Eye of the Dragon

Balerion General Partner Dan Wallman sits down with Balerion Advisor, Vast Board Member, and Zeno Power SVP of Space Business Development A.C. Charania to discuss lunar infrastructure, commercial space stations, nuclear power in space, and emerging opportunities at the intersection of space and defense.

A.C. brings more than two decades of experience across the commercial space sector and government, including leadership roles at Blue Origin, Virgin Orbit, and NASA, where he served as Chief Technologist. Today he works at the center of several key developments shaping the next phase of the space economy: supporting the Balerion investment portfolio, serving on the board of commercial space station company Vast, and leading space market development at Zeno Power, which is building compact nuclear power systems for missions ranging from the seabed to the outer planets.

In this conversation, A.C. shares lessons from developing the Blue Moon lunar lander program, insights from inside NASA’s technology portfolio, and his perspective on where the next major opportunities in space will emerge, from lunar infrastructure and commercial LEO stations to power systems and the growing overlap between space and national security.

00:00 – Introduction and industry contextDan Wallman opens the webinar, introduces A.C. Charania, and frames the conversation around recent momentum in the space sector and Balerion’s activity.

00:40 – A.C. Charania’s background across space and governmentA.C. walks through his career spanning SpaceWorks, Virgin Orbit, Blue Origin, Reliable Robotics, NASA, and now Zeno Power, while also serving as a Balerion advisor.

03:34 – Building Blue Origin’s lunar lander effortA.C. reflects on joining Blue Origin at the start of the lunar lander effort and helping mature it from an early concept into a major NASA-funded program.

05:30 – Commercial opportunity on the MoonDiscussion of lunar cargo rate, infrastructure utilization, and the role of lunar resources such as water ice in enabling a sustainable cislunar economy.

07:28 – Moving from commercial space into NASAA.C. explains what changed when he moved inside NASA, including the agency’s coordination-heavy culture and the challenges of accelerating decision-making.

09:15 – First-principles thinking and technology portfolio management at NASAA.C. discusses trying to improve efficiency, focus on metrics, and push NASA’s early-stage technology investments toward clearer outcomes.

10:11 – Artemis architecture and the path back to the MoonDan asks about the evolving Artemis architecture, and A.C. explains why the newer plan is more logically sequenced and more competitive.

12:11 – Lunar milestones before a human returnA.C. highlights key upcoming lunar demonstrations, cargo landers, propellant transfer work, and the broader buildout of lunar communications and power infrastructure.

13:17 – What Zeno Power doesA.C. shifts to his current role at Zeno Power and explains the company’s focus on compact radioisotope power systems for maritime and space applications.

14:02 – How radioisotope power worksHe distinguishes Zeno’s systems from fission reactors and explains how decaying isotopes generate heat that can be converted into electricity.

15:50 – Zeno’s five- to ten-year visionA.C. describes the long-term goal of scaling production of radioisotope power systems for widespread deployment from the ocean floor to planetary missions.

17:52 – Why power sits at the bottom of every tech stackDan and A.C. discuss how compact off-grid power enables distributed systems in both maritime and space environments.

18:56 – Vast and the future of commercial LEO destinationsThe conversation turns to commercial space stations, the ISS transition, and why Vast sits at the center of an important shift from government-owned to commercially provided orbital infrastructure.

21:54 – What people may underestimate about building space stationsA.C. emphasizes systems engineering, integration, and flight-testing as core challenges, and explains why vertical integration can be an advantage.

24:21 – Underappreciated opportunities in the space economySpeaking with his investor hat on, A.C. highlights power systems, thermal control, satellite manufacturing scale, and Golden Dome-related opportunities.

27:37 – Advice for founders building space companiesA.C. shares his core advice: stay close to real customer demand, but do not become so narrowly tailored to one customer that you lose the ability to scale.

29:31 – Closing remarksDan wraps the conversation and thanks A.C. for joining.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit balerionspace.substack.com

Balerion Senior Associate Aidan Daoussis sits down with Vaxon Space Founder & CEO Steven Shepard to discuss very low Earth orbit satellites and air-breathing electric propulsion.

