Eye of the Dragon

Rocketdyne Returns, NASA’s Budget, 2026 Moon Rush & Starlink Orbit Shift

In this Dragonfire episode, we break down the biggest space stories shaping 2026:

* L3Harris sells a 60% stake in its space propulsion unit to AE Industrial Partners in an $845 million deal, with plans to revive the iconic Rocketdyne brand for engines, electric propulsion, and nuclear power concepts.

* ​NASA’s 2026 budget lands at about $24.4 billion in a new minibus bill, avoiding a much deeper proposed cut while preserving key funding for science, space technology, nuclear propulsion, fission surface power, and commercial space stations.

* ​The 2026 “moon rush” heats up as private landers from Blue Origin, Firefly, Intuitive Machines, and Astrobotic target lunar south pole and far‑side missions with CLPS payloads, rovers, and new surface tech demos.​SpaceX plans to lower the orbits of roughly 4,400 Starlink satellites from around 550 km to about 480 km to reduce collision risk and speed up satellite deorbit times.

* ​Florida’s Space Coast sets a new record with 109 orbital launches in 2025, driven primarily by Falcon 9, as range planners eye capacity for 300+ launches per year in the 2030s.

​If you care about space industry trends, launch cadence, NASA policy, commercial lunar landers, and mega-constellation risk management, this video is for you.

Chapters:00:00 – Intro00:10 – L3Harris, AE Industrial & Rocketdyne00:30 – NASA FY 2026 Budget Explained00:50 – 2026 Private Moon Rush01:20 – Starlink Orbit Shift for Safety01:45 – Florida’s 109-Launch Year

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 Phantom Space CEO Jim Cantrell to discuss responsive launch, orbital data centers, and the infrastructure layer of the space economy.

00:00 - Welcome & New Year contextAidan opens the webinar, welcomes Jim Cantrell, and frames the discussion around infrastructure as the next phase of the space economy.

01:30 - Jim Cantrell’s background & Phantom’s originJim reflects on 35+ years in space and why Phantom was founded in 2019 to address foundational gaps in space infrastructure.

03:00 - “The Henry Ford of Space” analogyPhantom’s core vision: mass production, digital interfaces, and lowering barriers to participation in space similar to the automobile revolution.

05:00 - Phantom as a space services companyWhy Phantom is often seen as a launch company, but actually operates across three integrated verticals: launch, satellites, and operations.

07:00 - Responsive launch vs mega-rocketsDiscussion of why smaller, responsive launch systems remain essential even in a Starship-dominated future.

10:00 - Insurance, concentration risk, and constellation mathWhy insurers and economics prevent putting entire constellations on a single mega-launch.

12:30 - Building satellites, not just launching themPhantom’s integrated model: designing and manufacturing satellites alongside launch services.

15:00 - From launch to full constellation operationsPhantom’s ops center and ability to operate customer satellites end-to-end, allowing customers to focus on their core business.

17:30 - Customer example: Cube & smallsat constellationsConcrete walk-through of a customer journey from concept to orbit and operations.

20:00 - Introducing Phantom Cloud (orbital data centers)Phantom’s patented approach to orbital data centers that process data in space rather than sending everything back to Earth.

23:00 - Why space-based compute mattersBandwidth limits, spectrum constraints, and projections that space-generated data will exceed Earth-based daily internet traffic by 2030.

26:00 - Phantom Cloud architecture & pricingNetworked 10-kW orbital data centers, deployable at ~$10M per unit, making bespoke space compute feasible for corporations.

28:30 - Security, sovereignty, and bespoke data centersWhy corporations and governments want isolated, sovereign compute infrastructure in orbit.

31:00 - Comparing Phantom to SpaceX & ImpulseHow Phantom fits into an ecosystem where mega-launch, in-space mobility, and responsive launch all coexist.

34:00 - The long-term infrastructure stackLaunch → satellites → orbital compute → operations as a coherent system rather than siloed services.

37:00 - Capital efficiency and customer focusWhy Phantom prioritizes repeatable services over speculative megaprojects.

40:00 - Data, AI, and orbital processingHow Phantom Cloud enables AI workloads in orbit and reduces latency and downlink bottlenecks.

43:00 - The future of space infrastructureJim’s perspective on how launch costs, compute, and autonomy converge to unlock a truly digital space economy.

45:30 - Final reflections & closingClosing thoughts on why infrastructure will define the next decade of space.

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 Darkocean Co-Founder & CEO Anupam Thakur to discuss autonomous maritime surveying and AI-driven geo-intelligence.

00:00 - Introduction & ContextWelcome and New Year kickoff. Introduction to Anupam Thakur, Darkocean, and the company’s focus on maritime surveying, geo-intelligence, and AI-enabled subsurface mapping.

