INTHEBLACK October 2026 - Magazine - Page 30
F E AT U R E
“[The space industry] is no longer thought of as a kind
of science project — it is now a mainstream industry
and the world knows that civilisation as it is today
would not survive without it.”
ASHLEY HASFORTH, GILMOUR SPACE TECHNOLOGIES
policy and adoption so that space capability
translates into practical economic value for
businesses and society.”
Securing funding for space initiatives
from government or private sectors can
be painstaking, but Hasforth says the recent
SpaceX IPO has put the space industry
up in lights for investors.
“It is no longer thought of as a kind of
science project — it is now a mainstream
industry and the world knows that
civilisation as it is today would not
survive without it.”
Hasforth says striking the right balance
between exciting space-related projects
and prudent financing is crucial in his role.
Although space engineers typically “like
everything to be gold plated”, he believes
establishing robust financial strategies in
tandem with co-founder Adam Gilmour
has given Gilmour Space a competitive edge.
“It has certainly set us apart from a lot
of the other companies in the industry that
have fallen away purely from a lack of cost
management and prudent management
of finances, budgeting and forecasting.”
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30 INTHEBLACK October 2026
A STRATEGIC IMPERATIVE
As reliance on space-based services continues
to grow, investment in the sector is increasingly
being viewed not only as an economic
opportunity, but as a strategic imperative.
In this regard, Singapore’s new national
space agency is a timely and strategic move.
However, its biggest opportunity, according
to Khoo, lies in accelerating enterprise
demand for satellite data and services — a key
driver of industry growth.
“As a pro-business, pro-innovation agency,
its success will depend on how effectively it
unlocks commercial adoption. As a dedicated
national platform, NSAS strengthens
Singapore’s ability to engage internationally
and help shape emerging norms in space,
even as it builds credibility in a complex
global environment.”
She says it also builds on Singapore’s
strengths in regulation, cybersecurity and
governance, supporting critical functions
such as space traffic management and
domain awareness.
As Australia pursues the benefits of space
initiatives, Hasforth urges governments to
back innovators, including through awarding
government defence contracts to local
companies. This will help to keep profits,
intellectual property, tax revenue, strategic
control and decision-making in Australia,
“as opposed to going directly overseas as the
first port of call,” he says. “That is where we
need to work to try to get the government
to support industry more.”
Steer argues that Australian space activities
also need more support from angel investors
and venture capitalists. She says a positive
upshot of SpaceX being in the headlines is
that it is shifting attention to why space
is so highly valued. “It is not just about
SpaceX launching things — it is all of the
services that come from space.” As the
benefits of interstellar initiatives have more
of an impact on the wider economy, Steer
hopes more venture capitalists and Asian
investors will be willing to fund the Australian
companies that are doing valuable work.
Hasforth is confident that Gilmour Space
will be one of the key Australian players
in a thriving market as it collaborates
with space leaders, including Japan and
South Korea. The business wants to help
fill the gap between the huge demand for
satellites and the simultaneous lack of
launch vehicles. He cites Commercial
Space Federation research predicting
that up to 7000 launches will be required
in a single year by the mid-2030s, yet just
over 320 launch attempts occurred in 2025.
“So,” Hasforth says, “we see a huge market
ahead of us”. ■
