Most people watching the commercial space race fixate on rockets and satellite constellations. The real game is a space land grab for orbital slots and spectrum, the truly scarce hard assets. It is first-come, first-served — show up late and there may be no room left.
The value of orbital slots and spectrum is self-evident: prime positions in low Earth orbit are limited, and satellite comms bands are finite. Once secured, they become core moats that are hard for latecomers to breach.
Beyond commerce, these assets are tightly linked to national security. The Russia-Ukraine conflict showcased Starlink’s military utility, and whoever controls more orbits and spectrum holds the initiative in space communications.
That is why global players are racing to lock in positions. SpaceX is pushing out Starlink V2 satellites not only to boost bandwidth and move toward profitability, but more importantly to occupy additional LEO slots.
Jeff Bezos and Chinese aerospace firms are also fast-tracking their constellations, wary of missing the window. Even SpaceX’s urgency to list and raise capital is partly about funding faster launches and resource capture.
Bottom line: there is no fallback in the fight for orbital and spectrum resources, which form the core moat for commercial space. Without enough of these rights, even best-in-class rockets will run into constraints at every turn.
