[MUSIC] Today is June 3rd, 2025. I'm Maria Varmazis, and this is T-minus. [MUSIC] Rocket Lab successfully launched its 65th electron to deploy Earth Imaging Satellites for Black Sky. Irocket has signed a $400 million merger letter of intent for a business combination with BPGC Acquisition Corp. Voyager Technologies is seeking to raise as much as $319 million in an initial public offering. Jacobs has been selected by the US Space Force to provide operations maintenance and integration support services for the branch's Eastern and Western ranges. US Space Systems Command has awarded a $1.2 billion contract for 10 E-Pok II space vehicles for the US Space Force's resilient missile warning tracking architecture to VAE systems space and mission systems. Today's guest is Ellison Ann Williams, CEO at Invale. We spoke about secure data usage in the space domain. It is a really fascinating chat, so definitely stick around to find out more after today's headlines. Happy Tuesday, everybody. There's been a lot of doom and gloom headlines lately about cuts to space spending, so our top two stories today aim to maybe alleviate some of those concerns. We represent over $5 billion in new spending, and both are for the US Space Force, which seems to be the new holder of the purse strings when it comes to commercial space contracts anyway. Let's dive in to find out more, shall we? First up, US Space Systems Command has awarded a $1.2 billion contract for 10 E-Pok II space vehicles for the US Space Force's resilient missile warning tracking architecture to VAE systems space and mission systems. The program is focused on the rapid acquisition of robust infrared sensing technology and integrating it into an entirely new satellite constellation in MEO. These satellites are designed to detect and track a range of threats from large, bright intercontinental ballistic missile launches to dim maneuvering hypersonic missiles. It integrates with the broader national missile defense architecture with E-Pok II providing the primary purpose of delivering resilient global hypersonic missile tracking access. The satellites are planned for rapid and regular delivery in E-Poks of every two years, incrementally building additional operational capabilities. E-Pok I and II posture the space force to deliver the initial warfighting capability for the nation with the ability to track hypersonic missile threats anywhere on the globe. The first delivery of E-Pok II is planned for fiscal year 2029. And second up, Jacobs has been selected by the US Space Force to provide operations, maintenance and integration support services for the branches Eastern and Western ranges. The IDIQ contract has a potential for billion dollar ceiling. Work will be performed at Patrick Space Force Base in Florida and Vandenberg Space Force Base in California and is expected to be completed by March 31st, 2035. Jacobs will also provide systems engineering and sustainment support for the space forces ranges, which serve space exploration, national security and commercial users. And what other trends are we seeing in spending in the commercial space industry? Well, if the next two stories are anything to go by, then the focus is back on raising capital through public listing. Yeah, what's old is new again when it comes to SPACs. Voyager Technologies is seeking to raise as much as $319 million in an initial public offering. The Denver based company plans to market 11 million shares for $26 to $29 each. Voyager filed with the US Securities and Exchange Commission on Monday. The company's primary focus is on the development of commercial space station Starlab. But Voyager said it is also focused on defense and national security. According to their filing nearly 84% of Voyager Technologies revenue last year came from contracts with the United States government and its affiliates. It remains to be seen, however, if the new US budget will put them in a good position moving forward. Innovative rocket technology is known as iRocket has entered into a non-binding letter of intent for a proposed business combination with a special purpose acquisition company. Yep, those are back. The newly formed organization also announced plans to list on the NASDAQ. iRocket manufactures reusable spacecraft that can be used by civil and military customers. The letter of intent contemplates a pre-money equity value of iRocket of $400 million before potential earnouts based on share price performance. The parties say that they will announce additional details regarding the proposed business combination with a SPAC when a definitive agreement is executed, which is expected to occur in the summer of this year with closing anticipated before the year's end. Let's head on over to New Zealand for this next story. And Rocket Lab successfully launched its 65th electron to deploy Earth imaging satellites for BlackSky. The full stream ahead mission lifted off from Rocket Lab's Launch Complex 1 in Mahia, New Zealand. It successfully deployed a Gen 3 satellite by BlackSky from a Rocket Lab motorized light band, which is a separation system for satellites that Rocket Lab has provided BlackSky for each of its launches on electron to date. Full stream ahead, great name by the way, is the second in a series of four electron launches booked by BlackSky to deploy its Gen 3 satellites orbit this year and the 10th overall for BlackSky since 2019. [MUSIC PLAYING] And that's it for our Intel briefing for this Tuesday. N2K senior producer Alice Carruth has been keeping an eye on other developing stories in the space industry. Alice, what do you have