In the last decade, an estimated $25 billion was invested in space start-ups, with $6.25 billion invested in last couple of years alone. Forward-looking investors are bullish on a range of space technologies. These include spacecraft that deliver people and payloads to space for research, industry, and recreation; high-resolution Earth imaging for environmental monitoring; satellites for communications and data sharing on- and off-planet; and mining the solar system for precious metals. These technologies enable humans to settle in space in the future and also improve the quality and sustainability of life on Earth.
Recently, two space startups announced to send a lander to Mars in late 2024. Private companies have always had a role in space exploration to assist the national space journey of countries. The early accomplishments of the National Aeronautics and Space Administration, including the Apollo moon landings, depended on private aerospace contractors. But exploration for exploration’s sake has remained an activity that wealthy countries pursue for prestige, glory and military advantage rather than for profit.
The problem is that exploration and science is sometimes too difficult and expensive to justify the pursuit of glory. For most of the space age, Mars has been that kind of destination, foiling around half of all missions hoping to land or orbit on it and its moons.
Elon Musk wants SpaceX to become the first private company to complete a mission to Mars, but he has competition and that’s good for everybody. Elon Musk probably took it for granted that his space exploration company would launch and land the first private space mission to Mars. If he did think SpaceX had cornered the market, though, he doesn’t anymore.
In the early 2000s, Musk famously began branching out from pioneering electric cars and started looking into NASA’s plans for sending people to Mars. When he found that there were none, he began laying the groundwork for SpaceX. Musk’s — and SpaceX’s — stated long-term goal is to make “humanity multiplanetary.” To get there, SpaceX and its engineers have tried to lower the cost of getting into space by developing reusable rocket systems. They’ve succeeded better than anyone could have imagined.
Government-run space programs continue to advance science and engineering around the world. But the future of space exploration will be defined by fast-moving private companies in competition with each other. The race to put the first commercial rocket on Mars doesn’t have the same allure as sending the first human to the moon. But the achievement would be just as important to the development of a multiplanetary species.
“We have entered an exciting time inside the tech sector at the moment. New companies with extensive backing and budgets creates some excellent opportunities for investing. Huber Management staff will be keeping a close eye on the market and providing as much information to clients as possible.” said David Lewis, Head of Venture Capital at Huber Management, Korea
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