“Space technologies are delivering greater value to a more diverse set of stakeholders than ever before,” Sebastian Buckup, Member of the Executive Committee, World Economic Forum, said recently, also adding that costs decrease and accessibility increases.
These technologies could transform entire industries and have an impact on business and society comparable to that of smartphones or cloud computing.
One startup, Apex Space, is at the forefront of this revolution. Founded by Ian Cinnamon and Max Benassi, the Los Angeles-based company is disrupting the satellite manufacturing market by producing standardized satellite buses at a fraction of the historical cost.
In a recent interview, Cinnamon shared insights into Apex Space’s groundbreaking approach.
“We build the core component of satellites and the industry term for that is a satellite bus or satellite platform,” he explained. “Historically, those platforms have never been made in a high production productized way. We put it on a production line and we go build a whole lot of these for very very efficiently.”
Cinnamon stressed the significance of lowering the cost and increasing the frequency of satellite launches, which was made possible by companies like SpaceX and Rocket Lab.
“We did it in 12 months and we ended up spending well under $10 million to get that first satellite to orbit,” he said, a remarkable achievement compared to industry estimates of 3 years and $50 million.
This cost-reduction has opened up a world of possibilities for commercial enterprises.
“As cost goes down and frequency goes up, more and more business models begin to make sense,” Cinnamon noted. “You have companies manufacturing drugs in space. The business model frankly never made sense until now.”
Apex Space’s unique approach has already attracted the attention of major players in the industry.
“We’ve been able to announce a company called Booz Allen Hamilton and a smaller company called ubbo.ai,” said Cinnamon, highlighting the diverse range of customers they serve.
With a current staff of around 50 and plans to double by the end of the year, Apex Space is poised to catalyze the ongoing space tech boom. As Cinnamon remarked: “We’re seeing increased [interest] right now and that’s something where I would love to see our satellite buses and space access rockets and this entire market evolving beyond just Earth but to the Moon, to Mars and beyond.”
The future of space exploration and commercialization is being shaped by visionaries like Cinnamon and companies like Apex Space. By democratizing access to the cosmos, they are paving the way for unprecedented advancements and reshaping the boundaries of humanity.
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