Hello, Dan Goldin here. I woke up this morning thinking about how I was 29 years old when we landed on the Moon. It was my country (our country!) that mastered the rocketry, the guidance, the life support to put three Americans on the lunar surface. By the time I became NASA Administrator in the 1990s, the mood had shifted. The Cold War (and with it, the Space Race) was over. The Challenger disaster had shaken public confidence, and America hadn’t sent a lander to Mars since Viking 1 & 2 in 1976. Budgets were being cut, and purpose was questioned. I had to make the case for space all over again to Americans across the country.

Today, Editor-in-Chief Ryan Duffy and I explore what making the case for space looks like in 2025. We examine the Moon, Mars, and asteroids as real strategic decisions America must now face. What should come first? Where should public dollars go? How do we maintain focus? Would love to hear from you on it afterward.

BTW, it’s my 85th birthday this week. As I reflect, I want to thank you all for the greatest gift a patriot technologist like me can ask for: driving the greatest inflection point of our lifetimes. The Renaissance is happening because of you 🇺🇸🙏.

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Fifty-Five Years Later: The Next Giant Leap Starts With ‘Why’

Fifty-five summers ago, Neil Armstrong planted humanity’s first footprints on the Moon: a triumph etched in grainy black-and-white, static crackling across oceans, and the dreams of tens of millions of young, impressionable Earthlings taking flight. Today, privately developed rockets light the skies every 48 hours and the lower bounds of space (low Earth orbit) no longer feel out of reach. Against this backdrop, and the quasi-”democratization” of LEO, the economic and strategic stakes of space have risen exponentially, alongside enduring questions of national pride and technological prestige. Yet the essential question we face today remains precisely the one confronted by Apollo’s architects more than half a century ago:

Dan Goldin, cofounder of Per Aspera and the longest-serving NASA Administrator, reminds us: “Start with the ‘why,’ not the ‘how.’” Each American taxpayer underwrites ~$600 a year in federal R&D, shaping our nation’s economy, security, and global standing. Of that, ~$245 funds NASA, the Space Force, and other civil space initiatives. Though seemingly modest, every dollar demands careful stewardship, absolute transparency, and strategic clarity.

“If we can't explain to the American people exactly why we're spending their money on space, we simply cannot justify it,” Dan emphasizes. Space exploration fuels growth, fortifies national security, sparks invention, and when done right, inspires the generations who follow.

But resources are finite and priorities matter. The choices America makes today, how honestly we confront tradeoffs, how clearly we justify investments to the public, and how decisively we prioritize strategic goals, will shape not just our future in space but also our economic strength, national security, and the character of American ambition itself.

After 25 years mastering life in orbit (with the ISS), America’s next step is clear: we must return to the Moon, this time permanently. This is not a nostalgic encore, or a symbolic gesture for a romantic frontier. The Moon is the critical proving ground for humanity’s next phase of exploration. Its ancient regolith is a time-capsule four billion years deep, holding clues to Earth’s formation, the early Sun, and the chemistry that sparks life. Setting up shop there forces us to perfect closed-loop life-support, rad-hardened habitats, and autonomous construction. This is a toolkit we’d need for Mars, the asteroid belt, and beyond.

And science is only half the story. The Moon is strategic terrain anchoring the cislunar corridor: an orbital shipping lane where comms relays, fuel depots, and surveillance assets will live. Whoever controls this corridor will broker access to every high-value orbit and deep-space trajectory that follows. Beijing’s Chang’e program already treats the lunar surface like contested high ground. Even a quarter-million miles from Earth, the old adage applies: might makes right. And the first mover will write the rules.

Yes, the Moon tantalizes with commercial possibilities: potentially transformative deposits of Helium-3 that could power future fusion reactors, abundant lunar ice for rocket propellant, and valuable minerals ripe for extraction. But those windfalls are distant and the business case uncertain. Over the next decade, the real currency is geopolitical, and nation-states will be footing the bill. America must articulate these realities clearly, explaining to citizens why lunar leadership matters — not just symbolically, but strategically, scientifically, and economically.

Returning to the lunar surface by the end of 2028 through Artemis would demonstrate America's strategic resolve and clarify our long-term intentions in space. But politics, capacity for precision execution, and shifting priorities loom as hurdles more treacherous than lunar craters.

