Eye of the Dragon

00:00 – Introductions

Aidan welcomes Jason Dunn, Co-Founder/CEO of Outpost, and Amir Blachmann, President. He frames the session around a critical question: What if spacecraft weren’t disposable, but part of a regenerative logistics chain in space? Outpost is pioneering returnable satellites that can reenter Earth intact, making space infrastructure reusable rather than consumable.

02:10 – Origins: Why Outpost Exists

Jason explains the philosophical core of the company: humanity cannot become a true spacefaring civilization by throwing away spacecraft after one use. Drawing on his experience founding Made In Space, he saw firsthand how expensive and wasteful it is to burn or abandon satellites.

05:55 – The Problem: Disposable Space Infrastructure

Today, nearly every satellite is single-use. After their mission, hardware worth millions is either left as debris or intentionally destroyed during re-entry. Amir emphasizes that this is equivalent to dumping airplanes after one flight, and the economics only get worse as constellations scale.

08:42 – The Solution: Returnable Satellites

Outpost is building Ferry, a satellite platform that:

Launches as a standard smallsat

Conducts its mission

Then returns to Earth for reuse, refurbishment, or refueling

Jason describes this as the beginning of “regenerative space logistics.”

12:50 – Why Reusability Matters for National Security

Aidan asks about dual-use implications. Amir explains that returnable spacecraft enable:

Rapid technology iteration for sensors and payloads

Secure retrieval of sensitive hardware (no burning up upon reentry)

Material recovery and reuse essential for future conflict-resilient supply chains

16:35 – Technical Deep Dive: Reentry & Guidance

Jason breaks down Outpost’s autonomous return system and aerodynamic decelerator architecture. Unlike capsules, Outpost vehicles are designed for precision landing, enabling aircraft-like cadence. The challenge is not just heat, but guidance, control, and landing anywhere in the world.

21:44 – Customers & Early Markets

Initial demand is coming from:

Earth observation companies (retrieve custom sensors)

In-space manufacturing (return printed fiber, biotech materials, semiconductors)

Defense users (classified payload return)

Sovereign space programs without capsule capabilities

26:20 – Competitive Landscape

Aidan raises other return-to-Earth players. Jason acknowledges Varda Space and Sierra Space, noting that Outpost serves a distinct niche by focusing not on large capsules but on high-frequency, smaller-payload logistics with satellite-like form factor and low-cost rideshare compatibility.

29:58 – Economic Model

Amir outlines a future where Ferry becomes a foundational logistics layer:

Ferry-as-a-Service (mission fees)

Payload return pricing

Refurbishment and remanufacturing cycles

Over time, a network of reusable vehicles circulating between Earth and orbit

Jason notes the long-term goal: “A fleet of returnable spacecraft operating like a space UPS.”

34:40 – Vision: Regenerative Space Economy

The conversation turns macro: Outpost sees return logistics as essential for the coming in-space economy, including:

Orbital manufacturing

Material recycling and refining

Lunar/asteroid resource chains

Closed-loop orbital infrastructure

Amir emphasizes: “If we’re building civilization in space, we need supply chains that regenerate, not ones that consume.”

38:22 – Closing Thoughts

Jason shares his belief that returnable satellites will be as transformative as reusable launch was for rockets, enabling experimentation speed the industry currently lacks. Aidan closes by linking Outpost to the broader Balerion thesis on industrialization of space and dual-use logistics 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

00:00 – Introductions

Welcome and framing of the conversation with Stefan Powell, Co-founder, CEO & CTO of Dawn Aerospace. Stefan joins from New Zealand, where Dawn develops horizontal takeoff/landing spaceplanes and green bi-propellant satellite propulsion systems.

01:10 – Why Spaceplanes?

Stefan describes the core belief behind Dawn:

“To build a spacefaring civilization, we have to move away from the culture of throwing away rockets.”

He argues that runway-operated vehicles will ultimately enable daily access to space, similar to aviation.

