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Home , Asteroid mining, Astrobotic Technology, Billionaire space race, Blue Moon (spacecraft), CAPSTONE (spacecraft), Dennis Tito

: Commercialising the Path

Point-of-View

July 2021 Contents From race of superpowers Roads to success to race of billionaires in exploring space What is shaping the space Who are in the industry of today? race of today? Future of in-space economy Introduction to What benefits will a space journey space exploration bring Executive summary for the economy?

2 Introduction to a space journey Journey into space started 50 years ago with nations’ race making first steps using moderate technology at hand… Key elements of space journey 50 years ago

Nations’ Space race Single use & costly shuttles

First milestones achieved: 1st man in drivers: 1st step on the ideology & national pride 1st

3 Source: BDO Centers analysis Introduction to a space journey …and continues with visionary leaders driving space into the era of affordable travel and game-changing projects Key elements of space journey now

Billionaires’ Space race

Ambitious projects Reusable, cheap, are about to come true: and big rockets moon base, people on & beyond,

Industry drivers: commercialisation & business leaders’ aspiration

4 Source: BDO Centers analysis Introduction to a space journey Active exploration and rapid growth of the global space industry enable multilateral perspectives in the future

Key space players Prospective in-space industries

Elon Musk Enable the Build the low-cost road to colonisation of Mars space to enable near- Space Space hospitality Space Space colonisation & Orbital & Travel manufacturing farming & Construction transportation Build the Spaceline for 2020 Earth to make space travel 2040 available for everyone

315 1,053 Bn USD Upcoming missions Predictions of future development Bn USD

Governmental agencies Private companies

SpaceX Artemis 85 MOON Lab International Artemis Base Greenhousing countries settlements Moon village Camp in space in space operating in space ESA in 2021 SpaceX MARS

5 Source: BDO Centers analysis FROM RACE OF SUPERPOWERS TO RACE OF BILLIONAIRES

Space exploration started more than 50 years ago from small steps in assembly… 50 years ahead and the world observes a tremendous boost in space technologies and missions… Future of space exploration has become close to humanity like never before From race of superpowers to race of billionaires In just 50 years of exploration, there was a tremendous boost in the space industry, starting from the Moon mission

1977 1st probe to study the 1957 1976 outer 1st artificial & Successful 1997 1st animal sent to on Mars 1st operational rover on Mars 1981 1961 1st launch of a : reusable 1st human in space 1975 1998 1st multinational International Space crewed mission1 & Station established 1st probe on 1969 : 1st human on the Moon 1982 1995 1st Venus soil 1st probe sample & sound on 1970 1971 1st rover landed 1st space on the Moon station 1990 launched Hubble launched Nations’ competition Nations’ cooperation

Source: Space — The Timeline: 50 Years of — [2012]; John M. Logsdon, Britannica — Space exploration — [2021] 7 Notes: (1) Included members from the USSR and the USA From race of superpowers to race of billionaires A New is boosted by big private companies entering the space, indicating commercialisation of industry 2014 2015 1st propulsive landing 1st soft landing of an orbital rocket 2001 on a : 2012 1st propulsive landing st 1st space tourist 1 privately owned company of a suborbital rocket to carry cargo to ISS1 2020 1st orbital human 1st human-made probe launched by a private company reached interstellar space ’s 1st manned 2003 earth 2018 1st operating rover Space Columbia broke on an asteroid apart at landing

1st privately developed rockets launched from a private 2021 2004 2008 NASA picked SpaceX to Discovery of lunar Americans on the Moon 1st (ice) launched by a private company & 1st private 2019 1st soft landing in the far 1st successful launch of a site of the Moon & 1st privately developed rocket germination of seed on another celestial body First private companies Abundance of private companies

Source: Space — The Timeline: 50 Years of Spaceflight — [2012]; John M. Logsdon, Britannica — Space exploration — [2021] 8 Notes: (1) International Space Station From race of superpowers to race of billionaires In XXI century, the cooperation of countries & companies is the most effective approach to conduct space exploration

Artemis Moon programme is nowadays the biggest space Humanity, governments, and big enterprises exploration programme with the broad cooperation of countries have common goals in space & companies, both in public and private sector1

Increase capabilities and decrease costs for future NASA spacecraft human and robotic space missions Sending first woman and next

Space Launch System Companiescooperation Space-based research and observation of Earth to man on the Moon improve life on Earth and deal with environmental in 2024 problems

International Exploration Ground Extend human knowledge of space, understanding space agencies of Earth, solar system, and the that may System support life Establishment of sustainable Human Landing System Explore and expand human presence beyond Earth and robust presence on

and after that beyond the solar system cooperation agencies Space the Moon CAPSTONE launch Stimulate economic growth by the development of space-to-earth and space-to-space economy

Source: NASA — Exploration Mission Integral to 2020 National — [January 2021]; NASA website 9 Notes: (1) Selected companies are shown on the scheme From race of superpowers to race of billionaires The global space economy is projected to reach 1 Tn USD by 2040 with the commercial sector driving the market

Global space economy, Bn USD 1,053 Governmental investment on space exploration +1% during 2019-2029, % of total 258 Bn USD 385 383 Governmental 21% sector 6% 47% 6% Transportation

Orbital infrastructure 8% Commercial 79% , astrophysics sector & heliophysics

Moon exploration 13% 1 2 2019 2020 2040

— leading space agency Mars exploration 85 countries NASA 466 spacecraft deployed 20% operating in space3 Budget 2021: 23.3 Bn USD 54% — by private companies4

