December 31, 2025

Morgan Stanley Emerges As Front‑Runner For SpaceX IPO Underwriting (Source: Mach 33)
Sources familiar with the matter told Reuters on Dec 19, 2025 that Morgan Stanley is emerging as the likely lead underwriter for SpaceX’s anticipated 2026 initial public offering, with competing interest from Goldman Sachs and JPMorgan still under evaluation. SpaceX is expected to pursue a 2026 IPO that could raise above $25 billion and potentially value the company above $1 trillion, subject to market conditions and final underwriter selection. No definitive agreements have been announced publicly, and the bank selection process remains ongoing. The offering would potentially include SpaceX’s rocket launch business and its Starlink broadband segment.

For market participants this development reinforces that capital markets preparation for a SpaceX listing is progressing at a senior institutional level, with a marquee financial institution positioning itself for a historic transaction. Morgan Stanley’s deep ties to Elon Musk (including Tesla’s IPO and Twitter acquisition financing) may influence underwriting dynamics, deal structure, and investor confidence. A successful underwriting appointment could catalyze secondary market activity and tighten valuation expectations for related aerospace equities. Monitoring the underwriting selection and resultant investor roadshow messaging will be key for institutional allocation strategies ahead of any pricing. (12/19)

Chinese LandSpace Targets Mid‑2026 Reusable Booster Milestone And IPO Plans (Source: Mach 33)
China’s LandSpace, a private aerospace company, announced plans to achieve rocket booster recovery by mid‑2026 following a partially successful reusable rocket maiden flight in early December, according to Reuters. The company aims for a successful booster recovery on its next mission and intends to reuse that booster by its fourth flight. LandSpace also reportedly plans an initial public offering in 2026 to secure capital for further development of its rocket technologies and increase launch cadence. Company leadership acknowledged the difficulty of matching SpaceX’s Falcon 9 frequency but emphasised continued investment in engine and reusability technology. (12/24)

Starlink Surpasses 9 Million Customers (Source: Mach 33)
SpaceX’s Starlink satellite internet service has reportedly exceeded 9  million active subscribers worldwide as of December 2025, adding over 1  million users in under eight weeks, according to Business Insider and corroborated by associated industry tracking. (12/24)

The Forces Shaping the Space Industry in 2026 (Source: Mach 33)
2026 is shaping up to be one of the most consequential years the space industry has ever faced, with multiple structural inflection points converging at once. Outcomes will be driven less by isolated events and more by a handful of reinforcing system-level forces. To make that structure visible, we built the systems map below: a network view of the space economy where node size reflects systemic influence (nodes that connect to other influential nodes become larger), and connections reflect the strength of interdependence (thicker lines = tighter coupling). The purpose is a clean way to convey where the system’s “gravity wells” are, and how progress, or failure, could cascade across markets. Click here. (12/31) https://research.33fg.com/analysis/the-forces-shaping-the-space-industry-in-2026

Reusable Rockets Were All the Rage in 2025 (Source: Douglas Messier)
The quest to develop reusable boosters advanced in 2025 as SpaceX’s Starship launched multiple times from Starbase with mixed results, Blue Origin’s New Glenn stuck the landing on its second flight, and two Chinese companies launched partly reusable launch vehicles for the first time. If you thought 2025 was exciting, you ain’t seen nothing yet. Seven fully or partially reusable boosters could make their debuts in 2026. (12/31)

Blue Origin Astronaut Reveals Depression After 'Tsunami of Harassment' (Source: BBC)
A Vietnamese-American astronaut has opened up about her depression after she received a "tsunami of harassment" following the first all-female space trip since 1963 earlier this year. Amanda Nguyen - a 34-year-old scientist and civil rights activist - was part of the 11-minute Blue Origin space flight, which also included pop star Katy Perry and Lauren Sánchez, the journalist and wife of Blue Origin founder Jeff Bezos, among its crew.

