development Agency’s Proliferated Warfighter Space Architecture. As SDA demand accelerates toward Tranche 2 and Tranche 3 deployments, the supplier map matters. The publicly documented SDA-qualified terminal base runs through four named providers: Mynaric, now under Rocket Lab; Tesat-Spacecom U.S.; Skyloom; and CACI. That is a short list. Mynaric began volume production of the CONDOR Mk3 in the first quarter of 2024, but production was not clean. Rocket Lab says it plans to expand capacity, but the public details remain limited. That means if your program, investment thesis or supplier strategy still treats Mynaric as a standalone company, your map is out of date. Rocket Lab is now a more vertically integrated space systems company with a meaningful position in optical terminals. That may improve scale over time. It may also change how customers view dependency risk. This is the same pattern we saw in propulsion. Narrow supplier base. Rising government demand. Vertical integration. Capacity plans that need to be tested against production history. The market headline is consolidation. The operating question is whether the remaining supplier base can scale quickly enough. You Might Also Like (Paywall) The $613 Billion Industry the World Doesn’t Understand [https://www.exterrajsc.com/p/the-613-billion-industry-the-world] Vertical Integration Is Now a Valuation Story [https://www.exterrajsc.com/p/vertical-integration-is-now-a-valuation] The Hidden Cost of Telling the Space Story Badly [https://www.exterrajsc.com/p/the-hidden-cost-of-telling-the-space] The 2028 Deadline Is Real [https://www.exterrajsc.com/p/the-2028-deadline-is-real] Theme Stock Music [https://www.pond5.com/royalty-free-music/item/108525138-interesting-facts-60sec-technology-science-production-fun] Provided by Pond 5 [https://www.pond5.com] This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.exterrajsc.com/subscribe [https://www.exterrajsc.com/subscribe?utm_medium=podcast&utm_campaign=CTA_2]

The FCC Reshapes the Satellite Landscape, and That Market is Poised to Thrive

The Federal Communications Commission made two significant moves this week that together paint a clear picture: the agency is on a mission to make America the global leader in direct-to-device satellite connectivity. First, the big-picture move [https://www.exterrajsc.com/p/fcc-promotes-american-leadership]. The FCC’s Space Bureau released a decision reaffirming exclusive spectrum rights for existing licensees in key direct-to-device frequency bands — and dismissed multiple requests from rival operators to enter those same bands. The Bureau also rejected two petitions that sought to rewrite the agency’s longstanding spectrum rules. FCC Chairman Brendan Carr called direct-to-device connectivity — meaning fast, broadband service delivered directly from a satellite to your standard smartphone — one of the most exciting frontiers in wireless communications. He said the FCC is laser-focused on making its rules as friendly as possible for investment and innovation in this space, and promised more actions to come. In the 18 months leading up to this week, there’s been more than 28 billion dollars in deal flow across at least 130 megahertz of spectrum intended for direct-to-device services. Chairman Carr called consumers the big winners as competition in this market intensifies. The second and more specific action directly benefited AST SpaceMobile [https://www.exterrajsc.com/p/fcc-clears-248-satellite-constellation], a company based in Midland, Texas. The FCC granted AST a permanent commercial license — formally clearing a 248-satellite constellation in low Earth orbit to deliver cellular broadband coverage directly to unmodified smartphones across the United States. This isn’t a minor update. The FCC order substantially expands AST’s previously authorized constellation from 25 satellites to 248, using premium low-band spectrum — 700 megahertz and 800 megahertz — frequencies known for superior signal penetration and coverage range, especially in rural and underserved areas. The service is designed to work with existing phones through AST’s partnerships with Verizon, AT&T, and FirstNet — the national public safety broadband network. No new device. No new plan. Your current phone would simply connect to space when you’re outside terrestrial range. Deployment milestones are binding: AST must get at least 124 satellites into orbit by August 2nd, 2030, and have the full 248-satellite system operational by August 2nd, 2033. The company isn’t without challenges. Its seventh operational broadband satellite — BlueBird 7 — ended up in a lower-than-planned orbit following a Blue Origin New Glenn launch from Kennedy Space Center on April 19th. The company is assessing its options. But the regulatory win is substantial. AST reported nearly $71 million in full-year 2025 revenue, and is targeting between 45 and 60 new satellite launches this year alone. Direct-to-device service in initial U.S. markets is the near-term goal. -0- The IPO pipeline for commercial space is getting busier. HawkEye 360 — a radio frequency intelligence and geospatial analytics company — has officially launched its roadshow [https://www.exterrajsc.com/p/ipo-roadshow-launched-by-hawkeye] for a proposed initial public offering. The company is offering 16 million shares of common stock, with an initial price expected to land between 24 and 26 dollars per share. The underwriters also have a 30-day option to purchase up to an additional 2.4 million shares at the offering price. HawkEye 360 plans to list on the New York Stock Exchange under the ticker symbol HAWK. Goldman Sachs and Morgan Stanley are leading the offering as joint book-running managers, with RBC Capital Markets, Jefferies, and BofA Securities serving as additional managers. Baird, Raymond James, and William Blair round out the bookrunner team. A registration statement has been filed with the SEC, but has not yet been declared effective. HawkEye 360 uses a constellation of satellites to detect and geolocate radio frequency signals — a capability with broad applications across maritime monitoring, national security, and commercial intelligence. This IPO, if priced at the midpoint, would value the offering at approximately 400 million dollars. -0- There was a moment, not long ago, when space tourism felt like a billionaire’s novelty. A new market report [https://www.exterrajsc.com/p/space-exploration-and-tourism-market] suggests the business case has matured well beyond that. According to a new analysis from HTF Market Intelligence Consulting, the global space exploration and tourism market is forecast to grow from $8.6 billion in 2025 to $35.9 billion by 2033 — a compound annual growth rate of 19.5 percent. The report credits reusable rocket technology as the primary driver — the same innovation that made SpaceX, Blue Origin, and Virgin Galactic viable — for dramatically lowering the cost of access to space. The market now encompasses suborbital civilian flights, private research missions, and longer-term concepts like orbital hotels and lunar stays. Regionally, North America dominates — the U.S. leads the world in reusable rockets and crewed spacecraft. But Asia-Pacific is the fastest-growing region, with China, India, and Japan all expanding their space programs and commercial partnerships. Europe holds a significant share, backed by collaborative programs and strong government funding. The regulatory environment is also evolving rapidly, with governments worldwide introducing licensing systems, safety standards, and liability frameworks to govern commercial human spaceflight. The analysts see space hotels, orbital stations, and lunar missions as the long-term opportunities that will carry this market well into the next decade. The small satellite market is heading into what analysts are calling its most consequential decade yet — and the numbers are staggering. Space analytics firm Novaspace has released the 11th edition of its Prospects for the Small Satellite Market [https://www.exterrajsc.com/p/nearly-17k-small-satellites-forecast] report, covering 2026 through 2035 — and the headline figure is nearly 16,900 small satellites projected to reach orbit over that period. That’s an average of about 1,410 pounds of hardware lifted to space every single day. The report defines small satellites as spacecraft weighing under approximately 1,100 pounds — a category expected to account for one-third of all satellites launched in the period, though only 6 percent of total launch mass. Private investment in the sector reached about $11.5 billion in 2025 alone. The big story isn’t just the volume — it’s the diversification. While SpaceX’s Starlink has historically dominated near-term smallsat demand, Novaspace sees national space programs increasingly stepping in. Sovereign governments are building their own constellations for security, communications resilience, and Earth observation, which distributes market demand across a wider, more stable customer base. But the competitive picture is tightening. Novaspace highlights accelerating vertical integration among constellation operators — meaning the big players are building more of their own components in-house — which is squeezing the market for independent suppliers. The report noted that the smallsat market is entering a more mature phase, where industrial maturity, production readiness, and secure access to demand will determine who succeeds. The key question is no longer who has a concept, but who can execute at scale. This is an industry in transition — from innovation to execution. The companies with established manufacturing, proven supply chains, and contracted customers are positioned to consolidate. Those still scaling face real headwinds. -0- An investigation is complete — and we now know what brought down [https://www.exterrajsc.com/p/motor-failures-blamed-for-loss-of] Australia’s first homegrown orbital rocket last summer. Gilmour Space Technologies has released the findings from its investigation into the July 2025 in-flight failure of the Eris TestFlight1 rocket. The conclusion: electrical and thermal faults in the oxidizer pump system of two first-stage motors caused the loss of the vehicle. The Eris rocket lifted off from the Bowen Orbital Spaceport in Queensland on July 30th, 2025 — the nation’s first orbital launch attempt in more than 50 years. The vehicle climbed