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SCIENCE & RESEARCH

NASA plans to build a nuclear reactor on the moon.

NASA plans to build a nuclear reactor on the moon. iRocket signs a multi-launch agreement with SpaceBelt KSA. SES awarded a COMSATCOM contract. And more.

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Summary

NASA’s Acting Administrator Sean Duffy is expected to expedite plans to build a nuclear reactor on the moon. Innovative Rocket Technologies Inc. (iRocket) has entered into a $640 million multi-launch agreement with SpaceBelt KSA. SES Space & Defense has been awarded $89.6 Million to provide the US Army with Commercial Satellite Communications (COMSATCOM), and more.

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T-Minus Guest

Our guest today is Lesley Conn, Director of Research & Analysis at the Space Foundation.

You can read the Q2 Space Report here.

Selected Reading

Duffy to announce nuclear reactor on the moon - POLITICO

iRocket Announces $640 Million Multi-Year Launch Agreement with SpaceBelt KSA to Deliver Secure and Autonomous Satellite Infrastructure for Saudi Arabia and Beyond

Redwire Launches New Venture Company, SpaceMD, to Commercialize Pharmaceutical Development in Space; Signs Trailblazing Royalty Agreement with ExesaLibero Pharma

Satellite firm SES wins $90 million contract to support U.S. Army- Reuters

Skyrora Secures First UK Launch Licence

Rocket Lab

Voyager Reports Second Quarter 2025 Financial Results

Firefly Aerospace lifts IPO price range, targets $6 billion valuation amid space investment boom- Reuters

Why a NASA satellite that scientists and farmers rely on may be destroyed on purpose

Space Force preps infrastructure, operators for target-tracking mission

From Mascot to Mission Specialist: Rupert the Space Armadillo Prepares for Liftoff - Space Launch Delta 45 

Preserving space history at Cape Canaveral. 

