By our count, the space industry is currently immersed in the third great wave of innovation and investment, an era we refer to as Space 3.0. The first wave of investment (Space 1.0) peaked in the mid-1960s and was driven almost entirely by geopolitically motivated government spending on crewed spaceflight. By contrast, the second wave (Space 2.0) crested circa 2000 and was predominantly supported by satcom-oriented corporate investments by the likes of Alcatel, Boeing, Motorola, and Teleglobe.