Source: — The Space report — [Q2 2020]; Euroconsult — The Space economy report — [2020]; Statista website 10 Notes: (1) Based on the research of Euroconsult; (2) Based on the forecast of Morgan Stanley and Bank of America; (3) As of 2021; (4) In 2019 From race of superpowers to race of billionaires The satellite segment makes up 79% of the space economy with the USA as a leader in satellites quantity and launches

Global space economy by segments in 2020 3,372 satellites are active in 20211,2 385 Bn USD 56.3% 12.2% 5.2% 79% Satellite uses by operational purposes in 2021

54.3% Navigation / Communications 26.9% Positioning 10.4% 4.4% 3.1% 0.9% Space / Earth observation Observation

Satellite industry Technology development / Earth science & Non-satellite industry demonstration Other purposes

Source: Space Foundation — The Space report — [Q2 2020]; Union of Concerned Scientists website; Statista website Notes: (1) As of May 2021, the private company SpaceX owns 1,500 satellites; (2) Top-3 countries by active satellites 11 with a total share of 73.7% From race of superpowers to race of billionaires Exploration of space is focused on finding new ways to unlock the mysteries of the solar system and beyond

2018 2026-2034 Parker Solar Probe (NASA) (NASA) 2023-2025 2028-2030 Clipper (NASA) DAVINCHI+, VERITAS (NASA) 2021-2024 EUROPE Artemis (NASA) 1997-2017 VENUS 2024 Cassini DearMoon (SpaceX) (NASA, ESA, ASI3)

MOON JUPITER 1989 Voyager 2 (NASA) EARTH

2022 4 JUICE (NASA) URANU S MARS 2023-2025 2025 Clipper 2018 BepiColombo (NASA) Voyager 2 (ESA1, JAXA2) (NASA) 1986 Voyager 2 (NASA) 2026-2028 Mars Sample Return (NASA) 2026 2012 Crewed mission (SpaceX) (NASA)

Source: NASA website; SpaceX website Notes: (1) ; (2) Exploration Agency; (3) ; (4) A number of 12 dedicated exploratory missions to have been proposed, yet none have been approved as of 2021 From race of superpowers to race of billionaires Moon exploration started with the US mission in 1969, yet nowadays more private companies enter the Moon race

Nations landed on the Moon1 Major upcoming moon missions of private enterprises

2024 Space X 30 2 DearMoon

64 2023 Blue Ghost 23 1 suссessful2 Moon missions / Draper Lab 2022 XL-1 / Artemis-7 7 1 PTScientists 2021 Alina Photon

Distance travel by Moon rovers, kilometres3,4 NASA budget on the Moon missions

Lunokhod 2 38.9 Key reasons to explore the Moon 17 35.7 25.8 Bn USD 28.0 Bn USD or 257 Bn USD5 27.8 Water and oxygen Precious metals, -3 to create to produce rocket rocks, and rare fuel suitable for fuel and establish to create fusion 27.0 a human base building & raw generation materials

Lunokhod 1 10.4 Project Apollo Artemis programme 1960-1973 2021F-2025F

Source: NASA — NASA’s Lunar Exploration Program Overview — [September 2020]; Statista website; National Geographic website Notes: (1) As of 22 July 2019; (2) Successful and partially successful missions only; (3) As of July 2020; (4) Diameter of the Moon is 3,474.8 13 kilometres; (5) Brought to current prices and inflation adjusted From race of superpowers to race of billionaires The first human-crewed mission is the main focus in Mars exploration for the space industry in the next years

Nations completed successful missions on Mars1 Major upcoming Mars missions

17 1 By countries By private company 7-10 2022-2023 2026-2028 SpaceX: ESA / Roscosmos: NASA: Mars Sample 2024 — uncrewed 2 1 months average time ExoMars 2022 Rover Return with the aim to mission to Mars of the trip to Mars and Surface Platform bring samples from the 2026 — crewed surface of Mars to Earth mission to Mars 1 1

Distance travel by Mars rovers, kilometres2 Estimated life-cycle costs of Mars missions by NASA, inflation-adjusted, Bn USD4 Opportunity 45.2 Key reasons to explore Mars Vikings 1&2 7.1

Curiosity 23.0 MSL Curiosity 3.2

Mars’s land area is Water is locked Mars still has decent Perseverance 2.9 Spirit 7.7 almost equal to the into the Mars icy sunlight as it is about surface area of polar caps half as far from the Earth’s continents as Earth Mars Observer 1.7 3 Perseverance Mars Exploration 0.3 1.2 Middle-term goal — human missions to Mars Rovers

Source: Deutsche Welle website; Statista website; NASA website; ESA website; CNBS website; SpaceX website; Media overview 14 Notes: (1) As of May 2021; (2) As of July 2020; (3) As of 20 May 2021; (4) As of February 2021 From race of superpowers to race of billionaires Except for the Moon & Mars, there are also other celestial bodies considered to be attractive to search for life

Key facts Key facts Venus Europa4 225 Earth days 1.1 times 3.5 Earth days 4.1 times 1 1 orbital period smaller than Earth orbital period smaller than Earth

4 months 0.7 AU3 >36 months 5.2 AU3 average time of distance from average time of distance from 2 2 the trip to Venus the Sun the trip to Europa the Sun

Current and past Venus Key reasons to explore Venus Current and past Europa Key reasons to explore Europa missions by country5 missions by country5 Venus and Earth are alike Liquid water ocean is present in size, density, and today and is in contact with 8 3 2 1 gravity 9 2 the rock