briefly before losing control and came down in the designated safety area approximately 14 seconds after liftoff. According to the investigation, one of the four first-stage hybrid rocket motors lost thrust about nine seconds after ignition. A second motor followed at around 17 seconds. Together, the failures ended the mission before it ever had a chance. Gilmour Space said in a statement — quote — “Analysis identified two independent failure modes originating from the oxidizer pump subsystem. Electrical and thermal faults were observed in the electric pump motors and associated inverters, including components sourced from an external supplier.” Design, qualification, and process improvements are now underway. The company notes this test flight was always designed to generate data under real flight conditions — and they say that data is already informing updates to vehicle design and operations. A final report has been submitted to the Australian Space Agency. CEO and co-founder Adam Gilmour said the next Eris rocket test is still planned for later this year. The company has since opened a representative office in South Australia and selected new laser communications technology for future missions. Additional launch attempts are planned for the latter portions of 2026. -0- In-depth this week — we’re looking at something that didn’t make many headlines coming out of the 41st Space Symposium in Colorado Springs, but probably should have. [Paywall] While the big crowds gathered around commercial space station displays and AI panels, two exhibits near the back of the hall at The Broadmoor quietly told a more commercially important story [https://www.exterrajsc.com/p/wheels-larado-and-grappling]. And our in-depth analysis this week argues those two booths contained more actionable supply chain intelligence than most of the post-Symposium coverage combined. Here’s the core argument: the space industry covers missions. Supply chains are harder to frame as a press moment. So they go unreported — and the commercial window they represent stays open longer for the people who are paying attention. Signal One: Lunar Mobility. Bridgestone — yes, the tire company — had a display of next-generation lunar rover elastic wheel prototypes. No press release. No contract announcement. Just the wheels. And almost no one stopped. That’s a mistake. Lunar surface mobility is one of the least-capitalized and most structurally necessary segments of the emerging lunar economy. Apollo-era wire-mesh wheels won’t cut it for Artemis. Polar terrain, abrasive regolith that’s never been weathered by wind or water, thermal swings of 300 degrees Celsius — those conditions require something categorically different. Bridgestone’s elastic wheel architecture uses thin metal spokes engineered to flex over obstacles without pressurized air — and the company has been developing it with JAXA since 2019. They’ve since signed joint development agreements with Astrobotic and ispace. Almost no one else is working at equivalent technical depth. That’s either a program resilience risk for NASA — or an investment thesis. Depending on which chair you’re sitting in. Signal Two: Debris Detection. The Naval Research Laboratory showed a concept called LARADO — designed to detect small orbital debris objects too small for ground-based radar to track. Objects below ten centimeters. Objects that can still kill a satellite at orbital velocities. No production contract exists yet — but the policy environment around commercial space situational awareness is accelerating rapidly. The Space Domain Awareness market is estimated at $1.7 to $2.2 billion in 2025, growing toward 5 billion by the early 2030s. USSPACECOM has formally named SDA as a commercial procurement priority. A commercial operator that can build a LARADO-class debris sensing capability — and sell it as a subscription data product — is sitting in front of a government customer that has already pre-validated demand through official doctrine. Signal Three: Proximity Operations. The Naval Research Lab also showcased a detailed model of its 45-by-100-foot Proximity Operations Laboratory — a simulation facility for rendezvous, docking, and robotic satellite grappling. On-orbit servicing is real and growing. Northrop Grumman has completed commercial life-extension missions. Astroscale has demonstrated debris inspection operations. The global on-orbit satellite servicing market is estimated at up to $4.7 billion today, with projections above 12 billion by 2034. What the NRL exhibit made visible is that government still holds most of the foundational engineering knowledge — and translating it into a commercial supply chain is an unsolved industrial problem. Three chokepoints stand out: force-torque sensors and robotic actuators rated for vacuum and cryogenic conditions; proximity navigation guidance and control systems; and standardized grapple fixtures. That last one is the most urgent. When grapple fixture standards lock — expected within two to three years — qualified suppliers who moved early will have a structural moat. The window to influence the standard, or at least begin qualification against the leading design, is closing now. The