PODCAST
The DownLink
by Laura Winter
Your weekly digest of interviews and the must-reads from the intersection of space, business, and defense. thedownlink.substack.com
Episodes
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U.S.-China Summit: Trump, Xi, and the State of the Space Race
Did space just get short-shrift at this week’s summit? Naming China as the No1 threat, U.S. military officials did just confirm the existence of on-orbit weapons and that it will prepare for combat on and around the moon. Or were there other less-sexy agenda items that directly affect the space...
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U.S. Space Academy: "Doesn't It Make Sense?"
States are already vying to become the home of the White House's proposed Space Academy, but what critical problem set should it solve? Do we really need it? This episode — Part 2 of this two-part series and following last week's episode on the National Space Transportation Policy — focuses on…
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What’s the Payload the President’s 1,000-Launch Memo Should Deliver?
States are already vying to become the home of the White House's proposed Space Academy, but what critical problem set should it solve? Do we really need it? This episode — Part 2 of this two-part series and following last week's episode on the National Space Transportation Policy — focuses on…
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Space Force: Targeted Growth In a Time of Budgetary Uncertainty
While operating on the brink of a government shutdown has become the not-so-new normal, a fresh take on the Space Force's FY 2027 budget request shows the service branch's plan to normalize real growth through dramatic, yet targeted, programmatic increases. Laura Winter speaks with Sam Wilson,...
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Satellites, War, and Humanitarian Law: The ICRC Explains
Companies rarely know how a military is using their satellites — and that blind spot could quietly turn commercial infrastructure into a legitimate target, putting the civilians and humanitarian workers who depend on that same infrastructure at risk. The International Committee of the Red Cross...
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SpaceX's Q2: A Neo Cloud With a Rocket Side Hustle
SpaceX posted its first earnings report as a public company this week, the same week its first share unlock hit the market, more than doubling the float. Elon Musk says revenue will top $1 trillion by 2030, but the plan is murky. Laura Winter speaks with Chris Quilty, Founder and CEO of Quilty...
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China 1H 2026: Rockets, Vassals, and Purges
China's on the cusp of truly competing with SpaceX with a reusable rocket, while it supplies Iran and Russia and Xi Jinping purges another of the nation's space heroes. Laura Winter speaks with Malcolm Davis, Senior Analyst, Defence Strategy Program, Australian Strategic Policy Institute, and...
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What Is Taiwan Building? Why?
"Without rockets, nothing is going to happen." In the five years since Taiwan's Space Development Act, that island has started to build-out satellite constellations, a launch site, and has just received its first-ever invitation from NASA to contribute directly to the Artemis lunar program....
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Space Money: Terran Orbital and the Race to Scale
Russian satellites recently maneuvered to within three meters of each other in low Earth orbit — a stark reminder that space is a warfighting domain and that the race to build resilient satellite constellations has never been more urgent. Lockheed Martin subsidiary Terran Orbital is building the...
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Space Competition: AIAA’s Clay Mowry on What the Commercial Sector Wants
Citing China’s possible mission to send Taikonauts around the moon, NASA Administrator Jared Isaacman told AIAA's ASCEND conference attendees that the launch cadence to the moon must increase. Laura Winter speaks with Clay Mowry, CEO of the American Institute of Aeronautics and Astronautics…
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Space Competition: Sovereign Systems May Have Entangled Outcomes
The White House has nominated Lieutenant General Doug Schiess to become the third U.S. Space Force Chief of Space Operations. This nomination comes at a critical juncture, as allies race to develop sovereign space capabilities to reduce — or altogether avoid — dependence on the United States and...
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Space Power: Space Force "Budget's Like A Protein Shake"
The Trump Administration is asking Congress to more than double the Space Force budget — but with billions flowing to classified programs and a missile defense shield still under development, the real question is whether this is a strategy or a very expensive bet. Laura Winter speaks with Todd...
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Space Power: The Space Force Reveals What’s In Its Crystal Ball
The U.S. Space Force revealed what it thinks could be the threats, where those threats are located, and what it will need by 2040. The revelations will not only serve the service branch, but should guide C-suites, entrepreneurs, investors, and technologists for years to come. Laura Winter speaks...
