Space Business Podcast

Is the space sector actually financed in the right way? That’s probably the main question I’m discussing with my guest Justin Stevens, founder and CEO of the investment firm Overlap Holdings. He spent 18 years at Apollo Global Management, a very prominent private equity firm. So he’s a Wall Street guy like me and, I think, qualified to voice an opinion on this questions which we may not ask enough. Enjoy!   🕰️ Timestamps:  00:00 - Introduction  01:08 - Guest Intro  02:31 - Overlap Holdings Name Origin and Activities 03:43 - Capital Solutions and Government Solutions 06:24 - The Role of Debt in Frontier Tech 12:08 - Types of Debt and Their Applications 21:21 - Government Contracts and Lending 23:30 - Navigating Government Lending Challenges 24:00 - Leveraging a Detailed Lender Database 27:05 - The Importance of Government Financing 30:12 - The Evolution of Space Investing 33:57 - Investor Perspectives on Space 36:09 - Founding Overlap and Investing in Frontier Technology 39:17 - Future of Space and Investment Strategies 43:29 - Hypothetical Space Startup Ideas 46:09 - Science Fiction   📍 About the Guest: Justin is a seasoned investor and operator with over 18 years as a Senior Partner at Apollo Global Management, where he developed deep expertise in financial structuring and investment management. He has invested in, built, advised, and overseen organizations ranging from early-stage frontier tech startups to large, publicly traded companies. With a strong network across finance, industry, and government, Justin brings a multidisciplinary approach to navigating complex markets and driving long-term value across sectors. 🔗 Connect with Justin: 🤝 LinkedIn: https://www.linkedin.com/in/justinstevensny/ [https://www.linkedin.com/in/justinstevensny/]   🔗 Follow us: 🏠Website : https://www.e2mc.space/ [https://www.e2mc.space/] 🤝🏻LinkedIn : https://www.linkedin.com/company/space-business-podcast/ [https://www.linkedin.com/company/space-business-podcast/]🌐Socials: https://linktr.ee/spacebusinesspodcast [https://linktr.ee/spacebusinesspodcast]     🔗 Follow Raphael: 🔷LinkedIn -  [https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqa1lhYnlaNW1zQkdYeGZBZ2JKVG9QX1dLRzh1QXxBQ3Jtc0tsMVQycXE2NGV2WDZPOFE0QzAzS242eGJadVY0THZFZnUtSE1ZVUZGSkdGRzVpVUp4MmpsSndVcXhJVEdQOGNEck1QV0xyajNONERQcGJmNkVhOUZfWUVjVlBqT0pBTnVkem1iM09MSnFJaV9BTW1fMA&q=https%3A%2F%2Fwww.linkedin.com%2Fin%2Fraphaelroettgen%2F&v=-WIMKt2Kbe0]https://www.linkedin.com/in/raphaelroett [https://www.linkedin.com/in/raphaelrottgen/]gen 🌐Instagram - https://instagram.com/raphael_space/  ◇  Twitter/X - https://x.com/RaphaelE2MC [https://x.com/RaphaelE2MC]   To Learn more about Space & the Space Economy: 1. "To Infinity" – Raphael’s Revised Introduction to the Space Economy This book provides an insightful look into the space economy, its current trends, and future opportunities. 📚 https://a.co/d/6jIQ2LOhttps://a.co/d/6jIQ2LO 2.  edX/EPFL's Space Economy MOOC This course offers a detailed understanding of the New Space Economy, covering key concepts and market developments. 🎓 https://www.edx.org/course/new-space-https://www.edx.org/course/new-space- 3. Space Business Newsletter 📬 https://spacebusiness.substack.com/ [https://spacebusiness.substack.com/]