bottom line from all three signals: qualification timelines are long. Government-commercial data relationships are forming now. And early movers in each of these supply chain categories will be dramatically better positioned when procurement catches up to the opportunity — and it will. Paid subscribers can read the full analysis on The Journal of Space Commerce under the Supply Chain tab. They’ll also find additional exclusive in-depth coverage of the issues of interest at Space Symposium. And next week on The Journal of Space Commerce Podcast, I’ll be talking with Rich Cooper, vice president of Strategic Communications & Outreach at Space Foundation. Might have Missed * Record-Setting Test Fires Up Next-Gen Rocket Engine Technology [https://www.exterrajsc.com/p/record-setting-test-fires-up-next] * Space Force Awards Link‑182 Development [https://www.exterrajsc.com/p/space-force-awards-link182-development] * ESA Advances Lunar Remote Camp Initiative With Award of Parallel Design Contracts [https://www.exterrajsc.com/p/esa-advances-lunar-remote-camp-initiative] * Lunar Payload Contract Ceiling Set to Rise 62% to Back Expanded Moon Landing Cadence [https://www.exterrajsc.com/p/lunar-payload-contract-ceiling-set] * The 2028 Deadline Is Real [https://www.exterrajsc.com/p/the-2028-deadline-is-real] [Paywall] Theme Stock Music [https://www.pond5.com/royalty-free-music/item/108525138-interesting-facts-60sec-technology-science-production-fun] Provided by Pond 5 [https://www.pond5.com] This is a public episode. 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Satellite Licensing Reform, Spacesuits, and Nuclear Power

The House Commerce Committee’s Subcommittee on Communications and Technology has taken up the Satellite and Telecommunications Streamlining -- or SAT Streamlining Act [https://www.exterrajsc.com/p/house-subcommittee-examines-sat-streamlining]. The bill is aimed at modernizing how the Federal Communications Commission licenses satellite operators -- a process that industry witnesses say hasn’t kept pace with the realities of today’s market. Tom Stroup, president of the Satellite Industry Association, told the subcommittee that the pace of satellite deployment has outstripped the regulatory framework designed to govern it. “The current licensing regime was not designed for a world in which thousands of satellites are launched in a single year and constellations are replenished on multi-year cycles,” Stroup said. “SIA applauds the FCC’s creation of the Space Bureau to provide additional resources and focus in our industry, as well as its ongoing space modernization for the 21st century proceeding, which proposes to replace the legacy satellite rules with a new framework.” One of the bill’s key provisions is a shot clock -- a deadline for the FCC to act on license applications. But that provision drew scrutiny. Kara Azokar, vice president of regulatory and public policy at Iridium, said that speed must be paired with deliberation. “Shot clocks or deemed granted provisions are key to speeding up the process, but without a tolling provision that enables additional analysis in complex situations that require additional technical analysis, it could result in what Shiva mentioned, which is a rubber stamp,” she said. “And when an application is rubber stamped, it results in petitions for reconsideration, which results in uncertainty for licensees that have licenses that may conflict with the application, and the applicants that just got a grant can’t rely upon it. So a tolling provision, like what is in the bill, enables the FCC additional consideration to ensure regulatory certainty for all because technical considerations have been fully developed and decided upon.” The stakes are particularly high for smaller operators. Shiva Goel, a partner at Wiley Rein, and former NTIA spectrum official and FCC advisor, told the subcommittee that delays hit emerging companies hardest. “Smaller companies in particular have much more to lose and are much more vulnerable from delay. They don’t have war chests. They need to show their investors and customer base that they have a license and that they’re ready to go,” Goel said. “And they also need predictability and certainty about when they’re actually going to be able to operate.” No vote has been scheduled. The subcommittee’s examination signals growing congressional interest in reshaping the regulatory environment for commercial space -- a dynamic worth watching for anyone with a satellite program in the pipeline. -0- NASA is facing a potential spacesuit gap -- and the agency’s own inspector general is raising the alarm. A new report from NASA’s Office of Inspector General [https://www.exterrajsc.com/p/nasa-oig-agency-faces-spacesuit-gap] finds the agency may not have flight-ready extravehicular activity suits in time to support planned lunar surface operations under the Artemis program. The report identifies the Axiom Space suit -- developed under a NASA contract -- as the primary option for early Artemis lunar surface missions. But the OIG found development timelines are tight, testing milestones have slipped, and NASA lacks sufficient backup options if Axiom’s suit encounters further delays. The