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Space Money: Lunar Excitement And SpaceX’s “Crazy Pants” Valuation
Artemis II is on its way to the Moon — the first crewed lunar mission in more than 50 years. Private credit is flashing warning signs, and SpaceX just filed for the largest IPO in history. The numbers, as one guest puts it, are "crazy pants." Laura Winter speaks with The DownLink regulars Chris...
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Space Money: Buckle-Up For “Incredibly Dramatic” Changes In The Market
At SatShow 2026 many government and business leaders admired the “incredibly dynamic” changes and the new challenges in the marketplace and investing. But what do they need to do to compete and thrive in it? Laura Winter speaks with Frank Backes, President, Space Information Sharing and Analysis...
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Space Competition: “March Storm” On Capitol Hill Seeks Equal Tax Treatment For Space Investors
It’s “Advocacy Season” on Capitol Hill. The 30th “March Storm” — organized by the Alliance for Space Development — seeks better terms for space start-ups and venture capital investors ahead of the SpaceX IPO. Laura Winter speaks with Peter Garretson, a Senior Fellow at the American Foreign Policy...
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Space Power: Space Force West Scholars Axed. What’s The Future for Senior Professional Military Education?
Three years after the U.S. Space Force established the West Scholars program at the Johns Hopkins University School of Advanced International Studies (SAIS), the Pentagon is killing this highly tailored and unique space-minded Senior Professional Military Education fellowship, along with other...
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Space Money: A Traders Take on Epic Fury, Valuations, and the SpaceX IPO
The wake of the U.S.-led bombing campaign of Iran - Operation Epic Fury - has rattled markets around the world and inspired some public equity investors to adjust their positions and to more critically assess space companies with a speculative return on investment. Laura Winter speaks with Lou...
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Space Tech: Skynopy - The Ground Station Play That May Have a Military Application
Paris-based Skynopy’s virtual Ground Station As A Service promises of faster data speeds and a network of partner ground stations has earned it contracts with AWS, Eutelsat, Airbus, and the French Defense Innovation Agency’s Aerospace Lab. Laura Winter speaks with Pierre Bertrand, co-Founder and...
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Space Money: Tariffs, SCOTUS, Carveouts, And Space Business
While the Supreme Court has ruled that President Donald Trump’s use of the 1977 International Emergency Economic Powers Act to impose tariffs is unconstitutional, experts warn that the administration has other means to extract from American businesses and consumers what would amount to import...
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Space Competition: Middle East Ambitions
This week U.S. President Donald Trump met with Israeli Prime Minister Benjamin Netanyau to speak about how to curb Iran’s nuclear ambitions. This episode explores recent space-related developments in Israel, Iran, and more generally the rest of the Middle-Eastern region. Laura Winter speaks with...
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Space Money: The Space Force Budget And A New Leader
Finally, the U.S. Congress passed and U.S. President Donald Trump signed off on the U.S. Space Force’s $26 billion 2026 budget. And, the Space Force Association has a new CEO. Laura Winter speaks with U-S Air Force Brigadier General (Ret.) Damon Feltman, CEO, Space Force Association (SFA), who…
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Space Power: The View From Down Under
Australia and the United States have been close allies for more than seven decades, but with the old rules-based world order disappearing, Australia needs to shape and fund its national defence and space ambitions to fit the times. Laura Winter speaks with Malcolm Davis, a Senior Policy Analyst…
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Space Power: Golden Dome - “Boy! Has It Stalled”
While President Donald Trump cites the Golden Dome missile defense shield program as the reason for seeking sovereignty over Greenland, congressional appropriators complain they have too little knowledge on the program’s progress. It’s been 12 months since the presidential executive order...
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Space Money: “Steel Is Sexy”
Traders and investors are feeling whipsawed this week, but those who hold notes in space companies are seemingly immune. Space companies, especially infrastructure business cases, are seeing steady and huge gains in value. Laura Winter speaks with The DownLink regulars Chris Quilty, founder of...
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Space Power: What Are The Strategic Implications of the Trump Corollary and Venezuela?
Ground stations, built by proxies of China’s People's Liberation Army and Russia’s Roscosmos, can be found across Latin America, including three on Venezuelan military bases. Recent operations in and around Venezuela demonstrate that these strategically important adversarial space assets are now…
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Space Power: Is This The Space Strategy We Have Been Waiting For?
