Is the space sector actually financed in the right way? That’s probably the main question I’m discussing with my guest Justin Stevens, founder and CEO of the investment firm Overlap Holdings. He spent 18 years at Apollo Global Management, a very prominent private equity firm. So he’s a Wall Street guy like me and, I think, qualified to voice an opinion on this questions which we may not ask enough. Enjoy!

🕰️ Timestamps:

00:00 - Introduction

01:08 - Guest Intro

02:31 - Overlap Holdings Name Origin and Activities

03:43 - Capital Solutions and Government Solutions

06:24 - The Role of Debt in Frontier Tech

12:08 - Types of Debt and Their Applications

21:21 - Government Contracts and Lending

23:30 - Navigating Government Lending Challenges

24:00 - Leveraging a Detailed Lender Database

27:05 - The Importance of Government Financing

30:12 - The Evolution of Space Investing

33:57 - Investor Perspectives on Space

36:09 - Founding Overlap and Investing in Frontier Technology

39:17 - Future of Space and Investment Strategies

43:29 - Hypothetical Space Startup Ideas

46:09 - Science Fiction

📍 About the Guest:

Justin is a seasoned investor and operator with over 18 years as a Senior Partner at Apollo Global Management, where he developed deep expertise in financial structuring and investment management. He has invested in, built, advised, and overseen organizations ranging from early-stage frontier tech startups to large, publicly traded companies. With a strong network across finance, industry, and government, Justin brings a multidisciplinary approach to navigating complex markets and driving long-term value across sectors.

🔗 Connect with Justin:

🤝 LinkedIn: https://www.linkedin.com/in/justinstevensny/

🔗 Follow us:

🏠Website : https://www.e2mc.space/

🤝🏻LinkedIn : https://www.linkedin.com/company/space-business-podcast/ 🌐Socials: https://linktr.ee/spacebusinesspodcast

🔗 Follow Raphael:

🔷LinkedIn - https://www.linkedin.com/in/raphaelroettgen

🌐Instagram - https://instagram.com/raphael_space/

◇ Twitter/X - https://x.com/RaphaelE2MC

To Learn more about Space & the Space Economy:

1. "To Infinity" – Raphael’s Revised Introduction to the Space Economy This book provides an insightful look into the space economy, its current trends, and future opportunities. 📚 https://a.co/d/6jIQ2LO
2. edX/EPFL's Space Economy MOOC This course offers a detailed understanding of the New Space Economy, covering key concepts and market developments. 🎓 https://www.edx.org/course/new-space-
3. Space Business Newsletter 📬 https://spacebusiness.substack.com/

My guest this week is Pierre Lionnet, Director of Research at Eurospace, who has followed the global space sector for over 30 years. We discuss a range of topics including e.g. SpaceX, the launch sector in general, and national space policies. Pierre is one of my favorite people to follow on space as he usually provides very frank and thought out opinions. I think this comes through in this episode - enjoy!

🕰️ Timestamps:

00:00 - Introduction

00:55 - Guest Introduction

01:34 - Day-to-Day Activities at Eurospace

03:15 - Challenges in the Space Sector

06:22 - SpaceX's Impact on the Space Industry

07:35 - Economic Contributions and Cost Structures

11:02 - Production and Market Segmentation in Space

21:44 - Institutional Programs vs. Commercial Ventures

27:40 - Starlink's Business Model and Future Prospects

35:12 - SpaceX's Dominance in Commercial Launch

35:56 - The Cost and Pricing of Space Launches

38:40 - Starship's Potential and Market Impact

40:51 - Challenges for New Market Entrants

43:25 - National Space Policies and Industrial Strategies

46:27 - Global Space Economy and Future Projections

55:16 - Advice for Emerging Space Nations

01:00:19 - The Future Structure of the Space Economy

01:05:13 - Science Fiction and Space

01:06:07 - Conclusion

📍 About the Guest:

