Beyond Earth Technologies: Why We Invested in Lunar Outpost
Discover why the lunar economy is a prime opportunity for VC investment, the key players driving this sector, strategies to secure multi-billion-dollar contracts, and the top VCs backing this space.
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This guest post is authored by Viktor Shpakovsky, General Partner at Beyond Earth Technologies—an investment firm specializing in early-stage startups in space tech and deep tech. For pitches or co-investment opportunities, feel free to contact Viktor at viktor@beyondearth.tech.
The global space economy is expected to reach $1.8 trillion by 2035, with lunar-focused activities playing a pivotal role in this growth. The moon business is booming, and this sector is now finally primed for VC investments. Analyses estimate the cumulative value of the lunar economy could reach approximately $170 billion by 2040. The lunar economy offers prospects for VC investments in sectors such as mining, construction, telecommunications, and tourism.
Government-led initiatives like NASA’s Artemis $90 Billion Program and international collaborations are driving demand for private sector involvement. Programs like Commercial Lunar Payload Services (CLPS) and funding for lunar infrastructure create a robust ecosystem for startups to thrive. DARPA's 10-Year Lunar Architecture (LunA-10) Capability Study has enlisted 14 private companies to develop a sustainable lunar economy (including SpaceX and other new space companies). Startups can engage with these programs through various funding and partnership opportunities. The geopolitical competition between the United States and China accelerates technological progress, fosters public-private partnerships, and opens new opportunities for innovation and start-ups.
A prime example of the growing lunar economy’s impact is Intuitive Machines’ recent $4.82 billion NASA contract to develop Near Space Network capabilities. This project aims to create lunar relay services that reduce dependence on NASA’s overtaxed Deep Space Network, offering critical communications for robotic and crewed lunar missions. This milestone positions Intuitive Machines as a leader in lunar communications and navigation, driving up its valuation and exemplifying how companies can capitalize on the expanding lunar market. In fact, Intuitive Machines’ market capitalization reached $1.78 billion as of December 4, 2024, reflecting a remarkable over 400% growth during this year, largely due to securing massive contracts. Government investments and declining launch costs are enabling companies like Intuitive Machines and others to unlock new business opportunities.
The Moon’s vast resource potential is a major driver of exploration, offering materials for both local use and high-value export. In-situ resource utilization (ISRU) focuses on critical resources such as water ice, essential for life support and fuel production, and metals like titanium and aluminum, vital for construction and manufacturing. Rare Earth Elements (REEs) and other strategic minerals show promise for supporting lunar operations and enabling deeper space exploration. High-value resources, including platinum group metals (PGMs) and helium-3, present great opportunities for export. These materials, found in the regolith or delivered by asteroid impacts, have the potential to revolutionize the economics of space exploration while driving innovation and growth across industries on Earth.
Lunar Outpost: Forging the Future of the Lunar Economy
At Beyond Earth Technologies, we come across many exciting opportunities, but every now and then, there’s a deal that sparks something deeper—a sense of being part of history in the making. That’s exactly how we felt when we decided to invest in Lunar Outpost’s Series A round, co-led by Type One Ventures and Industrious Ventures with participation from Promus Ventures. Previously, the company raised a $12 million seed round led by Explorer 1 Fund, including Promus Ventures, Space Capital, Type One Ventures, and Cathexis Ventures.
From the very beginning, there was something different about Lunar Outpost. It wasn’t just their innovative technology or impressive track record; it was the team’s relentless drive and their crystal-clear vision for the future of lunar exploration. The more we learned about them, the more convinced we became that this was a company destined to play a transformative role in humanity’s return to the Moon.
The company's offerings include the Exploration-class Mobile Autonomous Prospecting Platform (MAPP) rover and the Infrastructure-class Lunar Terrain Vehicle (LTV) robot for space resource extraction, showcasing advanced capabilities in space robotics.
Lunar Outpost has successfully operated technology on Mars and delivered multiple spaceflight rovers ready for launch. The company has deployed over 5,000 autonomous systems on Earth, demonstrating versatility and reliability.