My guest this week is Pierre Lionnet, Director of Research at Eurospace, who has followed the global space sector for over 30 years. We discuss a range of topics including e.g. SpaceX, the launch sector in general, and national space policies. Pierre is one of my favorite people to follow on space as he usually provides very frank and thought out opinions. I think this comes through in this episode - enjoy!   🕰️ Timestamps:  00:00 - Introduction  00:55 - Guest Introduction 01:34 - Day-to-Day Activities at Eurospace 03:15 - Challenges in the Space Sector 06:22 - SpaceX's Impact on the Space Industry 07:35 - Economic Contributions and Cost Structures 11:02 - Production and Market Segmentation in Space 21:44 - Institutional Programs vs. Commercial Ventures 27:40 - Starlink's Business Model and Future Prospects 35:12 - SpaceX's Dominance in Commercial Launch 35:56 - The Cost and Pricing of Space Launches 38:40 - Starship's Potential and Market Impact 40:51 - Challenges for New Market Entrants 43:25 - National Space Policies and Industrial Strategies 46:27 - Global Space Economy and Future Projections 55:16 - Advice for Emerging Space Nations 01:00:19 - The Future Structure of the Space Economy 01:05:13 - Science Fiction and Space 01:06:07 - Conclusion    📍 About the Guest: Pierre Lionnet is the Research and Managing Director at Eurospace, the trade organization of the European space industry). He labels himself a space economist, being an economist by training and being professionally involved in the analysis of space markets, space industry supply chains and space technology and innovation trends for the past 30 years   🔗 Connect with Pierre: 🤝 LinkedIn: https://www.linkedin.com/in/eurospacepierrelionnet/ [https://www.linkedin.com/in/eurospacepierrelionnet/]   🔗 Follow us: 🏠Website : https://www.e2mc.space/ [https://www.e2mc.space/] 🤝🏻LinkedIn : https://www.linkedin.com/company/space-business-podcast/ [https://www.linkedin.com/company/space-business-podcast/]🌐Socials: https://linktr.ee/spacebusinesspodcast [https://linktr.ee/spacebusinesspodcast]     🔗 Follow Raphael: 🔷LinkedIn -  [https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqa1lhYnlaNW1zQkdYeGZBZ2JKVG9QX1dLRzh1QXxBQ3Jtc0tsMVQycXE2NGV2WDZPOFE0QzAzS242eGJadVY0THZFZnUtSE1ZVUZGSkdGRzVpVUp4MmpsSndVcXhJVEdQOGNEck1QV0xyajNONERQcGJmNkVhOUZfWUVjVlBqT0pBTnVkem1iM09MSnFJaV9BTW1fMA&q=https%3A%2F%2Fwww.linkedin.com%2Fin%2Fraphaelroettgen%2F&v=-WIMKt2Kbe0]https://www.linkedin.com/in/raphaelroett [https://www.linkedin.com/in/raphaelrottgen/]gen 🌐Instagram - https://instagram.com/raphael_space/  ◇  Twitter/X - https://x.com/RaphaelE2MC [https://x.com/RaphaelE2MC]   To Learn more about Space & the Space Economy: 1. "To Infinity" – Raphael’s Revised Introduction to the Space Economy This book provides an insightful look into the space economy, its current trends, and future opportunities. 📚 https://a.co/d/6jIQ2LOhttps://a.co/d/6jIQ2LO 2.  edX/EPFL's Space Economy MOOC This course offers a detailed understanding of the New Space Economy, covering key concepts and market developments. 🎓 https://www.edx.org/course/new-space-https://www.edx.org/course/new-space- 3. Space Business Newsletter 📬 https://spacebusiness.substack.com/ [https://spacebusiness.substack.com/]

My guest this week is Sebastian Klaus, Co-Founder & CEO of Atmos Space Cargo, who discusses his company’s mission to unlock downmass logistics with an innovative and reusable space capsule, paving the way for in-space manufacturing, defense applications, and other applications. 🕰️ Timestamps:  00:00 - Introduction 00:59 - Elevator Pitch 02:07 - Importance of Returning Cargo from Space 04:24 - Challenges and Technologies in Space Re-entry 06:16 - Innovations in Heat Shield Technology 11:16 - Economic Impact and Reusability 13:12 - Mission Operations and Logistics 20:15 - Regulatory Considerations 22:33 - ATMOS Phoenix Capsule 23:36 - Impact of Starship on Space Logistics 25:13 - Space Stations and Free Flyers 27:22 - Market Segments in Space Logistics 30:35 - Defense Applications and Future Prospects 37:16 - Recent Test Flight and Future Plans 42:07 - Science-Fiction   📍 About the Guest: Sebastian Klaus holds a Master of Science in Aerospace Engineering with a focus on atmospheric re-entry and reusable rocket engines. He has more than a decade of leadership experience as a military officer, supplemented by business knowledge from an MBA program at ESB Business School Reutlingen. Sebastian has developed and submitted several patented technologies for entry and descent. With a commercial pilot license and unique knowledge about parachute systems, as well as passion for nature and spaceflight, he is determined to overcome existing and future challenges in life sciences research in space in order to benefit all of humanity. 🔗 https://atmos-space-cargo.com/ [https://atmos-space-cargo.com/] https://www.linkedin.com/in/sebastian-klaus-b7676853/   🔗 Follow us: 🤝🏻LinkedIn : https://www.linkedin.com/company/space-business-podcast/ [https://www.linkedin.com/company/space-business-podcast/]🌐Socials: https://linktr.ee/spacebusinesspodcast [https://linktr.ee/spacebusinesspodcast]     🔗 Follow Raphael: 🔷LinkedIn -  [https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqa1lhYnlaNW1zQkdYeGZBZ2JKVG9QX1dLRzh1QXxBQ3Jtc0tsMVQycXE2NGV2WDZPOFE0QzAzS242eGJadVY0THZFZnUtSE1ZVUZGSkdGRzVpVUp4MmpsSndVcXhJVEdQOGNEck1QV0xyajNONERQcGJmNkVhOUZfWUVjVlBqT0pBTnVkem1iM09MSnFJaV9BTW1fMA&q=https%3A%2F%2Fwww.linkedin.com%2Fin%2Fraphaelroettgen%2F&v=-WIMKt2Kbe0]https://www.linkedin.com/in/raphaelroett [https://www.linkedin.com/in/raphaelrottgen/]gen 🌐Instagram - https://instagram.com/raphael_space/  ◇  Twitter/X - https://x.com/RaphaelE2MC [https://x.com/RaphaelE2MC] 🏠Website : https://www.e2mc.space/ [https://www.e2mc.space/]   To Learn more about Space & the Space Economy: 1. "To Infinity" – Raphael’s Revised Introduction to the Space Economy This book provides an insightful look into the space economy, its current trends, and future opportunities. 📚 https://a.co/d/6jIQ2LOhttps://a.co/d/6jIQ2LO 2.  edX/EPFL's Space Economy MOOC This course offers a detailed understanding of the New Space Economy, covering key concepts and market developments. 🎓 https://www.edx.org/course/new-space-https://www.edx.org/course/new-space- 3. Space Business Newsletter 📬 https://spacebusiness.substack.com/ [https://spacebusiness.substack.com/]

My guest this week is Glen Martin, Co-Founder & CEO of Extraterrestrial Mining Company (XMC), discusses his company’s bold mission to mine Helium-3 on the Moon and its potential to revolutionize energy and tech on Earth.   🕰️ Timestamps:  00:00 - Introduction  01:36 - Elevator Pitch 03:42 - Understanding Helium-3 and Its Applications 11:59 - Tech Aspects of Lunar Mining 20:39 - Future Prospects and Initial Missions 23:31 - Energy Solutions for Lunar Operations 29:23 - Helium-3 Concentrations and Mining Challenges 32:09 - Lunar Data and Exploration Techniques 35:32 - Geopolitical Implications 40:33 - Transportation and Return Logistics 48:08 - Project Financing for Space Mining 51:28 - Personal Background and Career Path 56:14 Science Fiction   📍 About the Guest: Glen Martin, CEO of XMC, has over 30 years of experience in renewable energy and space infrastructure. Before founding XMC in 2023, he led companies like Hyox Inc., Infrastructure Energy, and Pod Generating Group, and co-founded ProtoStar Limited. He’s worked on projects spanning green hydrogen, solar PV, intelligent grids, and satellite systems. Early in his career, he contributed to the International Space Station at McDonnell Douglas. Glen holds a BTech in Aerospace Engineering from TMU and an MBA from USC.   