Episode summary
Everything is Flying: How Space Tech Shapes Earth | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · 12 min · Hosts: Carol Massar, Tim Stenovec, Ed Ludlow · Guests: Ross Hamilton
Summary
Space tech is moving from a government-led moon race to a broader commercial ecosystem, and Ross Hamilton argues that shift is creating a pivotal moment for investors and operators. He says NASA is becoming more like a customer and project manager, while private companies like SpaceX, Rocket Lab and Amazon compete to fill low Earth orbit with services and infrastructure. He also points to Artemis, the SpaceX IPO and reusable rockets as signs that commercial space is no longer a niche story.
Hamilton frames the biggest near-term opportunity not as sci-fi mining on asteroids, but as the commercialization of data, communications and other space-enabled services. He says Starlink will likely make up the majority of SpaceX revenue in 2026, and he sees space-based AI processing, lunar mining support systems and defense-related spinouts as realistic growth areas. The host and a guest also connect the boom to national security, the race to the moon’s south pole and the need for a broader talent pipeline.
For Hamilton, the key investment edge is to look beyond rockets and astronauts. He argues that the next wave of value will come from non-space industries adopting space technology, and from companies that can explain that value proposition to capital, customers and partners.
Key takeaways
- Ross Hamilton says the private space industry is at a pivotal moment as NASA shifts toward being a customer for commercial operators in low Earth orbit.
- He expects the SpaceX IPO to trigger a broader spinout effect across the space sector.
- A guest says Starlink will be more than 50% of SpaceX revenue, with 2026 revenue nearing $20 billion.
- Hamilton argues the near-term opportunity is commercialization of space tech for pharmaceuticals, agriculture, data and defense, not asteroid mining.
- The host and Hamilton say the race to the moon’s south pole is tied to frozen water, power and nuclear supply-chain requirements.
Notable quotes
“I think we're in a very pivotal moment. you know, as as you've alluded to, the the commercial space guys are starting to really kind of, you know, lift off now”
“I do think that the SpaceX IPO represents, you know, a fundamental shift”
“NASA has become a bit more like the project manager um rather than than the customer itself”
“the opportunity is for pharmaceuticals and agriculture and non-space industries to use space technology, that's the opportunity”
“I think it's a matter of time. I can't tell you when there there's definitely some technological hurdles and there's probably some regulatory hurdles on that, but I think for sure”
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news. This is Bloomberg Business Week with Carol Masser and Tim Stenc on Bloomberg Radio. — Well, lots of news in the world of space. There was, of course, Artemis 2. — Last week, we've got our colleague Lauren Brush reporting this week that NASA may not have have those new lunar space suits ready by the time the agency hopes to land humans back on the moon in 2028. That's according to a new audit that there's some good news, too.
It takes time. Uh NASA also this week unveiling its next generation space observatory. That happened on Tuesday.
The Nancy Grace Roman Space Telescope now fully assembled ahead of its planned launch as early as this fall. There's a lot going on in this space. And what's funny is it was quiet for a while.
You know, you go back decades and there was just this space race, but it got quiet for a while and then the private guys got into it or and it's just fun to see so much activity once again. We're doing a deep dive on the world of space. We've got Ross Hamilton with us, chief operating officer of the space network.
It has the mission to quote, "Advance the commercial growth of the global space sector and integrate space technology across all industries. He's also the author of the new book Everything is Flying from Ancient Skies to Deep Space: How Space Technology Shapes Life on Earth. Also on Earth with us here in the Bloomberg Interactive Broker Studio,
Who doesn't ever seem to want to go into space. No, that's a no. — Yeah, we got Ed Lello with us. He joins us here for just a little bit more before he goes back to San Francisco because he covers all spa all things space here at Bloomberg.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- space technology
- satellite infrastructure
- orbital systems
- global connectivity
- modern civilization
Companies and tickers mentioned
- Space Network
- Bloomberg
Watch the episode
Watch “Everything is Flying: How Space Tech Shapes Earth | Bloomberg Businessweek” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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