03:22 – The Mk-II Aurora Spaceplane

Dawn’s current demonstrator, Mk-II Aurora, will fly to suborbital altitudes, return to the same runway, and repeat flights multiple times per day.

Key points:

Liquid green propellants, no toxic hydrazine

Designed to collect microgravity science data cost-effectively

Basis for Mk-III orbital system

06:05 – What Makes Aurora Different

Stefan explains how Dawn is not trying to replace Falcon 9 or Starship:

“This is FedEx overnight, not container shipping.”

Use-cases include:

Rapid hypersonic testing

Defense flight experimentation

Space manufacturing precursor missions

Upper-atmosphere research

09:44 – Why Reusability Must Look Like Aviation

Stefan critiques vertical launch economics:

“Even reusable rockets are still reusable in the rocket sense, not in the aviation sense.”

Aircraft-like maintenance, not refurbishment, is the goal.

11:55 – The Path to Mk-III: An Orbital Spaceplane

Aurora is an incremental program:

Mk-II → Mk-III → eventual scaled fleet for on-orbit logistics, satellite deployment, return cargo, and debris management. The team uses a “test, fly, iterate” cadence inspired by early SpaceX.

14:20 – Propulsion: Green Bi-propellant Thrusters

Dawn operates a rapidly growing business providing satellite propulsion:

Non-toxic replacement for hydrazine

Used by commercial and government constellations

Increasingly important for space traffic management and debris avoidance

Stefan emphasizes the dual strategy:

“Our propulsion business is a profitable foundation while we develop the spaceplane.”

17:52 – Regulatory & Runway Operations

Dawn works closely with regulators to enable air-space integrated flight.

Key takeaway: “We’re not shutting down airspace to fly our vehicles.”

This is foundational for high-frequency missions.

20:41 – Defense & National Security Interest

Aurora’s relevance includes:

Hypersonic testing

Rapid on-demand launch

High-altitude reconnaissance profiles

Potential future responsive space cargo

24:32 – Market Entry Strategy

Revenue roadmap:

Propulsion systems (existing revenue)

Mk-II suborbital flights (microgravity, hypersonics)

Mk-III orbital logistics and return cargo

Long-term: true space logistics network

26:48 – Hiring, Culture & Team

Stefan discusses Dawn’s talent model rooted in Kiwi aerospace pragmatism, rapid prototyping, and avoiding bureaucracy early.

29:40 – Vision: Daily Spaceflight

Stefan closes with the long-term view:

“Humanity becomes a space civilization when flying to space feels like flying an airplane — not launching a missile.”

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

00:00 – IntroductionsWelcome and framing of the conversation with Ryan, founder & CEO of Turion Space, a company building in-orbit servicing, space domain awareness, and future asteroid-mining infrastructure.

00:47 – Founding Origin & “Hook Moment”Ryan describes the moment at age 10–11 when an NPR segment on exoplanets set his life mission: “Build the ships that go there.” Early self-taught engineering projects led to a scholarship at the University of Washington and eventual entry into SpaceX propulsion dynamics, where he spent nine years.

04:02 – Life at SpaceXExplains propulsion dynamicist role: “We’re the guys you call when things blow up.” Emphasis on multidisciplinary diagnosis, rapid learning, and building thick-skinned engineering culture.

05:52 – Why He Left SpaceXShifted from fascination with a Mars colony to the deeper mission:building the economic engine that makes a multiplanetary civilization viable, which he believes is ultimately precious-metal asteroid refining at scale.

08:05 – What Turion Space Does TodayTurion is deploying Droid-class satellites to deliver non-Earth imaging, meaning imaging of other satellites on orbit—a first for a licensed U.S. commercial company. Enables subsystem-level classification for national security and space domain awareness.

10:34 – Dual-Use Commercial + National Security ModelPrimary revenue in next 3–5 years expected from national security customers, with later commercial expansion including areas like hyperspectral sensing and missile-warning/tracking.

