An anonymous reader quotes a report from CNBC: Microsoft said Wednesday that it broke down the Lumma Stealer malware project with the help of law enforcement officials across the globe. The tech giant said in a blog post that its digital crimes unit discovered more than 394,000 Windows computers were infected by the Lumma malware worldwide between March 16 through May 16. The Lumma malware was a favorite hacking tool used by bad actors, Microsoft said in the post. Hackers used the malware to steal passwords, credit cards, bank accounts and cryptocurrency wallets.

Microsoft said its digital crimes unit was able to dismantle the web domains underpinning Lumma's infrastructure with the help of a court order from the U.S. District Court for the Northern District of Georgia. The U.S. Department of Justice then took control of Lumma's "central command structure" and squashed the online marketplaces where bad actors purchased the malware. The cybercrime control center of Japan "facilitated the suspension of locally based Lumma infrastructure," the blog post said. "Working with law enforcement and industry partners, we have severed communications between the malicious tool and victims," Microsoft said in the post. "Moreover, more than 1,300 domains seized by or transferred to Microsoft, including 300 domains actioned by law enforcement with the support of Europol, will be redirected to Microsoft sinkholes." Cloudflare, Bitsight and Lumen also helped break down the Lumma malware ecosystem.

Starfish Space plans to perform the first commercial satellite docking in orbit with its Otter Pup 2 mission, aiming to connect to an unprepared D-Orbit ION spacecraft using an electrostatic capture mechanism and autonomous navigation software. NASASpaceFlight.com reports: This follows the company's first attempt, which saw the Otter Pup 1 mission unable to dock with its target due to a thruster failure. The Otter Pup 2 spacecraft will be deployed from a quarter plate on the upper stage adapter of the SpaceX Falcon 9 rocket, placing it into a sun synchronous orbit altitude of 510 km inclined 97.4 degrees. The target will be a D-Orbit ION spacecraft which will simulate a client payload, which is not equipped with a traditional docking adapter or capture plate as you might see aboard a space station or other rendezvous target. Instead, Starfish Space's Nautilus capture mechanism will feature a special end effector connected to the end of the capture mechanism. This end effector will enable Otter Pup 2 to dock with the ION through electrostatic adhesion.

"An electromagnet will be integrated into the end effector and will be used as a backup option to the electrostatic end effector, to dock with the ION through magnetic attraction," the company notes. The goal is to eventually commission its Otter satellite servicing vehicle to allow for servicing of previously launched satellites. The company's first Otter missions include customers such as NASA, the U.S. Space Force, and Intelsat, with the goal of flying those missions as soon as 2026. [...] Following the thruster issues on the first mission, this flight will feature two ThrustMe thrusters, which use an electric propulsion system based on gridded ion thruster technology.

The Federal Communications Commission has approved Verizon's $9.6 billion acquisition of Frontier Communications, valuing the Dallas-based company at $20 billion including debt. The approval comes after Verizon agreed to scale back diversity initiatives to comply with Trump administration policies.

FCC Chairman Brendan Carr, who previously threatened to block mergers over DEI practices, praised the deal for its potential to "unleash billions in new infrastructure builds" and "accelerate the transition away from old, copper line networks to modern, high-speed ones." The acquisition positions America's largest phone carrier to expand its high-speed internet footprint across Frontier's 25-state network. Verizon plans to deploy fiber to more than one million U.S. homes annually following the transaction.

Charter Communications announced a $21.9 billion deal Friday to acquire Cox Communications, combining two major cable providers as they face mounting competition from wireless carriers offering 5G home internet. The transaction merges Charter's 31.4 million customers with Cox's 6.3 million, creating a larger entity to defend against aggressive expansion from Verizon and T-Mobile.

Charter lost 60,000 internet customers in the March quarter, underscoring the industry's vulnerability as traditional cable broadband growth stalls. Wireless carriers have successfully marketed their fixed wireless access services at lower price points while delivering competitive speeds, turning what was once cable's most profitable segment into contested territory. The combined company, which will be headquartered in Stamford, Connecticut, plans to adopt the Cox Communications name within a year of closing while retaining Spectrum as its consumer-facing brand.

Montana has enacted SB 282, becoming the first state to prohibit law enforcement from purchasing personal data they would otherwise need a warrant to obtain. The landmark legislation closes what privacy advocates call the "data broker loophole," which previously allowed police to buy geolocation data, electronic communications, and other sensitive information from third-party vendors without judicial oversight.

The new law specifically restricts government access to precise geolocation data, communications content, electronic funds transfers, and "sensitive data" including health status, religious affiliation, and biometric information. Police can still access this information through traditional means: warrants, investigative subpoenas, or device owner consent.

The Federal Trade Commission has postponed enforcement of its consumer-friendly "click to cancel" rule from May 14 to July 14, giving businesses two additional months to comply. The regulation requires companies to make subscription cancellations as straightforward as the sign-up process, prohibiting practices like forcing customers who subscribed online to navigate through chatbots or call centers to cancel.

The rule, established under former Democratic Chair Lina Khan, unsurprisingly has garnered support from consumer advocates while facing legal opposition from industry groups. A coalition including the U.S. Chamber of Commerce and organizations representing major telecom and media companies -- Charter Communications, Comcast, Disney Entertainment, and Warner Bros. Discovery -- has sued to block implementation, claiming the agency exceeded its authority.