01:25 - What Darkocean Actually Does (Plain-English Explanation)Explaining offshore surveying beyond buzzwords: mapping from sea level down to ~600 meters using sound-based sensing to “see the invisible” beneath the ocean surface.

02:50 - Vertical Tech Stack: From Satellites to SeabedWalkthrough of Darkocean’s full-stack approach:

* Satellite positioning (X, Y, Z)

* Water column analysis

* Seabed imaging

* Subsurface soil profilingDesigned to remove technical language barriers via visual and data-driven interpretation.

04:30 - Core Sensors Explained (Single Beam, Multibeam, Side Scan)How echo sounders and multibeam sonar work, error correction from vessel motion, and tradeoffs between coverage and depth.

06:30 - Sub-Bottom Profiling & Seismic SurveysUsing ultra-high-resolution seismic tools (chirpers, sparkers) to visualize faults, layers, fluid movement, and subsurface structure down to ~700 meters.

09:50 - Who the Customers Are & Their Pain PointsPrimary customers:

* Oil & gas operators

* Offshore wind developers

Example: hidden subsurface boulders causing $50–100M re-mobilization costs for wind farms if missed.

12:50 - Why Legacy Surveying Is BrokenIndustry still relies on 1970s-era tech:

* Large vessels

* Single-sensor passes

* High cost, low flexibilityDarkocean’s approach: miniaturized sensors + unmanned platforms + multi-sensor runs.

14:30 - Cost & Throughput AdvantageComparative economics:

* Legacy: ~€250k/day, 100 line-km/day

* Darkocean: ~€25k/day per unitSwarm deployment enables 5× throughput at lower total cost.

16:00 - Global Footprint & Organizational StructureThree-pillar model:

* Middle East: traditional validation & services

* UK: R&D (hardware + software)

* Qatar/Saudi: AI & ML developmentOld tech validates new tech → AI accelerates both.

18:00 - Why Base the Company in QatarStrategic proximity to nearly all major global energy companies; rapid demonstration beats traveling to dozens of HQs worldwide.

19:45 - Satellite-Derived Bathymetry BreakthroughLaunching a web-based GIS platform:

* Map coastlines and seabeds in minutes

* Examples:

* 700,000 m² mapped in 2 hours

* 100 km coastline in 1 hour

* 80% of Qatar’s coastline in ~5 minutes

22:00 - Unexpected Use Cases (Whales, Fishing Nets, Security)AI + satellite imagery used for:

* Whale shark monitoring

* Detecting illegal fishing nets (BP case study)

* Replacing $1.5M in chase-boat costs with 1/10th-cost AI monitoring.

24:20 - Market Size & Strategic FocusPriority markets:

* Unmanned seismic surveys (~$8B TAM in Northern Europe alone)

* Satellite-based geo-intelligence (~$500–600M TAM in Middle East)Targeting 10% share with strong growth projections.

26:10 - Scaling Constraints: Talent & Data, Not ComputeKey bottlenecks:

* Access to legacy data for validation

* Industry reluctance to share datasetsAI/hardware now largely democratized; trust and validation are the real moats.

28:30 - Live Demo: Saudi Coastline MappingReal-world example:

* 100 km coastal survey

* Generated in ~15 minutes

* Validated with NASA ICESat-2 LiDARMassive reduction in time and cost vs ship-based surveys.

33:00 - Technical Limits: Depth, Turbidity, SalinityCurrent confidence range:

* ~35 meters depth (high confidence)

* Deeper possible with constraintsUse of RGB imagery, INSAR, LiDAR fusion.

37:10 - Autonomous Underwater Vehicles (AUVs)Untethered AUVs for subsea surveys:

* Operational benefits

* Regulatory and geopolitical challengesFrequent confusion with military hardware underscores dual-use nature.

41:20 - Defense Applications (and Why They’re Waiting)Technology could invert upward for:

* Submarine detection

* Maritime securityBut defense entry would restrict commercial markets — currently deferred.

43:00 - New Markets Beyond EnergyExpanding into:

* Coastal monitoring

* Disaster management

* Satellite-first geo-intelligenceCreating entirely new customer categories rather than displacing incumbents.

44:20 - 12–18 Month MilestonesKey indicators to watch:

* Direct partnerships with satellite operators

* New onboard satellite sensors

* Scaling unmanned seismic fleets (orders already expanding beyond pilot).

46:25 - Closing RemarksWrap-up, investor outlook, and New Year sign-off.

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

Dcubed Founder and CEO, Thomas Sinn, sits down with Balerion Senior Associate, Aidan Daoussis, to discuss the rise of in-space manufacturing and scalable power infrastructure.