The much-derided flight was criticized by some for its expense and environmental impact. Speaking about the experience, Ms Nguyen - who became the first Vietnamese woman to go to space - said the backlash saw her dreams buried under "an avalanche of misogyny". (12/30)

Tractor Beams Inspired by sci-fi are Real, and Could Solve the Space Junk Problem (Source: Live Science)
In science fiction films, nothing raises tension quite like the good guys' spaceship getting caught in an invisible tractor beam that allows the baddies to slowly reel them in. But what was once only a sci-fi staple could soon become a reality. Scientists are developing a real-life tractor beam, dubbed an electrostatic tractor. This tractor beam wouldn't suck in helpless starship pilots, however. Instead, it would use electrostatic attraction to nudge hazardous space junk safely out of Earth orbit.

The stakes are high: With the commercial space industry booming, the number of satellites in Earth's orbit is forecast to rise sharply. This bonanza of new satellites will eventually wear out and turn the space around Earth into a giant junkyard of debris that could smash into working spacecraft, plummet to Earth, pollute our atmosphere with metals and obscure our view of the cosmos. And, if left unchecked, the growing space junk problem could hobble the booming space exploration industry, experts warn. (12/30)

Here’s What to Get Excited About in Space in 2026 (Source: Scientific American)
From crewed lunar voyages to flight tests of fully reusable rockets and launches of new orbital telescopes studying the outer limits of the cosmos, 2026 should be a banner year for space science and exploration. Click here. (12/30)

NASA Craft to Face Heat-Shield Test on Its First Astronaut Flight Next Year (Source: Wall Street Journal)
Getting to space is hard. In many ways, getting back is even harder. NASA soon aims to pull off the kind of re-entry it last conducted more than 50 years ago: safely returning astronauts to Earth after they fly to the moon and back. The mission is a big moment for NASA, which will put a crew on its Orion ship for the first time. The flight will test the spacecraft’s heat shield, designed to protect the astronauts on board. (12/30)

South Korea Built a Rugged Robot Designed to Be the First to Explore the Moon’s Hidden Caves (Source: IDR)
The team from the Korea Advanced Institute of Science and Technology (KAIST) built the rover to address one of the key challenges in lunar exploration, accessing and exploring uncharted cave systems, which could one day serve as safe zones for human activity. The robot’s unique design focuses on mobility, adaptability, and shock absorption, combining structural strength with flexibility, has proven its resilience through a series of intense Earth-based tests that simulate the Moon’s extreme conditions.

The rover’s most distinct feature is its helix-patterned wheels, composed of interwoven metal strips that function like a piece of kinetic art. These wheels can expand from nine to 19.6 inches in diameter, allowing the rover to adjust its footprint based on terrain. When expanded, the wheels improve weight distribution and traction, making the robot better suited for the Moon’s dusty and uneven surfaces. (12/30)

Heavy-Lift Launch Site Planned at Vandenberg SFB Spaceport (Source: Space News)
Vandenberg Space Force Base is offering a new launch site for heavy-lift vehicles. The Space Force released this week a request for information about potential uses of SLC-14, a proposed launch site on the southernmost part of the base that is currently undeveloped. The service said it is looking to host heavy or super-heavy vehicles there, particularly those that do not have other launch sites at the base. The RFI includes financial and technical requirements that may give an edge to SpaceX’s Starship, although the company has not disclosed any plans so far to develop a Starship launch site at Vandenberg. (12/31)

China Plans Reusable Variant of Crewed Long March 10A for Cargo Missions (Source: Space News)
China is planning to launch a reusable variant of a new rocket for crewed missions next year. China Rocket, a spinoff from the China Aerospace Science and Technology Corporation’s China Academy of Launch Vehicle Technology, stated earlier this month that it aims to launch a five-meter-diameter reusable liquid propellant launch vehicle in the first half of 2026. That rocket appears to be a derivative of the Long March 10A, a rocket being developed to launch the new Mengzhou crew spacecraft. This new variant, called Long March 10B, would be used to launch satellites for the Guowang broadband constellation. (12/31)

