With Wall Street indices at new highs, plus a roughly $40B FY2026 budget for the U.S. Space Force, and the tens of billions the Trump Administration wants to spend on the missile defense program "Golden Dome," is it time to pop the champagne? Laura Winter speaks with The DownLink Podcast regulars Chris Quilty, founder of Quilty Space; and George Pullen, Partner and Chief Economist at MilkyWayEconomy.

The Trump Administration’s 2026 budget for the U.S. Space Force, counting the Big Beautiful Bill’s funding, comes to about $40 billion dollars. Does this unorthodox, difficult to follow, bifurcated legislative process make this bump “ a one-time sugar high?” Laura Winter speaks with Todd Harrison, Senior Fellow, American Enterprise Institute, and much respected NASA and Defense Department budget diviner; and Sam Wilson, Director, Strategy and Program Support, Center for Space Policy and Strategy, at The Aerospace Corporation.

The Chairman of the Joint Chiefs of Staff, Gen. Dan Caine, said that in preparation for Operation Midnight Hammer, two Defense Threat Reduction Agency analysts studied activities at the Fordo Uranium Enrichment Plant for 15 years by pouring over imagery. That was satellite imagery, which is now at risk of being cut according to the White House’s FY2026 budget request for the National Reconnaissance Office. Laura Winter speaks with Susanne Hake, General Manager of Maxar Intelligence’s U.S. Government business; Hector Falcon, Watch Center Director at the Space Information Sharing and Analysis Center (Space-ISAC); and Clint Clark, Vice President of First Impressions at ExoAnalytic Solutions.

As Australia’s former Prime Minister Scott Morrison called for additions to the 2021 AUKUS Agreement that would strengthen the security pact in the space domain, Australian space companies began a tour of the United States to find partners and investors. Laura Winter speaks with Steven Marshall, South Australia’s former Premier, now President of the American Australian Association; Jeremey Hallett Chairman of Southern Launch, and Chairman of Australia’s Space Industry Association; and Matt Tetlow, Founder & CEO of Inovor Technologies.

Elon Musk regrets “some” of his recent posts about U.S. President Donald Trump. Phew! But their relationship’s rapid unscheduled disassembly, or RUD, reveals how vulnerable civil and national security missions, even the “Golden Dome” program, are to the dramatic vagaries of this relationship. Laura Winter speaks with Todd Harrison, Senior Fellow, American Enterprise Institute, and much respected NASA and Defense Department budget diviner.

The Trump-Musk “bromance” break-up is clearly visible on the world stage and worrying many about just how far and how deep the fallout will be for space and defense. What’s not-so-visible, are the aggressive tactics and techniques - lawsuits, loans, proxies and pirates - that fall-below the threshold of “acts of war”. That’s “gray warfare” in the space domain. How would you know it if you saw it? Laura Winter speaks with Dean Cheng, a sought after China-U.S. relations expert, and non-resident Fellow at both the Potomac Institute for Policy Studies and the George Washington University Space Policy Institute; and also from GWU, retired Navy Cmdr. John "Patsy" Klein, who recently authored the book, “Fight for the Final Frontier: Irregular Warfare in Space.”

This week’s episode details what happened when the CEO of a European-US space company bought into a shareholder fight involving two Chinese government-backed entities, that are deeply involved with the Thousand Sails mega-constellation - China’s answer to Starlink. This is a deep dive into lawfare in the space domain, a growing costly concern for the U.S. and its Allies. Laura Winter speaks with Declan Ganley, CEO of Rivada Space Networks; and Dean Cheng, a sought after China-U.S. relations expert, and non-resident Fellow at both the Potomac Institute for Policy Studies and the George Washington University Space Policy Institute.

The $318 million IonQ purchase deal to acquire Capella Space is bringing together two worlds in a high-stakes bid to radically change satellite-to-satellite and satellite-to-ground communications and computing at the edge. At least that's what the CEOs are saying. Are they right? Also, up top in this episode is a space threats update. Laura Winter speaks with Niccolo de Masi, IonQ’s President and CEO; Frank Backes, CEO of Capella Space; and Hector Falcon, the Space Information Sharing and Analysis Center’s Watch Center Director.

This week planet Earth is seeing two re-entries of man-made objects: first the uncontrolled, possibly life-threatening, Soviet-era Kosmos 482; and second, the W-3 - an example of the very controlled, defense and in some cases possibly life-extending, business case that is Varda Space Industries. Laura Winter speaks with Delian Asparouhov, Varda Space Industries’ co-Founder and President, and Partner at Peter Thiel’s Founders Fund; and Muk Pandian, Varda’s Director of Strategic Partnerships and Advanced Concepts.

Is there really sunshine in the Space Sector? April was a rough month for businesses, consumers, and public equities traders, all tenderized by the blows of uncertain trade policies. The DownLlink Podcast’s regular guest and space economist says the Space Sector is different and should be fine. Is he right? Laura Winter speaks with George Pullen, Partner and Chief Economist at MilkyWayEconomy.