report also flags the aging Extravehicular Mobility Units -- the suits currently used on the International Space Station -- as a near-term risk. The existing ISS suit inventory is limited, and production of replacement units has not kept pace with operational demand. The inspector general’s recommendations center on NASA accelerating its suit certification milestones, establishing clearer contingency plans, and improving oversight of contractor performance. NASA management agreed with the recommendations but did not commit to specific corrective timelines in its formal response. For the JSC audience, the supply chain dimension here is significant. Suit development draws on a narrow base of qualified fabricators for pressure garments, life support hardware, and thermal protection systems. Any slip in suit availability doesn’t just affect an astronaut’s schedule -- it can hold up an entire mission. -0- The satellite communications market is on track for substantial long-term growth -- and a new market analysis puts a number on it. According to a recent projection from Roots Analysis [https://www.exterrajsc.com/p/satcomm-market-projected-to-top-39145], the global satellite communications market is expected to top $391.45 billion by 2040. The growth is being driven by expanding broadband demand in underserved regions, the proliferation of low Earth orbit constellations, and increasing reliance on satellite connectivity for defense and government applications. The analysis points to several demand drivers converging at once: growing maritime and aviation connectivity requirements, the buildout of direct-to-device services, and continued investment in national security communications infrastructure. For context, that projected figure represents a market roughly two-and-a-half times the size of today’s satellite communications revenue base -- which means the infrastructure, manufacturing, and services needed to support it don’t fully exist yet. That gap is where the supply chain story lives. A new electric propulsion thruster [https://www.exterrajsc.com/p/new-electric-propulsion-satellite] has entered the commercial satellite market -- and its introduction comes at a moment when demand for in-space propulsion is accelerating. The new thruster is designed for small to mid-sized satellites operating in low Earth orbit -- the same size class driving constellation buildout across both commercial and government programs. The system uses Hall-effect thruster technology, which ionizes and accelerates propellant using electromagnetic fields to generate thrust -- a well-established approach that trades raw power for efficiency and longevity. The manufacturer says the new unit targets a market segment currently underserved by qualified, flight-heritage propulsion options. That’s a pointed commercial claim in an environment where supply chain leads for propulsion components have stretched to 12-to-18 months in some categories. For program managers sourcing propulsion for constellation applications, new entrants with qualified hardware expand options at a moment when the incumbent supplier base is under strain. The question -- as with any new propulsion system -- is how quickly the thruster can accumulate the flight heritage that government and prime customers require before committing to a new vendor. -0- This week on The Journal of Space Commerce podcast [https://www.exterrajsc.com/p/unpacking-the-space-supply-chain] ... the space supply chain is under pressure, and the stress points are becoming harder to ignore. Across propulsion, satellite manufacturing, and ground systems, lead times are stretching. Component shortages are cascading into integration delays. And demand -- as we just heard -- is not slowing down. The core problem is structural. The commercial space market has scaled faster than the industrial base supporting it. Constellation operators are placing orders for hundreds of satellites. Defense programs are adding to that queue. And the supplier ecosystem -- particularly at the sub-tier level -- has not added capacity at the same pace. The Aerospace Industries Association (AIA) and PricewaterhouseCoopers (PwC) released a white paper last month focused on the supply chain for the commercial space industry, and the findings may have been something of a wake-up call for the industry. Steve Jordan Tomaszewski, vice president of Space Systems for AIA, told me on the podcast that the pressure is coming largely from the increasing demand for spacecraft and components for a variety of missions. “Overall, that is a good problem to have. It means that space is being more and more useful in our everyday lives all around the world. And especially if we look for applications like using satellites for national security purposes,” Tomaszewski sadi. “If we’re looking at using satellites for exploration, for communications and more of commercial applications, there is just more and more demand happening today. However, we don’t see capacity and the manufacturing base able to keep up with that demand.” That mismatch has a direct cost. Delayed deliveries push out revenue. Program slips create downstream schedule conflicts. And in a market where launch