UK's Space Forge Advances Semiconductor Manufacturing Tech with Satellite Demo (Source: Space News)
British space manufacturing startup Space Forge says it has achieved a key milestone in its efforts to produce semiconductors in orbit. The company said its first satellite, ForgeStar-1, successfully generated plasma in orbit, which the company says shows it can create and maintain conditions needed for semiconductor manufacturing. Space Forge disclosed few details about the test but said the demonstration is a first for a commercial free-flying satellite, outside a space station environment. Space Forge ultimately plans to produce materials in space such as gallium nitride, silicon carbide, aluminum nitride and diamond, used in applications ranging from power electronics and communications to defense and high-performance computing. (12/31)

Planet and Google Partner on Orbital Data Centers (Source: Space News)
Planet says its work with Google on demonstrating orbital data centers could be a huge long-term opportunity for the company. Planet and Google announced last month a partnership to demonstrate technologies needed for orbital data centers through what they call Project Suncatcher. That effort involves two tech demo satellites built by Planet to launch by early 2027 carrying AI-optimized processors developed by Google. The satellites will test how the processors work in space and demonstrate formation flying between the two spacecraft to enable high-bandwidth intersatellite links. Google envisions clusters of satellites operating in orbit, taking advantage of solar energy to overcome the power constraints of terrestrial data centers. In an earnings call earlier this month, Planet said that while Suncatcher is still in the R&D phase at this time, it could be a “huge market opportunity” down the road with the potential for thousands of satellites. (12/31)

China Launches Tech Demo Satellites on Long March 7A (Source: Space News)
China closed out a record launch year with the launch of a pair of technology demonstration satellites Tuesday. A Long March 7A lifted off at 5:40 p.m. Eastern from the Wenchang Satellite Launch Center, placing into orbit the Shijian-29 A and B satellites. The two satellites will be used to “conduct verification tests of new technologies for space target detection,” Chinese officials reported, which could include space situational awareness applications. The launch was the 92nd this year by China, shattering last year’s record of 68 launches. It is also likely the final orbital launch worldwide this year, setting another record with more than 320 launch attempts. (12/31)

India Completes Improved Small Launcher Tests (Source: PTI)
The Indian space agency ISRO has completed tests of an upgraded stage for a small launch vehicle. ISRO said Tuesday it performed a static-fire test of a new third stage for the Small Satellite Launch Vehicle (SSLV), qualifying it for flight. The solid-fuel stage will increase the payload performance of the SSLV, currently about 500 kilograms, by 90 kilograms thanks to decreased weight of the stage’s motor case. (12/31)

NASA PExT Tests Multi-Network Satellite Capability (Source: NASA)
A NASA payload has demonstrated the ability to roam among different communications networks. The Polylingual Experimental Terminal (PExT), hosted on a York Space Systems satellite, launched this summer to test the ability of the terminal to operate on different networks. Since its launch, PExT has successfully communicated with NASA’s TDRS satellite network as well as commercial systems. PExT is part of efforts by NASA to transition its missions from TDRS to commercial networks. Additional PExT tests are planned for 2026. (12/31)

Spain’s Indra Space, Now Owner of Hispasat and Hisdesat, Positions Itself to be Tier-1 European Space Company (Source: Space Intel Report)
Indra Group of Spain has closed its acquisition of Spanish commercial satellite fleet operator Hispasat and military satellite operator Hisdesat, setting the stage for what Indra sees as a multi-year growth path for enlarged Indra Space. Indra Group notified Spain’s stock market regulator on Dec. 30 that the transaction, announced Jan. 31, had been concluded “with the objective of consolidating Indra Group as the reference player in the satellite industry in Spain, pursuing a vertically integrated strategy and a strong commitment to defense. (12/31)

Top 5 of 2025: Out of Stealth (Source: Payload)
The space industry is growing and growing—and today we’re looking at some of the companies that threw their hat in the ring in 2025. Here are just a handful of the new companies that emerged from stealth this year. (12/31)