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Today is August 5th, 2025. I'm Maria Varmausus, and this is T-minus. [MUSIC PLAYING] T-minus. 22nd to LOS, T-dris. Open aboard. [INAUDIBLE] [MUSIC PLAYING] [INAUDIBLE] [INAUDIBLE] [MUSIC PLAYING] Bye. Skyrora has become the first UK-based manufacturer to receive a launch license for a commercial vehicle. Four. Redwire Corporation has formed a new entity called SpaceMD to focus on growing seed crystals in orbit that will be used on Earth to create new and reformulated pharmaceuticals. Three. SDS Space and Defense has been awarded $89.6 million to provide the US Army with Homsat-com. Two. iRocket has entered into a $640 million multi-launch agreement with Space Belt KSA. NASA's acting administrator Sean Duffy is expected to expedite plans to build a nuclear reactor on the moon. [MUSIC PLAYING] Lift off. [MUSIC PLAYING] Our guest today is Leslie Kahn, director of research and analysis at the Space Foundation. We're going to be discussing insights from the Space Foundation's Q2 report, so stick around for more on that later in the show. [MUSIC PLAYING] Happy Tuesday, everybody. Thank you for joining me. We're kicking off today's show with rumors that we will be soon hearing of NASA's definitive timeline to build a nuclear reactor on the moon. According to documents obtained by Politico, acting administrator Sean Duffy will expedite plans for a lunar nuclear reactor despite proposed budget cuts to the US Space Agency. The Trump administration has proposed a budget that would increase funds for human space flight, even as it advocates for major slashes to other programs. The reactor directive orders the agency to solicit industry proposals for a 100-kilowatt nuclear reactor to launch by 2030, which is a key consideration for astronauts' return to the lunar surface. NASA previously funded research into a 40-kilowatt reactor for use on the moon. According to the report, the directive also orders NASA to designate a leader for the effort and to get industry input within 60 days. The push is thought to be part of the US effort to beat China and Russia to the moon. China has already announced plans to have a human presence on the moon by 2030. It is also reported that Sean Duffy will push for a quick replacement for the International Space Station. The two moves could help accelerate US efforts to reach the moon in Mars, a goal that, again, China is also pursuing. We will keep an eye out for that solicitation request in the coming days. Innovative rocket technologies, also known as iRocket, has entered into a five-year launch integration, mission planning, and propulsion systems agreement with Spacebelt KSA. And the total contract value is up to $640 million. Now, Spacebelt KSA is a Saudi-based space logistics and satellite security platform focused on building sovereign encrypted communication infrastructure across the Gulf region. Under the agreement, iRocket will provide launch vehicle integration, mission planning, and propulsion systems for up to 30 of Spacebelt KSA's upcoming orbital launches. The partnership includes multiple launches of satellite constellations, aiming to provide an autonomous space-based communications network across Saudi Arabia and the broader Gulf Cooperation Council, or GCC, region. The collaboration also includes joint testing and future launch operations within the GCC, paving the way for technology transfer, regional manufacturing, and the expansion of space-based capabilities that support both national security and commercial growth. SES, Space and Defense, has been awarded a five-year Sustainment Technical Network contract to provide the US Army with ComSatCom services. The contract is worth $89.6 million, and will support strategic long-haul network transport and base support communications for combat service support, Department of Defense programs, and additional US government agencies. SES says the commercial KU-band geostationary satellite service delivered by SES Space and Defense, with the support of the Commercial Satellite Communications Office, will ensure global connectivity for end users using commercial teleport and equipment to support the ComSatCom links. Coupled with the terrestrial-based network linking the entire system, SES says the service ensures cohesive connectivity across teleports and the global network centers. Redwire Corporation has formed a new entity to focus on growing seed crystals in orbit that will be used on Earth to create new and reformulated pharmaceuticals. And the entity is called SpaceMD, and it plans to take advantage of the unique microgravity environment in space through the use of Redwire's innovative and flight-proven pharmaceutical in-space lab, known as Pillbox, to grow the seed crystals. Now, 28 Pillbox systems have already flown in space and have successfully crystallized 17 compounds on the International Space Station, including insulin and other critical molecules. SpaceMD will sell or license these seed crystals to companies that can use them to create reformulated versions of existing drugs or entirely new therapeutics. Additionally, SpaceMD announced a licensing agreement with Excesa LibreO Pharma, and the pharmaceutical company is developing new small molecule drugs to treat bone disease. Under the terms of the agreement, Excesa LibreO Pharma will work with SpaceMD to advance and enhance its small molecule drug called ELP004 and other relevant compounds via the Pillbox system. And this drug could hold the key to controlling the insidious bone erosion that numerous debilitating diseases cause, including rheumatoid arthritis, multiple myeloma, diabetes, periodontal disease, and tuberculosis. And there is big news out of the United Kingdom overnight. Skyrora has become the first UK-based manufacturer to receive a launch license for a commercial vehicle. The UK Civil Aviation Authority granted the license, which allows Skyrora to launch its suborbital Skylark L rocket from a UK site. Skylark L already unsuccessfully launched from Iceland in 2022, but with its license secured, Skyrora is preparing for a UK-based Skylark L launch and continues to work closely with regulators, space ports, and partners to establish regular launch activity from British soil. Congratulations to the teams for reaching this major milestone. That wraps up today's