China’s SpaceX Is Learning by Crashing Rockets

This episode of Thinking on Paper examines the largest space technology funding rounds of 2026 and what they reveal about the direction of the commercial space economy.Investment is moving beyond satellite launches and communications. Companies are now raising capital for orbital data centres, private space stations, reusable rockets, alternative navigation systems, weather intelligence, secure communications and national-security infrastructure.We count down funding rounds involving:StarcloudXona SpaceTomorrow.ioPLD SpaceStoke SpaceAxiom SpaceCesiumAstroVastSierra SpaceChina’s iSpaceThe episode covers:Why investors are backing space-based data centresThe business case for commercial space stationsHow Xona Space and other companies are developing alternatives to GPSWhy reusable launch systems continue to attract capitalThe growth of secure satellite communicationsHow space-based weather intelligence is becoming a commercial marketWhether microgravity research can support viable businessesWhy defence and national-security funding are becoming more importantHow private investment is shaping competition between the United States, Europe and ChinaWhat the largest funding rounds suggest about the next phase of the space economyThe companies raising the most capital aren’t all pursuing the same market, but several themes recur: sovereign infrastructure, lower launch costs, persistent Earth observation, orbital computing and a shift from individual spacecraft towards complete space-based systems.This conversation follows the money to understand which technologies investors believe can move from ambitious engineering projects to durable commercial infrastructure.Please enjoy the show.--🎧 Listen to every podcast⁠📺 Follow us on ⁠Instagram⁠🏠 Follow us on ⁠X⁠🏠 Follow Jeremy on ⁠LinkedIn⁠To suggest guests or sponsor the show, please email: [email protected](00:00) Starcloud(00:52) Xona Space(03:27) Tomorrow IO(06:01) PLD Space(08:00) Stoke Space(10:18) Axiom Space(12:29) Cesium Astro(14:50) VAST Space(19:02) Sierra Space(21:47) I-Space (Beijing Interstellar Glory Space Technology Ltd.)