13:24 – Turion’s “Secret Sauce”

* Mission-prime strategy (not just a component seller)

* Vertical integration where it improves iteration speed

* Starfire software platform enabling a future SaaS-like revenue layer for satellite tasking, operations, and analytics.

16:02 – Relationship with SpaceXTurion is a SpaceX rideshare customer and exploring collaboration on anomaly resolution during Starlink orbit-raising.

17:42 – Satellite Roadmap

* Droid-1 & Droid-2 operating now (LEO)

* Droid Alpha launches next (5× resolution, chemical propulsion)

* By 2028: 10–20 satellites across LEO and first GEO assets.

20:36 – Starfire Nexus & On-Orbit ComputeAbility for third parties to upload and run software on Turion satellites, enabling real-world testing of onboard compute, orbit propagation, imagery algorithms, and potentially future space-based data centers.

24:03 – Future Regulation & Space InsuranceRyan argues sustainable orbital behavior will come from mandatory insurance, not heavy regulation. Discounts would reward collision avoidance and responsible EOL disposal.

28:03 – Team HighlightsIncludes leaders formerly from Palantir (Gov Affairs) and Boeing Phantom Works / StratCom / NRO (Growth).

29:00 – Why Speed of Data MattersTurion aims for < 1-hour intelligence latency by 2028 using:

* Maneuverable spacecraft

* On-orbit compute

* Cross-links for real-time tasking

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33:00 – Common Industry MistakeMisconception that SpaceX has simply lowered costs for everyone: lower cost benefits SpaceX most, and the industry urgently needs a credible #2 launch provider to keep innovation competitive.

37:00 – Underrated MarketsHighly underestimated opportunities:

* Space domain awareness (deep telemetry + resolved imaging)

* Long-term debris remediation (not yet a mature market, but inevitable)

38:00 – Asteroid Mining Deep DiveRyan outlines why M-class (metal) asteroids may be the wrong early targets due to scarcity, heterogeneity, and drilling difficulty. Instead, he suggests targeting dust-ball asteroid types with predictable precious-metal distribution and thousands of energetically accessible candidates.

47:00 – Why Precious Metals Matter for CivilizationMore abundant PGMs could unlock:

* Better quantum computing materials

* High-temp propulsion alloys

* Fusion components

* Next-generation superconductors

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

00:00 – Introductions

* Pre-webinar greetings

* Hosts and guests chat before starting

* Locations: NYC, Houston, Orange County

01:00 – Welcome & Speaker Intro

* Nicholas, CEO of TRL-11

* Oscar & Emmy award–winning video technologist

* TRL-11 delivers video + edge decision-making for space

* Reminder about interactive Q&A

02:00 – What TRL-11 Does

* “Ring for space” analogy

* Cameras + machine vision + cloud infrastructure

* Visual monitoring of spacecraft and environment

* 22 cameras currently on-orbit; 100 more on order

* Large revenue opportunity tied to RGXX

03:30 – Exclusive Livermore Telescope Technology

* 10–14 inch aperture, 3000 mm focal length, pancake-size length

* Enables proliferated GEO surveillance

* Exclusive agreement with LLNL and OptiMax

* Perfect fit for Space Force’s need for smaller, cheaper GEO sensors

05:00 – The RGXX Opportunity

* $1B IDIQ program

* Launched during government shutdown — demonstrates urgency

* TRL-11 payloads uniquely positioned

05:25 – Nicholas’ Background

* Long career in video tech across industries

* Hundreds of millions in revenue from prior products

* Sold Teradek to a public company

* Multiple technical Oscars & Emmys

* Angel investing led him into space

* Thesis: every industry becomes a video industry

07:00 – Why Cameras Matter in Space

* Cameras solve for unknown unknowns

* Society invests heavily in camera tech (e.g., Apple’s $8B/year on iPhone cameras)