Mars stirs the imagination like no other destination, promising humanity a hopeful frontier and diehard libertarians a place of refuge and new beginnings. Elon Musk has crystallized this vision best, invoking a Plymouth Rock redux, and Americans overwhelmingly agree:

But Mars confronts us with brutal realities. The Red Planet is relentlessly hostile, with punishing radiation, unknown physiological consequences from extended stays in partial gravity, and an atmosphere composed almost entirely of CO₂ at pressure less than 1/100th of Earth’s. Early settlements may need to retreat underground, confronting immense technological and logistical complexity just to survive.

For any publicly funded Mars effort, taxpayers deserve conversations that balance bold ambition with clear-eyed evaluation. Mars should not be hastily dismissed, nor blindly championed, especially given the heavy demands on a limited national budget. None of this argues we shouldn’t strive. America thrives on audacity. Starships should absolutely attempt the voyage, boldly testing and proving what’s possible. But limited public resources may be better served prioritizing the Moon. Mastering lunar living, just days from Earth, is an essential stepping-stone to more distant frontiers. There, we can refine the life-support, habitats, and resilience required to turn Mars from a bold one-way ticket into a sustainable outpost.

Mars will have its day. But first, we must build our beachhead on the Moon, thoughtfully and strategically, securing the foundation we’ll need to venture farther.

Asteroids are not just sci-fi props or floating space rocks; they’re vaults packed with trillions of dollars in platinum-group metals; base metals like iron, nickel, and cobalt; life-sustaining water ice; and rare-earth elements, in higher abundance on some near-Earth asteroids than on Earth itself. Famously, Goldman Sachs suggested a while back that asteroid mining could mint Earth’s first trillionaire. In addition to the possibility of vast wealth, asteroid mining holds the potential to sustain humanity’s outward push into the solar system.

Yet this topic has not permeated public consciousness. And, of course, mining asteroids is no walk in the park. Precision navigation across millions of miles, robotic extraction in microgravity, and refining ores in space all present hard engineering challenges. Even tougher: getting those riches economically back to Earth. Yet these are precisely the challenges America excels at tackling, if we choose wisely.

Private enterprise should lead the charge, with the government focused on clearing the path. The smartest government move isn't pouring endless billions into its own asteroid fleet (unless we’re talking planetary defense), but to de-risk the commons. This is uncharted territory, with echoes of past frontiers: distant horizons, uncertain fortunes, and no guarantees of success. America’s job now is not to promise outcomes, but to clear obstacles, draw the maps, and let bold prospectors test their fate among the stars.

Not every horizon demands immediate pursuit, and we must deliberately and strategically pick our battles. Our space program cannot afford to spread its ambition thin, which risks diluting focus, squandering public trust, and forfeiting strategic advantage. To lead in space, we must define clear and achievable goals, justify priorities to the American public, commit resources decisively, and execute with disciplined precision.

Moon first, we say. Not because it’s close, but because it extends the foothold we already hold in orbit, and command of cislunar space is the ante for everything that follows. Mars still beckons, and near-Earth asteroids glint with future fortunes, but their near-term advance belongs to private initiative, not expansive (and expensive!) government bets.

In the months ahead, Per Aspera will interrogate every trajectory (Moon, Mars, asteroids) through a series of Antimemos designed to sharpen the national conversation. These aren’t distant abstractions; the choices we make in this decade will shape factories, flight paths, and deterrence for the next century.

Nearly three in four Americans now believe Apollo was worth it, even though the program lacked a mandate at the time. Yet only one-third feel today’s space program adds “a lot” to their daily lives. Closing the perception gap is both our opportunity and obligation. Whatever giant leap we choose, Job #1 is to explain, plainly and persuasively, why it matters to the nation’s economy, security, and future. That clarity is the prerequisite for any wise and decisive advance.

With a track record dating back to 2012, Space Capital was founded on a core thesis: space is more than just infrastructure – it’s a technology platform fueling the next era of global innovation. Inspired by the evolution of GPS from government tool to economic engine, the firm invests at the seed stage across three foundational layers: infrastructure (space-based systems), distribution (tools to connect and process space-derived data), and applications (software that delivers value on Earth). This thesis — now widely adopted across the sector — offers a proven framework for identifying where value accrues and how to deploy capital effectively. Space Capital uses it to back category-defining companies in geospatial intelligence, communications, and advanced data-powered platforms. In a world defined by geopolitical tension, climate change, and growing demand for real-time intelligence, space-based technologies are essential. Space Capital’s thesis provides the investment map for what comes next — and a proven strategy for turning foundational technologies into economic transformation on Earth.

