Leading space company, SpaceX, is reportedly now worth nearly $150 billion, topping Boeing, becoming the most valuable aerospace and defence company in the US Furthermore, defence giant Lockheed Martin have reported a 12% increase in sales in the second quarter of 2023, in comparison to 2022, with its space arm seeing an increase of $341 million. Also, Millennium Space Systems, a subsidiary of Boeing, has noted the success of its Small Satellite Factory (SSF) in meeting increased customer demand and growth of satellite constellations. 

Young companies lead acquisitions and UK on the rise

Yet it isn’t only industry giants that are spurring on growth of the sector. British investment firm Seraphim Space released their quarterly report of private investment, and state that New Space firms have carried out more acquisitions compared to established space companies, this quarter.  The report goes on to state that the number of space tech deals have actually decreased compared with the first quarter, but rather the “same amount of capital deployed in fewer, larger growth stage deals.” Seraphim state that this type of activity indicates a recovery stage in the growth-stage market. Find their full report here.

Activity from new players indeed seems to be driving growth, and the UK reflects this mood well. In May a report from PwC informed us that the UK is now the leading place for space investment in Europe, and second only to the US. The British government galvanised their intent this week as they reestablished their National Space Council, which will be responsible for the overall UK space strategy.  

The UK is home to a thriving satellite industry and also expects to become a hub of European launch activity, with both Skyrora and Orbex Space looking to launch from Scotland (hopefully) before the end of the year. 

Industry and governments plan for space legislation

It’s becoming a common observation that technological innovation is outpacing law-making in space. There are UN laws, which all major space powers agree to adhere to, the most notable being the Outer Space Treaty (OST) 1967. While the OST lays the groundwork, it arguably does not go deep enough, particularly in regards to off-world resource extraction and governing commercial activity. Some go as far to refer to space as the new Wild West.

Nonetheless, efforts are ongoing to build legislative and regulatory frameworks. This week the US House Science Committee has been listening to the thoughts of the industry as it considers a commercial space bill. According to Space News, Rep. Frank Lucas, chair of the committee, one of the main priorities would be to ensure ongoing competitiveness of the US space industry. Additionally, a priority is to build mission authorisation systems in order to regulate commercial space activity, and to remain compliant with the Outer Space Treaty.

While the US then seem set on adhering to UN law in regards to governing dementing commercial activity, they also continue their efforts in building an international framework through their Artemis Accords, a set of non-binding rules for the future of space exploration. With India becoming the 27th member it seems that Accords are picking up strong momentum.

However, China are now beginning to find signatories for their rival framework, the International Lunar Research Station initiative. On July 17, Venezuela became one of the first members of the initiative, signing a joint declaration titled the “Memorandum of Cooperation between the China National Space Administration and the Bolivarian Space Agency of Venezuela on the International Lunar Research Station.”  

While both frameworks intend to build international cooperation based upon peaceful intentions for future space, it still seems unlikely, at the moment, we will see China sign up to a US-led framework, or vice-versa.

China and India commit to commercial launches

In another world’s first, Chinese commercial launch company Landspace have beaten SpaceX to launch their methane-powered rocket, Zhuque-2. The launch not only represents the growing intentions of a maturing Chinese commercial space industry, but also the use of methane fuel, which is touted to be more sustainable and can increase the lifespan of reusable engines. SpaceX also opt for liquid methane for use in Starship.

Another Chinese launch startup has targeted fresh funding towards the development of their reusable commercial rocket. Space Pioneer will use the funds for its Tianlong-3 medium-lift launch vehicle, with its first liftoff slated for May 2024. It will feature a reusable first stage and claims to be comparable to SpaceX’s workhorse Falcon-9. China are already soaring into second place in the list of leading space nations, and with a thriving commercial sector, we see no signs of slowing down.

India too are looking towards their bustling private sector to support their rise as a leading space nation. Their national space agency (ISRO) is looking to transfer its Small Satellite Launch Vehicle (SSLV) rocket launcher to the private sector. SSLV is a small-lift vehicle, capable of transporting 500kg to LEO. The vehicle will completely be transferred to the private sector, not only manufacturing, and coincides with ISRO looking to increase its use of SSLV to 10 launches per year by 2026.

Increasing competition and efficiency of the private sector is answering the need for more access to space, as humankind looks to launch many thousand more objects into orbit and beyond. 

Rocket Lab moves towards reusable rockets, further innovation in launch market

Each week (it seems) we read more about efforts being made to replicate the overwhelming success of reusability in launch vehicles. Reusing boosters and engines has played the key role in driving down launch costs and increasing overall access to space.