today? Thanks, Maria. Maritime Launch Services is collaborating with Dutch aerospace company T-Minus Engineering, great name, to launch a hypersonic test platform from Spaceport, Nova Scotia, in October of this year. The Federal Communications Space Bureau has accepted global star C3 system petition for filing and published it for comment. If that goes through, it'll expand and evolve its mobile satellite services network. And York Space System has completed a preliminary design review for the SDA's T2TL Gamma. And where can we find out more about all of those stories? We include links to all the original sources of the stories we mentioned throughout the show in the selected reading section of our show notes. Those links can also be found on our website. Visit space.n2k.com and click on this episode title. Hey, T-Minus crew, if you're just joining us, welcome. And be sure to follow T-Minus Space Daily in your favorite podcast app. Also, if you could do us a favor, share this Intel with your friends and coworkers. That's because a growing audience is the most important thing for us, and we would love your help. It's part of the T-Minus crew. So if you find T-Minus useful and we always really hope that you do, please share the show so other professionals like you can find us. Thank you so much. It means a lot to me and all of us here at the T-Minus crew. [MUSIC PLAYING] [MUSIC PLAYING] Our guest today is Ellison Ann Williams, CEO at Envale. And I started by asking Ellison Ann to tell us more about her company. We are a privacy enhancing technology company and built software to protect the usage of data. So when data is being used or processed, so that means when you're running a search or when you're running an analytic over it, when you're running a training, a machine learning model, or AI, which is the unit of work and AI. And so to the broadest level, we enable organizations, really of all types, to be able to securely and privately use data where it is and as it is across all kinds of boundaries and silos in order to get insights from that data that otherwise they would have not been able to get. Data in use specifically has been a very difficult challenge from what I understand, and that is what you all specialize in. So can you give me a sense of maybe the historically or the broader context of data encryption and what the challenges have been there? So data has three states at its core, from which all types of protection, including encryption derived. So the first state of data is at rest, which is most people's comfort zone in terms of familiarity with data. So that's going to be in the file system, in the database, things like that. The second state of data is moving around. So data in transit. And then the third state of data is data in use, when it's being used or processed. And so that is the area where privacy enhancing technology is uniquely come in to provide value. And one of the core pillars of privacy enhancing technology family is a special type of encryption called homomorphic encryption, which allows you to do things like take a search that contains sensitive indicators, encrypted, and you're trusted walls, and then go run that search across all those boundaries and silos of data without ever decrypting it at any point during processing. So never exposing any of that sensitive content outside of your walls. And that's been historically very difficult to achieve, and where I imagine maybe very slow. Or actually, I'm just guessing. Yes, historically extremely difficult, extremely slow. So that type of encryption, which like I said, is one of the core pillars of the PES family, has been around for decades. But it's only been practical for the last, I would say, eight, nine years or so, and then dramatically increasing in performance. So of course, either where the technology isn't possible at all, or it's possible and not practical, which was the case with this specific technology, nor does the market exist. So for us, starting the company with some kind of breakthroughs in that kind of encryption that allowed it to be practical for the first time ever, it really gave us tremendous opportunity to now go create an entirely new market around this family of technologies and help people understand what they are and why they add value. Yeah, I was going to say you mentioned privacy enhancing technologies, which PES, I guess, is the acronym for that. Yeah, yeah, tell me a bit about that. What does that mean exactly? So privacy enhancing technologies are that family that protects the usage of data. So there are really three core pillars of the PES family. So the first is that mouthful homomorphic encryption that we talked about. The second is something called secure multi-party computation. So beautifully named is exactly what you would expect and that it allows multiple parties to securely compute together for an end-to-outcome inter-protocol, which can or can't leverage types of encryption, such as homomorphic encryption. And then finally, the third core pillar is something called a trusted execution environment, which is a tiny little environment or enclave on the hardware chip itself that's considered to be trusted. So you're going to move your hopefully encrypted data at rest and your encrypted operations, such as your searches, your analytics, your machine learning models into that tiny little environment. Within that, you're going to decrypt. You're going to perform your computation. You're going to re-encrypt and exit. So it has a perimeter-based security model where the perimeter is really, really small. And commercially, you might hear