🔗 Connect with Glen: 🤝 LinkedIn: https://www.linkedin.com/in/glen-martin-space-heavy-industrialist/ [https://www.linkedin.com/in/glen-martin-space-heavy-industrialist/]   🔗 Follow us: 🏠Website : https://www.e2mc.space/ [https://www.e2mc.space/] 🤝🏻LinkedIn : https://www.linkedin.com/company/space-business-podcast/ [https://www.linkedin.com/company/space-business-podcast/]🌐Socials: https://linktr.ee/spacebusinesspodcast [https://linktr.ee/spacebusinesspodcast]     🔗 Follow Raphael: 🔷LinkedIn -  [https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqa1lhYnlaNW1zQkdYeGZBZ2JKVG9QX1dLRzh1QXxBQ3Jtc0tsMVQycXE2NGV2WDZPOFE0QzAzS242eGJadVY0THZFZnUtSE1ZVUZGSkdGRzVpVUp4MmpsSndVcXhJVEdQOGNEck1QV0xyajNONERQcGJmNkVhOUZfWUVjVlBqT0pBTnVkem1iM09MSnFJaV9BTW1fMA&q=https%3A%2F%2Fwww.linkedin.com%2Fin%2Fraphaelroettgen%2F&v=-WIMKt2Kbe0]https://www.linkedin.co [https://www.linkedin.com/in/raphaelrottgen/]m/in/raphaelroettgen [https://www.linkedin.com/in/raphaelroettgen/] 🌐Instagram - https://instagram.com/raphael_space/  ◇  Twitter/X - https://x.com/RaphaelE2MC [https://x.com/RaphaelE2MC]   To Learn more about Space & the Space Economy: 1. "To Infinity" – Raphael’s Revised Introduction to the Space Economy This book provides an insightful look into the space economy, its current trends, and future opportunities. 📚 https://a.co/d/6jIQ2LOhttps://a.co/d/6jIQ2LO 2.  edX/EPFL's Space Economy MOOC This course offers a detailed understanding of the New Space Economy, covering key concepts and market developments. 🎓 https://www.edx.org/course/new-space-https://www.edx.org/course/new-space- 3. Space Business Newsletter 📬 https://spacebusiness.substack.com/ [https://spacebusiness.substack.com/]

This episode kicks off a new series on in-space R&D and manufacturing, exploring its potential (e.g. for sectors like pharma and semiconductors), its current status, and its challenges, among other topics. At the end of this episode, Raphael highlights the recent launch of the Orbital Edge accelerator to support startups in this emerging sector.   Orbital Edge Accelerator: https://orbitaledge.techconnect.org/ [https://orbitaledge.techconnect.org/]   🕰️ Timestamps:  00:00 - Introduction  02:23 - Why research and manufacture in Space? 10:28 - How to research and manufacture in Space, in practice? 22:35 - How can be build a thriving in-space R&D and manufacturing sector? 28:45 - Conclusion    🔗 Follow us: 🤝🏻LinkedIn : https://www.linkedin.com/company/space-business-podcast/ [https://www.linkedin.com/company/space-business-podcast/]🌐Socials: https://linktr.ee/spacebusinesspodcast [https://linktr.ee/spacebusinesspodcast]     🔗 Follow Raphael: 🔷LinkedIn -  [https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqa1lhYnlaNW1zQkdYeGZBZ2JKVG9QX1dLRzh1QXxBQ3Jtc0tsMVQycXE2NGV2WDZPOFE0QzAzS242eGJadVY0THZFZnUtSE1ZVUZGSkdGRzVpVUp4MmpsSndVcXhJVEdQOGNEck1QV0xyajNONERQcGJmNkVhOUZfWUVjVlBqT0pBTnVkem1iM09MSnFJaV9BTW1fMA&q=https%3A%2F%2Fwww.linkedin.com%2Fin%2Fraphaelroettgen%2F&v=-WIMKt2Kbe0]https://www.linkedin.com/in/raphaelroett [https://www.linkedin.com/in/raphaelrottgen/]gen 🌐Instagram - https://instagram.com/raphael_space/  ◇  Twitter/X - https://x.com/RaphaelE2MC [https://x.com/RaphaelE2MC]   To Learn more about Space & the Space Economy: 1. "To Infinity" – Raphael’s Revised Introduction to the Space Economy This book provides an insightful look into the space economy, its current trends, and future opportunities. 📚 https://a.co/d/6jIQ2LO [https://a.co/d/6jIQ2LO] 2.  edX/EPFL's Space Economy MOOC This course offers a detailed understanding of the New Space Economy, covering key concepts and market developments. 🎓https://www.edx.org/course/new-space-economy [https://www.edx.org/course/new-space-economy] 3. Space Business Newsletter 📬 https://spacebusiness.substack.com/ [https://spacebusiness.substack.com/]