Pierre Lionnet is the Research and Managing Director at Eurospace, the trade organization of the European space industry). He labels himself a space economist, being an economist by training and being professionally involved in the analysis of space markets, space industry supply chains and space technology and innovation trends for the past 30 years

🔗 Connect with Pierre:

🤝 LinkedIn: https://www.linkedin.com/in/eurospacepierrelionnet/

🔗 Follow us:

🏠Website : https://www.e2mc.space/

🤝🏻LinkedIn : https://www.linkedin.com/company/space-business-podcast/ 🌐Socials: https://linktr.ee/spacebusinesspodcast

🔗 Follow Raphael:

🔷LinkedIn - https://www.linkedin.com/in/raphaelroettgen

🌐Instagram - https://instagram.com/raphael_space/

◇ Twitter/X - https://x.com/RaphaelE2MC

To Learn more about Space & the Space Economy:

1. "To Infinity" – Raphael’s Revised Introduction to the Space Economy This book provides an insightful look into the space economy, its current trends, and future opportunities. 📚 https://a.co/d/6jIQ2LO
2. edX/EPFL's Space Economy MOOC This course offers a detailed understanding of the New Space Economy, covering key concepts and market developments. 🎓 https://www.edx.org/course/new-space-
3. Space Business Newsletter 📬 https://spacebusiness.substack.com/

My guest this week is Sebastian Klaus, Co-Founder & CEO of Atmos Space Cargo, who discusses his company’s mission to unlock downmass logistics with an innovative and reusable space capsule, paving the way for in-space manufacturing, defense applications, and other applications.

🕰️ Timestamps:

00:00 - Introduction

00:59 - Elevator Pitch

02:07 - Importance of Returning Cargo from Space

04:24 - Challenges and Technologies in Space Re-entry

06:16 - Innovations in Heat Shield Technology

11:16 - Economic Impact and Reusability

13:12 - Mission Operations and Logistics

20:15 - Regulatory Considerations

22:33 - ATMOS Phoenix Capsule

23:36 - Impact of Starship on Space Logistics

25:13 - Space Stations and Free Flyers

27:22 - Market Segments in Space Logistics

30:35 - Defense Applications and Future Prospects

37:16 - Recent Test Flight and Future Plans

42:07 - Science-Fiction

📍 About the Guest:

Sebastian Klaus holds a Master of Science in Aerospace Engineering with a focus on atmospheric re-entry and reusable rocket engines. He has more than a decade of leadership experience as a military officer, supplemented by business knowledge from an MBA program at ESB Business School Reutlingen. Sebastian has developed and submitted several patented technologies for entry and descent. With a commercial pilot license and unique knowledge about parachute systems, as well as passion for nature and spaceflight, he is determined to overcome existing and future challenges in life sciences research in space in order to benefit all of humanity.

🔗 https://atmos-space-cargo.com/

🔗 Follow us:

🤝🏻LinkedIn : https://www.linkedin.com/company/space-business-podcast/ 🌐Socials: https://linktr.ee/spacebusinesspodcast

🔗 Follow Raphael:

🔷LinkedIn - https://www.linkedin.com/in/raphaelroettgen

🌐Instagram - https://instagram.com/raphael_space/

◇ Twitter/X - https://x.com/RaphaelE2MC

🏠Website : https://www.e2mc.space/

To Learn more about Space & the Space Economy:

1. "To Infinity" – Raphael’s Revised Introduction to the Space Economy This book provides an insightful look into the space economy, its current trends, and future opportunities. 📚 https://a.co/d/6jIQ2LO
2. edX/EPFL's Space Economy MOOC This course offers a detailed understanding of the New Space Economy, covering key concepts and market developments. 🎓 https://www.edx.org/course/new-space-
3. Space Business Newsletter 📬 https://spacebusiness.substack.com/

My guest this week is Glen Martin, Co-Founder & CEO of Extraterrestrial Mining Company (XMC), discusses his company’s bold mission to mine Helium-3 on the Moon and its potential to revolutionize energy and tech on Earth.