00:00 – 01:30 Welcome & introductions

Aidan introduces Thomas Sinn, Founder and CEO of Dcubed, and frames the discussion around post-launch infrastructure—what happens after a spacecraft reaches orbit.

01:30 – 03:00 Explaining Dcubed to a non-technical audience

Thomas offers a simple analogy: Dcubed builds the “door openers” and “umbrellas” of space—deployment mechanisms and solar arrays that enable missions to function.

03:00 – 04:30 Power as the next bottleneck in space

Why launch is no longer the limiting factor—and why power generation is now constraining nearly every ambitious space application.

04:30 – 06:00 The solar supply chain problem

Space-grade solar cells are scarce, expensive, and slow to procure, making megawatt-scale space systems economically infeasible today.

06:00 – 07:30 Rethinking solar array design

Current arrays are designed for launch survival, not operational efficiency—Dcubed is redesigning arrays for how they are actually used in orbit.

07:30 – 09:00 In-space manufacturing as an unlock

How stiffening and manufacturing structures in orbit allows solar arrays to scale dramatically beyond today’s limits.

09:00 – 10:30 How big can structures in space get?

Discussion of kilometer-scale solar arrays and how data centers are pushing space infrastructure beyond science fiction.

10:30 – 12:00 Single-satellite deployment vs assembly

Dcubed’s approach: deploying and stiffening large structures from a single spacecraft rather than assembling many pieces in orbit.

12:00 – 13:30 Power generation and heat dissipation

Using the geometry of large solar arrays to simultaneously generate power and radiate heat into deep space.

13:30 – 15:30 Dual-nation company: Germany and the U.S.

Why Dcubed intentionally operates in both Europe and the U.S. to combine engineering rigor with risk-taking innovation.

15:30 – 17:30 Government demand accelerates the roadmap

How Space Force, German defense budgets, and ESA funding are rapidly expanding opportunities for in-space manufacturing.

17:30 – 18:30 Germany’s defense shift

A major increase in German space defense spending and its implications for startups and sovereign space capabilities.

18:30 – 19:30 Components vs power as a service

Dcubed’s long-term vision: evolving from component supplier to power provider for customers’ missions.

19:30 – 21:30 Standardization vs customization

How Dcubed balances off-the-shelf components with highly customized solar array systems.

21:30 – 23:30 Avoiding the consultancy trap

Why Dcubed is focused on scalable products and services rather than one-off engineering projects.

23:30 – 25:30 What comes after unlimited power?

Once power is solved, mobility in space becomes the next bottleneck—how to move massive assets efficiently.

25:30 – 27:30 European vs U.S. engineering culture

Risk tolerance, mindset differences, and why starting imperfectly often beats waiting for perfection.

27:30 – 29:30 Sovereignty and national constellations

Why nations increasingly want independent launch, communications, and defense capabilities in orbit.

29:30 – 31:30 Communications bandwidth as the next constraint

As power grows, antennas and data throughput will become limiting—driving demand for massive in-space reflectors.

31:30 – 33:00 Designing for micrometeoroids and debris

Biological-style redundancy, segmented structures, and resilience against inevitable orbital impacts.

33:00 – 35:30 Managing heat at scale

Radiative patterns, structural design, and why real answers require in-orbit experimentation.

35:30 – 37:30 Why Colorado?

Why Dcubed chose Colorado for its U.S. hub: customer density, facilities, and a strong space ecosystem.

37:30 – 40:30 Demonstration missions ahead

Upcoming launches: deployable booms, in-space manufactured arrays, and early power-beaming tests.

40:30 – 41:30 Five-year vision

Dcubed’s goal: becoming the backbone of a space-based power grid.

41:30 – 43:30 Underrated bets in space infrastructure

Defense demand, lunar infrastructure, and Europe’s evolving procurement model as key tailwinds.

43:30 Closing reflections

Final thoughts on the rapid pace of change in space infrastructure and why the next five years will look nothing like the last fifty.

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

EarthGrid Founder and CEO, Troy Helming, sits down with Balerion Senior Associate, Aidan Daoussis, to discuss plasma-based tunneling and large-sclae underground infrastructure.

00:00 – 01:30 Welcome & introductions

Aidan introduces Troy Helming, Founder and CEO of EarthGrid, and frames the conversation around revolutionary underground infrastructure using plasma tunneling technology.

01:30 – 03:00 EarthGrid’s mission, explained simply

Troy delivers a memorable “dinner party pitch,” describing EarthGrid’s plasma tunnel boring robot as a lightsaber-powered underground machine designed to solve power and data center bottlenecks.