Hey, it’s Jeff Crusey, your Resident Investor at Per Aspera.

It’s Time to Deter in Orbit. The venture community put capital behind traditional defense: ISR platforms, drone autonomy, hardened comms. But space — arguably the most exposed and critical domain — remains underdefended. Thousands of satellites now underpin navigation, global finance, communication, and missile defense. And they are exposed.

China and Russia understand this and have invested heavily in kinetic kill vehicles, co-orbital interceptors, and electronic warfare in space.

Here’s the current posture, simplified:

The U.S. strategy — emphasizing resilience and norms over hard deterrence — was designed for an uncontested environment. We are playing catch up. The goal is not escalation. It’s preservation. It’s backing the founders building:

1 / Space domain awareness with real-time attribution.

2 / Responsive launch and maneuverable satellites.

3 / Autonomous threat detection and countermeasure systems.

We’ve done this before. In air, land, sea, and cyber — we build the infrastructure, then we defend it. It’s time we do the same in orbit.

An American Drone Industrial Base: Now or Never. We’re in the midst of a massive paradigm shift — from exquisite to expendable, bespoke to modular, manned to autonomous, monolithic to distributed. In light of this new “mass over class” mantra, the DoD has launched a major initiative to mass-produce low-cost drones, showcasing 18 new American-made prototypes at the Pentagon this week. Defense Secretary Pete Hegseth called drones “the biggest battlefield innovation in a generation,” noting they’ve driven most of this year’s casualties in Ukraine. Backed by a June 6 executive order, the program slashes development timelines from six years to 18 months. This is as good an industrial test case as any for whether the U.S. can build fast, cheap, and effective systems at scale, and under real pressure. Watch it closely. (And while you're watching, maybe ask where the brushless motors and batteries are coming from.)

Threadcutters, not threadbois. Hadrian Automation Inc. has raised $260M in fresh capital to — takes deep breath — bring online 270,000 sq. ft. of new manufacturing space in Mesa, AZ; scale R&D capacity; expand into shipbuilding and munitions; take on welding, casting, and additive; and debut a FaaS (“factories as a service”) product line. The Torrance, CA-based company’s core value prop is software-driven, highly automated factories, and it ships precision-machined, flight-grade metal parts for rockets, satellites, jets, drones, and eVTOLs. With plans to launch four to five additional facilities within a year, the startup is fast becoming a critical enabler of national industrial resilience (touting 10x YoY growth and 10x faster lead times). Finally, because it’s definitely worth noting: Hadrian CEO Chris Power has been an outspoken critic of extractive financialization and its role in hollowing out the industrial base. He’s found a way to flip the script and skillfully tap the American capital stack with purpose: using debt to build factories, preserving equity for talent, and scaling with the velocity of a software business focused on real-world throughput.

🚀 Full-stack Boilermakers. This week, coinciding with the Moon landing anniversary and its engineering department’s 150th anniversary, Purdue University announced the nation’s first comprehensive space engineering track, an online master’s and undergrad certificate built to train full-spectrum systems engineers. This is what we need: engineers fluent in modern space systems, from propulsion to on-orbit ops, who can understand how the whole complex system works together. (And, ICYMI, we teamed up with Mark Lewis, CEO of Purdue Applied Research Institute, to write the definitive piece on the state of hypersonics.)

One Factory, Any Product. At last week’s Reindustrialize Summit, Divergent 3D Executive Chairman (and Per Aspera Founding Sponsor 🇺🇸💥🙌) Kevin Czinger joined Ford boss Jim Farley to chart a new course for American manufacturing. Czinger described his company’s platform as “design-agnostic equipment” — factories no longer limited to making one or two products, but capable of printing and assembling any AI-generated structure, anywhere. “Every printer we have, wherever it’s located, can print that. Every assembly system anywhere can assemble it,” Czinger said. Divergent’s model: a distributed network of modular, software-defined factories across the U.S., enabling “one factory, any product”—in direct contrast to legacy, rigid manufacturing. This is a compelling way to leapfrog China and restore industrial independence: through step-change technologies and adaptive, high-mix, digital manufacturing. Here’s to building a truly flexible American industrial base that’s as dynamic and resilient as the software that powers it.

What’d we miss? Have something others participating in the Renaissance should know? Hit reply and drop us a line at [email protected].