WEBVTT - Space Foundation CEO Heather Pringle Talks Space Economy

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>I'll swear let's talk about this. The Space Foundation out

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<v Speaker 2>with its latest quarterly report showing global commercial revenue jumping

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<v Speaker 2>eight percent from a year ago to six hundred and

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<v Speaker 2>thirteen billion, the leading driver of the private sector, which

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<v Speaker 2>accounts for seventy eight percent of the space economy, government

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<v Speaker 2>budgets making up the smallest portion of just over one

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<v Speaker 2>hundred and thirty billion. Potential catalyst for growth include President

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<v Speaker 2>Trump's Golden Dome, ebon, mus Starlink, and commercial spaceflight. Joining

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<v Speaker 2>us now to discuss is head Pringle, the CEO of

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<v Speaker 2>the Space Foundation Head to welcome to the program. Lots

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<v Speaker 2>to work through here, but the numbers that jump out

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<v Speaker 2>to me are the seventy eight percent coming from private enterprise.

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<v Speaker 2>Do you see the private sector doing much of the

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<v Speaker 2>heavy lifting of the space economy for the years forward

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<v Speaker 2>and the foreseeable future.

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<v Speaker 1>Absolutely, the commercial sector is right now valued at four

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<v Speaker 1>hundred and eighty billion dollars for twenty twenty four, and

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<v Speaker 1>that is an eight percent growth over the prior year.

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<v Speaker 1>And when we look at the twelve sectors that constitute

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<v Speaker 1>the commercial market, we look at position, navigation and timing,

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<v Speaker 1>which comprises two hundred thirty one billion dollars. The number

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<v Speaker 1>two service just behind that is ground infrastructure and equipment,

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<v Speaker 1>coming in at one hundred and twenty three billion dollars.

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<v Speaker 1>Both of these sub sectors showed a ten percent growth

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<v Speaker 1>over the prior year. So with something like position navigation

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<v Speaker 1>and timing, this is coming into every swipe, tap and

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<v Speaker 1>left turn that you make using those global navigation satellite services.

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<v Speaker 3>Heather, I'm struck by the fact that, yes, the private

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<v Speaker 3>sector is the one that it's leading the charge into

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<v Speaker 3>space exploration and space use and the space economy, and

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<v Speaker 3>yet there's a huge national security component to this, with

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<v Speaker 3>the likes of China and Russia trying to exploit this

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<v Speaker 3>whole network, possibly disrupting the United States. It's based on

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<v Speaker 3>your research with the Air Force, your service with the military.

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<v Speaker 3>I'm just wondering how prepared the United States is for

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<v Speaker 3>that in terms of government coordination with the private sector.

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<v Speaker 4>Well.

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<v Speaker 1>Absolutely, the United States is the number one investor in

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<v Speaker 1>the global space economy, and this includes all sectors commercial, civil, government,

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<v Speaker 1>as well as national security.

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<v Speaker 4>Now you were pointing out what the United States is

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<v Speaker 4>doing on the.

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<v Speaker 1>National security side forty nine billion dollars of investment into

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<v Speaker 1>our national security enterprise. Over ninety percent of that is

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<v Speaker 1>going to the newest service, that is the United States

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<v Speaker 1>Space Force. This is well ahead of what we see

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<v Speaker 1>China is investing. For example, on the civil government side,

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<v Speaker 1>the United States is investing twenty seven billion dollars in

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<v Speaker 1>the civil government space economy. China is investing seventy percent,

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<v Speaker 1>So we're well ahead on that. You can also look

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<v Speaker 1>at the launch record, for example, the first six months

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<v Speaker 1>of twenty twenty five, the United States is launching at

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<v Speaker 1>a record ninety seven already launches.

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<v Speaker 4>These first six months.

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<v Speaker 1>China is only a fraction of that, well under twenty.

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<v Speaker 1>So the United States is leading, it's leaning forward, and

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<v Speaker 1>it's doing a lot to prepare for this. You mentioned

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<v Speaker 1>Golden Dome as well. This is a huge initiative, valued

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<v Speaker 1>at one hundred and seventy five billion dollars for the

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<v Speaker 1>entire development effort. It's going to have a large commercial component.

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<v Speaker 1>They're looking at short timelines. They want capability, whether it's

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<v Speaker 1>everything from sensing to tracking to intercepting, and the commercial

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<v Speaker 1>space market is really ready to deliver. Well.

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<v Speaker 5>The Golden Dome just locked in thirteen billion dollars. They

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<v Speaker 5>named someone to be a project leader, but this morning

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<v Speaker 5>is reporting that Trump is looking for alternatives to musk

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<v Speaker 5>SpaceX to lead that project. What companies in the private

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<v Speaker 5>sector could lead that project?

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<v Speaker 1>In your view, well, this is going Golden Dome is

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<v Speaker 1>going to be a national security project led by the

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<v Speaker 1>recently confirmed four star general Mike Gootline. He'll be here

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<v Speaker 1>with us today at our program. But to your point

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<v Speaker 1>about who are the commercial entities who can step up

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<v Speaker 1>to the plate, there are a number of companies that

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<v Speaker 1>are leaning forward delivering capability. This is a multi layered capability.

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<v Speaker 1>When you look at the totality of what Golden Dome is,

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<v Speaker 1>it's launch, it's sensing, it's tracking, it's intercepting. And so

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<v Speaker 1>even if you did take a deeper look at the

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<v Speaker 1>launch enterprise, there are over fourteen companies around the world

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<v Speaker 1>who can deliver that ten different nations.

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<v Speaker 4>So it's a whole of nation.

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<v Speaker 1>Effort and there are a lot of companies who are

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<v Speaker 1>able and willing to step up to the plate.

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<v Speaker 5>I guess what you're saying is, if it's not going

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<v Speaker 5>to be SpaceX, there will be a company that can

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<v Speaker 5>fill that role. Do you have a timeline of how

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<v Speaker 5>long this project can take.

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<v Speaker 1>Well, I would say there have to be a number

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<v Speaker 1>of companies, whether it's SpaceX or others, who need to

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<v Speaker 1>contribute to this project.

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<v Speaker 4>The scope of it is so large that it really.

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<v Speaker 1>Is going to take a number of companies delivering these

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<v Speaker 1>different capabilities. As far as the timeline we are looking at,

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<v Speaker 1>the President has announced that it should be on a

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<v Speaker 1>three year timeline, So that's looking for capabilities that are

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<v Speaker 1>out there, that are fairly mature, that are tried and

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<v Speaker 1>true and existing.

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<v Speaker 4>So that's what it'll depend on.

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<v Speaker 2>These numbers again and bigger and bigger. Looking forward to

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<v Speaker 2>tracking this story with you once again. The Space Foundation

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<v Speaker 2>CEO had the pringo that on the size of the

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<v Speaker 2>space economy, I.

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<v Speaker 4>Love the space of main discussions.

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<v Speaker 3>I've got to say, I love the idea of what

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<v Speaker 3>can happen there, whether we're all entering sort of the

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<v Speaker 3>Obi wan Kenobi Yoda worlds. I mean, honestly, I mean

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<v Speaker 3>all of the science fiction coming to reality and how

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<v Speaker 3>that is a serious threat when it comes to international warfare.

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<v Speaker 2>When you talk about a bum market