03:00 – 05:00 The AI power crisis

Why AI and data centers are the fastest-growing sources of electricity demand—and why transmission, not generation, is the real constraint.

05:00 – 07:00 Why underground beats overhead

Comparison between European and North American power grids, reliability challenges, wildfire risk, and why underground infrastructure is essential.

07:00 – 08:30 Plasma tunneling vs conventional boring

How EarthGrid’s non-contact, plasma-based approach differs from mechanical tunnel boring machines in speed, cost, and environmental impact.

08:30 – 10:00 Speed, scale, and real-world testing

Demonstrated tunneling rates of hundreds of meters per day through granite and other hard rock types.

10:00 – 12:00 Machine design & mobility

Discussion of tunnel diameter, tight turning radius, retrievability, and why EarthGrid machines are reusable and flexible.

12:00 – 14:30 “Lightning in a tube” explained

Troy walks through the plasma physics behind EarthGrid’s technology, including superheated air, spallation, and solid-state excavation.

14:30 – 16:00 Waste becomes an asset

How EarthGrid converts excavated rock into reusable sand rather than costly hazardous muck.

16:00 – 17:30 Commercial readiness & customer traction

EarthGrid’s transition from R&D to revenue, with machines deployed in Europe and active utility contracts.

17:30 – 19:00 Core customers and use cases

Utilities, data center developers, renewable energy projects, and large infrastructure owners.

19:00 – 20:30 Underground logistics & freight

Future applications including underground package delivery networks, fiber corridors, and municipal infrastructure.

20:30 – 22:00 Space applications: Moon, Mars, and asteroids

Using plasma tunneling for lunar habitats, lava tube access, asteroid mining, and subsurface space infrastructure.

22:00 – 23:30 Paid pilots and European traction

Details on paid projects in Norway, Iceland, and the U.S., including vibration-free excavation near sensitive equipment.

23:30 – 25:00 Contract structures & risk management

How EarthGrid structures open-book, cost-plus, and JV-style contracts as a deep-tech startup.

25:00 – 28:30 Founder origin story

Troy recounts the moment EarthGrid was conceived; connecting a failed solar project, plasma cutting torches, and a late-night insight.

28:30 – 30:00 Beyond power: bunkers, mining, and cities

Non-obvious use cases including underground substations, bunkers, mining, and urban infrastructure.

30:00 – 31:30 Permitting as the real bottleneck

Why EarthGrid’s status as a regulated utility allows it to bypass public comment and dramatically accelerate projects.

31:30 – 33:00 IP moat and competitive defensibility

Patents, trade secrets, and supplier exclusivity as EarthGrid’s three-layer defensive moat.

33:00 – 34:30 Recurring revenue & infrastructure economics

Underground power corridors as 20-year contracted assets with multi-billion-dollar NPV potential.

34:30 – 36:00 Financing large-scale underground projects

Working with project finance banks, anchor tenants, and infrastructure-style funding models.

36:00 – 38:00 Nuclear, SMRs, and underground siting

How EarthGrid enables future nuclear and SMR deployments by solving transmission and permitting challenges.

38:00 – 40:00 Fiber arbitrage & the “Hummingbird” analogy

Lessons from underground fiber trades and why latency and infrastructure arbitrage remain powerful opportunities.

40:00 – 42:00 Building the underground supergrid

Troy’s long-term vision: coast-to-coast tunnels carrying power, fiber, water, freight, and eventually people.

42:00 – 44:00 BOOM vs BADASS business models

EarthGrid’s dual approach: construction-as-a-service versus build-own-operate infrastructure.

44:00 – 46:00 Space launch tunnels & future megaprojects

Speculation on mountain-based launch tunnels, railguns, and radically lowering the cost to orbit.

46:00 – Closing reflections & milestones ahead

Final thoughts on commercialization, Series A fundraising, and why underground infrastructure may be foundational to the next century.

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 Advisor, Doug McAdams, sits down with Balerion General Partner, Phil Scully, to discuss the implications of a SpaceX IPO, Starship, and data centers in space.

See Balerion’s recent related report on SpaceX by Aidan Daoussis.

00:00 – 01:30 Welcome & framing the discussion

Doug introduces the webinar topic and Phil Scully, setting the stage around recent SpaceX IPO speculation and why SpaceX underpins nearly the entire modern space economy.

01:30 – 03:30 Why almost no one owns SpaceX (yet)

Phil explains how vanishingly few people globally have exposure to SpaceX today—and why the prospect of a public SpaceX is so consequential.

03:30 – 05:30 Historical analogies: internet, AWS, and OTT media

Comparisons to the early days of the internet, Amazon Web Services, and the transition from cable TV to on-demand streaming.