Lunar Outpost’s Role in the IM-2 Mission
One of the standout opportunities for Lunar Outpost is their participation in the IM-2 mission - the mission aims to uncover the presence and amount of lunar water ice led by Intuitive Machines. Scheduled for Q1 2025, this mission aims to land at the Moon’s south pole, targeting the Shackleton Connecting Ridge—a region of immense scientific and strategic value believed to contain water ice deposits critical for future lunar operations.
As part of this mission, Lunar Outpost’s Mobile Autonomous Prospecting Platform (MAPP) rover will perform a critical role. Designed to operate autonomously in the Moon’s extreme conditions, the MAPP rover will map terrain, capture stereo imagery, and collect thermal data to support exploration efforts. Notably, the rover will inspect and analyze lunar regolith, providing insights into the Moon’s surface composition.
In partnership with Nokia Bell Labs, the MAPP rover will also leverage the first-ever 4G/LTE network on the Moon. This advanced communications system will connect the rover, Intuitive Machines’ Nova-C lander, and mission controllers on Earth, enabling seamless data transmission and remote operations.
The IM-2 mission showcases Lunar Outpost’s ability to deliver cutting-edge technology that supports broader lunar exploration initiatives.
The Lunar Terrain Vehicle: A $1.5 Billion Opportunity
While Lunar Outpost’s participation in IM-2 is exciting, it’s only one part of their broader vision. They are also one of three teams competing for NASA’s Lunar Terrain Vehicle (LTV) contract. This project is a cornerstone of the Artemis program, designed to provide astronauts with a versatile rover for transporting cargo and conducting research on the lunar surface.
The LTV, set to debut with Artemis V, represents a game-changing opportunity for Lunar Outpost. Success in this effort could lead to more than $1.7 billion in total contracts, solidifying their position as a leader in lunar mobility. The LTV will extend the reach of human exploration on the Moon, enabling missions that are both more ambitious and more sustainable.
What struck us most about Lunar Outpost’s approach to the LTV is their ability to balance innovation with collaboration, working alongside industry heavyweights like Leidos, MDA Space, Goodyear, and General Motors while maintaining their unique edge.
A Team with Proven Expertise
One of the most compelling aspects of Lunar Outpost is their team. The founders and leadership bring a wealth of experience from some of the most respected organizations in the aerospace and engineering sectors, including Lockheed Martin, Draper, NASA, Sunlight Aerospace, and the Laboratory for Atmospheric and Space Physics (LASP).
Their track record includes building military satellites, designing systems for the Orion spacecraft, and contributing to Mars exploration technologies. They were also instrumental in NASA’s MOXIE project, which produced oxygen on Mars—a breakthrough for off-world habitats.
What makes this team exceptional isn’t just their résumés; it’s their shared vision and ability to execute. Their impressive win rate on government contracts, far exceeding industry norms, reflects their knack for delivering on complex, high-stakes projects.
Why We Said Yes
Investing in Lunar Outpost wasn’t just about their technology or contracts—it was about their potential to shape the future of space exploration. The participation in the IM-2 mission, the Lunar Terrain Vehicle opportunity, and their innovative approach to lunar mobility make them a cornerstone of the Moon’s transformation into a hub for exploration, science, and commerce.
Of course, there are additional details about their vision and strategy that we can’t share publicly, but what we can say is that Lunar Outpost has everything we look for in a partner: groundbreaking technology, a strong market opportunity, and the ability to execute at the highest level.
We couldn’t be more excited about what’s next for Lunar Outpost. Their contributions to lunar exploration are just the beginning, and their potential to lead in mobility and infrastructure development is immense.
The Moon is no longer just a destination—it is becoming a hub for exploration, resource utilization, and economic growth. At Beyond Earth Technologies, we are proud to support Lunar Outpost as they lead the charge in creating a sustainable and impactful lunar future.
Here’s to the next giant leap—and to the incredible people making it possible.
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