Valley of Depth

Space's unique environment holds vast potential for biotech advancements, Mark Kugel, co-CEO and cofounder of German space biotech company Yuri, told Payload. Why space? In this week’s Pathfinder podcast, Mark says that space changes biological systems in commercially valuable ways:– Complex Cell Development: Enhanced growth results in superior organoids, optimizing drug testing and tissue engineering.– Crystal Quality and Size: Space improves the formation of protein crystals, bolstering drug discovery and delivery processes.– Human Aging Effects: Studying space's impact on aging could illuminate early-stage drug solutions for age-driven diseases, such as cancer.– Microbial Evolution: Space prompts unique microbial adaptations, potentially producing advanced strains and enzymes beneficial for the pharma, food, and agritech sectors. Yuri’s core innovations:– Space-ready Bioreactors: Yuri's modular bioreactor system offers a novel approach for cultivating biological materials in space. Compact and transport-friendly, it's tailored for expeditions, including the ISS.– Ground-Based Space Simulation: Prior to committing to space-bound projects, researchers can utilize Yuri's simulator to anticipate the effects of microgravity on their experiments. Yuri's partners range from pharmaceutical giants and government agencies to academic institutions. The company has worked with the likes of NASA, ESA, and GSK, the British multinational pharma and biotech company. A sneak peek…Before Yuri, Mark Kugel supported the digital transformation of Rolls-Royce Power Systems and built an "Airbnb for consumer products" called Usely. In today’s episode, we chat:– Yuri’s origin story– A history of biotech in space– The initial focus on synbio and drug discovery– Why space biotech is ready for commercialization This episode is brought to you by SpiderOak, a US-based software company that builds space cybersecurity products and solutions for civilian, military, and commercial space operations. Learn more at https://spideroak.com/And much more… • Chapters •00:00 - Intro & SpiderOak Ad01:42 - What does Yuri do?02:35 - How did Mark get into bio tech and start working at Yuri?06:06 - Is this industry starting to inflect?09:31 - What does microgravity enable in biotech?15:51 - Bacteria in space18:37 - Space biotech industry now vs. the future24:23 - Yuri's business model32:00 - Yuri's team35:05 - Synbio from the context of space38:59 - From R&D in space to Earth at scale41:20 - Milestones at Yuri42:44 - Yuri's competitors44:07 - Why is Germany the right place to build?46:03 - Government use case47:10 - Yuri in 10-20 years48:33 - Space tech that Mark is excited about49:26 - When is Yuri's next project launching? • Show notes •Yuri's website — https://yurigravity.com/Yuri' socials — https://twitter.com/yurigravityMo's socials — https://twitter.com/itsmoislamPayload’s socials — https://twitter.com/payloadspace / https://www.linkedin.com/company/payloadspacePathfinder archive — Watch: https://www.youtube.com/@payloadspace Pathfinder archive — Listen: https://pod.payloadspace.com/episodes • About us •Pathfinder is brought to you by Payload, a modern space media brand built from the ground up for a new age of space exploration and commercialization. We deliver need-to-know news and insights daily to 15,000+ commercial, civil, and military space leaders. Payload is read by decision-makers at every leading new space company, along with c-suite leaders at all of the aerospace & defense primes. We’re also read on Capitol Hill, in the Pentagon, and at space agencies around the world. Payload began as a weekly email sent to a few friends and coworkers.Today, we’re a team distributed across four time zones and two continents, publishing three media properties across multiple platforms: 1) Payload, our flagship daily newsletter, sends M-F @ 9am Eastern (https://newsletter.payloadspace.com/) 2) Pathfinder publishes weekly on Tuesday mornings (pod.payloadspace.com) 3) Polaris, our weekly policy publication, hits inboxes Tuesday (https://polaris.payloadspace.com/) 4) Parallax, our weekly space science briefing, hits inboxes Thursday (https://parallax.payloadspace.com/)