windows are finite, a supply chain miss can mean a missed orbit. You can find The Journal of Space Commerce podcast on Substack, or wherever you download your multi-media content -0- In Depth this week, NASA’s Space Reactor One [https://www.exterrajsc.com/p/space-reactor-1-freedom] -- called SR-1 Freedom -- is the agency’s plan to launch the first fission-powered spacecraft in American history. The target launch date: December 2028. The destination: Mars orbit. [Paywall] The hardware architecture combines a closed Brayton cycle fission reactor -- generating more than 20 kilowatts of electrical power -- with the Power and Propulsion Element previously built for the now-canceled Lunar Gateway space station. That reuse strategy is deliberate: NASA is engineering for speed, not maximum performance, and the use of previously qualified hardware reduces development risk. The reactor will be fueled by high-assay low-enriched uranium -- known as HALEU -- and will drive ion thrusters that propel the spacecraft to Mars. It would be the first time fission-generated electricity has been used for interplanetary propulsion. The mission’s payload is called Skyfall -- a suite of Ingenuity-class helicopters designed to operate on the Martian surface. NASA Administrator Jared Isaacman has described the reactor as “mostly built.” But the primary schedule risks are not in the hardware -- they’re in system integration, HALEU fuel delivery, and a four-layer regulatory authorization process that includes Presidential-level sign-off. That fuel dependency is worth underscoring. HALEU -- enriched to between five and twenty percent U-235 -- is currently produced at commercial scale by exactly one U.S. facility: Centrus Energy’s American Centrifuge Plant in Piketon, Ohio. SR-1’s fuel needs are manageable. But the signal SR-1’s success sends -- to NASA, to the Department of Defense, and to commercial operators -- will accelerate follow-on demand that the current enrichment base may not be able to meet. The competitive context is also explicit. China has identified nuclear propulsion as a strategic priority. The National Space Technology and Management directive issued earlier this month frames American leadership in space nuclear power as a national objective -- not just an R-and-D ambition. The industrial base companies positioned in this supply chain include BWX Technologies -- the only publicly traded, pure-play space nuclear contractor with demonstrated flight hardware capability -- as well as the IX joint venture between Intuitive Machines and X-energy, and Westinghouse, which is developing HALEU transport infrastructure through a January 2026 agreement with Nuclear Transport Solutions. No prime integrator for SR-1’s reactor system has been publicly named as of this week. Steve Sinacore, NASA’s program executive for Fission Surface Power, explained during the NASA Ignition event what nuclear power will mean for the future of the space program. “Nuclear power in space does not just enhance deep space exploration, it enables it. Through increased energy density, nuclear power will keep lunar bases operating through the 14-day, 354-hour night. It will power the missions on the surface of Mars, where without it, the alternative is football fields of solar panels that will be ineffective during dust storms,” Sinacor said. “And nuclear power provides the continuous, reliable, and plentiful energy that will enable surface manufacturing and the ability to make propellant on Mars that brings crews home. Future sustained robotic or human presence missions will require the energy density that nuclear power provides.” Sinacore said that SR-1 Freedom will be a physical manifestation of American leadership in space. “Space Reactor One Freedom will unleash American ingenuity to get America underway in space on nuclear power, enable extraordinary science on Mars with the delivery of Skyfall, and set a precedent for all future space nuclear endeavors. SR-1 Freedom will put the United States of America in the driver’s seat of this enabling technology.” The full SR-1 Freedom supply chain analysis -- including named companies, the HALEU chokepoint, and the four regulatory hurdles before launch -- is available now for paid subscribers at exterrajsc.com under the Market Insights tab. Other premium articles this week include what the SATELLITE 2026 hype left out, a look at the Artemis cadence math, and columnist Mike Daily explores the Mahanian Lesson in orbit. -0- Worth a Second Look: Collaboration Pioneers ‘Lunar Iron’ for Lunar Base Infrastructure [https://www.exterrajsc.com/p/collaboration-pioneers-lunar-iron] Dream Chaser Spaceplane Completes Launch Acoustic Milestone [https://www.exterrajsc.com/p/dream-chaser-spaceplane-completes] Spanish Propulsion Startup Wins Contract for Reusable Spaceplane [https://www.exterrajsc.com/p/spanish-propulsion-startup-wins-contract] RAVEN Shuttle, NEST Depot Comprise Orbit Fab In-Space Refueling Network [https://www.exterrajsc.com/p/raven-shuttle-nest-depot-comprise] The Refueling Layer [https://www.exterrajsc.com/p/the-refueling-layer] [Paywall] Theme Music [https://www.pond5.com/royalty-free-music/item/108525138-interesting-facts-60sec-technology-science-production-fun] from Pond 5 [https://www.pond5.com] This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.exterrajsc.com/subscribe [https://www.exterrajsc.com/subscribe?utm_medium=podcast&utm_campaign=CTA_2]