it called confidential computing. So we solution in all of those areas, but that's the kind of nutshell version of privacy enhancing technologies. Yeah, I was going to say this is-- I just asked you to explain something that is an entire career for many people. And a few sentences. So thank you for doing that. Those extremely complex ideas just boil down to a tiny nutshell. So this brings us to the space-related contract that you all announced pretty recently. So congratulations with the Defense Innovation Unit. So tell me a bit about this contract. You're going to be working with the DIU or continuing your work with the DIU, if I understand correctly. Correct. So we've been a part of DIU's Hyberspace Architecture Program for several years now. And so they have the kind of next generation instantiation of the Hyberspace Architecture Program that they announced very recently. And of course, we're kind of proud and honored to be a part of that. And remember, as I said before, what privacy enhancing technologies do allow you to securely use data across all these kinds of boundaries and silos to get insights that you could have never gotten before. So of course, our space ecosystem globally and as a country is so heterogeneous and diverse. So we have, of course, civilian kind of space assets. We have military space assets. And then the really growing community around commercial space assets. So the point of Hyberspace Architecture is, well, how do you leverage all of these kind of heterogeneous assets that we have access to as a country and do it in a way that, of course, is completely secure and private and data underpins all of that? So you can hear the boundaries and silos bound in that space. Communities that we really come in and are able to provide that lynch pan or cornerstone for secure, decentralized data usage across all of these different kinds of entities. And if you would have told me when I started this company nine years ago, sending out to create this kind of privacy enhancing technology market and things like that, that we would be in space, I probably would have laughed at you. It wasn't something that we set out to put pets in space. But as we've kind of walked this journey with DIU over the last few years, it makes 100% sense why pets are so important in this kind of space situational awareness, tactical surveillance, reconnaissance, kind of mission portfolio for the US government and for global types of communities as well. Absolutely. And especially given the innovations that you've discussed about cryptographically in terms of what we've been able to achieve more recently with greater speed and accuracy. And given that space technology is moving in a similar path of we're able to do a lot more on orbit than we ever before much more quickly, it sounds like there's a really lovely convergence of abilities happening that it's all sort of meeting at the right time right now. Exactly. Exactly. So of course, we want to be able to utilize the best kind of space resources that we can as a country. And certainly kind of every country has that viewpoint. But like we talked about before, they're so diverse. Different people in different companies are doing different things. And then the equities are so different. So civilian space operations are going to be very different than, for example, military types of space operations than from a commercial space perspective. But if you're conducting military operations, you have a whole different set of equities than maybe what the commercial space community has when they're out doing the things that they do as a business community. So then how do you respect all those equities in each other's environments? And that's where privacy enhancing technologies can come in and play a role. That's fascinating. Yeah, that is fascinating. And this feels like an obligatory question nowadays, but I know AI plays a part here as well. I'd love to hear more about that. For sure. So privacy enhancing technologies have a very powerful role in the model-centric security aspect of secure AI. So of course, machine learning models are kind of the unit of work for AI or artificial intelligence. And as we all know very well now, but it has always been the case, those machine learning models contain or encode the data over which they were trained. So if you've trained your model over data that you consider to be sensitive, then sending your model out of that training data location, say, out into a commercial space provider or anywhere else, is essentially the same thing. It's taking that training data and moving it out of your environment. Clearly, that's a huge problem if that data had any sensitivity to it whatsoever. So where privacy enhancing technologies come into play is that now they enable you to take that machine learning model and now you can encrypt that sensitive machine learning model. And you can send the encrypted model out to run over data. So this is evaluation, inference, or training to become smarter in a completely encrypted capacity. So if I never decrypt the model during inference or training, then I never have an opportunity to see the model. If I can't see the model or any of its outputs, then I can't pull out any of the data from the model over which it's been trained before, nor can I really affect some of the more intelligent adversarial machine learning attack factors like model spoofing, data poisoning, things like that. So the net effect is privacy enhancing technologies and that kind of model-centric security aspect allows organizations to use these sensitive machine learning models in ways