The clock is ticking on Voyager’s aspirations in LEO.In 2021, the Denver-based space exploration company announced its goal to launch a commercial space station by 2028, three years ahead of the ISS retirement. Clay Mowry, the chief revenue officer of Voyager Space and one of the driving forces behind that vision, joins Pathfinder this week to dive into the company’s plans to build infrastructure in Earth orbit. The LEO significance: With the ISS bowing out, LEO-based ventures like Voyager’s Starlab are poised to fill a gap in LEO, though they aren’t the only ones chasing that goal. Other companies like Axiom, Sierra Space, and Northrop are working in partnership with NASA to capture the billions of dollars spent on the ISS every year. The focus of Starlab, which is partially funded by a $160M space act agreement with NASA, will be on research applications, rather than tourism. The station is designed to fit on a single launch, outfitted on the ground with all the research equipment needed for its customers. It’s expected to be able to hold four people and will be used to conduct scientific research.The company recently announced a collaboration with Airbus Defense and Space. The international joint venture will be based out of the US, but features a European arm focused on serving the European Space Agency (ESA) and its member space agencies.A sneak peak…Before taking up the role of CRO in January 2022, Mowry made instrumental contributions at Blue Origin and oversaw operations at Arianespace, Inc. Beyond Voyager, Mowry's influence extends to the International Astronautical Federation, an international non-governmental organization (NGO) that was founded in 1951 to promote the peaceful use of space. In addition to Voyager’s future, we chat:Clay’s time at Arianespace and Blue OriginWhy Starlab is critical to our future in spaceThe partnership with AirbusCultural changes in the space industryThe IAF and its missionAnd much more…This episode is brought to you by SpiderOak, a US-based software company that builds space cybersecurity products and solutions for civilian, military, and commercial space operations. Learn more at https://spideroak.com/ • Chapters • 00:00 - Intro & SpiderOak Ad02:19 - Clay's background and interest in space07:20 - From Arianespace to Blue Origin11:27 - The first New Shepard Auction14:08 - Role as CRO at Voyager16:08 - Is Voyager a holding company?16:48 - Brief background on Dylan Taylor18:45 - Who convinced Clay to join Voyager?20:08 - What is Starlab?28:20 - Partnership with Airbus31:21 - SpiderOak Ad32:09 - The case for private space stations40:19 - How heavy launch will change mass and design constraints for the industry43:06 - Competitive landscape46:06 - What is the IAF?49:33 - Biggest cultural changes in space51:17 - When do you think New Glenn will fly?• Show notes • Voyager's website — https://voyagerspace.com/Clay's socials — https://twitter.com/claymowryMo's socials — https://twitter.com/itsmoislam Payload’s socials — https://twitter.com/payloadspace / https://www.linkedin.com/company/payloadspace Pathfinder archive — Watch: https://www.youtube.com/@payloadspace Pathfinder archive — Listen: https://pod.payloadspace.com/episodes • About us • Pathfinder is brought to you by Payload, a modern space media brand built from the ground up for a new age of space exploration and commercialization. We deliver need-to-know news and insights daily to 15,000+ commercial, civil, and military space leaders. Payload is read by decision-makers at every leading new space company, along with c-suite leaders at all of the aerospace & defense primes. We’re also read on Capitol Hill, in the Pentagon, and at space agencies around the world. Payload began as a weekly email sent to a few friends and coworkers. Today, we’re a team distributed across four time zones and two continents, publishing three media properties across multiple platforms: 1) Payload, our flagship daily newsletter, sends M-F @ 9am Eastern (https://newsletter.payloadspace.com/) 2) Pathfinder publishes weekly on Tuesday mornings (pod.payloadspace.com) 3) Polaris, our weekly policy publication, hits inboxes Tuesday (https://polaris.payloadspace.com/) 4) Parallax, our weekly space science briefing, hits inboxes Thursday (https://parallax.payloadspace.com/)

This week’s Pathfinder podcast features Chris Kemp, the founder and CEO of Astra, the publicly-traded launch company based out of Alameda, CA that went public via SPAC in the summer 2021. Since then, Astra's valuation has seen a dramatic decline, plummeting from a peak of approximately $4B to a mere $67M today. Chris paints a vivid picture of two contrasting narratives. On one hand, there's a satellite propulsion business, acquired through the purchase of startup Apollo Fusion, with a 278-engine backlog valued between $70M and $83M (based on an average selling price of $250-300K). This business has a distant, yet potential opportunity to secure contracts that could significantly change its trajectory. In contrast, the launch business is in jeopardy as capital evaporates. Astra's Rocket 4 must not only launch successfully but also prove its consistency to secure significant commercial deals. Many of our listeners are well-acquainted with Astra's struggles, given