Unlocking New Space Broadband Capacity, and the Consequences of ‘On Hold’

The Federal Communications Commission is on the verge of a major overhaul in how satellites share spectrum — and the economic stakes are enormous. F-C-C Chairman Brendan Carr announced the Commission will vote on a new order to modernize its satellite spectrum-sharing rules [https://www.exterrajsc.com/p/fcc-poised-to-empower-super-fast]. If adopted, the changes could unlock more than two billion dollars in economic benefits and enable up to seven times more capacity for space-based broadband services. At the heart of the order is a proposal to replace the decades-old Equivalent Power Flux Density framework — known as EPFD — with modern, performance-based rules that account for today’s satellite technology, including adaptive coding and modulation. Under the new approach, non-geostationary and geostationary orbit operators would be encouraged to negotiate voluntary, private agreements for interference protections — a shift the F-C-C says builds on its time-tested framework for good-faith coordination. In a news release posted online, Carr said “The FCC is moving fast to unleash affordable, high-speed Internet.” The public draft was released ahead of the Commission’s next monthly open meeting scheduled for April 30th. -0- Amazon is making its most significant move yet in the satellite connectivity market — agreeing to acquire Globalstar [https://www.exterrajsc.com/p/amazon-to-acquire-globalstar] in a deal that would dramatically expand its Amazon Leo network and add direct-to-device service to its growing low Earth orbit system. Under the terms of the merger agreement, Globalstar stockholders will receive either 90 dollars per share in cash or Amazon stock of equivalent value. The transaction is expected to close in 2027, pending regulatory approvals and certain satellite deployment milestones. The deal brings together Globalstar’s mobile satellite service spectrum licenses — which carry global authorizations — with Amazon Leo’s broadband infrastructure. That combination would allow Amazon to deliver continuous connectivity for consumer, enterprise, and government customers well beyond the reach of traditional cellular networks. The acquisition also carries strategic urgency for Amazon. The company faces an F-C-C deadline to have 1,616 Leo satellites in orbit by July 30th of this year — a threshold that determines whether it retains full licensed spectrum rights. Acquiring Globalstar’s existing fleet and spectrum gives Amazon a significant shortcut. Alongside the merger, Amazon and Apple announced a separate agreement for Amazon Leo to power satellite services for iPhone and Apple Watch — including Emergency S-O-S via satellite — building on the partnership Apple currently holds with Globalstar. Beginning in 2028, Amazon Leo plans to deploy its own next-generation direct-to-device satellite system, offering voice, data, and messaging to mobile phones and cellular devices. -0- A spacecraft manufacturer building rapidly maneuverable vehicles for operations across and between orbital regimes has closed a 50-million-dollar Series A round [https://www.exterrajsc.com/p/series-a-nets-50-million-for-portal]. Portal Space Systems says the financing was led by Geodesic Capital and Mach33, with participation from Booz Allen Ventures, ARK Invest, AlleyCorp, and FUSE. The round follows a $17.5 million seed round in 2025 — one of the largest publicly disclosed seed financings in the sector at the time. The investment reflects a growing recognition across both commercial and defense markets that access to orbit is no longer enough. Most satellites today are designed for fixed mission profiles with limited maneuverability — a liability as space becomes more congested, contested, and operationally complex. The participation of Booz Allen Ventures would appear to signal particular interest from the national security community. Portal C-E-O Jeff Thornburg said in a news release that ‘the systems that succeed in this next phase of space exploration will be those that can move quickly, deliberately, and repeatedly across and between orbits.” As the number of objects in orbit continues to grow, one company is betting that operators need a single platform that takes them from detection all the way to decision — without ever switching screens [https://www.exterrajsc.com/p/ai-driven-platform-for-space-operations]. Slingshot Aerospace this week introduced Slingshot Portal — an A-I-native platform built to support mission-ready space operations across defense, civil, and commercial sectors. The company calls it the first platform purpose-built to operationalize what it terms Space Operations Intelligence and Autonomy in live mission environments. For more on what Slingshot Portal means for space domain awareness, I recently spoke with Erik Ekwurzel — Chief Data and Information Officer at Slingshot Aerospace. (See Transcript Provided with Podcast) Slingshot demonstrated the