Atomic particles trapped Major upcoming Venus missions Astronomers detected Major upcoming Europa missions phosphine, which is by Jupiter crash into Europa a possible sign of life and produce compounds that could be used for living VERITAS DAVINCI+ EnVision JUICE 2028 2029-2030 2031-2033 In some areas, pressure 2022 2023-2025 Europa’s seafloor could be and temperature are heated by its constant flexing Orbiter Atmospheric Orbiter Orbiter Orbiter quite Earth-like that could create primordial life probe

Source: NASA website; Media overview Notes: (1) Length of the year; (2) Using existing humanity technologies; (3) — approx. 15 149.6 million kilometres; (4) Moon of Jupiter; (5) As of June 2021 ROADS TO SUCCESS IN EXPLORING SPACE

Reaching the stars and beyond — ambitious plans and big dreams of key players are becoming the powerful engine of space industry development nowadays Roads to success in exploring space Active involvement of private investors in the commercial space race could take the space industry to new frontiers Jeff Bezos Max Polyakov

SpaceX Blue Origin Rocket Lab Firefly Aerospace 2.9 Bn USD 579.0 Mn USD 10.0 Mn USD 93.3 Mn USD takes Design a human- Launch a CubeSat Deliver science and to the system into technology payloads

Richard Branson Tim Ellis & Jordan Noone

Virgin Galactic 45.0 Mn USD 279.0 Mn USD1 3.0 Mn USD and integration Deliver payloads and Place into Amount of recent services VIPER to the Moon contract with NASA

Source: AERTEC Solutions website; CNBC website; NASA website; Companies’ websites 17 Notes: (1) Total amount of two contracts Roads to success in exploring space Elon Musk, Jeff Bezos, and Richard Branson are pioneers of the commercial space race in the XXI century

Jeff Bezos Elon Musk Richard Branson

Net worth: 198.9 Bn USD1 Net worth: 155.5 Bn USD1 Net worth: 5.0 Bn USD1 Company: Blue Origin Company: SpaceX Company: Foundation year: 2000 Foundation year: 2008 Foundation year: 2004 Space goal: Enable Moon Space goal: Enable Mars Space goal: Build the and near-Earth colonisation colonisation Spaceline for Earth

Key milestones Key milestones Key milestones

successful vertical successful test private company to private company to Seats booked on Collaboration of st landing of the of the st successfully launch st bring humans to the the commercial the development 1 suborbital rocket 16 suborbital rocket 1 a rocket into space 1 ISS (10 astronauts) >600 space flight of supersonic jet

scheduled launch of the first first full successful test flight of spacecraft successfully completed July 2021 commercial tourist space flight May 2021 Starship May 2021 the crewed suborbital test flight

first test flight of the new heavy rocket start of the first scheduled cargo & crew missions to Mars Q4 2022 is scheduled 2026 Early 2022 commercial tourist flight

Source: Aerospace security website; SpaceX website; Blue Origin website; Virgin Galactic website; The Financial Times — Jeff Bezos’s Blue Origin says it will take a civilian to space in July — [May 2021]; BBC — Virgin Galactic rocket plane flies to edge of space — [May 2021] 18 Notes: (1) As of 22 June 2021 Roads to success in exploring space Jeff Bezos, the richest man in the world, applies his ‘slow and steady’ approach to building a solid space business

Jeff Bezos Origin Worth and ranking Social media1 Space goal and his main companies Born on 12 January Net worth: 198.9 Bn USD1 2.4 million followers Build the low-cost road 1964 on to space to enable in Forbes Billionaires List (2021) near-Earth colonisation Albuquerque, New 241 tweets , USA in Forbes Innovation Leaders (2019)

Road to success through making slow but relentless March May Starting from 1994 1997 1998 2000 2015 2018 2020 2020 2021

Amazon Amazon Blue Origin Blue Origin The richest Amazon record Blue Origin Space is foundation goes public expansion foundation first milestone man capitalisation contract with NASA in focus Online 54 Mn USD raised Amazon product Space company New Shepard Bezos became Amazon reached NASA awarded Bezos plans bookshop set on NASDAQ range was founded, yet the richest man 1 Tn USD market Blue Origin stepping down up expanded. remained low successfully in the world with capitalisation 579 Mn USD as Amazon Revenue reached profile until 2006 rocketed into net worth of 112 to develop a CEO and focus 600 Mn USD space and landed Bn USD potential lunar on Blue Origin back

Source: Biography — Jeff Bezos [2021]; Business insider — After Amazon, Jeff Bezos will devote his time to building multi-billion dollar rockets — [2021]; Forbes website 19 Notes: (1) As of 22 June 2021 Roads to success in exploring space While performing test flights & competing for Moon mission contract, Blue Origin is yet to become commercially viable

KEY FACTS STEP BY STEP TO SOLID RESULTS

Founded Headquarters CEO April January May April 2000 Kent, , Bob Smith September 2000 2015 2016 2019 2021 USA Blue Origin First test flight of New Shepard Blue Moon lander Blue Origin 19 patents and Funding2 Number of founded by New Shepard reused development protested NASA 54 trademarks1 Bezos intends to fund employees Jeff Bezos rocket conducted for launch announced SpaceX contract Blue Origin with 1 Bn USD 3,3903 per year from sales of his equity in Amazon

KEY PROJECTS

Contract with NASA Contract with NASA Participation in the Jeff Bezos New Shepard Development of Blue Origin on Earth observation on the initial design Amazon Project Kuiper — invested 500 Mn rocket reached the new heavy signed a contract missions, planetary of a human-landing a launch of 3,236 satellites USD since space and reusable rocket with NASA on the company landed back ‘New Glenn’ developments for expeditions, and system for the 2024 constellation to provide foundation announced the Moon mission satellite launches Moon mission Artemis high-speed internet to people around the world July November September May 2014 2015 2016 2020