the numerous reports on the company's launch failures and recent wave of departures. Today, our conversation with Chris primarily focused on the future of Astra and how to think about what upside case may remain for the business. We chat: Rocket 3 vs Rocket 4: why Rocket 3 failed and the lessons applied to Rocket 4The status of commercial and government contracts The state of financing for launch companies Valuing Astra’s satellite propulsion business Key lessons learned as CEO What does the future hold for Astra? And much more… • Chapters •00:00 - Introduction 00:56 - Current state of Astra 03:04 - Origins of the business model 07:26 - Key challenges today 11:49 - Rocket 4's specs 16:13 - Contracts with NASA/Space Force 17:09 - Improving reliability from Rocket 3 to 4 21:30 - Rocket 4 engines 24:24 - Importance of strategic partnerships 29:07 - Astra's manufacturing facility 30:03 - What would you have done differently? 33:25 - Bull-case for the prop business 39:15 - Current financial health 41:27 - Team construction and retention 44:10 - What is the investment case for Astra today? 47:03 - Lessons learned as CEO 49:57 - Conclusion• Show notes •Astra website — https://astra.com/Chris’s socials — https://twitter.com/kempJohn Walker's "A Rocket a Day Keeps the High Costs Away" — http://www.astronautix.com/a/arocketadayhighcostsaway.htmlMo's socials — https://twitter.com/itsmoislam Payload’s socials — https://twitter.com/payloadspace / https://www.linkedin.com/company/payloadspace Pathfinder archive — Watch: https://www.youtube.com/@payloadspace Pathfinder archive — Listen: https://pod.payloadspace.com/episodes • About us •Pathfinder is brought to you by Payload, a modern space media brand built from the ground up for a new age of space exploration and commercialization. We deliver need-to-know news and insights daily to 15,000+ commercial, civil, and military space leaders. Payload is read by decision-makers at every leading new space company, along with c-suite leaders at all of the aerospace & defense primes. We’re also read on Capitol Hill, in the Pentagon, and at space agencies around the world. Payload began as a weekly email sent to a few friends and coworkers. Today, we’re a team distributed across four time zones and two continents, publishing three media properties across multiple platforms: 1) Payload, our flagship daily newsletter, sends M-F @ 9am Eastern (https://newsletter.payloadspace.com/) 2) Pathfinder publishes weekly on Tuesday mornings (pod.payloadspace.com) 3) Polaris, our weekly policy publication, hits inboxes Tuesday (https://polaris.payloadspace.com/) 4) Parallax, our weekly space science briefing, hits inboxes Thursday (https://parallax.payloadspace.com/)

This week’s Pathfinder podcast features the CEO of the XPRIZE Foundation, Anousheh Ansari – our first guest who’s actually been to space (it’s shocking to us too that it’s taken this long). After immigrating to the United States from Iran as a teenager, she co-founded Telecom Technologies, a telecommunication company that integrated voice and data. In 2006, she became the first first-privately funded female and Iranian-American to travel to space and the International Space Station.Catch up: The $10 million purse, sponsored by the Ansari family, set forth a competition to stimulate innovation in private spaceflight. It challenged private entities to design a reusable crewed spacecraft capable of two flights within a two-week period. In 2004, the Mojave Aerospace Ventures team's SpaceShipOne clinched the prize, catalyzing a paradigm shift in the realm of commercial spaceflight. Virgin Galactic eventually licensed the technology for its SpaceShipTwo vehicle.In addition to Anousheh’s background, we discuss:The origins of the XPRIZE FoundationHow to focus on the right global challengeThe future of commercial spaceflightStructuring the incentives to promote innovationXPRIZE WildfireAnd much more…• Chapters •00:00 - Intro01:02 - Moving from Iran to the US07:45 - Going to space10:09 - Becoming the first Iranian-American astronaut13:47 - The Overview Effect17:18 - Introduction to XPRIZE27:28 - The XPRIZE Brain Trust33:00 - Equity ownership at XPRIZE?38:21 - Wildfire detection & suppression39:45 - XPRIZE & Crowdsourcing41:58 - How has the experience of space flight changed?46:41 - Regulations in the commercial space flight industry51:37 - Game changing technology for humanity55:12 - What does Anousheh do for fun?56:15 - Favorite sci-fi movies?56:42 - How to get involved with the X Prize Foundation• Show notes •XPRIZE website — https://www.xprize.org/Anousheh’s socials — https://twitter.com/anoushehansariMo's socials — https://twitter.com/itsmoislam Payload’s socials — https://twitter.com/payloadspace / https://www.linkedin.com/company/payloadspace Pathfinder archive — Watch: https://www.youtube.com/@payloadspace Pathfinder archive — Listen: https://pod.payloadspace.com/episodes • About us •Pathfinder is brought to you by Payload, a modern space media brand built from the ground up for a new age of space exploration and commercialization. We deliver need-to-know news and insights daily to 15,000+ commercial, civil, and military space leaders. Payload is read by decision-makers at every leading new space company, along with c-suite leaders at all of the aerospace & defense primes. We’re also read on Capitol Hill, in the Pentagon, and at space agencies around the world. Payload began as a weekly email sent to a few friends and coworkers. Today, we’re a team distributed across four time zones and two continents, publishing three media properties across multiple platforms: 1) Payload, our flagship daily newsletter, sends M-F @ 9am Eastern (https://newsletter.payloadspace.com/) 2) Pathfinder publishes weekly on Tuesday mornings (pod.payloadspace.com) 3) Polaris, our weekly policy publication, hits inboxes Tuesday (https://polaris.payloadspace.com/) 4) Parallax, our weekly space science briefing, hits inboxes Thursday (https://parallax.payloadspace.com/)

What do a baseball enthusiast, a craft beer podcast host, and a space journalist have in common? A role at Payload! Today's Pathfinder podcast features a very special guest: Payload’s very own Managing Editor, Jacqueline Feldscher. Fresh out of college, Jacqueline aspired to become a sports reporter, but D.C. soon drew her into the worlds of policy, national security, and, fortuitously for us, space. After stints at renowned media organizations such as Politico and Defense One, she felt the irresistible pull of the startup world. Answering that call, she took the leap and joined Payload as a Senior Reporter to only quickly be promoted to Managing Editor. A sneak peek… Jacqueline joins Mo today to discuss a variety of key policy trends that will shape the space industry over the next few years including: The Upcoming Presidential Election Space Debris RegulationCommercial Spaceflight RegulationsThe Artemis AccordsThe Future of Space Command HQ Be sure to check out more of Jacqueline’s work by signing up for her weekly newsletter, Polaris.• Chapters • 00:00 - Introduction 00:34 - Who is Jacqueline and what do you do at Payload? 02:20 - What drove your interest in journalism? 03:38 - From sports to government & national security 06:14 - Your background prior to Payload 08:57 - Why go from established media to a fledgling startup? 10:24 - Insight into your craft 12:50 - Role of media in the space industry 14:22 - What is Polaris? 16:14 - Trends shaping space policy 18:36 - Debris removal regulation roadblocks 22:57 - Artemis Accords, more bark than bite? 26:00 - What happens if SpaceX lands on Mars? 28:15 - Commercial spaceflight moratorium 31:48 - 2024 Presidential Elections 37:08 - Do you think the battle for Huntsville is over? 38:22 - Aliens?! 39:27 - Investigative journalism in the industry 41:20 - Challenges transitioning from a senior writer to an editor of a publication? 43:14 - Favorite space topic to cover? 44:23 - Views on the Kessler Syndrome 45:35 - What do you enjoy most about Payload? 46:24 - Who's the bigger baby? 46:56 - Jacqueline's beer podcast 48:34 - Advice for aspiring space journalists • Show notes • Sign up for Polaris! — https://polaris.payloadspace.com/ Jacqueline's socials — https://twitter.com/zeno_power Mo's socials — https://twitter.com/itsmoislam Payload’s socials — https://twitter.com/payloadspace / https://www.linkedin.com/company/payloadspace Pathfinder archive — Watch: https://www.youtube.com/@payloadspace Pathfinder archive — Listen: https://pod.payloadspace.com/episodes • About us • Pathfinder is brought to you by Payload, a modern space media brand built from the ground up for a new age of space exploration and commercialization. We deliver need-to-know news and insights daily to 15,000+ commercial, civil, and military space leaders. Payload is read by decision-makers at every leading new space company, along with c-suite leaders at all of the aerospace & defense primes. We’re also read on Capitol Hill, in the Pentagon, and at space agencies around the world. Payload began as a weekly email sent to a few friends and coworkers. Today, we’re a team distributed across four time zones and two continents, publishing three media properties across multiple platforms: 1) Payload, our flagship daily newsletter, sends M-F @ 9am Eastern (https://newsletter.payloadspace.com/) 2) Pathfinder publishes weekly on Tuesday mornings (pod.payloadspace.com) 3) Polaris, our weekly policy publication, hits inboxes Tuesday (https://polaris.payloadspace.com/) 4) Parallax, our weekly space science briefing, hits inboxes Thursday (https://parallax.payloadspace.com/)