Vaxon Space is developing satellites designed to operate in very low Earth orbit (VLEO) using an electric propulsion system that ingests atmospheric particles and uses them as propellant. Operating at these altitudes offers advantages in sensing resolution, latency, and orbital debris mitigation, but requires overcoming major engineering challenges including atmospheric drag, atomic oxygen corrosion, and continuous propulsion.

In this conversation, Steven explains the technical architecture behind air-breathing propulsion, the advantages of VLEO for sensing and communications, and why defense and commercial customers are increasingly interested in this orbital regime.

00:00 – Introduction: Vaxon Space and the concept of Very Low Earth Orbit (VLEO)Aidan introduces Steven Shepard, Founder and CEO of Vaxon Space, and frames the discussion around very low Earth orbit satellites, missile defense applications, AI infrastructure, and next-generation connectivity enabled by Vaxon’s electric air-breathing propulsion technology.

01:00 – What Vaxon Space is buildingSteven provides a high-level overview of the company and explains the name “Vaxon,” inspired by neural axons that transmit information. The company’s mission is to enable real-time connectivity through satellite constellations operating in very low Earth orbit.

03:00 – Why very low Earth orbit mattersSteven explains the differences between GEO, MEO, LEO, and VLEO, and why the 150–250 km altitude range offers unique advantages for sensing, communications, and defense missions.

05:30 – Advantages of VLEO for sensing and communicationsLower altitude enables higher-resolution sensing, lower latency communications, and more responsive networks compared to traditional LEO constellations.

08:00 – The VLEO challenge: atmospheric dragOperating this low introduces major drag from the upper atmosphere. Steven explains why most satellites cannot survive there for long without continuous propulsion.

10:00 – Air-breathing electric propulsionSteven introduces Vaxon’s core technology: an electric propulsion system that ingests atmospheric particles and uses them as propellant, allowing satellites to remain in VLEO without carrying large fuel reserves.

13:00 – Technical hurdles in VLEODiscussion of atomic oxygen corrosion, thermal management, and materials challenges when operating at these altitudes.

16:00 – Satellite design implicationsHow spacecraft geometry, aerodynamic shaping, and materials selection affect performance and survivability in VLEO.

19:00 – Missile defense applicationsSteven explains why VLEO satellites could dramatically improve missile tracking and hypersonic glide vehicle detection due to improved sensor proximity and responsiveness.

22:00 – Earth observation and commercial sensingDiscussion of VLEO advantages for agriculture monitoring, wildfire detection, environmental sensing, and infrastructure monitoring.

25:00 – Communications and connectivity use casesVLEO could enable lower-latency communications and potentially support direct-to-device connectivity.

27:00 – The broader VLEO ecosystemAidan asks about other companies working in the space. Steven discusses emerging efforts and why the field is still early.

30:00 – Satellite maneuverability and operational flexibilityContinuous atmospheric propellant intake could enable satellites to maneuver frequently without fuel limitations.

33:00 – Orbital debris and natural cleanup advantagesObjects in VLEO naturally reenter quickly due to drag, reducing long-term debris accumulation compared to higher orbital regimes.

36:00 – Audience Q&A: power requirements and system architectureDiscussion of energy demands for electric propulsion and how satellite power systems support continuous thrust.

39:00 – Hardware design and radiation environmentVLEO satellites experience less radiation than higher orbits, which could allow the use of more commercial electronics.

42:00 – Direct-to-cell communications potentialSteven explains how lower altitude could enable smaller ground terminals and improved communications performance.

45:00 – Founder background and origin of the companySteven discusses his career background and how previous work in aerospace and defense informed the founding of Vaxon Space.

48:00 – Hypersonics, materials science, and propulsion experienceAidan asks how Steven’s technical background connects to the company’s VLEO propulsion approach.

51:00 – Government funding and defense procurement landscapeDiscussion of how programs across the Department of Defense and other agencies are supporting emerging orbital architectures.