and places that they could have never done before. So that's super exciting. I love it when the security enables the business or the mission to do more to get more value out of their data, out of their workflows and things like that. And of course, you could see exactly how this would fit into the space world. Yeah, I was just going to ask about use cases there because my years returning when you were mentioning that about how much I know many commercial organizations would say their capabilities that are not normally available to them that this could open that possibility up to them in a secure manner. I'm curious your thoughts about what we could be seeing. Yes. So encrypted federated learning or making your model smarter across all of these disparate kind of space data assets is one application in one use case. So I'm going to go make my military kind of model smarter over all these kind of commercial geospatial providers. And how do I do that in a way that protects my model at all points during that training process? How do I do that in such a way that make sure that my model isn't vulnerable to data poisoning and all kinds of different attack factors? And so privacy enhancing technologies would uniquely enable you to do that. But they also allow you to go run those models in these kind of edgy environments in a completely secure way. And so edge environments get super interesting in the space world because not only are you talking about kind of physical ground based systems that are out at the edge, you're talking actually about things that are moving around on orbit in space. Yep. I love asking organizations like yours that are doing work in the space domain where it wasn't necessarily where you thought you were going to be about maybe the unique considerations or challenges of working within the space domain and maybe any ways that you've had to adapt. One of the interesting things that we have done is take a look at putting pets actually on orbit on these different kind of small form factor devices. And one of the considerations is not only a kind of small hardware piece of it. That's actually not the big deal. It's a bandwidth limitation. Right. So you only have uplink and downlink at certain times and in certain kind of positions. And so you have to make sure that the kind of encrypted searches, watch lists, models that you want to push up are kind of size appropriate and timed appropriately to get them up into orbit. And then of course the encrypted results are timed in such a way and sized in such a way that you can get them down efficiently. So this is kind of timing positioning bandwidth, consideration, trifecta that you have to push on a little bit harder for kind of space orbit types of operations. [MUSIC PLAYING] [MUSIC PLAYING] [MUSIC PLAYING] [MUSIC PLAYING] [MUSIC PLAYING] We'll be right back. Welcome back. A groundbreaking cancer drug named Rebexinib, which was developed by Aspera Biomedicine's and UC San Diego's Sanford Stem Cell Institute, has advanced to FDA approved clinical trials. Well, what's that got to do with space, I hear you asking? Well, its approval comes after successful testing aboard an Axiom space mission, AX2 to be precise. And this drug targets the ADAR1 gene, which enables cancer cells to clone and evade the immune system. In microgravity conditions on the International Space Station, Rebexinib effectively halted the growth of aggressive cancer organoids, outperforming existing treatments. The accelerated tumor growth in space allowed researchers to observe and test the drug's efficacy way more rapidly than on Earth. And Axiom isn't the only company working on space-based testing for cancer treatment. A follow-up to the Axiom mission has also been announced. Redwire Corporation has been awarded a contract by Aspera Biomedicine's to use Redwire's pharmaceutical in-space laboratory technology, known as Pillbox. The mission will analyze the crystal structure of the ADAR1 P150 protein-- I don't know what that means either, but I'm sure someone does-- both with and without the presence of Rebexinib. The research aims to enhance drug formulations and expand the development of ADAR1 inhibitors, potentially offering new avenues in cancer treatments. The investigation is scheduled to launch later this year. And it just goes to show that collaboration between space and medical research represents a significant step forward towards innovative cancer treatments. And if you're interested in learning more about medical research in microgravity, by the way, we will be covering it on this weekend's Deep Space episode. I'm going to be talking with Axiom's chief scientist, Dr. Lucy Lowe, about the science payloads going up to the ISS with the AX4 mission, which is due to launch on June 10. Definitely do not want to miss that episode. [MUSIC PLAYING] That's it for T-minus for June 3, 2025, brought to you by N2K CyberWire. For additional resources from today's report, check out our show notes at space.n2k.com. We're privileged that N2K and podcasts like T-minus are part of the daily routine of many of the most influential leaders and operators in the public and private sector, from the Fortune 500 to many of the world's preeminent intelligence and law enforcement agencies. N2K's senior producer is Alice Carruth. Our producer is Liz Stokes. We are mixed by Elliot Peltzman and Tre Hester, with original music by Elliot Peltzman. Our executive producer is Jennifer Eiben. Peter Kilpey is our publisher, and I am your host, Maria Varmaziss. Thanks for listening. See you tomorrow. [MUSIC PLAYING] T-minus. [MUSIC PLAYING] [MUSIC]