Nuclear technology is having its moment, according to Zeno Power cofounder and CEO Tyler Bernstein.NASA has used radioisotope tech since the 1960s, but the systems have historically been too expensive and heavy to be widely used. Zeno Power, which develops radioisotope power systems (RPS) that are lighter, more efficient, and more cost-effective than legacy systems, is trying to change that.How it works? Zeno Power's RPS works by converting the heat from decaying radioisotopes into electricity. Its initial system uses Strontium-90 (Sr-90), an abundant and affordable fuel that has been used in thousands of legacy RPSs. The core innovation is in the fuel design and shielding technology, a key issue given Sr-90’s radioactive properties.The company has had a recent string of commercial successes, including a number of unannounced contracts, but some of the public wins are:A $30M STRATFI contract awarded in May to build a radioisotope-powered satellite for the U.S. Air Force by 2025.A $15M NASA Tipping Point award to develop an Americium-241 (Am-241) radioisotope Stirling generator (RSG) for long-duration lunar missions.This week’s Pathfinder episode features Tyler Bernstein, Zeno Power’s CEO. The company was founded in 2018 by Tyler and two other Vanderbilt undergrads after working on a project to design a nuclear reactor for a Boeing 777. Today, Mo and Tyler discuss:Zeno Power’s origin storyA brief history of nuclear power in spaceThe benefits of using radioisotope power systemsThe future of fission and fusionAnd much more…This episode is brought to you by Epsilon3, software for complex engineering, testing, and operational procedures. Learn more at https://www.epsilon3.io/• Chapters • 00:00 - Intro and Ad Break 01:46 - Who is Tyler Bernstein and what is Zeno Power? 02:53 - Nuclear powered 77705:42 - How are nuclear reactors used today? 11:42 - A history of nuclear in space 14:04 - Nuclear regulations 17:48 - Zeno's core product and customer 21:33 - Disposal and containment during development 22:44 - Cost effectiveness vs traditional power systems24:43 - Epsilon3 Ad Break25:12 - Future of nuclear in space 28:37 - Customer targets outside of space 29:41 - Zeno's competitors 31:56 - Building a team around nuclear 38:05 - Zeno's products in 10 years 39:55 - State of nuclear energy today and its regulations 43:57 - Fusion vs Fission 46:19 - Other exciting space companies?• Show notes • Zeno Power's website — https://www.zenopower.com/Zeno Power's socials — https://twitter.com/zeno_powerMo's socials — https://twitter.com/itsmoislam Payload’s socials — https://twitter.com/payloadspace / https://www.linkedin.com/company/payloadspace Pathfinder archive — Watch: https://www.youtube.com/@payloadspace Pathfinder archive — Listen: https://pod.payloadspace.com/episodes • About us • Pathfinder is brought to you by Payload, a modern space media brand built from the ground up for a new age of space exploration and commercialization. We deliver need-to-know news and insights daily to 15,000+ commercial, civil, and military space leaders. Payload is read by decision-makers at every leading new space company, along with c-suite leaders at all of the aerospace & defense primes. We’re also read on Capitol Hill, in the Pentagon, and at space agencies around the world. Payload began as a weekly email sent to a few friends and coworkers. Today, we’re a team distributed across four time zones and two continents, publishing three media properties across multiple platforms: 1) Payload, our flagship daily newsletter, sends M-F @ 9am Eastern (https://newsletter.payloadspace.com/) 2) Pathfinder publishes weekly on Tuesday mornings (pod.payloadspace.com) 3) Polaris, our weekly policy publication, hits inboxes Tuesday (https://polaris.payloadspace.com/) 4) Parallax, our weekly space science briefing, hits inboxes Thursday (https://parallax.payloadspace.com/)