54:00 – Navigating government customers and classified ecosystemsSteven describes how startups engage with organizations like the Space Force and other national security customers.

56:30 – Closing thoughts on the future of VLEOSteven summarizes why very low Earth orbit may become an important new layer of space infrastructure.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit balerionspace.substack.com

Balerion Senior Associate Aidan Daoussis sits down with Marco Bolignari, Co-Founder & CEO of Fluid Wire Robotics, to discuss robotic manipulation in extreme environments.

Fluid Wire Robotics is developing a new architecture for robotic arms designed to operate in environments where traditional robotics struggle to survive—radiation, high temperatures, vacuum, and deep ocean pressure. The company’s “fluid wire” transmission system separates sensitive electronics and actuation components from the robotic arm itself, allowing the mechanical structure to remain simple, lightweight, and inherently resilient.

In this conversation, Marco explains the technical foundations of the fluid wire architecture, the engineering challenges of robotics in space and nuclear environments, and how distributed fleets of robotic servicers could support satellite maintenance, in-orbit infrastructure, and the next generation of nuclear energy systems.

00:00 – IntroductionAidan introduces the webinar and welcomes Marco Bolignari, Co-Founder and CEO of Fluid Wire Robotics.

01:00 – The core concept behind Fluid Wire RoboticsMarco explains the company’s goal of enabling advanced robotic manipulation in extreme environments.

03:00 – The “actuation box” architectureHow Fluid Wire separates motors, sensors, and electronics from the robotic arm itself to protect them from harsh conditions.

05:00 – Fluid wire transmission technologyOverview of the fluid-based actuation system that transfers motion from the actuation box to each joint of the robotic arm.

06:00 – What qualifies as a harsh environmentDiscussion of radiation zones, explosive environments, high temperatures, vacuum, and other conditions that prevent human access.

09:00 – The limitations of current robotics in extreme environmentsWhy existing robotic systems are expensive, specialized, and difficult to scale.

10:00 – Robotics applications in spaceHow robotic arms could enable satellite servicing, debris removal, and in-orbit infrastructure.

12:00 – The emerging in-orbit servicing marketWhy future satellites may be designed to be repaired, upgraded, or assembled in space.

15:00 – Advantages of the fluid wire architecture for space systemsBenefits including lower mass, improved thermal management, and easier shielding from radiation.

19:00 – Controlling robotic arms in microgravityChallenges of operating robotic manipulators on a floating spacecraft platform.

23:00 – Business model and partnershipsHow Fluid Wire plans to integrate robotic systems into spacecraft built by other system integrators.

25:00 – Origin of the technologyMarco describes how the fluid wire concept began as a university research project in rehabilitation robotics.

28:00 – The Italian robotics ecosystemDiscussion of the growing European robotics startup and venture capital environment.

31:00 – AI and autonomy in robotic systemsHow human-in-the-loop control compares to autonomous operation in space environments.

35:00 – Robotics as the physical platform for AIMarco discusses the idea of robotic systems serving as the “body” for AI agents operating in the real world.

39:00 – Future robotic configurationsPotential systems with multiple arms, humanoid structures, or specialized robotic platforms for space.

43:00 – Economics of robotics in extreme environmentsWhy current systems are expensive and how universal robotic architectures could reduce costs.

48:00 – The future of orbital servicing infrastructureMarco describes a future with fleets of robotic servicing satellites operating across Earth orbit.

50:00 – Underwater robotics applicationsChallenges of operating robotic manipulators at depth under extreme pressure.

53:00 – Robotics in the nuclear industryThe role of robotics in decommissioning existing reactors and supporting next-generation SMR deployments.

56:00 – Final reflectionsMarco emphasizes the importance of adaptability in technology development and entrepreneurship.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit balerionspace.substack.com

Balerion Senior Associate Aidan Daoussis sits down with Matej Cernosek, Co-Founder & CEO of AndrenaM, to discuss ocean sensing, maritime AI, and monitoring activity across the underwater domain.