Source: Craft website; Spacenews website; MIT Technology Review — Blue Origin could definitely use more Jeff Bezos in the next decade — [2021] 20 Notes: (1) As of January 2021; (2) In 2017-2018; (3) As of June 2021 Roads to success in exploring space Preservation of the and near-Earth space colonies are at the heart of Bezos’ vision for civilisation evolution

Bezos’ concern: Bezos’ vision: In the XXI century, humanity will face a shortage Transfer of heavy, dirty manufacturing to space and development of near-Earth colonies will help humanity of energy resources as well as an ecological crisis deal with the potential crisis

Colony design inspired by O’Neill cylinders6 10.9 Global population in 21001 billion Size and shape Growth of global energy Milewide spheres or cylinders 124% demand in 2100 vs. 20152 Gravity Artificially created by spinning Fossil fuel reserves will run out by3: day trip Energy 2052 Oil 2060 Gas 2090 Coal Continuous sunshine

Resources +2.9°C Global warming by 21004 From Earth, Moon, and Specialisation 1.1 m Sea level rise by 21005 Industrial, residentional, Trillions of people farming, recreation, etc. live in colonies

Source: UN website; Climate Action Tracker website; IPCC website; Arstechnica — Jeff Bezos unveils his sweeping vision for humanity’s future in space — [2019] Notes: (1) According to the World Population Prospects 2019 by the UN; (2) Under the medium scenario of by the UN; (3) According to the Millennium Alliance for Humanity and Biosphere website; (4) Global temperature increase compared to the pre-industrial level, projected under current policies; 21 (5) According to IPCC special report 2019; (6) Space settlement concept proposed by American physicist Gerard K. O’Neill in 1976 Roads to success in exploring space According to Jeff Bezos, base on the Moon is the first step to building an infrastructure for space colonisation

Idea of the Moon colonisation by Jeff Bezos

It is time to go back to the Moon — this time to stay. Jeff Bezos

Reusable heavy oribital rocket ‘New Glenn’

Moon lander Blue Moon’ Human landing system for capable of delivering up to NASA Artemis Moon mission 3.6 tons of cargo

Set up the first base on the Moon Transform the Moon into 1 and build an infrastructure for 2 the manufacturing sector space travel and space economy of the universe

22 Source: Media overview Roads to success in exploring space Elon Musk’s out-of-the-box thinking made him one of the most influential businessmen in the space industry

Elon Musk Origin Worth and ranking Social media1 Space goal and his main companies Born on 28 June Net worth: 155.5 Bn USD1 57.3 million followers Enable the colonisation 1971 in Pretoria, in Bloomberg Billionaires Index on Twitter of Mars (2021) 14.5 thousand tweets in Forbes Billionaires List (2021)

Road to success through pursuing his technological passions

1999 2002 2003 2006 2008 2010 2013 2016 2021

Sale of Sale of Tesla Investment in SpaceX contract Tesla went Introduction of Plans of Mars GPS satellite Zip22 PayPal3 foundation SolarCity with NASA public Hyperloop5 colonisation launch Compaq bought eBay purchased Musk started the Musk invested NASA signed a 1.6 Tesla’s IPO4 on Musk rose Musk announced SpaceX launched for PayPal for mission to bring 10 Mn USD in Bn USD contract NASDAQ with interest in the his plans at the a GPS satellite 307 Mn USD 1.5 Bn USD electric cars to solar technology for issuing 13.3 67th annual for US Space the masses company carrying the million shares at concept with his International Force SolarCity Dragon spacecraft a price of 17 USD ‘Hyperloop Astronautical to the ISS Alpha’ paper Congress

Source: Britannica — Elon Musk — [May 2021]; Observer website; Inc website; Forbes website; Media overview Notes: (1) As of 22 June 2021; (2) Provided and licensed online city guide software to newspapers; (3) Provides online payments 23 system; (4) Initial public offering; (5) Ultra-high-speed ground transportation system for passenger and cargo proposed Roads to success in exploring space SpaceX is a game-changing that designs and launches advanced rockets and spacecraft

KEY FACTS STEP BY STEP TO SOLID RESULTS

Headquarters Revenue Number of June May April April 1 Hawthorne, 1.2 Bn USD successful 2002 2012 2016 2021 , USA launches: 151 SpaceX’s First private Falcon 9 NASA signed a 2.9 Value Funding Number of Falcon 9 rocket company that sent successfully Bn USD contract 2 completed its spacecraft to the landed on with SpaceX to land 74 Bn USD 7.5 Bn USD employees first launch International Space an autonomous Americans on the 3 over 39 funding rounds 9,500 Station (ISS) drone ship Moon

KEY ROCKETS of SpaceX

Faclon 9 is a Faclon Heavy Starship is a reusable, two- is the most fully reusable stage rocket powerful Dragon transportation designed for operational spacecraft is system transportation rocket globally capable of designed to of people and with the carrying up to carry both SpaceX’s Falcon 9 Falcon 9 First private Starship spacecraft payloads into ability to lift 7 passengers crew and rocket completed successfully company that landed in the first its first launch landed on a drone brought humans to full successful test Earth orbit ~64 metric to and from cargo to Earth the ISS flight and beyond. tonnes into Earth orbit orbit, the orbit. and beyond. Moon, Mars, June December May May and beyond. 2010 2015 2020 2021