This week’s Pathfinder podcast features  Dr. Ellen Stofan, the Under Secretary of Science and Research at the Smithsonian. She oversees its science research centers and the National Air and Space Museum, National Museum of Natural History and the National Zoo.Dr. Ellen Stofan is an American geologist and former NASA scientist who specialized in the geology of Venus, Mars, and Saturn's moon Titan. Ellen has held several key positions at NASA, including Chief Scientist from 2013 to 2016. During her tenure as Chief Scientist, she was instrumental in the development of a long-term plan to get humans to Mars and worked on strategies for NASA's science programs and science-related strategic goals and objectives.Ellen is now the Under Secretary for Science and Research at the Smithsonian. She oversees its science research centers and the National Air and Space Museum, National Museum of Natural History and the National Zoo.Today, Mo, Rachael and Ellen discuss:Ellen’s work at NASA and the SmithsonianNASA’s approach to collaboration with commercial spaceThe privatization of the ISSNASA’s strategy around Mars and StarshipGovernance structure for off-planet habitationAnd much more…• Chapters • 00:00 - Intro01:03 - Ellen as Chief Scientist of NASA06:11 - Were you destined to work at NASA?07:51 - Changes in the space industry since Ellen's tenure at NASA10:39 - Ellen's career post-NASA13:59 - Managing expectations of the public16:09 - Marrying the goals of NASA and the commercial space industry  26:56 - How has NASA's Mars strategy changed?29:39 - How do you gauge the public's interest in space projects?31:26 - What technical problems remain for a crewed Mars mission?33:21 - Impact of Starship on Mars?34:54 - Will Starship change mass and design decision for science missions?38:17 - Other noteworthy innovations from commercial space?39:45 - Most interesting place for humans to visit outside of Mars?41:33 - If we colonize Mars, what type of government should be instituted?43:22 - "For All Mankind" and Space Race 2.046:11 - Favorite piece/installation from the Smithsonian47:33 - Where  would you go in the Solar System and what ship  would you take?48:20 - Will we find evidence that there is life on Mars?• Show notes • Smithsonian's socials — https://twitter.com/smithsonianRachael's socials — https://twitter.com/RachaelZiskMo's socials — https://twitter.com/itsmoislam Payload’s socials — https://twitter.com/payloadspace / https://www.linkedin.com/company/payloadspace Pathfinder archive — Watch: https://www.youtube.com/@payloadspace Pathfinder archive — Listen: https://pod.payloadspace.com/episodes • About us • Pathfinder is brought to you by Payload, a modern space media brand built from the ground up for a new age of space exploration and commercialization. We deliver need-to-know news and insights daily to 15,000+ commercial, civil, and military space leaders. Payload is read by decision-makers at every leading new space company, along with c-suite leaders at all of the aerospace & defense primes. We’re also read on Capitol Hill, in the Pentagon, and at space agencies around the world. Payload began as a weekly email sent to a few friends and coworkers. Today, we’re a team distributed across four time zones and two continents, publishing three media properties across multiple platforms: 1) Payload, our flagship daily newsletter, sends M-F @ 9am Eastern (https://newsletter.payloadspace.com/) 2) Pathfinder publishes weekly on Tuesday mornings (pod.payloadspace.com) 3) Polaris, our weekly policy publication, hits inboxes Tuesday (https://polaris.payloadspace.com/) 4) Parallax, our weekly space science briefing, hits inboxes Thursday (https://parallax.payloadspace.com/)

What does a space station, a lunar lander, a nuclear reactor, and a fleet of cislunar space vehicles have in common? They’re all part of serial space entrepreneur Kam Ghaffarian’s holding company IBX.IBX consists of:Axiom Space, which provides private flights to the ISS and is also developing a commercial space station.Intuitive Machines, which is developing autonomous lunar landing systems.X-Energy, an engineering company working on nuclear reactors and fuel design.Quantum Space, which provides payload transportation, critical data, and infrastructure services in geostationary orbit and cislunar space.This week’s Pathfinder podcast features IBX’s Chief Investment Officer, Anton Brevde. Anton was previously a general partner at famed deep tech venture fund, Prime Movers Lab, where he led  space investments. Payload went under the hood to understand how the four companies relate to one another and discuss the current state of the space economy, particularly:Anton’s role managing the business and capital needs of four highly complex businessesFundraising for space companies in today’s market environmentThe role of government as a provider of non-dilutive fundingThe most common do’s and don’ts for space foundersAnd much more…This episode is brought to you by Epsilon3, software for complex engineering, testing, and operational procedures. Learn more at https://www.epsilon3.io/• Chapters • 00:00 - Intro and Epsilon3 Ad 01:12 - Experience at Prime Movers Lab (PML) 06:47 - PML's investment philosophy 08:58 - New role at IBX10:37 - Why the increased focus on the space industry? 