Spend enough time investing in space and expectations change. The industry does not advance through clean inflection points that resolve uncertainty, and progress rarely aligns with the milestones investors are accustomed to tracking. More often, space infrastructure is absorbed gradually into other systems, registering as essential only after it is already embedded. That dynamic, rather than any single event, is what makes 2026 worth watching.

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Micah Walter-Range is president of Caelus Partners and a contributor to the S-Network Space Index, the index behind the Procure Space ETF (UFO).