In this episode, Jason Carvalho and Jeff Thornburg discuss the evolving landscape of the space industry, highlighting the significant shift from ambition to execution that occurred in 2025. They explore the impact of defense spending on the sector, the importance of aligning products with customer needs, and the necessity of building strong, experienced teams in startups. The conversation also touches on emerging technologies, the role of venture capital and StratFi in funding, and the critical need for interconnectivity among space systems. As they look ahead to 2026, they emphasize the importance of execution and product-market fit for founders and investors in the space industry.

Music Credit
“Also sprach Zarathustra” (intro), composed by Richard Strauss (public domain).
Recording used under Creative Commons Attribution 3.0 via Wikimedia Commons.

Sound Bites

• "2025 marked a shift from ambition to execution."
• "Data centers in orbit are a growing topic."
• "2026 is the year of proof and execution."

Chapters

00:00 The Evolving Space Industry Landscape

01:55 2025: A Year of Execution and Reality

05:45 Investment Trends and Market Dynamics

09:20 Navigating Capital: Venture vs. Strat-Fi

11:26 Building the Right Team for Success

20:33 Categories of Success and Failure in Space

26:16 Looking Ahead: Winners and Future Prospects

27:18 The Evolution of Space Industry Post-Pandemic

29:46 Defense Acquisition and Commercial Space Integration

32:43 Navigating Defense Timelines and Relationships

35:56 The Importance of In-Person Relationships

37:36 Innovation vs. Fragmentation in Space Systems

40:44 Preparing for Mini-Nova: Success and Learning

46:37 Identifying Hidden Risks for 2026