headlines, but as always, there's a lot more going on in the space industry. T-minus producer Alice Carruth joins us now to share the other stories that we are keeping an eye on. Thanks, Maria. Rocket Lab successfully launched its 69th Electron mission to deploy a single satellite for IQPS. Voyager Space released second-quarter financial results. Firefly Aerospace lifted its IPO range. NPR is reporting that the Trump administration is looking to decommission two climate satellites. And Defense News is reporting that the US Space Force will launch its first ground-moving target indicator satellites in the next year. And as always, links are in the show notes in your podcast app, as well as on the official N2K T-minus website, which is space.n2k.com. Hey, T-minus crew, if you are just joining us, be sure to follow T-minus Space Daily in your favorite podcast app. Also, if you could do us a favor, just share our show with your friends and co-workers. That'll help other people just like you to find the show and join the T-minus crew. If you find us useful, please share so people can find us. Thank you. It means a lot to me and all of us here at T-minus. [MUSIC PLAYING] Next up is my chat with Leslie Kahn, who is the director of research and analysis at the Space Foundation. And she joined me to share key insights about the current state of the global space economy, all found within the Space Foundation's Q2 report. Here's more. Things are definitely happening. It's just such another strong indicator and validation of all that is happening in the space industry. So I think the first thing to do is maybe to set some parameters. Yes, this report is releasing in 2025. But like so much global research, this involves data from 2024. And I know that sounds like, my goodness, we're in July of '25. Why are we talking about '24? Some of this data only came available this July. So we're really looking at the very latest global indicators to get a picture not on projections or estimates, but on actual revenues, actual government activity, budget processes. And so that's why really this is such a good, timely indicator of what's happening in the space economy. That's one of the many things I love about it, because sometimes I hear in presentations, people going, it's estimated that space is going to be worth this many dollars. And I go, well, based on what numbers? This is concrete data actually reported from the company. So it does not get more realistic than this. So this is very, for space podcasts, we don't like saying grounded, but this is very grounded in reality. So and I greatly appreciate that we're talking real numbers, real data. So let's get into it, shall we? What would be some top line insights from this latest report? So I think the big numbers, the unveiling number that we had at our global economic summit in Washington, DC, is the total size of the space economy for 2024. And we're looking at $613 billion. That is up almost 8% annually from the 568 we estimated the prior year. So while it's not stratospheric growth, it is really strong study growth and again, an indicator in not only the increasing activity globally, but just the maturation of some of the markets as well as some new entry areas. 8% is not bad. That's still pretty strong growth, I would say, based on-- Absolutely. I'm not an economy expert, but that's pretty good. That's the right direction. Have we overcome supply chain issues? Is that sort of in the rear view mirror now? Or are we still seeing mentions of that in revenue reports? I mean, I'm wondering, what are we seeing there? I think that is an issue that certainly after COVID had subsided. There may be some renewed concerns as we look at some of the geopolitical situations. But certainly for 2024, this was really a year about continued growth, about just globally more people accessing the internet, wanting the use of the space-based assets of Earth observation and all the new ways that can be used. Those were still really the two biggest markets when you sort of look at the foundation of the space economy. Really, the two strong footings are position navigation and timing, and then the ground stations and equipment that come with receiving and helping make that information accessible. I was curious about if there were specific markets globally that were seeing perhaps stronger indicators of growth, or is it pretty uniform? I think it really depends how you want to look at it. So from a global standpoint, we are seeing a wider array of sort of emerging markets, where you might see in Latin America, parts of Europe, and Africa, where perhaps there hasn't been a really good sustained widespread availability. We are seeing that in more established markets like the United States and Europe and China. We're just seeing such a deepening of the ways that Earth observation data can be used or positioning navigation and timing. So there are so many entry points to this that when you put those all together, it really contributed to strong growth. We did some 10-year looks at these individual sectors. So when you look at commercial products and services, so these would be the things that we use that P&T signal for. The 10-year growth for commercial products and services is 181%. When you look at the infrastructure and the support like ground stations, that's maybe about 10% growth. Other strong areas where we're seeing though, and again, this is an indication of the ongoing support from governments and more countries entering space and recognizing not only its usefulness in everyday life, but its potential as an economic driver. So when you look at what countries are doing, the United States over 10 years has increased its space budget almost 80%. Other nations about 55%. But for 2024, when we started looking at other nations, Europe in particular, there were really sort of unified increases across the European markets. Oh, well, we often hear about European space sovereignty being a large priority, I would imagine. Certainly, and again, most of what we looked at with the numbers I'm talking about is 2024, looking back 10 years. What we've seen in the first six months of 2025, which we do detail in this edition. So we take a look back, a very detailed look back, but then we do look at some early indicators of what we're seeing in 2025. And that very much