Source: SpaceX website; Trefis website — What Is Driving SpaceX’s Revenues & Valuation?; Forbes — Is SpaceX Really Worth 74 Bn USD?— [April 2021]; Crunchbase website; NASA website; Media overview 24 Notes: (1) As of 2020; (2) As of February 2021; (3) As of February 2021 Roads to success in exploring space Musk aims to make life multiplanetary by launching the 1st civilian mission to the Moon and establishing a Mars colony

First civilian passengers on a lunar 2024 — Cargo missions to Mars Mars colony by 2050 Starship mission 1,000,000 people will live on Mars

100 per year will be built

Yusaku Maezawa 1,000 Starship flights per year, 3 flights per day The first mission will confirm water resources, Cost of a single launch — 2 Mn USD identify hazards and build support infrastructure. The Mars colony should be a self-sustaining 2026 — Cargo & Crew missions to Mars city, a ‘back-up drive’ for civilisation

The first human colony on Mars will be built The dearMoon project is the first civilian inside glass domes mission to the Moon that was first introduced in 2017. In 2018, Japanese entrepreneur Yusaku Direct democracy will be implemented on Maezawa bought all seats for a lunar Starship Mars — the inhabitants will make decisions for mission. The journey will happen in 2023 and themselves and there will be fewer and less continue for one week. The second mission will start building a base for future complicated laws expansion and set up a propellant production .

Source: SpaceX — Transcript: Making life multiplanetary — [2017]; SpaceX — Presentation: Making life 25 multiplanetary — [2017]; SpaceX website; DearMoon website; CNET website; CNBC website; Guardian website Roads to success in exploring space Musk plans to set up a permanent human base on the red planet, with Starships carrying people to and from Mars Road to Mars by Elon Musk

Starship Super Heavy booster 2 comes back to Earth 5 People are 3 6 landed on Mars

7 Starship is flying to Mars Starship is filled with CH4 After landing on 4 and O2 carried by special Mars, Starship is tanker in low Earth orbit 1 refueled using Mars local resources — Starship is H20 and CO2 launched with MARS Starship Super Heavy booster that 8 Starship is flying back to Earth separates and EARTH carrying people from Mars returns to Earth

Source: SpaceX — Transcript: Making life multiplanetary — [2017]; SpaceX — Presentation: Making life 26 multiplanetary — [2017]; SpaceX website Roads to success in exploring space Richard Branson, the world’s famous entrepreneur and adventurer, aims at pioneering and leading space tourism

Richard Branson Origin Worth and ranking Social media2 Space goal and his main companies1 Born on 18 July Net worth: 5.0 Bn USD2 12.4 million followers Build the Spaceline for 1950 most admired business leader over on Twitter Earth to make space , England, the past five decades (2014)3 travel available for 25,6 thousand tweets everyone UK in the 100 Most Influential British Entrepreneurs (2018)4 Road to success via the implementation of an adventurous approach to business and diversification

192-1980 1981-1987 1998-2000 2004 2006 2012 2015-2016 2017 2021

Foundation of Entering air Expansion into Virgin Galactic Expansion in Virgin Startup Expansion in Investing in Virgin Galactic & telecom & rail foundation media and foundation leasure and transportation reached space for tourism transport entertainment tourism technologies the 3rd time First , The first Foundation of First rocket- First successful commercial & Virgin & commercial , powered flight and Voyagers foundation and flight by Virgin success Holidays spaceline Virgin Comics by Virgin foundation investment in Galactic since foundation foundation and Animation Galactic HyperloopOne 2018 spaceship

Source: website; Virgin Galactic website; Forbes website; Media overview Notes: (1) Virgin Group operates more than 40 companies as of 2021; (2) As of 22 June 2021; 27 (3) According to The Sunday Times; (4) According to UK-based company Richtopia Roads to success in exploring space Despite several downfalls, Virgin Galactic is at the final stage of spacecraft development to enable tourist flights

KEY FACTS THROUGH DOWNFALLS TO CONSISTENT RESULTS

Founded Headquarters CEO December October June May 2004 Kent, Washington, Michael September 2004 2009 2014 2020 2021 USA Colglazier Richard Branson SpaceShipTwo VSS6 Enterprise Initial design of the VSS Unity Market capitalisation Funding Number of launched Virgin spacecraft was broke up during high supersonic completed 6th test th Value 100 Mn USD by Virgin Group2 employees Galactic unveiled 4 test flight. commercial aircraft flight reaching the Co-pilot was killed released space altitude 8.7 Bn USD1 390 Mn USD — Aabar 8235 investments3 450 Mn USD — merger with Social Capital Hedosophia4

KEY PROJECTS

3 employees were 15 test flights VSS Unity Contract with Commercial flights Contract with NASA for Participation in the killed while testing completed by successfully NASA for flight to space to start flight and integration launch of satellite components of the SpaceShipTwo completed its and integration rocket motor 1st test flight services was from early 2022 services until July 2023. constellation by OneWeb for SpaceShipTwo signed The total amount of the satellite venture contract is 45 Mn USD July February December November 2007 2012 2016 2020

Source: Virgin Galactic website; NASA website; The Guardian — Virgin Galactic launches — [October 2019]; CNBC — Virgin Galactic shares jump after next spaceflight test is set for Saturday — [May 2021]; Bloomberg website 28 Notes: (1) As of June 2021, listed on NYSE; (2) During 2004-2010; (3) During 2010-2011; (4) In 2019; (5) As of December 2020; (6) Virgin space ship Roads to success in exploring space As an adventurer himself Branson sees an opportunity in opening space for explorers who are ready to pay for it