05:30 – 07:30 Starlink as a viral product

Why Starlink adoption behaves like smartphones or social platforms—once people experience it, they never go back.

07:30 – 09:30 Global anecdotes from investors and users

Stories from Asia, aviation, maritime, and rural markets showing how Starlink is reshaping connectivity worldwide.

09:30 – 11:30 Democratized access to space

Falcon 9’s reliability and cadence have turned launch into routine infrastructure, enabling an explosion of new space companies.

11:30 – 13:30 Starship as the real unlock

Why Starship—not Falcon 9—is the foundation for SpaceX’s next order-of-magnitude growth across satellites, manufacturing, and lunar operations.

13:30 – 15:30 Launch cadence and global competition

Discussion of U.S. and Chinese launch rates, Blue Origin’s progress, Rocket Lab’s maturity, and Relativity’s resurgence.

15:30 – 17:30 Rideshare as “Uber for orbit”

How SpaceX has reduced launch friction to something resembling online booking, fundamentally changing startup economics.

17:30 – 19:30 Beyond orbit: point-to-point and downmass

Speculation on Starship’s potential impact on terrestrial transportation and logistics.

19:30 – 21:30 New markets emerging from cheap launch

Manufacturing, lunar infrastructure, and novel commercial activities that were previously impossible due to launch constraints.

21:30 – 23:30 Data centers in space

Why AI’s power and cooling constraints are reviving interest in space-based compute, solar access, and orbital infrastructure.

23:30 – 25:30 Physics of space-based compute

Energy generation, cooling challenges, sun-synchronous orbits, and how Starlink’s architecture already solves many technical hurdles.

25:30 – 27:30 Solar vs nuclear energy in space

Elon Musk’s first-principles view of solar energy contrasted with nuclear-powered terrestrial data centers.

27:30 – 29:30 Risks: congestion, debris, and resilience

Discussion of orbital crowding, satellite replaceability, and why distributed constellations are inherently resilient.

29:30 – 31:30 Starship prioritization: Moon before everything else

Why lunar missions and constellation expansion will dominate Starship’s early flight cadence.

31:30 – 33:30 Scaling Starlink to tens of thousands of satellites

How Starship could rebuild or expand the constellation in 12–18 months once fully operational.

33:30 – 35:30 Replaceable assets vs legacy space thinking

A shift from precious, bespoke satellites to mass-produced, rapidly replaced orbital infrastructure.

35:30 – 37:30 Sum-of-the-parts view of SpaceX

Launch, communications, lunar logistics, data centers, and planetary infrastructure as distinct but compounding businesses.

37:30 – 39:30 From cars to rockets: Tesla parallels

Lessons from Tesla’s evolution and how SpaceX may similarly expand into adjacent markets over time.

39:30 – 41:30 Why a SpaceX IPO matters

Opening access to the most important hardware company in the world for public-market investors.

41:30 – 43:30 Hardware investing vs software investing

Why visiting factories, launch sites, and hardware teams creates a fundamentally different investor experience.

43:30 – 45:30 Pulling hardware companies public

How a SpaceX IPO could catalyze a broader renaissance of public-market hardware and industrial companies.

45:30 – 47:30 Lunar economy, nuclear energy, and geopolitics

Why the Moon, energy infrastructure, and U.S.–China competition define the next phase of space development.

47:30 – 49:30 Tesla IPO déjà vu

Phil recounts being present during Tesla’s IPO and draws parallels to SpaceX’s current moment.

49:30 – 51:00 Valuation questions and long-term horizon

Speculation on valuation, growth timelines, and whether SpaceX could become one of the largest companies in history.

51:00 – Closing reflections

Final thoughts on SpaceX as a once-in-a-generation company and why the coming decades may represent a golden era of hardware, launch, and exploration.

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

Metakosmos CEO and CTO, Kiriti Rambhatla, sits down with Balerion Senior Associate, Aidan Daoussis, to discuss the future of human performance and safety in space and extreme terrestrial environments.

00:00 – 01:30 Welcome & introductions

Aidan introduces Kiriti Rambhatla, CEO and CTO of Metakosmos, framing the discussion around next-generation spacesuits, human safety, and extreme-environment systems.

01:30 – 03:45 Origin story: defense incubation to space systems

Kiriti explains how Metakosmos emerged from a defense incubation program in Australia focused on human performance in extreme conditions and latent market needs.

03:45 – 06:30 Humans in space: past, present, and future

A big-picture discussion of human spaceflight over the last 60 years, the limited data set of human exposure to space, and why scale is about to change dramatically post-SpaceX.