Space and Defense Boom Lifted Satellite Stocks in 2025 (Source: CNBC)
Wall Street grew increasingly obsessed with the artificial intelligence boom this year, pouring money into chips, data centers and applications. But investors looking beyond Silicon Valley found outsized returns in another location: space. Some of the year’s biggest market winners were defense companies that benefited from renewed interest in space exploration and military reindustrialization. President Donald Trump’s military expansion plan includes a $175 billion “Golden Dome” project and efforts to bolster American shipbuilding. (12/31)

Space42’s Mira Aerospace Flies Europe’s First Civilian-Approved HAPS Mission (Source: Defense Here)
Mira Aerospace, the High Altitude Platform Systems (HAPS) subsidiary of Space42, has successfully conducted Europe’s first HAPS flight under civilian operational approval, marking a milestone in stratospheric aviation and environmental monitoring. The flight was executed using Mira Aerospace’s ApusNeo18 HAPS platform on behalf of Telespazio Ibérica, part of the Leonardo Group. The mission demonstrated how HAPS can safely operate in controlled airspace while delivering real-time intelligence for critical environmental monitoring, particularly wildfire response. (12/30)

ESA at 50: What Europe’s Space Agency Means for Startups Today (Source: Tech EU)
ESA’s last five decades have been defined by scientific ambition, industrial development, and European cooperation. Its next chapter will be shaped just as much by commercial competition, geopolitics, and the very down-to-Earth reality that space is now critical infrastructure: for connectivity, navigation, climate monitoring, security, and more. To understand what this shift looks like in practice, I spoke with founders and operators working with ESA across manufacturing, sustainability, launch, Earth observation, and space traffic management.

For Emile de Rijk, CEO of SWISSto12, ESA’s role is clearest when you look at how European companies move up the value chain: from specialist components to full, commercially viable systems. SWISSto12, founded in 2011 as a spin-off from Switzerland’s Federal Institute of Technology, was an early adopter of 3D printing for RF and antenna products. Over time, it expanded into complete satellite communications systems — user terminals for aircraft, ships, vehicles, and ground stations. Then came a bigger pivot: geostationary orbit.

A similar point comes through from James O’Connor, Head of Imagery at  SatelliteVu (SatVu) After HotSat-1 launched, ESA ran a data evaluation exercise to validate the accuracy of the pipeline, and later purchased archive imagery to make freely available to researchers through an announcement of opportunity. From O’Connor’s perspective, ESA has increasingly signalled that it wants to be part of enabling commercial EO providers — including through anchor-style contracts. (12/30)

Florida DEP to Host January Meeting on Blue Origin Wastewater Permit (Source: Florida Today)
After significant opposition emerged, Brevard County residents will get the chance to chime in on Blue Origin's industrial wastewater permit renewal at its huge Rocket Park manufacturing complex on northern Merritt Island. The Florida Department of Environmental Protection will conduct a public meeting on Blue Origin's permit on Jan. 30. The DEP draft permit would authorize Blue Origin to discharge up to 490,000 gallons per day of process and non-process industrial wastewater into an onsite stormwater pond, then into a 3-mile drainage ditch and eventually the Indian River Lagoon.

The Brevard County Commission and Cape Canaveral City Council formally asked the DEP for the meeting by unanimous votes earlier this month. And an online petition opposing the wastewater permit has generated nearly 46,000 signatures. "If I want to go wash my vehicle, the place that washes it has to filter the water and clean it and reuse it. They don't get to simply dump it into the local waterway," Michael Myjak said. "If I have a boat in a marina and I want to wash it, I can't do it in the water. I have to manage the wash-water and the cleanup. If I have an aircraft hangar, an aircraft that I want to (wash) — same thing. It's regulated," he said.

Editor's Note: It seems this Blue Origin environmental impact/permitting effort is getting a lot more scrutiny from county and state officials than SpaceX's project to bring Starship/Super-Heavy operations to the spaceport. (12/31)