AndrenaM is building a system designed to sense and monitor the ocean from the seafloor to the surface using distributed sensors and machine learning. In this conversation, Matej explains how the company emerged from engineering backgrounds in aerospace and robotics, and why the founders believe the underwater domain remains one of the least instrumented environments on Earth.

Aidan and Matej discuss the technical challenges of sensing in the ocean, how AI can be used to interpret large volumes of sensor data, and the growing strategic importance of maritime awareness for commercial, environmental, and national security applications.

00:00 – IntroductionAidan introduces the webinar and welcomes Matej Cernosek, Co-Founder and CEO of AndrenaM.

01:00 – Founding storyMatej discusses meeting his co-founder at the Colorado School of Mines and the early idea of building a company together.

03:00 – Early career pathsExperience working at companies such as SpaceX and other technology startups before launching AndrenaM.

05:30 – The origin of AndrenaMHow the founders identified the lack of real-time sensing and awareness across the ocean domain.

08:30 – The core problem: the ocean is largely unobservedDiscussion of the difficulty of monitoring activity underwater and across maritime environments.

12:00 – What AndrenaM is buildingOverview of the company’s sensing architecture and approach to monitoring the ocean.

16:00 – Distributed sensors and data collectionHow data from underwater and surface sensors can be combined to build a coherent operational picture.

20:00 – Role of artificial intelligenceUsing machine learning to process large volumes of maritime sensor data.

24:00 – Applications for maritime awarenessPotential uses for environmental monitoring, commercial activity tracking, and security applications.

28:00 – Technical and operational challengesEngineering challenges of operating sensors in the ocean environment.

31:00 – Scaling the systemHow AndrenaM plans to deploy sensing infrastructure across larger ocean areas.

34:00 – Future roadmapWhere the company is headed and how maritime sensing may evolve in the coming years.

37:00 – Closing discussionMatej shares final thoughts on the importance of better understanding the ocean domain.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit balerionspace.substack.com

Balerion Senior Associate Aidan Daoussis sits down with Marco Sala, Co-Founder & CEO of Revolv Space, to discuss satellite solar array drive systems and spacecraft power generation.

Revolv Space develops Solar Array Drive Assemblies (SADAs) and related spacecraft mechanisms that allow satellites to track the Sun and maximize electrical power generation in orbit. In this conversation, Marco explains how satellite power systems work, why solar array pointing mechanisms are critical for modern spacecraft, and how Revolv is building compact, reliable systems for the rapidly growing small satellite market.

Aidan and Marco also discuss the company’s founding, engineering challenges associated with space hardware, the economics of satellite subsystems, and how increasing launch cadence and constellation deployments are reshaping the spacecraft supply chain.

00:00 – IntroductionAidan introduces the podcast and welcomes Marco Sala, Co-Founder and CEO of Revolv Space.

01:00 – What Revolv Space buildsMarco explains the company’s focus on Solar Array Drive Assemblies and spacecraft mechanisms.

03:30 – Why satellite power mattersOverview of spacecraft electrical systems and the role of solar power in orbit.

06:00 – How solar arrays track the SunExplanation of solar array pointing systems and how satellites maintain optimal power generation.

09:00 – Solar Array Drive Assemblies (SADAs)Technical overview of how these mechanisms work and why they are essential for satellite operations.

12:30 – Mechanical and reliability challenges in spaceOperating rotating mechanisms in vacuum, radiation, and extreme temperature cycles.

16:30 – Revolv’s engineering approachDesign philosophy and how the company is improving performance and reliability.

21:00 – Building space hardware startupsMarco discusses the early development of Revolv and entering the satellite supply chain.

26:00 – Manufacturing and scalabilityHow spacecraft subsystem companies scale production as launch cadence increases.

31:00 – The changing satellite industryGrowth of small satellite constellations and demand for modular spacecraft components.

36:00 – Customer integrationHow satellite manufacturers incorporate subsystems like solar array drives.

41:00 – Market opportunity for space componentsDiscussion of where Revolv fits in the broader space economy.