* Tesla analogy: camera economics beat lidar

* Team includes Livermore veterans, intel experts, ex-Teradek engineers

08:00 – Space Is Congested & Contested

* Orbital objects doubling every ~20 months

* SpaceX makes 275 daily collision-avoidance maneuvers

* Adversaries developing ASAT capabilities

* Ground telescopes can’t determine intent in GEO

* Massive economic impact if GPS fails

10:00 – TRL-11 Product Pillars

1. Monitoring

* Leak detection, anomaly assessment

2. Awareness

* VAST deployment camera example

3. Mission Cameras

* Docking, servicing, RPO (e.g., Starfish Space)

Additional capabilities:

* Edge compute

* Machine vision

* Custom compression & downlink pipelines

* Ground visualization for operators

12:00 – Traction & Fundraising

* Raised $5M pre-seed

* Generating revenue from hardware + contracts

* Working with NASA + multiple Space Force offices

* Looking to raise $12M for GEO program capture

* Potential for “hockey-stick” growth

13:20 – Q&A: Partnership with VAST

* Long-standing relationship with Max (Launcher, Livestream)

* Cinematic video importance

* Mission control reaction to first downlinked video

* VAST partnership was key inspiration for TRL-11

16:00 – The Future of Space Video (5–10 Years)

* TRL-11 aims to be the “Akamai of space video”

* Controls everything “between the photons”

* Cultural impact: inspiring next generation (Interstellar effect)

* Increasing public familiarity with space via visuals

20:00 – Target Markets

* Expected commercial boom didn’t materialize

* Government remains primary funding source (DoD, NASA)

* Defense demand growing as space becomes a battleground

* Long-term commercial use still promising

22:00 – What Excites TRL-11 Most

* Apophis 2029 monitoring

* Lunar missions

* On-orbit assembly and manufacturing

* Self-assembling structures

* Cultural renaissance around space

23:30 – Sales Pipeline & Revenue Outlook

* 5 commercial customers

* 7 government offices (NASA + Space Force)

* Current run rate ~$9–10M

* Forecast:

* Organic: $20–30M over 4 years

* With major GEO program: hundreds of millions

25:45 – Golden Dome

* TRL-11’s “look sideways/up” capability fills market gap

26:20 – Product Deep Dive

SAIVER

* SpaceAware Video Edge Recorder

* High-volume storage + onboard algorithms

VIP (Very Important Pixels) Suite

* VIP First → prioritizes downlink

* VIP Only → pixel-level extraction

* VIP Link → robust compression for S-band/X-band

* Ground visualizer

Triclops / Quadclops

* Machine-vision instruments for RPO/docking

29:10 – Why the VAST Video Looked So Good

* High dynamic range

* Extremely high resolution

* Space-optimized compression based on physics modeling

* Change detection vs. expected motion

* Lighting conditions were ideal

34:00 – Detecting Targets in Darkness

* Cameras more efficient than radar due to 1/R² vs 1/R⁴ falloff

* Hard to hide in GEO (51 weeks/year illuminated)

* Large-aperture telescopes detect dim objects at great distances

* Camera + sensor fusion when needed

38:00 – Video Sharing Constraints

* Most footage owned by customers (VAST, Starfish)

* Some available publicly; others need NDA

* Hosts share VAST deployment video

39:00 – Walkthrough of Deployment Video

* Panel deployment dynamics

* Oscillation and stabilization

* Thruster puff visible

* Star tracking + limb detection enable vision-based navigation

* Cameras can help recover orientation when GPS is jammed/unavailable

43:00 – Earth-Based Applications

* VIP tech applicable to drones, balloons, ISR

* TRL-11 remains intentionally focused on space

* Long-term: may expand to lunar/asteroid missions or full mission stacks

44:45 – TRL-11 Team DNA

* Visual-first culture

* Many amateur astronomers/photographers

* Engineering + BD + gov relations

* Shared passion for high-quality imagery

46:00 – Future Lunar Missions

* Interest from Firefly & Intuitive Machines

* Need for cinematic, real-time lunar footage

* Cislunar region becoming strategic defense priority

* Moon as “strategic high ground”

47:55 – Final Notes & Close

* TRL-11 raising Series A to capture opportunity

* Founder inviting intros to VCs

* Recording to be shared post-event

* Closing thanks

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

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

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

Data centers in space have the advantage of 1) no zoning or permitted land limits, 2) continuous solar power available (with the increased efficiencies of solar in space), and 3) the increased connectivity being enabled by satellite communications.