06:30 – 08:30 The human spaceflight equation

Launch vehicles alone are insufficient—training, suits, interfaces, and human-in-the-loop systems must evolve together to support sustained human presence in space.

08:30 – 10:45 Failure is not an option: testing philosophy

Why spacesuits represent one of the most unforgiving engineering domains, where failure equals loss of life, and how Metakosmos approaches rigorous testing.

10:45 – 13:30 Building standardized testing frameworks

Metakosmos’s internal development of testing applications inspired by automotive crash testing and aviation certification, designed to reduce CAPEX and OPEX.

13:30 – 16:15 Compliance across three domains

Discussion of Metakosmos’s compliance framework spanning materials, chemistry, and human performance—ensuring readiness before flight testing and certification.

16:15 – 18:45 Human-in-the-loop engineering

Why digital twins, AI-driven systems integration, and continuous monitoring are critical for spacesuit design and crew safety.

18:45 – 21:30 Dual-use applications beyond space

How Metakosmos technologies translate to terrestrial extreme environments: fast-jet pilots, skydiving, emergency response, defense, and high-risk industrial settings.

21:30 – 24:15 Analog testing vs real-world data

Why traditional space analogs are insufficient and why Metakosmos prioritizes environments where systems must work, producing higher-value data.

24:15 – 27:00 Advanced materials and systems integration

The role of materials science, embedded sensing, and AI-driven interfaces in enabling lighter, safer, and more adaptive suits.

27:00 – 30:00 Cost reduction and accessibility

How Metakosmos aims to dramatically lower suit costs compared to legacy systems, enabling broader access to human spaceflight.

30:00 – 33:00 Scaling human spaceflight infrastructure

Why this moment represents a narrow window of opportunity to plug into the human spaceflight supply chain before it ossifies.

33:00 – 36:00 The broader ecosystem opportunity

Training, manufacturing, engineering, and human-performance companies all stand to benefit from the coming expansion of human activity in space.

36:00 – 39:00 AI as an enabling layer

Using AI to integrate data streams, anticipate failure modes, and support real-time decision-making for crew safety.

39:00 – 42:00 Investor perspective on human-centric tech

Why human-factor technologies may become a foundational layer of the space economy, not a niche application.

42:00 – 45:00 Long-term vision for Metakosmos

Kiriti outlines a future where suits are platforms—software-defined, continuously evolving, and deeply integrated into mission systems.

45:00 – 48:00 Audience Q&A: analogs and testing depth

Questions on analog testing, training data sets, and why Metakosmos emphasizes edge-case environments over controlled simulations.

48:00 – 52:00 Closing reflections

Final thoughts on timing, ecosystem readiness, and why now is the right moment to build human-centric infrastructure for space.

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

LambdaVision CEO, Nicole Wagner, sits down with Balerion Advisor, Doug McAdams, to discuss the rise of an innovative artificial retina manufactured in microgravity.

00:00 Welcome & IntroductionsDoug introduces Nicole Wagner and LambdaVision; overview of the webinar’s focus on biotech as an emerging space-economy application.

01:00 Nicole Wagner’s Background & Origins of LambdaVisionPhD in molecular biology; work on light-activated proteins and the founding of LambdaVision out of UConn research.

02:30 What LambdaVision DoesProtein-based artificial retina designed to restore vision in patients with end-stage retinal degeneration.

04:00 From Academic Research to CommercializationChallenges of translating lab science into a company; MassChallenge and early entrepreneurial support.

05:30 Discovery of Space as a Manufacturing AdvantageIntroduction to ISS National Lab and the CASIS Tech in Space Prize; why microgravity matters.

07:00 Layer-by-Layer Manufacturing ExplainedElectrostatic deposition, 200-layer thin films, and why gravity introduces defects on Earth.

09:00 How the Artificial Retina Works BiologicallyReplacing damaged rods and cones; converting light directly into neural signals without external hardware.

11:00 Comparison to Other Retinal TechnologiesAdvantages over bulky hardware solutions and purely therapeutic approaches.

12:30 First ISS Missions & Early ResultsMiniaturizing lab hardware into autonomous “shoebox-scale” payloads; Space Tango partnership.

15:00 SpaceX Launch Experience & Initial Proof of Concept2018 SpaceX CRS-16 flight; demonstrating viable protein layering in microgravity.

16:30 Autonomous Payload DesignMinimal astronaut time, passive payloads, resilience to launch delays.

18:30 Scaling ISS OperationsNine ISS missions to date; improved reproducibility, analytics, and redundancy.

20:00 Looking Beyond the ISSTransition planning as ISS retires; autonomous capsules, CLDs, and platform flexibility.