This week New Zealand-based launch startup Rocket Lab have made a fresh attempt at recovering the first stage of their Electron rocket. The mission named “Baby Come Back” delivered payloads for three customers, with the booster dropping under-parachute into the ocean, which was later collected. Furthermore, chief executive, Peter Beck, claims that one of their Rutherford engines will be reused on a flight later this year, although would not give a timeline.

Also looking to innovate the launch market in UK-based Pulsar Fusion, who have begun work on their fusion rocket engine. The engine due to be ignited in 2027, creating exhaust speeds of up to 500,000 mph. The benefit of nuclear fusion in engines will both drastically improve speed and also fuel consumption, according to the company, and could drastically cut travel time to other celestial bodies, such as Mars.  

Also in the UK, a computer scientist has been awarded funding from the UK Space Agency towards developing an AI piloting system for spacecraft. The project is named the 'PLATOR (PLAsma Torch Rocket) - Novel Electrothermal Thruster for Space Logistics’, and led by Dr Daniel Zhou Hao, from the University of Leicester. The system could supposedly revolutionise in-orbit servicing, using AI for guidance and navigation.

Lastly, China have been testing a new hypersonic spaceplane in their powerful and innovative wind tunnel. The spaceplane is designed for commercial, reconnaissance and military roles, according to Asia Times. While news of a new spaceplane will come of interest, the reports are just as fascinating regarding the success of the Chinese JF-22 hypersonic wind tunnel itself. It is the world’s largest and fastest wind tunnel, able to reach up to mach 30, and will play a key role in China’s mission to develop technology to reduce costs of launching satellites and spacecraft by 90%.

Launch innovation continues to be key to our success, driving down costs and increasing access to space for more customers.

China begins rival to Starlink, orbital solar power and NASA prep for Psyche

Earth orbit is getting busier. This week China began the process of establishing its own mega-constellation, set to rival SpaceX’s Starlink satellite system. On 9 July, China launched a prototype internet satellite, used to test the technology. Named “Guo Wang”, the constellation will eventually make up 13,000 satellites. The EU are also looking to establish their own sovereign broadband satellite fleet, names IRIS2.

While connectivity and Earth observation make up the majority of satellite functionality, we have also this week seen more steps taken towards establishing in-orbit manufacturing. Last week we learnt of Varda Space and their first demonstration of drug manufacture in-orbit, and this week California-based company, Orbital Composites, have won a $1.7 million US Space Force contract for in-orbit manufacture of antennas. Large antennas are required for a number of applications, including Space-Based Solar Power (SBSP), and manufacturing in-situ could drastically reduce costs and the necessity to launch from Earth.

Additionally, interest in SBSP has gathered more attention this week, and it’s understandable why. The principle involves gathering limitless solar power from orbit, beaming it back to Earth, proving humanity with an (almost) endless resource of clean energy. Now experts from ESA and Swiss-based Astrostrom are looking into the idea of using SBSP to provide energy on the Moon, through a design titled the called Greater Earth Lunar Power Station. The butterfly-shaped station will use integrated antennas and solar panels, expanding over a square kilometre.

Although some of this technology is still in the research phase, there is one thing for certain, and that is that we continue to witness the mass growth of a new, orbital infrastructure.

Lunar rover in Spain, NASA close in on asteroid mission

The necessity to source power to be harnessed on the surface of the Moon comes at a critical time, as more stakeholders look to establish a presence on the lunar surface. Last week we mentioned the list of both national and commercial missions either on their way, or lining up to set-off to the Moon. Up next will be Russia with their Luna-25 mission, set for launch in August.

Another company have also entered the lunar exploration sector, and this month have been testing their innovation lunar rover solution. Spain-based GMV has been conducting tests of its RAPID (Robust and Semi-Autonomous Platform for Increased Distances) robotic rover, outside of Madrid. The project, run by ESA, looks to develop RAPID as an autonomous rover, capable of travelling up to 1.1 m/s, speeds not yet seen on the Moon. Moreover, there is an increasing urgency to locate and establish areas of the Moon rich in resources such as water and metals. RAPID and similar robotics will be vital in the quest.

The search for rare Earth minerals doesn’t stop on the Moon though, and NASA are gearing-up for the final preparations of the launch of their long-awaited (and delayed) Psyche mission. Due for launch on 5 October, Psyche is undergoing final preparations, before it launches with SpaceX on a Falcon Heavy, and continues on its 6 year journey to asteroid, Psyche. The mission aims to use the spacecraft to spend 26 months orbiting the body, gathering data about the metal-rich asteroid, believed to hold valuable iron, nickel and gold, with staggering value of $10 quintillion.

It may be some years before the wealth of such celestial bodies can be harnessed, but it can give us some indication of why nations and industry are placing far more value on space exploration.

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