President Donald Trump issued a course-setting presidential executive order on Thursday that looks more like the national space strategy for which many, in and out of government and across a myriad of space-related sectors, have been waiting for. Laura Winter speaks with Peter Garretson, a Senior...
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Space Power: New Names May Foretell New Space Weapons Systems
At the Space Force Association’s Space Power Conference, major announcements were few, but there were clues pointing to imminent strategic developments. Laura Winter speaks with U.S. Space Force Col. (ret.) Charles Galgreath, Director and Senior Resident Fellow for Space Studies at the Mitchell...
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Space Money: Jonny Dyer’s Equation: AI + Lasers = Speed
The CEO of Muon Space predicts that artificial intelligence coupled with laser communications “ could ultimately become entirely transformative on blowing open things like the earth observation market.” Laura Winter speaks with Jonny Dyer, CEO and co-Founder of Muon Space. This is a public…
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Space Power: Germany Is Getting Ready For War In Space
This week German Chancellor Friedrich Merz’s cabinet approved a whole-of-government strategy to be ready for war in space. This announcement and strategy comes just 55 days after German Defense Minister Boris Pistorius announced that Germany is going to spend roughly $41 billion dollars to…
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Space Power: Want a Defense Contract? New Rules.
The Department of Defense roll-out of the new Cybersecurity Maturity Model Certification (CMMC) Program has far-ranging implications for the defense industrial base, including the space sector, that includes all prime contractors and sub-contractors. Laura Winter speaks with US Air Force Retired...
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Space Money: The Market “Has Fundamentally Matured”
While the U.S.government remains shut and the NASADQ is getting hammered, Chad Anderson of Space Capital, a seed-stage venture capital firm that invests exclusively in space-based technologies, says the space market “has fundamentally matured”. Laura Winter speaks with Chad Anderson, CEO…
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Space Power: Richard Joseph - “Making The Fight Unfair”
This week’s guest says, “ The purpose of science and technology research, in the military, is to make the fight unfair.” So what’s standing in our way? Laura Winter speaks with Richard Joseph, the 36th Air Force Chief Scientist, who has a CV that includes the Strategic Defense Initiative, the…
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Space Tech: This Start-Up Wants To Send Military Cargo On Demand To Anywhere In One Hour
Could pre-positioning mission-critical cargo in Low Earth Orbit, to be summoned and sent to a place and time of the U.S. military’s choosing, in under an hour, solve logistical bottlenecks in times of need? Inversion Space and its investors are betting on it. Laura Winter speaks with Justin...
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Space Money: Germany’s Military Is Spending… Hugely
German Defence Minister Boris Pistorius wants to spend €35B, or $41B, on space assets and technologies, including satellites with active defense capabilities. This is huge. Laura Winter speaks with Antje Nötzold, a Senior Researcher at the University of the Federal Armed Forces; and Torsten...
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Space Money: Q3 - Investor Sentiment Is Positive
Space investing is enjoying “positive sentiment”, with many publicly traded space stocks enjoying higher valuations. What’s behind these financial and economic trends and where are the weak points? Laura Winter speaks with The DownLink regulars Chris Quilty, founder of Quilty Space; and George...
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Space Power: Acquisitions And A Big Pot Of Money
There’s no Golden Dome requirements shopping list yet, but with an expected $40 billion for FY 2026 the U.S. Space Force Chief of Space Operations is thinking about how to spend now for the fight tonight and what will be needed by 2040. Appearing in this episode from the Air, Space, Cyber...
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Space Tech: Down Under Quantum Tech Companies Seek US Beachheads
Representatives from Australia’s burgeoning quantum technology sector are making the rounds, meeting with venture capitalists, U.S. companies, as well as state and federal government officials. Among the subjects discussed are defense, space, and opportunity. Laura Winter speaks with Martin...
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Space Money: NIGCOMSAT CEO, Nigeria Can “drive policy, space industrialization”
Nigeria, the most populous African nation, has the continent’s third largest standing military and fourth largest economy. The West African nation operates four sovereign satellites and has ambitions to become a space economy leader and space technology exporter. Laura Winter speaks with Nigerian...