is increased spending in overall two thirds of nations we reviewed increased in 2024, and almost that many were showing increases in 2025. And it really ties to the geopolitical situation, certainly for Europe. Absolutely. And speaking of geopolitics, especially in the last six months, Golden Dome, the phrase that I think I've seen on every press release from a space company, I'm always curious how much of this is marketing spin, how much of it is real, what are the actual effects of Golden Dome in the market. Can we tell yet? If you look at what's happening within US budget discussions, there are some solid commitments being made to the Golden Dome. One estimate is we could be looking at initially $175 billion in investment. A lot of that would come from, yes, larger defense companies, but it also will spread out to sort of second tier, not necessarily a startup company, but some of these newer banks. So at $175 billion, that is tremendous investment. Because we're talking about space assets, then we would see that as a key driver of the 25, 26 economy and moving forward. So definitely want to watch. I'm obligatory journalist question. Anything surprise you when you were putting this report together? Anything you and your team went, oh, I think some of the fun is when you start looking at some of the smaller areas. So certainly the growth in what we were seeing for space situational awareness, for in-space servicing assembly and manufacturing. That's probably only in the last two years have we really started to carve those sectors out and to see them having a fairly solid foundation. Again, another indicator of new ways that space is enabling activity on earth. Probably the most fun number, the growth of commercial human spaceflight in one year from 2023 to 2024, almost 611%. It's still a sector that is below a billion dollars that's really predicated largely on deposits for upcoming flights. But again, it's an indicator where might we be in 10 years, especially with all that's happening from a launch perspective and a space station standpoint. That's a very fascinating insight to have that view. So I feel like just asking what's going to happen next quarter. Obviously, you don't have a crystal ball. But any thoughts on? Well, actually. Actually, okay. All right. So, cue through your predictions, I suppose. I think one other thing we can talk about is investment activity. And so, certainly what we've seen in the last six months is space stocks outperforming other comparable indexes. And so in Q2, which really just ended, the space index was almost 25% higher from the prior quarter with a number of IPOs with really all that's happening with the US budget. I think we fairly confidently could say that looking forward to Q3, we might see continued good performance from space companies in the stock market. Greatly appreciate your insights and the insights that you and your team always put together. And thank you so much for taking the time to speak with me. I want to make sure if there's anything you wanted to add as a final closing thought that I give you that opportunity. So anything to close us out. Thank you so much, Marie. It's all it's a pleasure to talk with you. You're a great interviewer. And for more details, check us out at thespacereport.org. . We'll be right back. Welcome back. We hear a T-minus were wondering when crew 11 launched what the zero G indicator was, and we had an inkling it might be a familiar museum mascot. And now they have confirmed it. Rupert the space armadillo of the Cape Canaveral Space Force Museum has joined the crew 11 mission to the International Space Station. Now Rupert is not a real armadillo. I just want to clarify that he is a plushie and he is the official mascot of the Cape Canaveral Space Force Museum, where he has been delighting visitors and honoring the spirit of exploration since 2019. And now in 2025, clearly he's embodying that spirit too. Real quick now, I'm going to refer you now to our deep space episode from February 17th, 2025 for a sec. Link is also in the show notes for you, of course. But that interview is with James Draper, who is the director of the Cape Canaveral Space Force Museum. And in that interview, he tells the whole story of how Rupert the space armadillo came to be. In a nutshell, though, Rupert began as a gift from volunteers and a fun lunchroom brainstorm. And from there, the plush armadillo developed his own space faring legend, with tales of helping launch crews and flaunting his armored physique around historic pads. But Rupert and his crew want you to know that this armadillo has taken his training very seriously. He reportedly completed Space Cargo Specialist courses, participated in the Space Forces AI Challenge, and even earned a commission as a lieutenant in the US Space Force. That is a very ambitious armadillo. Now once crew 11 returns and Rupert gets his Earth Legs back and reacclimates to 1G, he'll be ready to tell tales of microgravity and reaffirm his post as the most adventurous stuffed armadillo on and off the planet. Rupert, he's armored, he's adorable, and he's about to earn his astronaut wings. Add Aster, little guy. And that's T-minus, brought to you by N2K Cyber Wire. We'd love to know what you think of this podcast. Your feedback ensures we deliver the insights that keep you a step ahead in the rapidly changing space industry. If you like the show, please share our rating and review in your podcast app. Please also fill out the survey in the show notes or send an email to space@n2k.com. We'd love to hear from you. We are proud that N2K Cyber Wire is part of the daily routine 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 helps space and cybersecurity professionals grow, learn, and stay informed. As the nexus for discovery and connection, we bring you, the people, the technology, and the ideas shaping the future of secure innovation. Learn how at N2K.com. N2K's senior producer is Alice Carruth. Our producer is Liz Stokes. We're mixed by Elliot Peltzman and Tre Hester, with original music by Elliot Peltzman. Our executive producer is Jennifer Eiben. Peter Kilpie is our publisher. And I am your host, Maria Varmazis. Thanks for listening. We'll see you tomorrow. T-minus. [BIRDS CHIRPING] [BIRDS CHIRPING] [BLANK_AUDIO] 

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