Demand Opportunity Virgin Galactic offer

Offer: Experience zero gravity and observe Suborbital flight to 100 km altitude and back to Earth Earth during a short flight for an amateaur astronaut Price: 250,000 USD Spacecraft:  Fully system, incl. carrier and spaceship  Capacity for 8 people, incl. 2 pilots Launch site: , New Mexico, USA Customer experience:  Safe and enjoyable high acceleration flight  6 minutes of  Spectacular view on Earth from space Virgin Galactic benefits:  Regular and frequent schedules There are thousands of people  Flights for tourists and researches eager to experience space travel  Expected cost decline driven by the economy of scale

29 Source: Virgin Galactic website Roads to success in exploring space Branson aims to establish the Spaceline with regular suborbital flights executed by a reusable spacecraft system

Reusable spacecraft system SpaceShipTwo climbs to 100 km. WhiteKnightTwo carrier aircraft 5 Passengers experience micro-gravity and observe Earth SpaceShipTwo Rocket motor propels SpaceShipTwo into a near-vertical climb 4 Wings pivot forward to 6 a ‘feathered’ re-entry configuration

WhiteKnightTwo carrier back at the spaceport 3 WhiteKnightTwo carrier At 15 km altitude wings de-feather 2 climbs to 15 km altitude 7 and releases SpaceShipTwo for the glide to the ground

8 SpaceShipTwo lands Spaceport America 1 Reusable spacecraft system takes back at the spaceport Virgin Galactic 1 operational hub off horizontally from the spaceport

New Mexico, USA

Source: Virgin Galactic website; The Guardian — Richard Branson’s Virgin Galactic prepares to go public — [July 2019] 30 Notes: (1) WhiteKnightTwo carrier aircraft and SpaceshipTwo Roads to success in exploring space NASA actively cooperates with space companies to achieve maximum success in its Lunar mission — Artemis

Foundation: 2006 Mission: open access to space to Foundation: 2015 improve life on Earth Mission: provide shift toward software- Key products: rockets — Electron & defined manufacturing by using 3D Peter Beck Neutron; Photon Lunar spacecraft Tim Ellis & Jordan Noone printing, AI, and autonomous in Rocket Lab Launch complexes: 2 — in Relativity Space and the USA1 Key products: Terran 1, Aeon 1, Terran R In 2021, Rocket Lab will launch a CubeSat2 into lunar orbit for Relativity Space has a 20- NASA using an Electron rocket and Photon Lunar spacecraft. year use agreement for a Name: Terran 1 The contract for the dedicated launch is valued at 10.0 Mn USD. factory building at NASA that Planned first launch: September 2021 Name: Electron it uses to house one of Name: Photon Lunar Stargate factories. In Total number of components: First launch: 2017 spacecraft 2020, NASA selected 6004 Relativity Space to place Total number of launches: 19 First launch: June 20203 CubeSats into low Earth Time to print: 60 days5 Delivered satellites: 104 Usage in missions: orbit as part of its VCLS Maximum payload: 1,250 kg to operational payloads, hosted Demo 2 contract. The 185 km low Earth orbit Peculiarity: the only reusable payloads, science research, launch will take place by orbital-class small rocket technology demonstrations, June 2022. The contract Peculiarity: world’s first exploration value is 3.0 Mn USD. entirely 3D printed rocket

Source: AERTEC Solutions website; Rocket Lab website; Relativity Space website; NASA website; Media overview Notes: (1) The launch rate of the base in New Zealand is 120 flights per year, while the launch complex in the USA provides up to 12 missions per year; (2) developed by NASA; (3) Aboard an Electron rocket; (4) Compared to 60,000 parts in other rockets; (5) All rockets 31 are printed on the Stargate factory Roads to success in exploring space Griffin and Blue Ghost landers will be used by NASA as part of the Artemis programme to carry payloads to the Moon

Foundation: 2007 Foundation: 20144 Mission: develop space robotics Mission: provide economical access to technology for lunar and planetary space for small payloads through the missions manufacture of launch vehicles Red Whittaker Key products & services: Peregrine Max Polyakov3 Key products: Alpha, Blue Ghost, Beta, Lander, Griffin Lander, planetary Astrobotic Technology Firefly Aerospace Gamma, Space Utility Vehicle, Launch mobility services, DHL MoonBox Facilities, DREAM 0 NASA selected Astrobotic to deliver payloads to the Moon in In 2021, Firefly Aerospace signed a 93.3 Mn USD contract with NASA 2021 (contract for 79.5 Mn USD) and VIPER1 to the Moon’s to deliver 10 science and technology payloads to the Moon surface. South Pole in 2023 (contract for 199.5 Mn USD). This mission is a part of the Artemis programme.

Used for: Used for: delivering payloads medium-class lander to Used for: carry instruments to study several to lunar orbit and accommodate a variety aspects of the lunar surface in preparation surface of rovers and other large for future human missions to the Moon payloads First launch: First launch: 2023 Q4 2021 First launch: 20232 Payload capacity: 94 kg — NASA payloads Peregrine Payload capacity: Griffin Payload capacity: Lander 90 kg Lander 475 kg Blue Ghost 50 kg — remain available for commercial use

Source: Astrobotic Technology website; NASA website; SpaceFlightNow website; Firefly Aerospace website Notes: (1) Volatiles Investigating Polar Exploration Rover; (2) Griffin Lander will be launched from the on a SpaceX rocket; (3) Ukrainian and American and IT business entrepreneur; (4) Formerly Firefly Space Systems. After going 32 bankrupt in March 2017, Firefly Space Systems was bought by Noosphere Ventures (owned by Max Polyakov) and renamed to Firefly Aerospace FUTURE OF IN - SPACE ECONOMY