12:36 - Responsibilities of a Chief Investment Officer 14:42 - Common thread between IBX companies19:26 - What is X-Energy?22:57 - What is Quantum Space26:06 - Epsilon Ad break 26:36 - Categorizing the space industry for an investor 32:36 - The current state of the space economy35:55 - Government intervention in space41:05 - The role of government in funding needs 49:49 - New innovations in the industry to be excited about51:56 - What do you look for in founders and what makes them successful?56:41 - Common founder mistakes 01:03:05 - Where to find Anton's blog• Show notes • IBX's website — https://i-b-x.com/Anton's blog — https://anton78704.medium.com/Anton's socials — https://twitter.com/anton_brevdeMo's socials — https://twitter.com/itsmoislam Payload’s socials — https://twitter.com/payloadspace / https://www.linkedin.com/company/payloadspace Pathfinder archive — Watch: https://www.youtube.com/@payloadspace Pathfinder archive — Listen: https://pod.payloadspace.com/episodes • About us • Pathfinder is brought to you by Payload, a modern space media brand built from the ground up for a new age of space exploration and commercialization. We deliver need-to-know news and insights daily to 15,000+ commercial, civil, and military space leaders. Payload is read by decision-makers at every leading new space company, along with c-suite leaders at all of the aerospace & defense primes. We’re also read on Capitol Hill, in the Pentagon, and at space agencies around the world. Payload began as a weekly email sent to a few friends and coworkers. Today, we’re a team distributed across four time zones and two continents, publishing three media properties across multiple platforms: 1) Payload, our flagship daily newsletter, sends M-F @ 9am Eastern (https://newsletter.payloadspace.com/) 2) Pathfinder publishes weekly on Tuesday mornings (pod.payloadspace.com) 3) Polaris, our weekly policy publication, hits inboxes Tuesday (https://polaris.payloadspace.com/) 4) Parallax, our weekly space science briefing, hits inboxes Thursday (https://parallax.payloadspace.com/)

Picture a world where you can complete your 6-month engineering project in just 6 weeks by removing typical bottlenecks in your workflows. That’s what cofounder and CEO of Prewitt Ridge Steve Massey believes his company can help both government and commercial stakeholders of the space industry achieve.Enter Prewitt Ridge: Prewitt Ridge is a software company that helps engineers manage engineering requirements in complex projects. The company's software, Verve, captures and manages engineering requirements inside the tools where they originate and across complex datasets.Said differently…Prewitt Ridge's software helps engineers to be more organized and efficient, which can lead to faster, cheaper and more reliable product development. A sneak peek…Steve held roles at Slingshot Aerospace and SpaceX before teaming up with fellow cofounder and CTO Zeke Brechtel to start Prewitt Ridge. Today, Mo and Steve discuss:Prewitt Ridge’s value-add to the space industryNASA’s expertise in systems engineeringThe future of automation in aerospaceWorking on Hyperloop technologyAnd much more…This episode is brought to you by Epsilon3, software for complex engineering, testing, and operational procedures. Learn more at https://www.epsilon3.io/• Chapters • 00:00 - Intro and Epsilon3 Ad 03:03 - What is Prewitt Ridge?04:46 - Keeping all stakeholders coordinated 06:21 - What inspired you to build the company?10:51 - Common mistakes for space founders 12:45 - Automatic vs manual systems 15:40 - Is systems engineering just an exercise in paperwork? 19:29 - Quantifying losses from not having proper processes21:47 - NASA's approach to systems engineering 26:44 - What products are you building today? 28:58 - Epsilon Ad break 29:27 - Current customer traction31:05 - The ideal commercial customer33:03 - Team size today33:27 - Prewitt's competitors 36:14 - What is a digital thread? 37:34 - The Techstars Space Accelerator40:25 - What is Hyperloop and how did you start working on it? 45:27 - Where do you see automation spreading in the space industry? 52:13 - Where does the name Prewitt come from? 52:57 - What do you do in your free time?