46:00 – Long-term roadmapFuture products and expansion plans for the company.

51:00 – Advice for founders and engineers entering space hardware

55:00 – Closing discussionMarco summarizes Revolv’s mission and the outlook for spacecraft power systems.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit balerionspace.substack.com

Balerion Senior Associate Aidan Daoussis sits down with Ambrosia Space Founder & CEO Mario Maggio to discuss in-space biomanufacturing and microgravity life sciences.

In this conversation, Mario outlines Ambrosia Space’s focus on building scalable biomanufacturing infrastructure designed to operate in microgravity, including bioreactors, centrifuges, and downstream processing systems. The discussion explains why microgravity can fundamentally change biological processes and how on-orbit manufacturing enables new capabilities for biopharma research, drug development, and life-science experimentation.

Aidan and Mario also cover Ambrosia’s first flight mission (ABBY), which will deploy a 2.5-liter bioreactor and centrifuge in orbit, providing an order-of-magnitude increase in on-orbit bioprocessing capability. The conversation situates in-space biomanufacturing within current commercial demand as well as long-term applications for NASA, the Department of Defense, and sustained human presence beyond Earth.

00:00 – Welcome & introductionsAidan introduces Mario Maggio and frames the discussion around biomanufacturing as emerging orbital infrastructure.

01:30 – Mario Maggio’s backgroundMario explains his path into space biomanufacturing and the motivation behind founding Ambrosia Space.

03:30 – What biomanufacturing means in microgravityHow microgravity alters biological processes compared to Earth-based manufacturing.

06:00 – Why space enables different outcomesDiscussion of sedimentation, shear forces, diffusion, and why orbit changes cell behavior and production pathways.

09:00 – Ambrosia Space’s technical focusOverview of scalable bioreactors, centrifuges, and downstream processing designed specifically for microgravity.

12:30 – The ABBY mission overviewDetails on Ambrosia’s first flight, including the 2.5-liter bioreactor and centrifuge payload.

16:00 – Order-of-magnitude capability jumpWhy current on-orbit life-science experiments are limited and how ABBY expands process development capacity.

19:00 – Applications in biopharmaHow in-space manufacturing supports drug discovery, formulation, and biologics research.

22:30 – NASA and government use casesRelevance for space agencies, national labs, and defense-driven life-science research.

26:00 – Designing hardware for microgravity operationsEngineering constraints, reliability requirements, and system autonomy in orbit.

29:30 – Downstream processing challengesWhy separation, concentration, and purification matter as much as upstream bioreactors.

33:00 – Commercialization pathwayHow Ambrosia plans to move from experimental payloads to repeatable commercial services.

36:30 – Scaling biomanufacturing in orbitWhat scaling looks like for space-based life-science infrastructure over the next decade.

40:00 – Role of private space stationsHow new commercial stations enable continuous biomanufacturing operations.

43:00 – Long-term visionWhy biomanufacturing is foundational for sustained human activity in orbit and beyond.

46:00 – Mars and deep-space relevanceHow microgravity bioprocessing ties into long-duration missions and off-world settlement.

48:30 – Closing thoughtsMario summarizes Ambrosia’s near-term milestones and long-term objectives.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit balerionspace.substack.com

Balerion Senior Associate Aidan Daoussis sits down with Vulcan Elements Co-Founder & CEO John Maslin to discuss rare earth magnet manufacturing and supply-chain security.

In this conversation, John explains Vulcan Elements’ approach to domestic manufacturing of permanent rare earth magnets. These magnets are a critical input for electric motors, defense systems, aerospace applications, and advanced industrial equipment. The discussion focuses on why magnets, rather than raw rare earth materials alone, represent the true bottleneck in the supply chain, and how Vulcan is building vertically integrated manufacturing capability inside the United States.

Aidan and John cover the technical requirements of magnet production, current global supply concentration, qualification standards for defense and aerospace customers, and how reshoring magnet manufacturing changes risk profiles for both commercial and national-security applications.

