Over the last decade, decreased costs of launch have unlocked new markets in space. The two largest are satellite communications and Earth observation in low Earth orbit (LEO). As these costs continue to fall with the advent of SpaceX’s Starship, Blue Origin’s New Glenn, Rocket Lab’s Neutron, Stoke Space’s Nova and others, the industry is taking advantage by pursuing newer and more capital intensive businesses beyond Earth’s atmosphere.

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Matt Kaplan is an Investment Analyst at Shield Capital, an early stage venture firm investing at the nexus of commercial and national security technologies.

David Rothzeid is a Principal at Shield Capital. He served in the United States Air Force as an acquisition officer for over a dozen years and is still a reservist at the Pentagon.