technology this week at Space Symposium, with additional capabilities — including advanced maneuver intelligence and predictive analytics — rolling out throughout 2026. -0- Defense and space technology company Voyager Technologies says it has doubled satellite propulsion production capacity [https://www.exterrajsc.com/p/company-ramps-up-satellite-propulsion] at its Denver-area facility over the past year — and is already planning to double it again. The Voyager Littleton, Colorado facility has grown from 8,000 to 40,000 square feet following its October 2025 acquisition of ExoTerra Resource, a developer of electric propulsion systems. The expansion added workforce, test equipment, and training — and has enabled full vertical integration of mission-critical propulsion technologies. Each propulsion module integrates a propellant tank, electronics controller, thruster, and distribution system into a compact unit engineered for precise orbital maneuvering, threat avoidance, and sustained mission effectiveness. Matt Magaña, Voyager’s president of Space, Defense and National Security, tied the expansion directly to the current national security environment, citing programs like Golden Dome. Voyager says it holds propulsion module contracts across both commercial and government customers and is targeting quadruple its year-ago capacity. -0- And finally — what happens when a government program doesn’t get cancelled, but doesn’t move forward either? In Depth this week, for dozens of companies deep in the supply chain behind NASA’s Commercial LEO Destinations program — known as C-L-D — that question is no longer hypothetical. [Paywall] On January 28th, NASA’s Johnson Space Center posted a short notice to the federal contracting database S-A-M-dot-gov, which said “This modification is to notify industry that the Commercial Low-Earth Orbit Destination Contract acquisition is on hold until further notice.” Five words: “On hold until further notice.” [https://www.exterrajsc.com/p/the-frozen-pipeline] That language does not trigger a termination settlement. It does not create a formal recovery pathway. And it does not release suppliers from program commitments their prime contractors still expect them to honor if Phase 2 restarts. The hold did not come without warning. In August 2025, NASA had already restructured the entire Phase 2 acquisition — shifting from a firm-fixed-price federal contract to Funded Space Act Agreements — citing a four-billion-dollar budget shortfall. The procurement pause arrived before any of that could be executed. Then came March 24th. During a House Science Committee hearing, NASA officials unveiled a new concept called “Ignition” — a government-owned core module attached to the I-S-S, with private companies docking commercial add-ons before eventually separating into free-flying stations. NASA signaled it could afford only a single commercial provider. Commercial Space Federation President Dave Cavossa testified it was, quote, “sowing concern and, really, sowing confusion.” For tier-2 and tier-3 suppliers — the companies building life-support systems, solar arrays, propulsion hardware, and pressurized module structures — pipeline commitments built around a specific station configuration could now be stranded in a competition that selects only one winner. There is a critical legal distinction: a formal cancellation triggers defined settlement protections. A procurement hold that arrives before contract execution does not. Most suppliers who aligned capacity to C-L-D hold only teaming agreements or verbal commitments — instruments with zero formal cost-recovery protection. The question for every supplier in this pipeline is not whether Phase 2 will restart. It is what legal instrument you hold today — and whether your committed costs have any recovery pathway if it doesn’t. Paid subscribers can read the full analysis on The Journal of Space Commerce under the Supply Chain tab. Other premium articles this week include The Space Commerce Cycle in 2026, how SpaceX’s engine production rate became the invisible chokepoint in NASA’s lunar architecture, and columnist Mike Daily explores why NASA and DoD approvals have become vendor selection tools for enterprise customers. Worth a Second Look Space Control Platform MDA Midnight Unveiled by MDA Space [https://www.exterrajsc.com/p/space-control-platform-mda-midnight] On-Orbit Precision Acquisition and Tracking Demonstrated by Star Catcher [https://www.exterrajsc.com/p/on-orbit-precision-acquisition-and] NASA Awards Seventh Private Astronaut Mission to Voyager [https://www.exterrajsc.com/p/nasa-awards-seventh-private-astronaut] Satellite Constellation Expansion Planned by Vantor [https://www.exterrajsc.com/p/satellite-constellation-expansion] Satellite Broadcast’s Final Chapter [https://www.exterrajsc.com/p/satellite-broadcasts-final-chapter] [Paywall] Theme Stock Music [https://www.pond5.com/royalty-free-music/item/108525138-interesting-facts-60sec-technology-science-production-fun] Provided by Pond 5 [https://www.pond5.com] This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.exterrajsc.com/subscribe [https://www.exterrajsc.com/subscribe?utm_medium=podcast&utm_campaign=CTA_2]