Space Jam? Companies Risk Clutter, Conflict in New Race
Half a century after astronaut Neil Armstrong became the first man on the moon, a new space race is underway to exploit the skies for commercial profit. Tech giants and startups pursuing bold plans such as selling space tourism, mining asteroids and beaming giant adverts into the skies are winning millions in investment with pledges to bring the stars into reach. Annual revenues from space-related business, currently worth $350 billion, could nearly triple in size by 2040, estimates U.S. investment bank Morgan Stanley. But the rapid growth of a market with seemingly boundless potential has sparked concerns about a lack of laws and potential conflicts over resources, prompting calls for more rules to govern humanity’s use of the cosmos. “By 2040 (we believe) there will be 1,000 people living and working on the moon and 10,000 annual visitors,” said Aaron Sorenson, a spokesman from the Japanese lunar exploration startup ispace. “Our company vision is to extend human presence into outer space. We believe that begins with the expansion of the earth’s economy to the moon,” he said. Drops in launch costs brought about by technological advances such as the development of commercial reusable rockets have caught the interest of startups …