🕰️ Timestamps:

00:00 - Introduction

01:36 - Elevator Pitch

03:42 - Understanding Helium-3 and Its Applications

11:59 - Tech Aspects of Lunar Mining

20:39 - Future Prospects and Initial Missions

23:31 - Energy Solutions for Lunar Operations

29:23 - Helium-3 Concentrations and Mining Challenges

32:09 - Lunar Data and Exploration Techniques

35:32 - Geopolitical Implications 40:33 - Transportation and Return Logistics

48:08 - Project Financing for Space Mining

51:28 - Personal Background and Career Path

56:14 Science Fiction

📍 About the Guest:

Glen Martin, CEO of XMC, has over 30 years of experience in renewable energy and space infrastructure. Before founding XMC in 2023, he led companies like Hyox Inc., Infrastructure Energy, and Pod Generating Group, and co-founded ProtoStar Limited. He’s worked on projects spanning green hydrogen, solar PV, intelligent grids, and satellite systems. Early in his career, he contributed to the International Space Station at McDonnell Douglas. Glen holds a BTech in Aerospace Engineering from TMU and an MBA from USC.

🔗 Connect with Glen:

🤝 LinkedIn: https://www.linkedin.com/in/glen-martin-space-heavy-industrialist/

🔗 Follow us:

🏠Website : https://www.e2mc.space/

🤝🏻LinkedIn : https://www.linkedin.com/company/space-business-podcast/ 🌐Socials: https://linktr.ee/spacebusinesspodcast

🔗 Follow Raphael:

🔷LinkedIn - https://www.linkedin.com/in/raphaelroettgen

🌐Instagram - https://instagram.com/raphael_space/

◇ Twitter/X - https://x.com/RaphaelE2MC

To Learn more about Space & the Space Economy:

1. "To Infinity" – Raphael’s Revised Introduction to the Space Economy This book provides an insightful look into the space economy, its current trends, and future opportunities. 📚 https://a.co/d/6jIQ2LO
2. edX/EPFL's Space Economy MOOC This course offers a detailed understanding of the New Space Economy, covering key concepts and market developments. 🎓 https://www.edx.org/course/new-space-
3. Space Business Newsletter 📬 https://spacebusiness.substack.com/

This episode kicks off a new series on in-space R&D and manufacturing, exploring its potential (e.g. for sectors like pharma and semiconductors), its current status, and its challenges, among other topics.

At the end of this episode, Raphael highlights the recent launch of the Orbital Edge accelerator to support startups in this emerging sector.

Orbital Edge Accelerator: https://orbitaledge.techconnect.org/

🕰️ Timestamps:

00:00 - Introduction

02:23 - Why research and manufacture in Space?

10:28 - How to research and manufacture in Space, in practice?

22:35 - How can be build a thriving in-space R&D and manufacturing sector?

28:45 - Conclusion

🔗 Follow us:

🤝🏻LinkedIn : https://www.linkedin.com/company/space-business-podcast/ 🌐Socials: https://linktr.ee/spacebusinesspodcast

🔗 Follow Raphael:

🔷LinkedIn - https://www.linkedin.com/in/raphaelroettgen

🌐Instagram - https://instagram.com/raphael_space/

◇ Twitter/X - https://x.com/RaphaelE2MC

To Learn more about Space & the Space Economy:

1. "To Infinity" – Raphael’s Revised Introduction to the Space Economy This book provides an insightful look into the space economy, its current trends, and future opportunities. 📚 https://a.co/d/6jIQ2LO
2. edX/EPFL's Space Economy MOOC This course offers a detailed understanding of the New Space Economy, covering key concepts and market developments. 🎓https://www.edx.org/course/new-space-economy
3. Space Business Newsletter 📬 https://spacebusiness.substack.com/

My guest this week is Adel Haddoud, Founder & CEO of Infinite Orbits, a French in-orbit servicing company. We discuss their technology, business model, and vision, as well as the broader market for satellite servicing and space sustainability. Enjoy!