00:00 – Welcome & IntroductionsAidan introduces John Maslin and frames the conversation around rare earth magnets and industrial supply chains.

01:30 – Vulcan Elements Origin StoryJohn explains the founding motivation behind Vulcan Elements and the decision to focus on magnets rather than upstream mining.

04:00 – Why Rare Earth Magnets MatterOverview of where permanent magnets are used: EVs, aerospace, defense systems, industrial motors, and robotics.

07:00 – The Real Bottleneck: Magnet ManufacturingWhy access to rare earth materials is not sufficient without downstream magnet production capability.

10:00 – Global Supply Chain ConcentrationDiscussion of current geographic concentration of magnet manufacturing and resulting strategic vulnerabilities.

13:00 – Technical Overview of Magnet ProductionKey steps in magnet manufacturing, processing requirements, and performance specifications.

17:00 – Quality, Certification, and Defense StandardsWhy qualification timelines are long and how Vulcan approaches defense and aerospace validation.

21:00 – Vertical Integration StrategyHow Vulcan is structuring its manufacturing stack to control performance, reliability, and cost.

25:00 – Customer Segments & Early DemandTarget markets including defense primes, EV suppliers, aerospace manufacturers, and industrial users.

28:00 – Scaling Manufacturing CapacityWhat scaling looks like in magnet production versus raw materials or electronics.

32:00 – Economics & Cost StructureCapital requirements, operating considerations, and competitiveness against overseas suppliers.

36:00 – Policy, Incentives, and Industrial StrategyHow government policy intersects with domestic manufacturing and national resilience.

40:00 – Long-Term Outlook for Magnet DemandExpected growth drivers from electrification, automation, and defense modernization.

44:00 – Scaling Timelines & Execution RisksDiscussion of manufacturing ramp timelines, execution challenges, and where delays typically occur in advanced materials production.

47:00 – Talent, Hiring, and Industrial Know-HowWhy experienced manufacturing talent is as critical as capital, and how Vulcan approaches workforce development.

50:00 – Policy Tailwinds & Long-Term DemandHow electrification, defense modernization, and industrial policy shape long-term magnet demand.

52:00 – Closing RemarksFinal reflections on why rare earth magnet manufacturing is foundational infrastructure for a resilient industrial base.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit balerionspace.substack.com

Balerion Senior Associate Aidan Daoussis sits down with Carlos Araque, Founder & CEO of Quaise Energy, to discuss superhot geothermal power and deep drilling technology.

In this conversation, Carlos explains Quaise Energy’s approach to geothermal power generation based on accessing rock temperatures of approximately 300–500°C at depths of 3–20 kilometers. Quaise’s core technology uses millimeter-wave energy rather than mechanical drilling to create wells capable of reaching these depths and temperatures, enabling continuous baseload power generation using conventional steam turbines.

The discussion covers how superhot geothermal differs from traditional geothermal systems, why temperature, as opposed to geography, is the limiting factor for global deployment, and how Quaise plans to scale using the existing oil and gas supply chain and workforce. Aidan and Carlos also explore project economics, deployment timelines, and where deep geothermal fits relative to other firm energy sources such as nuclear and fossil fuels.

00:00 – Welcome & framing the geothermal opportunityAidan introduces Carlos Araque and sets the stage for a discussion on deep geothermal as a foundational energy solution for a rapidly growing, electricity-hungry world.

01:00 – Carlos Araque’s origin storyFrom 15 years in oil & gas to venture capital and MIT-born research, Carlos explains the “aha moment” that led to founding Quaise Energy.

03:00 – What geothermal actually is (and isn’t)A practical explanation of geothermal energy, Earth’s heat budget, and why conventional hydrothermal geothermal has remained niche.

05:30 – Why geothermal isn’t everywhere todayHeat, permeability, and water: the three requirements—and why missing water has limited geothermal deployment globally.

07:30 – Enhanced geothermal systems (EGS) and going deeperHow bringing your own water and drilling deeper opens geothermal access far beyond volcanic regions like Iceland.