22:00 Cadence, Cost, and Commercial ViabilityWhy launch frequency and turnaround time matter more than single-mission optimization.

23:30 Manufacturing Constraints for Biotech in SpaceGMP requirements, launch-site proximity, chain of custody, and regulatory compliance.

26:00 Fundraising & Capital Strategy$15–16M in non-dilutive funding; rationale for raising a $7M seed round.

27:30 Investors & Strategic Backers776 Ventures, Aurelia Foundry Fund, Earth to Mars Capital, Seraphim Space.

29:00 FDA Pathway & Regulatory StrategyPre-IND meetings, animal models, manufacturing validation, and IND filing.

32:00 Framing Space Manufacturing for RegulatorsISS as “another manufacturing site” rather than a regulatory anomaly.

34:30 Economics of Space-Manufactured TherapiesWhy high-value implants justify space manufacturing; reimbursement benchmarks.

36:00 Market Size & Disease StrategyRetinitis pigmentosa vs. macular degeneration; orphan disease entry strategy.

38:00 Scaling Production in OrbitMultiple shoebox payloads vs. larger autonomous platforms.

39:30 Timeline to Clinical Trials & RevenueTargeting clinical trials around 2028; potential revenues or acquisition ~2030.

41:00 Role of CLDs and Autonomous Capsules (e.g., Varda)Need for redundancy, multi-platform resilience, and higher flight cadence.

43:00 Building a Space Biomanufacturing EcosystemImportance of multiple “shots on goal” and learning through iteration.

45:00 Community & Knowledge SharingConsortiums, unpublished data, and collaborative learning across space biotech.

47:00 Future Outlook for LambdaVisionLeveraging ISS while preparing for next-generation platforms.

49:00 Closing Thoughts on Space BiomanufacturingWhy this is a pivotal moment for biotech in space; final reflections.

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

Fortius Metals CEO, Jeph Ruppert, sits down with Balerion Senior Associate, Aidan Daoussis, to discuss the rise of large-format metal additive manufacturing and next-generation alloys.

00:00 – 01:00 Welcome & introductions

Aidan opens the webinar and introduces Jeph Ruppert, CEO of Fortius Metals, framing the conversation around next-generation alloys, large-format metal additive manufacturing, and U.S. industrial resilience.

01:00 – 03:30 What Fortius Metals does

Jeph explains Fortius’s origins as a spin-out of Elementum 3D and introduces Reactive Additive Manufacturing (RAM), a grain-inoculation technology that enables high-strength alloys to be welded and additively manufactured without cracking.

03:30 – 06:30 Why high-performance aluminum is hard to manufacture

Discussion of why alloys like 7075 and 6061 are difficult or impossible to weld conventionally, how columnar grain growth causes hot cracking, and why this limits aerospace and defense manufacturing.

06:30 – 09:00 RAM-enabled weld wire and solid-state metallurgy

How Fortius produces specialized weld wire that modifies solidification behavior, enabling robotic welding with forged- or cast-like mechanical properties.

09:00 – 12:00 From welding to large-format additive manufacturing

The leap from weld wire to robotic, large-scale metal AM systems. Labor shortages in skilled welding (hundreds of thousands of unfilled roles) make automation inevitable.

12:00 – 15:00 Predictive simulation as the “secret sauce”

Jeph describes Fortius’s physics-based simulation stack: predicting heat flow, distortion, residual stress, and final geometry before a single weld is made—embedding PhD-level welding expertise into software.

15:00 – 18:00 Near-net-shape parts with forging-level properties

How Fortius reduces machining, material waste, and lead times by producing large, near-net-shape components that traditionally require forgings, castings, or complex assemblies.

18:00 – 21:00 Jeph Ruppert’s background and path to Fortius

Jeph walks through his career: molecular biology, economics, early medical 3D printing, work at 3D Systems, and how those experiences shaped his view of scalable, production-grade additive manufacturing.

21:00 – 24:00 Complementing casting and forging (not replacing them)

Fortius is positioned as an additive extension of traditional manufacturing—filling gaps where tooling, scale, or lead time make casting and forging impractical.

24:00 – 27:00 Defense, aerospace, and energy applications

Specific examples of large, complex parts in aerospace, defense, and energy systems that are bottlenecked by tooling delays, foreign sourcing, or labor constraints.

27:00 – 30:00 Qualification, certification, and repeatability

Why qualifying large AM metal parts is harder than small ones; Fortius’s approach to repeatability, process control, and meeting customer certification requirements.

30:00 – 33:00 Supply chain resilience and reshoring

Discussion of how technologies like Fortius reduce dependence on foreign foundries and forges, and why advanced manufacturing is now a strategic—not just economic—priority.

