A wave of private capital flowing into space and defense technology has made the sector fashionable again — but that popularity comes with a familiar constraint. For companies building systems relevant to national security, long-term value still hinges on the government’s ability to fund them consistently.

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Sandra Erwin writes about military space programs, policy, technology and the industry that supports this sector. She has covered the military, the Pentagon, Congress and the defense industry for nearly two decades as editor of NDIA’s National Defense...