• Show notes • Prewitt Ridge's website — https://www.prewittridge.com/Prewitt Ridge's socials — https://twitter.com/prewittridgeSteve's socials — https://twitter.com/thesteveMo's socials — https://twitter.com/itsmoislam Payload’s socials — https://twitter.com/payloadspace / https://www.linkedin.com/company/payloadspace Pathfinder archive — Watch: https://www.youtube.com/@payloadspace Pathfinder archive — Listen: https://pod.payloadspace.com/episodes • About us • Pathfinder is brought to you by Payload, a modern space media brand built from the ground up for a new age of space exploration and commercialization. We deliver need-to-know news and insights daily to 15,000+ commercial, civil, and military space leaders. Payload is read by decision-makers at every leading new space company, along with c-suite leaders at all of the aerospace & defense primes. We’re also read on Capitol Hill, in the Pentagon, and at space agencies around the world. Payload began as a weekly email sent to a few friends and coworkers. Today, we’re a team distributed across four time zones and two continents, publishing three media properties across multiple platforms: 1) Payload, our flagship daily newsletter, sends M-F @ 9am Eastern (https://newsletter.payloadspace.com/) 2) Pathfinder publishes weekly on Tuesday mornings (pod.payloadspace.com) 3) Polaris, our weekly policy publication, hits inboxes Tuesday (https://polaris.payloadspace.com/) 4) Parallax, our weekly space science briefing, hits inboxes Thursday (https://parallax.payloadspace.com/)

Today’s Pathfinder episode features AstroForge cofounder and CEO Matt Gialich. The CA-based startup is developing technology to mine asteroids for platinum group metals. The company plans to use an uncrewed spacecraft to extract and refine the metals directly on the asteroid before returning to Earth with a sellable metal.Why platinum? The platinum group metals have unique physical and chemical properties that make them critical to everything from catalytic converters to electronics. According to Gialich, the US has a dwindling supply of platinum group ore reserves, and Russia and China control a significant supply of global stocks. But there’s hope in the heavens: a single one-kilometer-diameter M-type (primarily composed of metallic iron and nickel) asteroid could contain more platinum than has been mined in the history of humanity, Gialich said.So far…AstroForge launched a refinery demo this spring and plans to launch a prospecting mission in October where they will physically go to an asteroid to map and monitor the surface. Future missions will include excavation and finally mining.A sneak peek…Mo and Matt discuss:The history of landing on asteroidsThe basics of asteroid miningThe economics of mining off-planetLegal and regulatory considerationsAnd much more… This episode is brought to you by SpiderOak, a US-based software company that builds space cybersecurity products and solutions for civilian, military, and commercial space operations. Learn more at https://spideroak.com/ • Chapters • 00:00 - Intro and SpiderOak ad02:07 - The early days of AstroForge02:51 - Why asteroid mining today?06:58 - Cofounder backgrounds08:14 - Asteroid mining 10111:48 - Platinum group metals13:10 - Historical asteroid missions 17:23 - Refining materials on an asteroid 20:51 - Upcoming mission 22:33 - How unique is AstroForge's technology?24:48 - Mission risks27:32 - SpiderOak ad break 28:19 - Economics of asteroid mining 33:59 - AstroForge's first mission 34:31 - Outlook for the next few missions 34:55 - Scaling plans after a successful first mission 37:22 - Capital intensity of the venture 39:42 - Team construction 41:12 - Competition42:13 - Legal & regulatory considerations of mining46:30 - 10-year vision49:28 - Future technologies for easier asteroid mining51:27 - Favorite space companies• Show notes • AstroForge's website — https://www.astroforge.io/AstroForge's socials — https://twitter.com/astroforgeMatt's socials — https://twitter.com/MattGialichMo's socials — https://twitter.com/itsmoislam Payload’s socials — https://twitter.com/payloadspace / https://www.linkedin.com/company/payloadspace Pathfinder archive — Watch: https://www.youtube.com/@payloadspace Pathfinder archive — Listen: https://pod.payloadspace.com/episodes • About us • Pathfinder is brought to you by Payload, a modern space media brand built from the ground up for a new age of space exploration and commercialization. We deliver need-to-know news and insights daily to 15,000+ commercial, civil, and military space leaders. Payload is read by decision-makers at every leading new space company, along with c-suite leaders at all of the aerospace & defense primes. We’re also read on Capitol Hill, in the Pentagon, and at space agencies around the world. Payload began as a weekly email sent to a few friends and coworkers. Today, we’re a team distributed across four time zones and two continents, publishing three media properties across multiple platforms: 1) Payload, our flagship daily newsletter, sends M-F @ 9am Eastern (https://newsletter.payloadspace.com/) 2) Pathfinder publishes weekly on Tuesday mornings (pod.payloadspace.com) 3) Polaris, our weekly policy publication, hits inboxes Tuesday (https://polaris.payloadspace.com/) 4) Parallax, our weekly space science briefing, hits inboxes Thursday (https://parallax.payloadspace.com/)