What is waiting for us out there in the stars… And how the development of the space industry will impact big corporations on Earth… To succeed in the next 50 years, many businesses will need to combine space romanticism with innovative commercialisation stories Future of in-space economy Active space exploration extends the space ecosystem and encourages the future development of the space industry Space mining Space waste handling

Space logistics & Orbital transportation Earth monitoring satellite Space Space Space manufacturing & Construction economy sustainability Space renewable energy Space hospitality & Travel Space resource development

Space farming Space green engineering S P A C E ECOSYSTEM Space bioengineering Space fuels

Space telecommunications Space robotics

Space medicine & Genetics Space Space Space habitation research access Space Interstellar colonies

Space propulsion1 Orbital lab

Source: NASA website; Global Space Fund website 34 Notes: (1) Systems for spacecraft which are used to accelerate the spacecraft for orbit-insertion, station-keeping, or attitude control Future of in-space economy Space mining opens new opportunities for deep space exploration, however, it demands further legal

NASA encourages private companies to start fossil fuels extraction The space mining industry value is estimated to reach on the Moon as a part of the Artemis programme1 3.9 Bn USD by 2025

Top-3 opportunities Lacus Somniorum  Rare metals / minerals extraction might boost the complementary ispace Japan industries on Earth as the supply will be increased

Japanese lander  Space mining could increase the decarbonisation of Earth, since fewer extraction activities will be provided on Earth 2022  Space refuelling might substantially decrease costs in space exploration and travel activities The South Pole Top-3 challenges ispace Europe Lunar Outpost Masten Space Systems  Treaty of 1967 excludes possession of any celestial bodies Japanese lander Blue Moon Masten XL-1 lander by any country, which may put legal constraints on mining

2023 2023 2023  Propulsion systems are the major limitation factor of the payload mass that could be transported by the spacecraft

NASA estimates that the mineral wealth of all asteroids between  Minerals extraction with minimal area contamination, which might possess Mars and Jupiter amount to 100 Bn USD per person on Earth the scientific interest, could be a limitation factor

Source: NASA website; Statista website; website; Milken Institute — Mining in Space Is Coming — [2021]; Frontiers in space technologies — Current Challenges and Opportunities for Space Technologies — [2020] Notes: (1) The programme is less focused on the financial incentive (25 K USD only), with more focus on establishing the legal precedent that private companies 35 can collect and sell celestial materials Future of in-space economy Space hospitality & travel possess high potential in the luxury segment with the first hotel at the project stage

Space hotels are becoming more realistic as Orbital Assembly The space travel industry value is estimated to reach Corporation (OAC) announced to build the first low orbital hotel 2.2 Bn USD by 2026

Top-3 opportunities Station structure The Voyager Station  Real estate development in space is one of the core points for the 24 modules (12x20 metres) successful colonisation of other celestial bodies

 Space real estate development might assist with Earth’s overpopulation SPA Gym Living rooms Cinemas Restaurants  Space real estate might highlight the space theme for the high-income class, as they are the target audience Possible station capacity Top-3 challenges ~400

 Space is still a big challenge, since there is no solid solution Possible construction period developed to fully tackle the space radiation issue 2025-2027  Bases and hotels on Earth orbit will face zero gravity, Price per night which negatively impacts human health ~1.7 Mn USD  Space farming technology is still under development, hence ensuring a permanent supply is challenging

36 Source: Daily Mail website; Wired website; Insider website Future of in-space economy Space farming demonstrates large potential both for deep space travel and Earth, albeit still demanding exploration

Space farming is an essential part of space travel with some farms The vertical farming industry value is estimated to reach already operating on the ISS and others being tested on Earth 21 Bn USD by 20282

Earth International Space Station Top-3 opportunities

 Space farming technologies are applicable on Earth allowing to grow in the arid climate, hence assisting the food shortage issue MarsOasis1 Veggie Lab Technologies LLC NASA  Space farming would lower the costs of space hospitality, long-term flights, since there will be less need in food supply from Earth

Advanced Plant  Fresh food will allow to make longer flights into deep as the astronauts will stay healthier and resilient NASA Top-3 challenges

Orbital  Microgravity is the major challenge for growing crops in space greenhouse1 as delivering water to the plant is problematic Nanoracks  High Solar radiation exposure could be harmful to a crop’s DNA and may affect germination, growth, and reproduction EDEN ISS  Space settlers might face a low yield harvest, as the lunar or soil German Aerospace Centre (DLR) is infertile due to the absence of organic compounds

Source: NASA website; E&T website; Horti daily website Notes: (1) At the planning stage; (2) Technologies that are used in vertical farming might be used as 37 a basis for space farming development in the future Future of in-space economy Space manufacturing and construction are especially attractive due to favourable microgravity space conditions

Companies developing their in-space manufacturing The space manufacturing industry value is estimated & construction technologies to reach 5.5 Bn USD by 2027

Top-3 opportunities

 In-space manufacturing and construction could benefit from the Current Good Manufacturing Practice. MakerSat. Technology device that will advantage of microgravity and vacuum conditions Capabilities to manufacture products demonstrate in-space manufacture of in automated laboratories on antennas, solar arrays, and telescopes  In-space manufacturing would enable sustainable space exploration the International Space Station larger than can be fit into a space rocket missions at a reduced cost compared to launching from Earth