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

Aalo Atomics CEO, Matt Loszak, sits down with Balerion Advisor, Doug McAdams, to discuss mass-manufactured modular nuclear fission reactors, or XMRs.

00:00 – 01:30 Welcome & introductions

Doug McAdams introduces Matt Loszak, CEO of Aalo Atomics, framing the discussion around next-generation nuclear power and the need for scalable, manufacturable reactors.

01:30 – 04:00 Why nuclear needs a new approach

Matt outlines why traditional gigawatt-scale nuclear plants failed to scale economically and why a fundamentally different manufacturing mindset is required.

04:00 – 06:30 What is an XMR (Extra-Modular Reactor)?

Introduction to Aalo’s core concept: mass-manufactured, factory-built nuclear fission reactors designed for repeatability, speed, and cost control.

06:30 – 09:00 Manufacturing over megaprojects

Why Aalo prioritizes factory production over on-site construction, drawing analogies to shipbuilding, aerospace, and automotive manufacturing.

09:00 – 11:30 Design philosophy: simplicity and repeatability

How minimizing moving parts, standardizing components, and designing for manufacturing changes the economics of nuclear power.

11:30 – 14:00 Safety by physics, not procedures

Discussion of passive safety, inherent reactor stability, and why modern reactor designs reduce reliance on human intervention.

14:00 – 16:30 Fuel choice and reactor fundamentals

Overview of Aalo’s reactor fuel strategy, enrichment considerations, and how fuel design impacts safety and scalability.

16:30 – 18:30 Regulatory reality in the U.S.

Matt explains the NRC landscape, licensing pathways, and how Aalo thinks about navigating regulation without stalling innovation.

18:30 – 21:00 Initial markets and customers

Target use cases: data centers, industrial sites, defense installations, and microgrids where reliability matters more than absolute cost.

21:00 – 23:30 Nuclear vs renewables (honest tradeoffs)

A clear discussion of intermittency, storage limitations, and why nuclear complements—not replaces—renewables.

23:30 – 26:00 Time to deploy: years vs decades

How modular reactors could realistically be deployed in years rather than decades if manufacturing and licensing align.

26:00 – 28:30 Learning from naval nuclear power

Lessons from the U.S. Navy’s reactor program: standardization, training, culture, and operational excellence.

28:30 – 31:00 Capital efficiency and investor perspective

Why smaller, repeatable reactors attract private capital differently than traditional nuclear megaprojects.

31:00 – 33:30 Scaling production over time

How Aalo envisions ramping reactor output the same way aircraft or engines are scaled—through learning curves and volume.

33:30 – 36:00 Public perception and nuclear fear

Addressing public concerns, legacy accidents, and how modern reactor design changes the risk profile.

36:00 – 38:30 Waste, disposal, and reality

Straight talk on nuclear waste volumes, storage solutions, and why waste is often misunderstood relative to fossil fuels.

38:30 – 41:00 National security and energy independence

Why domestic nuclear manufacturing is a strategic asset in a multipolar world.

41:00 – 43:30 Global demand and export potential

Interest from international markets and why modular reactors could become a U.S. export industry.

43:30 – 46:00 Team, culture, and execution risk

What it takes to build a nuclear startup: talent density, discipline, and long-term thinking.

46:00 – 48:30 What success looks like for Aalo

Matt defines success not as a single reactor, but as a production line delivering reliable power at scale.

48:30 Closing reflections

Final thoughts on the inevitability of nuclear’s return and why manufacturing discipline is the key to unlocking it.

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

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

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