10:00 – A brief history of geothermal powerFrom early 20th-century Italy to EGS experiments at Los Alamos and the emergence of modern geothermal startups.

13:00 – What makes Quaise differentMillimeter-wave drilling explained: why conventional mechanical drilling fails at extreme depths and temperatures, and how Quaise changes the physics.

17:00 – Measuring progress in depthQuaise’s roadmap: from 100 meters drilled today to multi-kilometer wells over the next several years.

18:30 – Geothermal vs. nuclear and SMRsHow deep geothermal compares to fission and fusion in cost, geopolitics, deployment speed, and global accessibility.

21:30 – Resource depletion and sustainabilityThermal drawdown, replenishment timescales, and why deep geothermal won’t “cool the Earth.”

23:00 – Business model and commercializationWhy Quaise positions itself as a technology enabler rather than a vertically integrated energy operator.

25:00 – Ideal first customersHyperscalers, industrial users, and why 100+ MW baseload demand is the sweet spot.

27:00 – The hard physics of deep drillingEnergy delivery, cuttings removal, equipment wear—and why most alternative drilling concepts fail.

32:00 – Dual-use possibilities and mining synergiesWhether deep drilling could unlock minerals alongside geothermal heat.

36:00 – What the wells actually look likeHole diameter, drilling geometry, and why Quaise designs around oil & gas industry standards.

39:00 – Power generation and repowering existing plantsUsing superhot geothermal steam in conventional Rankine-cycle turbines, including coal-to-geothermal conversions.

42:00 – Cost curves and energy pricingProjected $30–$100/MWh power across different geothermal “tiers” and how this reshapes global energy economics.

45:00 – Inflection points and scaling timelinesWhy geothermal’s breakout moment may arrive suddenly but infrastructure rollout will still take decades.

48:00 – Oil majors, partnerships, and acquisition questionsWhy Quaise prefers enabling existing energy giants rather than becoming one.

50:00 – Offshore vs. onshore geothermalPlug-and-play drilling systems and why onshore geothermal is usually sufficient.

52:00 – Closing thoughtsGeothermal’s trendline is already bending.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit balerionspace.substack.com

Balerion Senior Associate Aidan Daoussis sits down with AJ Piplica, Co-Founder and CEO of Hermeus, a company working at the frontier of hypersonic aviation. Hermeus is building reusable, high-Mach aircraft using a development philosophy that looks more like early rocket startups or the aerospace programs of the 1950s than traditional defense primes.

In this conversation, AJ walks through the origin of Hermeus, why hypersonics stalled for decades in the U.S., and how a hardware-rich, iterative approach to flight testing is enabling dramatically faster learning cycles. The discussion spans national security, manufacturing, regulation, and the long-term commercial implications of making the world “regional” again through high-speed flight.

00:00 – Welcome & IntroductionAidan introduces AJ Piplica and frames Hermeus’s mission in hypersonic aviation and national security.

01:00 – AJ’s Background & the Origin of HermeusAJ traces his path from aerospace engineering at Georgia Tech into hypersonics, and why the field became his life’s focus.

04:00 – Why Hypersonics Matter NowHow U.S. hypersonics shifted from research to strategic urgency as China and Russia accelerated real-world testing.

07:00 – The Core Insight: Flight Testing as the BottleneckWhy lack of frequent, affordable flight testing has stalled progress—and why Hermeus built its company around fixing that.

10:30 – Iterative Development: Lessons from the 1950s and SpaceflightReintroducing rapid build-fly-learn cycles to aircraft development, and why airplanes fell behind rockets and satellites.

13:00 – The Quarterhorse Program ExplainedA breakdown of Hermeus’s aircraft roadmap: one program, multiple aircraft, each de-risking a specific technical challenge.

16:00 – Defense First, Commercial LaterWhy uncrewed defense applications come first—and how that creates a foundation for future commercial hypersonic flight.

18:30 – How the U.S. Lost Its Lead in HypersonicsLessons from the X-43 and X-51 programs, budget cuts, risk aversion, and publishing away hard-won knowledge.