🕰️ Timestamps:

00:00 - Introduction

01:04 - Elevator Pitch

03:30 - Origin Story

04:51 - Technological Innovations

07:35 - Core of the Company

09:15 - Computing Hardware in Space

12:47 - Market Segments and Competition

18:38 - Life Extension in Space

23:49 - Unit Economics

26:13 - Life Extension and Docking

30:22 - OrbitGuard and Defense

31:06 - European vs. U.S. Space Market Dynamics

33:10 - Technological Advances and Future Prospects

42:06 - The Future of Space Servicing

45:00 - Interesting Developments in the Industry

45:55 - Sci-Fi Favorites

📍 About the Guest:

Adel Haddoud is the Founder & CEO of Infinite Orbits, a Toulouse-based space company pioneering in-orbit services like satellite inspection and life extension. In 2024, the company raised €12 million from private and public investors, following the successful 2023 test of its OrbitGuard1 nanosatellite—the world’s first geostationary nanosatellite. Founded in 2017, Infinite Orbits has developed an innovative space rendezvous solution using in-orbit image recognition. Adel previously had a career as an entrepreneur and manager, including a stint in Silicon Valley.

🔗 Connect with Adel:

🤝 LinkedIn: https://www.linkedin.com/in/adelhaddoud/

🔗 Follow us:

🏠Website : https://www.e2mc.space/

🤝🏻LinkedIn : https://www.linkedin.com/company/space-business-podcast/ 🌐Socials: https://linktr.ee/spacebusinesspodcast

🔗 Follow Raphael:

🔷LinkedIn - https://www.linkedin.com/in/raphaelroettgen

🌐Instagram - https://instagram.com/raphael_space/

◇ Twitter/X - https://x.com/RaphaelE2MC

To Learn more about Space & the Space Economy:

1. "To Infinity" – Raphael’s Revised Introduction to the Space Economy This book provides an insightful look into the space economy, its current trends, and future opportunities. 📚 https://a.co/d/6jIQ2LO
2. edX/EPFL's Space Economy MOOC This course offers a detailed understanding of the New Space Economy, covering key concepts and market developments. 🎓 https://www.edx.org/course/new-space-
3. Space Business Newsletter 📬 https://spacebusiness.substack.com/

Asteroid mining is making a comeback. It may sound futuristic, but some startups are betting on a viable and economic path to making it a reality and investors are taking notice. One of those companies is Karman+, and this week, I’m joined by its Co-Founder, Daynan Crull. Enjoy!

🕰️ Timestamps:

00:00 - Introduction

01:13 - Elevator Pitch

04:18 - Vision and Challenges of Asteroid Mining

06:07 - Recruitment and Team Building

07:44 - Origin Story and Motivation

12:35 - Market Timing and Investor Sentiment

19:49 - Technological and Logistical Challenges

26:12 - Geopolitical and Legal Considerations

32:11 - Mission Timeline and Milestones

36:53 - Economic Viability of Asteroid Mining

41:16 - Future Missions and Scaling Operations

45:19 - Interesting Developments in the Industry

46:15 - Sci-Fi Favorites

📍 About the Guest:

Daynan Crull is the Co-Founder and Mission Architect at Karman+, leading efforts to mine Near-Earth Asteroids for sustainable energy and resources. Previously, he was a Senior Data Scientist at New Light Technologies and the World Bank. From 2018 to 2020, he held data science roles at GeoPhy. Before transitioning to tech, he served in strategy and policy roles at the NYC Mayor’s Office and the Department of Information Technology & Telecommunications. Earlier, he worked at Blue State Digital and the NYC Council. Crull holds an M.S. in Urban Informatics from NYU Tandon and a B.A. from DePauw University.

