Investment

• Northrop Grumman’s Space Systems segment is expected to post a 24.3% year-over-year revenue decline in Q2 2025 due to reduced activity in restricted space programs, Commercial Resupply Services, and satellite work for the Space Development Agency. This underperformance contrasts with growth in other segments and may weigh on the company’s overall results.

• NASA’s Jet Propulsion Lab is reportedly attempting to sell off several Earth science satellites (some already launched, others like GLIMR still awaiting deployment) amid deep budget cuts proposed by the Trump administration for FY2026. The move signals broader concerns over the future of NASA’s climate and environmental monitoring efforts, as JPL seeks government or private buyers to salvage programs previously targeted for termination.

• Firefly Aerospace has filed for an initial public offering (IPO) and plans to list on the Nasdaq under the ticker symbol “FLY.” The Texas-based space and defense tech company has not yet disclosed the number of shares or price range but is moving toward public market entry with top-tier underwriters including Goldman Sachs and J.P. Morgan.

Partnerships

• Viasat, in collaboration with SSTL and MDA Space, is leading UK efforts on ESA’s Moonlight program to develop a lunar communications satellite system, aiming for initial capability by 2028. The system will serve as a “data highway” between Earth and the Moon, enabling future lunar exploration, space tourism, and industrial activity, while positioning the UK as a key player in the emerging lunar economy.

• Australia’s Defence Department has partnered with Optus and leading universities to co-develop a LEO satellite equipped with experimental communications and research payloads, aiming to strengthen sovereign space capabilities. Backed by $4 million in Defence funding and additional investment through the iLAuNCH Trailblazer program, the mission will advance optical and radio-frequency communications and is set to launch in 2028.

• Astroscale U.S. has signed a Space Act Agreement with NASA’s Goddard Space Flight Center to test its Refueler spacecraft’s rendezvous and docking capabilities ahead of refueling missions for U.S. DOD satellites in GEO. The partnership leverages GSFC’s advanced in-space servicing facilities to validate Astroscale’s RPOD technology in a high-fidelity environment.

Applications

• Expedition 73 astronauts aboard the ISS conducted a range of health and systems maintenance tasks, including heart scans, blood pressure monitoring, and wearable sensor tests to study microgravity’s effects on cardiovascular and respiratory systems. The crew also maintained critical life support and scientific equipment, while supporting plant biology and international collaboration experiments.

• ESA and UK-based Frazer-Nash have launched INVICTUS, a hypersonic flight research program aiming to develop a reusable, Mach 5-capable aerospace vehicle with horizontal launch capabilities. Backed by ESA and the UK Space Agency, the project will test air-breathing, hydrogen-fueled propulsion systems and advanced cooling tech like SABRE, with the goal of enabling future spaceplanes and dual-use mobility systems.

• Researchers have demonstrated a new in-situ resource utilization (ISRU) technology that extracts water from lunar soil and uses it to convert CO₂ into oxygen and fuel precursors. While still in early stages, the integrated photothermal system could reduce the cost and logistical complexity of transporting water and fuel from Earth, making it a high-impact application for future commercial lunar infrastructure and deep space missions.

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