22:00 – What Hypersonics Unlock Beyond WeaponsFrom high-speed cargo to passenger travel, and how shrinking time changes global economics.

25:00 – Concorde, Apollo, and the Cost of Not IteratingWhy Concorde wasn’t a failure—and what was lost by stopping instead of iterating.

28:00 – Building a Hardware Company Without BillionsHow Hermeus started with almost nothing, attracted top talent, and earned early conviction from investors.

31:00 – Manufacturing for Speed, Not PerfectionWhy Hermeus prioritizes simple metal structures and margin over optimization in early aircraft.

35:00 – Regulation as a Design ProblemHow Hermeus works with the FAA using a “rocket-style” safety mindset for uncrewed aircraft.

40:00 – First-Principles Thinking in Regulated IndustriesAJ on questioning assumptions, reading the law, and finding faster paths through complex systems.

44:00 – Leadership, Team, and Taking the LeapWhat it takes to lead a company tackling extreme technical risk—and why the downside was worth it.

47:00 – Closing ReflectionsWhy seemingly impossible engineering problems may be simpler than we think.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit balerionspace.substack.com

Balerion Senior Associate Aidan Daoussis sits down with Interstellar Lab Founder & CEO Barbara Belvisi to discuss autonomous biospheric systems and life-support for Earth and orbit.

Barbara explains how Interstellar Lab evolved from an ambitious lunar greenhouse concept into a dual-use platform generating revenue on Earth while building toward deployment in orbit and beyond. Designed from the outset as sealed, AI-controlled biospheric environments, Interstellar Lab’s inflatable “biopods” regulate atmosphere, light spectrum, humidity, and water recycling with minimal human intervention. The discussion explores commercial traction with global cosmetic leaders, NASA-backed research initiatives, integration into future commercial space stations, and the long-term vision for scalable life-support infrastructure as humanity expands beyond Earth.

00:00 – Introduction & Founder BackgroundAidan introduces Barbara Belvisi and Interstellar Lab’s mission. Barbara shares her transition from venture capital into building space-enabled life-support systems.

02:30 – The Original Vision: Lunar GreenhousesHow the company began with a concept for growing plants on the Moon and evolved into a broader biospheric systems platform.

05:00 – What Is a Biopod?Overview of Interstellar Lab’s sealed, inflatable structures and AI-controlled environmental regulation systems.

08:00 – Closed-Loop Environmental ControlHow the system regulates CO₂, oxygen, humidity, temperature, water recycling, and light spectrum with minimal human input.

12:00 – Why Commercialize on Earth FirstDual-use strategy: generating revenue through high-value botanical production while refining space-grade systems.

16:00 – Market Focus: High-Value BotanicalsWhy the company avoided commodity crops and instead targets rare, high-value cosmetic and fragrance ingredients.

20:00 – Commercial Traction & PartnershipsDiscussion of contracts with major global cosmetic brands and early revenue from terrestrial installations.

25:00 – Automation & Autonomy by DesignHow space constraints (limited crew time, resource efficiency) drove deep automation and AI integration from the start.

30:00 – Expansion to LEO & Commercial StationsISS retirement, NASA grants, and potential integration into upcoming commercial space habitats.

35:00 – Lunar Deployment StrategyInflatable ETFE structures, modular transport concepts, and long-term plans for lunar greenhouse infrastructure.

40:00 – Engineering & Materials Deep DiveStructure design, overpressure systems, membrane materials, environmental dashboards, and modular scalability.

45:00 – Economics of Life-Support SystemsEfficiency gains, resource optimization, and the economic case for autonomous biospheric infrastructure.

50:00 – Biodiversity & Resilience ApplicationsTesting rare or endangered species and implications for ecological resilience on Earth.

55:00 – Long-Term Vision: Earth → Orbit → Moon → MarsBarbara outlines the roadmap from terrestrial commercialization to off-world deployment and sustainable life-support systems.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit balerionspace.substack.com