🔗 Connect with Daynan:

🤝 LinkedIn: https://www.linkedin.com/in/daynan/

🔗 Follow us:

🏠Website : https://www.e2mc.space/

🤝🏻LinkedIn : https://www.linkedin.com/company/space-business-podcast/ 🌐Socials: https://linktr.ee/spacebusinesspodcast

🔗 Follow Raphael:

🔷LinkedIn - https://www.linkedin.com/in/raphaelroettgen

🌐Instagram - https://instagram.com/raphael_space/

◇ Twitter/X - https://x.com/RaphaelE2MC

To Learn more about Space & the Space Economy:

1. "To Infinity" – Raphael’s Revised Introduction to the Space Economy This book provides an insightful look into the space economy, its current trends, and future opportunities. 📚 https://a.co/d/6jIQ2LO
2. edX/EPFL's Space Economy MOOC This course offers a detailed understanding of the New Space Economy, covering key concepts and market developments. 🎓 https://www.edx.org/course/new-space-
3. Space Business Newsletter 📬 https://spacebusiness.substack.com/

Space to Grow is a new book on the space economy. Its authors, Matt Weinzierl, a professor at Harvard Business School, and Brendan Rosseau, also formerly of Harvard and now in strategy at Blue Origin, are my guests this week. Enjoy!

Space to Grow: Unlocking the Final Economic Frontier (Harvard Business Publishing, 2025)

https://www.amazon.com/Space-Grow-Unlocking-Economic-Frontier/dp/1647827167#:~:text=Book%20overview&text=An%20exploration%20of%20the%20dynamic,a%20commercial%20revolution%20right%20now.

🕰️ Timestamps:

00:00 - Intro

05:16 - Building a Thriving Space Economy

09:15 - Government's Role in the Space Economy

11:07 - Regulatory and Economic Environment

14:33 - Economies beyond Regulation

19:02 - Government Dependency in Space Markets

25:32 - Historical Parallels and Lessons for Space

30:12 - Defining a Thriving Space Economy

33:02 - Challenges and Opportunities in Space Manufacturing

35:29 - Role of Government and Private Sector in Space

41:18 - Financing the Space Economy

45:55 - Factors limiting large-scale funding in Space

53:19 - What’s next in Space?

54:45 - Sci-Fi Favorites

📍 About the Guests:

Matthew C. Weinzierl

Matthew C. Weinzierl is the author of Space to Grow: Unlocking the Final Economic Frontier (Harvard Business Publishing, 2025) an American academic. He is a Professor of Business Administration at the Harvard Business School. He has published research on taxation. He worked at McKinsey & Company after he attended Harvard University. Weinzierl earned a PhD in economics from Harvard University in 2008.

Brendan Rosseau

Brendan Rosseau is the co-author of Space to Grow: Unlocking the Final Economic Frontier (Harvard Business Publishing, 2025), Strategy Manager at Blue Origin, and former Teaching Fellow at Harvard Business School. With experience in space consulting, policy, aerospace startups, and astrophysical research, they have a background in astronomy and economics. Former Associate at Booz Allen Hamilton supporting U.S. Space Force.

🔗 Connect with them on LinkedIn:

🤝Matthew Weinzierl - https://www.linkedin.com/in/matthew-weinzierl-67312846/

🤝Brendan Rosseau - https://www.linkedin.com/in/brendan-rosseau/

🔗 Follow us:

🏠Website : https://www.e2mc.space/

🤝🏻LinkedIn : https://www.linkedin.com/company/space-business-podcast/ 🌐Socials: https://linktr.ee/spacebusinesspodcast

🔗 Follow Raphael:

🔷LinkedIn - https://www.linkedin.com/in/raphaelrottgen/

🌐Instagram - https://instagram.com/raphael_space/

◇ Twitter/X - https://x.com/RaphaelE2MC

To Learn more about Space & the Space Economy:

1. "To Infinity" – Raphael’s Revised Introduction to the Space Economy This book provides an insightful look into the space economy, its current trends, and future opportunities. 📚 https://a.co/d/6jIQ2LO
2. edX/EPFL's Space Economy MOOC This course offers a detailed understanding of the New Space Economy, covering key concepts and market developments. 🎓 https://www.edx.org/course/new-space-
3. Space Business Newsletter 📬 https://spacebusiness.substack.com/