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Space Tech: AI, Humans & Golden Dome
Artificial Intelligence will be necessary for Golden Dome, or Next Generation Missile Defense, to work, but how, and for what exactly? And what about the humans? Laura Winter speaks with Alexander Kott, an early AI researcher and the Chief Scientist of the Army Research Laboratory from 2016 to…
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Space Power: A Promise Made. A Promise Broken.
When then presidential candidate Donald Trump made a promise to create a Space National Guard, he received a standing ovation. Now 12 months later, that promise is broken, with far reaching and costly effects. Laura Winter speaks with National Guard Association President Maj. Gen. (ret.) Frank...
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Space Money: Assured Access to Space Starts on the Ground for $4 Billion
It’s one of the biggest contracts that Space Systems Command has awarded that you haven’t heard about - the $4 billion Space Force Range Contract awarded to Amentum. The price tag is big because so is this operations and commercial customer-facing job, which should grow along with the increasing...
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Space Power: Key To Trump’s Strategy Is In The Space Force Budget
What does the Golden Dome and the plus-up in money for the Space Force and other defense-related space systems tell us about the Trump Administration’s national defense strategy? And is it sustainable? Laura Winter speaks with Peter Garretson, a senior fellow at the American Foreign Policy…
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Space Power: Air Marshal Godfrey’s Take On Delivering Space Capability For Joint and Allied Operations
This week the U.S. Space Force concluded its largest service-wide exercise that also included officers from Allied and Partner nations in leadership positions. Lessons from the exercise will be used to better inform the implementation of the Space Force’s new International Partnership Strategy....
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Space Power: Can We Ditch The Feudal Era?
Now that the U.S. Senate has confirmed Lt. Shawn Bratton’s fourth star and his nomination to become the next U.S. Space Force Vice Chief of Space Operations, there will be a new Deputy Chief of Space Operations, Strategy, Plans, Programs and Requirements. And that’s an opportunity to drag the…
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Space Money: $613B - What’s Behind the Big New Number?
According to the Space Foundation the Global Space Economy grew by 7.8% to reach a valuation of $613 billion dollars in 2024. What’s behind the new big number? Laura Winter speaks with Lesley Conn, the Space Foundation’s Director of Research and Digital Programming. This is a public episode. If…
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Space Competition: Amid US Budget Woes, China Pushes Expansion
While the White House and Congress wrangle over NASA’s budget and the fate of the Space Launch System, China is unwavering in laying the foundation for its expansion into the space domain, including on the moon. Laura Winter speaks with Josh Carslon, author of the book, “Spacepower Ascendant…
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Space Money: Defense Budget, Markets, and Champagne
With Wall Street indices at new highs, plus a roughly $40B FY 2026 budget for the U.S. Space Force, and the tens of billions the Trump Administration wants to spend on the missile defense program "Golden Dome," is it time to pop the champagne? Laura Winter speaks with The DownLink Podcast…
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Space Power: Space Force ‘26 Budget: “ A One-Time Sugar High”
The Trump Administration’s 2026 budget for the U.S. Space Force, counting the Big Beautiful Bill’s funding, comes to about $40 billion dollars. Does this unorthodox, difficult to follow, bifurcated legislative process make this bump “ a one-time sugar high?” Laura Winter speaks with Todd…
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Space Power: Commercial Satellite Imagery For Intelligence & Operations Is At Risk
The Chairman of the Joint Chiefs of Staff Gen. Dan Caine said two Defense Threat Reduction Agency analysts studied activities at the Fordo Uranium Enrichment Plant for 15 years, by pouring over imagery. That was satellite imagery, which is now at risk of being cut in the White House’s FY2026…
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ABOUT THIS SHOW
Your weekly digest of interviews and the must-reads from the intersection of space, business, and defense.
thedownlink.substack.com
HOSTED BY
Laura Winter
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Frequently Asked Questions
How many episodes does The DownLink have?
The DownLink currently has 50 episodes available on PodParley. New episodes are automatically indexed when they're published to the podcast feed.
What is The DownLink about?
Your weekly digest of interviews and the must-reads from the intersection of space, business, and defense. thedownlink.substack.com
How often does The DownLink release new episodes?
The DownLink has 50 episodes. Check the episode list to see recent publication dates and frequency.
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Who hosts The DownLink?
The DownLink is created and hosted by Laura Winter.
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