Summary

The space industry has witnessed a tremendous commercialization wave. Flagged with the (disputable) term “NewSpace,” numerous start-up companies are emerging in the leading space nations as well as in nontraditional space countries. These companies are attracting private investments as never before. In addition to such private financing, strong public market interest in the space sector has enabled a number of leading space start-ups to access large amounts of capital through Special Purpose Acquisition Companies’ initial public offerings (IPOs). One economic consultancy company has predicted that the space economy will grow significantly by 2030—perhaps as much as 74%—with others suggesting even higher estimates.

With such strong economic growth and developments in new business models, there is a need to examine industry practices, particularly in contractual agreements. Such an examination is critical for the oversight of public spending, research and development funding, and space procurement for all public (government) and private stakeholders. The main public stakeholders on European level are the European Union, the European Space Agency, and the national space agencies of the member states, each of which has its dedicated legal frameworks and procedures.