Editor’s Brief¹

Last Week we looked at Leonid Capital Partners and their role in building a resilient capital chain. They recently announced an $8.5 million credit investment in Humanetics Corporation, a clinical-stage biopharmaceutical company.

This week, we’re moving to Space, the Final Frontier and taking a look at Blackstar Orbital. An no, not that Blackstar.

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Signal Brief: Blackstar Orbital — Reusable Space Drones for the New Space Race

Blackstar Orbital is developing small uncrewed spaceplanes that launch on rockets, conduct on-orbit missions autonomously, and then re-enter to land on a runway for reuse. Their platform is designed for in-orbit servicing, flexible payload delivery, and more responsive and resilient space capabilities for U.S. defense and commercial operators.

Origins & Vision

Founded in 2023 by Christopher “CJ” Jannette (CEO) and Kit Carson (CTO), Blackstar’s mission is to revolutionize satellite operations through reusability. Jannette worked on SpaceX’s Starship thermal protection systems and hypergolic propellant operations at Cape Canaveral, while Carson is a 22-year aerospace engineering veteran specializing in composites and spacecraft architecture.

After recognizing the limitations of single-use satellites, Blackstar rapidly prototyped a reusable mini-spaceplane designed for 100+ mission cycles. The concept resonated with Space Force operators seeking responsive orbital capabilities. A Phase I SBIR quickly expanded to a Direct Phase II contract in just twelve months.

The company’s premise: build “the world’s first tactically responsive Space Drone for enhanced national security and defense.”

Key Takeaways

• Reusability Economics: Each SpaceDrone is designed for 100+ reuses

• Runway Recovery: Landings enable rapid reconfiguration between missions

• Government Validation: Direct Phase II SBIR signals Space Force confidence in operational utility

• Manufacturing at Scale: Arizona facility targets 15 spacecraft annually by 2026

Tech Radar:

The BlackStar "Space Drone"

Blackstar’s flagship product blends satellite bus functionality with spaceplane reentry capability.

Variants & Mission Roles

• SpaceDrone Atlantis (BX100M) – Multi-role smallsat-class, modular and reusable with standard bus functions plus return capability

• SpaceDrone Eclipse (BX100D) – ISR package with EO/IR payloads, comms support, optional Synthetic Aperature Radar (SAR)

• SpaceDrone Discovery (BX100C) – Mothership deploying up to 60kg of CubeSats, swarm control, and internal bay for research payloads

Market Signals

Funding & Growth

• Total Funding: Undisclosed

• Latest Round: $1MM Credit Facility

• Notable Investors: CT Holdings Inc., Leonid Capital Partners, Arizona Commerce Authority

• Valuation: Undisclosed

Contracts & Government Traction

• SpaceWERX Phase I SBIR (Jun ’24) – $75K feasibility study for “Tactically Responsive Space-Drone”

• SpaceWERX Direct Phase II (Jun ’25) – $1.9M prototype development for “Sustained Space Maneuver”

• Arizona Commerce Authority Partnership – $7.1M facility investment and incentives through 2026

Looking Ahead

In the past five years, satellites in orbit have surged 361% to more than 13,000, with another 58,000 expected by 2030. The U.S. still fields the largest constellation, but space is once again becoming a race.

China’s fleet has grown from 36 satellites in 2010 to over 1,000 today. Alongside that growth, Beijing has expanded its use of rendezvous and proximity operations (RPO), essentially the ability to shadow U.S. satellites and potentially interfere with or disable them.

With these advances, China is rapidly closing the gap in both numbers and capabilities. SPACECOM’s FY27 priorities now call for “space fires” and sustained maneuver as essential to securing orbital superiority. The Space Force’s new Space Warfighting Framework makes the point clear:

Legacy satellites were never built for that fight.

That’s why Blackstar Orbital’s reusable “space drone” matters. Instead of launching once and losing the asset, the same hardware can be refurbished and relaunched, payloads swapped on demand, and sensors upgraded mid-conflict. It could even double as a hypersonic strike platform, an area where the U.S. significantly lags.

Reusability won’t erase every threat. Turnaround cycles and counterspace weapons remain real challenges. But the ability to fly, fix, and fly again, without depending on fragile supply chains or years-long production, are a critical piece of the new Space Race.

Challenges

• Technical Complexity – Blending spaceplane and satellite systems raises engineering risk

• Regulatory Hurdles – FAA reentry licensing requirements create timeline and operational constraints

• Manufacturing Scale – Moving from prototype to 15+ spacecraft annually demands significant maturity

Bottom Line:

It’s tempting to think resilience will come from sheer numbers. Launch costs are falling, factories are scaling, and thousands more satellites will be in orbit by decade’s end. But disposable abundance is fragile, every loss is permanent, every collision adds debris, and replacements take years.

Meanwhile, China is racing ahead in both numbers and counterspace capabilities, practicing ways to shadow, disrupt, and disable U.S. satellites. That pressure is forcing a rethink of how resilience is defined.

Reusable platforms are harder to field today, yet they deliver what doctrine now calls decisive: maneuver, sustainment, and rapid reconstitution. Which is the bet Blackstar Orbital is making.  Turn satellites from single-use hardware into recoverable, reconfigurable assets built for the fight of now.

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1  The views expressed in this newsletter are my own and do not represent the views of the U.S. Navy, Department of Defense, or any government agency. Mention of companies, technologies, or products is not an endorsement or recommendation. The content is for informational purposes only and should not be considered investment advice.

2  All analysis remains independent; partnership does not influence editorial coverage.