 Space manufacturing facilities would be to become self- sustaining, requiring only minimal imports from Earth Top-3 challenges Archinaut. Combination of Orbital manufacturing. FUTRISM. First in- additive manufacturing with Start-up focused on in-space orbit method of  Extreme environmental conditions requiring innovative building robotic assembly for remote manufacturing of specialised producing large-scale, in-space construction of products that are difficult to composite, 3D materials and the adoption of work in the weightless vacuum large complex structures produce due to material structures in space volatility or Earth’s gravity  Significant costs in overcoming the energy hurdle for boosting NASA awarded 73.7 equipment and materials into space orbit Mn USD for Archinaut demonstration  Shortage of high skilled labour force able to be engaged in in-space manufacturing and construction processes

38 Source: NASA website; Global Space Fund website; Companies’ websites Future of in-space economy Space transportation is expected to develop enormously, enabling the growth of all the other space industries

The number of projects1 in space transportation is expanding The services market2 is expected to reach rapidly, ensuring the development of various types of services 32.4 Bn USD by 2027

Top-3 opportunities

 In-space, lunar and planetary warehousing of satellites, equipment MOON and food rations will create the demand for stable supply chains MARS EARTH  The chance to set standards and trends for the future of space logistics (for example, service expectations)

 The space logistics market is currently open to private operators for Space Mobility On-orbit servicing ISS utilisation Re-entry services Suborbital flight testing of technologies and business models Top-3 challenges

Mission Extension ICE Cubes is a HTV and HTV-X New Shepard is a Dragon is a free-  Extreme physical conditions create special requirements for modes flying spacecraft Vehicle is the platform for resupply ships are reusable suborbital designed to deliver industry’s first delivery of the re-entry capsules rocket designed to of as well as for people and cargo both cargo and on-orbit satellite experiment or designed to deliver take astronauts and people to orbiting servicing vehicle technology on the cargo and return research payloads  dimensions and weight restrictions undermine the destinations ISS and for testing payloads from to the Karman line cost benefits of economies of scale it onboard the ISS

First launch: First launch: First launch: First launch: First launch:  Commercial cost-benefit offers for space transportation providers 2010 2019 2018 2009 2015 are untested and a legal framework is not yet created

Source: Factories in Space website; DHL — Making the Moon more accessible to mankind — [2021]; Allied Market Research; Companies websites Notes: (1) Cases presented below are selected among projects with ‘active’ and ‘demonstrated’ status; (2) The launch services market is a part 39 of the space transportation & logistics market Future of in-space economy In the next 2-3 decades, space exploration will be driven by both existing and futuristic technologies

3D Printer Portable Magnetic Highway (FLOAT2) Advanced 3D printers can manufacture objects The project of the robotic magnetic-based out of plastic, metals, and other materials transport system, which will allow to perform (like ) both on Earth and in space. durable payload operations on the Moon.

High Performance Spaceflight Computing Micro-swimmers (SWIM3) Flight computing technologies will deliver a The concept of swimming micro-robots deployed computational capacity that is more than 100 from a single robot mothercraft that will explore the times higher compared to current analogues. Ocean Worlds of , Europa, and Titan. Present Future RASSOR1 Robot Making Soil for Space Habitats The Robot allows to excavate extraterrestrial soils The concept implies the creation of soil from on the Moon, Mars, and asteroids that could be carbon-rich asteroid material, using fungi that will converted into oxygen, water, and other products. degrade toxic substances and initiate soil formation.

Delay / Disruption Tolerant Networking Light Bender The technology allows to provide space missions with The concept for the generation and distribution of reliable internetworking, avoiding the loss of data power on the Moon through capturing and redirecting when transferring it across extreme distances. of sunlight with the use of telescope optics.

Source: NASA website 40 Notes: (1) Regolith Advanced Surface Systems Operations Robot; (2) Flexible Levitation on a Track; (3) Sensing with Independent Micro-swimmers Future of in-space economy 30 years ahead — humanity reaching and overcoming challenges in the solar system and beyond

Bases on Moon & Mars Space & manufacturing Innovations Permanent bases will be created Greenhouses will be constructed on Multiple innovations in the space on the Moon surface — e.g. humans’ bases on the Moon and industry will boost the world’s International Moon Village (ESA), Mars. The resources mined at MARS economy. New propulsion space Artemis Base Camp (NASA) with ASTEROID asteroids will be used by orbital engines will be created and some bases on Mars as well. factories to construct space bases. widely used4.

Settlements on asteroids Space technologies on Earth Space transportation Temporary settlements for Long-haul flights will be conducted Space transportation will be cheaper activities will via spaceships instead of planes. than the best currently available 5 be built. The value of all Near MOON Technologies in farming will allow technologies , advanced refuelling Earth asteroids1 is estimated to achieve high yields despite the stations will be available in space. to be around ~100 Tn USD. arid climate.

Sustainability in space Pinwheel space stations Space leisure

Space- arrays will S P A C E Manned space stations could be worth Suborbital and orbital flights will generate 24/7 clean energy for STATION about 50 Bn USD between 2030-20502. be affordable for the middle-class the households on Earth using Pinwheel space stations on LEO3 will be together with lunar tourism. Space EARTH microwave arrays, hence used as a gateway for space travel. tourism is expected to generate lowering carbon emissions. 850 Bn USD by 2030.

Source: NASA website; Interesting engineering website; BBC website; Media overview Notes: (1) Near Earth asteroids whose are within 1.3 astronomical units of Earth; (2) According to SpaceWorks forecast; (3) Low Earth orbit; 41 (4) For example electric ion, solar, and nuclear propulsion; (5) Compared to Falcon Heavy — 1,410 USD per kg BDO CENTERS CONNECT WITH US

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