33:00 – 37:00 Rare materials, alloys, and strategic metals

Conversation on alloy supply chains, access to high-performance materials, and why metallurgy is becoming a geopolitical issue tied to national security.

37:00 – 41:00 Manufacturing scale vs. elegance

Jeph and Aidan discuss the difference between “cool demos” and scalable manufacturing systems. Emphasis on reliability, uptime, and throughput over novelty.

41:00 – 44:00 Founders, leadership, and execution risk

What separates successful industrial startups from failed ones: leadership discipline, customer alignment, patience with qualification cycles, and resisting over-hype.

44:00 – 47:00 The future factory

A vision of software-defined factories where welding, additive, machining, and inspection are integrated into closed-loop, automated production cells.

47:00 – 50:00 Investment thesis for advanced manufacturing

Why investors are returning to “hard tech” manufacturing, how Fortius fits into a broader industrial renaissance, and what success looks like over the next decade.

50:00 – 52:00 Closing reflections

Final thoughts from Jeph on Fortius’s roadmap, the urgency of rebuilding U.S. industrial capability, and why this moment feels like an inflection point.

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 General Partner, Dan Wallman, sits down with Balerion Advisor, Doug McAdams, to discuss advanced manufacturing and the rebuilding of America’s industrial base. Balerion’s most recent report on advanced manufacturing, Forging Ahead, structures the discussion.

00:00 – 01:00 — Welcome and contextDan Wallman introduces the webinar and Doug McAdams, framing the discussion around Balerion’s new report Forging Ahead and the state of U.S. advanced manufacturing.

01:00 – 03:00 — How the U.S. lost manufacturing dominanceDoug explains how decades of underinvestment, aging equipment, and workforce attrition hollowed out American manufacturing while China scaled to ~30% of global production.

03:00 – 05:00 — National security consequences of supply-chain fragilityExamples from defense aviation and the Navy illustrate how parts shortages ground platforms and delay deployments.

05:00 – 06:45 — Why reshoring must look different this timeThe U.S. path forward isn’t cost competition—it’s innovation, capital allocation, and process reinvention.

06:45 – 08:30 — Federal momentum behind advanced manufacturingDiscussion of the White House National Strategy for Advanced Manufacturing, the Office of Strategic Capital, and new Navy manufacturing initiatives.

08:30 – 10:15 — Flexible manufacturing and the “software-first” factoryHow robotics, software, AI, and digital twins are encoding tribal knowledge and enabling rapid, low-labor production.

10:15 – 12:00 — Fixed tooling vs. small-batch flexibilityWhy legacy tooling economics failed defense and aerospace—and how modern factories enable rapid turnaround for low-volume, mission-critical parts.

12:00 – 14:00 — Additive manufacturing: reality vs. hype3D printing’s true role is not mass production, but enabling speed, tooling, dies, and iteration—especially in casting.

14:00 – 16:00 — Casting reinvented through additive toolingHow 3D-printed dies collapse timelines and capital costs, enabling iterative engineering and bespoke production at scale.

16:00 – 17:45 — Overview of the Forging Ahead reportDoug outlines the report’s thesis and structure: rebuilding the “middle” between raw materials and final assembly.

17:45 – 19:30 — The six categories of advanced manufacturingIntroduction to casting & foundry, forming & forging, additive, subtractive (CNC), joining & welding, and finishing.

19:30 – 22:00 — Casting and forging as foundational bottlenecksWhy casting underpins ~90% of manufactured goods and why its decline is a systemic risk.

22:00 – 24:00 — Company examples from the reportDiscussion of Fabri (casting), Machina Labs (forming/forging), Hadrian (CNC), Path Robotics (welding), and GrayMatter Robotics (finishing).

24:00 – 26:00 — Centralization vs. distributed manufacturing hubsWhy advanced factories may centralize expertise but deploy modular “franchise-like” facilities near customers.

26:00 – 28:00 — Vertical integration as a serviceA vision where startups gain instant access to vertically integrated manufacturing through a national network of advanced suppliers.

28:00 – 30:00 — Manufacturing in space: promise and limitsLow gravity, vacuum environments, energy abundance, and why pharma may lead in-space manufacturing before metals.

30:00 – 31:30 — Rare earths, magnets, and strategic autonomyChina’s dominance in materials processing and why reshoring manufacturing must extend beyond mining.

31:30 – 32:30 — Leadership vs. technologyWhat separates a great manufacturing technology from a great manufacturing company: execution, leadership, and systems thinking.

32:30 – End — Closing thoughts and next stepsDan points viewers to the Forging Ahead report, and previews upcoming advanced manufacturing webinars.

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