A world in flux, a space in motion
Trade wars, space wars, and more wars.
Good afternoon,
As trade tensions flare—Trump threatens Russia with tariffs, the EU readies countermeasures, and China flexes rare-earth muscle—the economic battlefield is reshaping alongside the physical one. From Cuba to Iran, sanctions and strikes signal a hardening global posture. Meanwhile, Congress is doubling down on space: boosting X-37B, shielding NASA from White House budget cuts, and mandating Pentagon support for commercial satellite intel. As Space Force drills for orbital warfare and Chinese spacecraft turn up in unexpected orbits, the message is clear: space isn’t just the future—it’s the front line.
And some surprising news about NASA’s DART mission to deflect asteroids by shooting them.
Alright, let’s move on to the news!
News Headlines
Trump threatens Russia with tariffs over Ukraine war (AP)
U.S. piles fresh sanctions on Cuba's flailing tourism industry (BBG)
Iran says it will respond to reimposition of U.N. sanctions (RT)
EU finalized new trade countermeasures against US (AP)
China rare-earth metal exports hit the highest since 2009 (BBG)
Inflation accelerates in June reinforcing Fed's decisions to not cut rates (NYT)
Trump admin backtracks on promise to post climate change report on NASA website (AP)
Satellites
Launches
Upcoming Launches
Space News
Congress to push Pentagon to fund commercial satellite intel program (SN)
Iran's strike on U.S. base in Qatar destroyed communications / radar dome, satellite imagery shows (AP)
Senate defense bill includes mandates on space launch, missile defense, spectrum protection (SN)
House rejects White House efforts to cut NASA spending, supports shifting focus to exploration (SN)
Lawmakers push for military investment in commercial surveillance systems (ASF)
NASA's DART mission shot an asteroid, but the broken pieces aren't behaving as expected (LS)
Space Force practices 'orbital warfare' in its largest ever exercise (TP)
Space Force MILNET constellation emerges as top unfunded priority (SN)
Big, Beautiful Bill includes $1B boost to X-37B space plane program (SP)
New study calls for rapid development of space nuclear power systems (SN)
Maxar shows off its 'crystal clear imagery' of Chinese spacecraft (NW)
Foreign Space News
China eyes the Moon, Mars, and space dominance (MP)
Experimental Chinese satellite turns up in unexpected orbit (SN)
Russia is building a reusable methane-powered rocket (NI)
Russia's surge in space activity could be the last gasps of a sick and dying space power (AT)
ESA establishes its first deep-space optical comms link with NASA's Psyche mission at a distance of 265 million kilometers (ESA)
Europe looks to Nordic space race to scale back U.S. dependence (RT)
Deal Flow
Funds
Europe VCs are on pace for lowest fundraising year in a decade (BBG)
Ex-Founders Fund partner Brian Singerman and Quiet Capital partner Lee Linden are seeking to raise over $500M for a new fund GPx, a dual emerging managers VC FOF and late-stage fund partnering with other emerging managers (TC)
VC
Varda Space, a startup using space to make drugs, raised a $187M Series C led by Shrug Capital and Natural Capital (PRN)
Auriga Space, a startup launching rockets off of magnets, raised a $6M seed round led by OTB Ventures (TC)
Apolink, a space-tech keeping satellites connected 24/7, raised a $4.3M seed round at a $45M valuation (TC)
PE / M&A / Exits / Other
Firefly Aerospace, the spacecraft startup last valued at $2B in November, filed for an IPO (TC)
Tungsten producer Almonty Industries raised $90M in its US IPO (BBG)
Opportunities
Space Systems Command is hosting an Industry Day for its Geosynchronous Reconnaissance component of space domain awareness efforts (SAM)
The Missile Defense Agency is conducting market research related to the Ground-based Midcourse Defense program (SAM)
Editor’s Picks
Nazmelis Zengin wants the U.S. to rethink how it approaches cooperation in space, bringing in more mid-tier space powers.
GAO outlines five policy options to accelerate in-space servicing, assembly, and manufacturing (ISAM) with potential follow-on effects including debris mitigation / removal, larger spacecraft, space-based solar power, and greater human exploration of space.
National Institute for Deterrence Studies senior fellow Christopher Stone explains how war in space is not a future problem; it's here today.
Lighter Side
Keep Building,
BOF