Identity thieves have found an insidious target: death row inmates. A SentiLink report published this week reveals scammers are stealing identities of Texas prisoners awaiting execution to orchestrate "bust-out" fraud schemes -- patiently building credit before disappearing with up to $100,000.

Nearly 10% of Texas' 172 death row inmates have fallen victim. The operation, active since March 2023, exploits inmates' isolation from financial communications. "They wouldn't receive text or email alerts from a financial institution," said Robin Maher of the Death Penalty Information Center.

Beyond opening credit accounts, NBC reports, fraudsters have registered fake businesses using inmates' identities, including a landscaping company created under Ronald Haskell's name -- a man imprisoned since 2014 for killing six people. TransUnion estimates bust-out scams now cost banks $1 billion annually.

An anonymous reader quotes a report from Ars Technica: Federal Communications Commission Chairman Brendan Carr has threatened to revoke EchoStar licenses for radio frequency bands coveted by rival firms including SpaceX, which alleges that EchoStar is underutilizing the spectrum. "I have directed agency staff to begin a review of EchoStar's compliance with its federal obligations to provide 5G service throughout the United States per the terms of its federal spectrum licenses," Carr wrote in a May 9 letter to EchoStar Chairman Charles Ergen. EchoStar and its affiliates "hold a large number of FCC spectrum licenses that cover a significant amount of spectrum," the letter said.

Ergen defended his company's wireless deployment but informed investors that EchoStar "cannot predict with any degree of certainty the outcome" of the FCC proceedings. The letter from Carr and Ergen's statement is included in a Securities and Exchange Commission filing submitted by EchoStar today. EchoStar's stock price was down about 8 percent in trading today. EchoStar bought Dish Network in December 2023 and offers wireless service under the Boost Mobile brand. As The Wall Street Journal notes, the firm "has spent years wiring thousands of cellphone towers to help Boost become a wireless operator that could rival AT&T, Verizon and T-Mobile, but the project has been slow-going. Boost's subscriber base has shrunk in the five years since Ergen bought the brand from Sprint." [...]

EchoStar will have to prove its case in the two FCC proceedings. The FCC set a May 27 deadline for the first round of comments in both proceedings and a June 6 deadline for reply comments. The proceedings could result in the FCC letting other companies use the spectrum and other remedies. "In particular, we seek information on whether EchoStar is utilizing the 2 GHz band for MSS consistent with the terms of its authorizations and the Commission's rules and policies governing the expectation of robust MSS," the FCC Space Bureau's call for comments said. "We also seek comment on steps the Commission might take to make more intensive use of the 2 GHz band, including but not limited to allowing new MSS entrants in the band." Last month, SpaceX urged the FCC to reallocate the spectrum, saying "the 2 GHz band remains ripe for sharing among next-generation satellite systems that seek to finally make productive use of the spectrum for consumers and first responders."

EchoStar countered that SpaceX's filing is "intended to cloak another land grab for even more free spectrum," and that its "methodology is completely nonsensical, given that EchoStar's terrestrial deployment is subject to population-based milestones that EchoStar has repeatedly demonstrated in status reports."

Qatar is gifting Trump a $400 million luxury 747 to serve as a temporary Air Force One, but experts warn that retrofitting it to meet presidential security standards could take years, cost hundreds of millions more, and risk national security due to potential embedded surveillance. The Register's Iain Thomson reports: The current VC-25s aren't just repainted 747s. They're a pair of flying fortresses that must be capable of allowing the president to run the country, survive wartime conditions (even nuclear), and be totally secure from outside influence or intrusion. While the precise details of the current airframe are a tightly guarded secret, some details are included on government fact sheets or have been revealed in various media reports. For a start, it must have an in-flight refueling capability so the president can go anywhere in the world and stay up as long as needed. Retrofitting this to an existing 747 would be very expensive, as the feds would need to strengthen portions of the hull to handle the refueling system and reconfigure the fuel tanks to handle trim issues.

Then there's the hull, which is known to be armored, and the windows are also thicker than you'd find on a normal flight. The government would also need to build in weapons systems like the chaff rockets used against radar-guided missiles, flares against heat seekers, and AN/ALQ-204 Matador Infrared Countermeasure systems, or similar to try and confuse incoming missiles. Next up, the engines and electrical systems would have to be replaced. The electronics in the current VC-25s are hardened as much as possible against an electromagnetic pulse that would be generated by a nuclear detonation. There are also claims that the aircraft have extra shielding in the engines to help against missile fragments should a physical attack happen.

Next up are communications. Air Force One has air-to-ground, air-to-air, and satellite comms systems that are thought to be the equal of what's in the White House. There are at least two separate internal phone systems - one open and the other highly secure - that would need to be installed and checked as well. Then there are incidentals. Contrary to what films will tell you, there is no escape capsule on the current Air Force One, nor a rear parachute ramp, but there is a medical suite with emergency equipment and space for a physician which would already need to be installed, as well as a secured cargo area designed to prevent tampering or unauthorized access. As for the threat of embedded surveillance devices, Richard Aboulafia, managing director of aircraft consultancy AeroDynamic Advisory, said: "You'd have to take it apart piece by piece to stop a professional operator putting in lots of equipment to confuse things, like spare sensors and wiring."

"It wouldn't be in the air before 2030 at the earliest, long after he's left office and probably later than the existing planned replacements," said Aboulafia. "It makes no sense on any level, except that he wants a free 747 for himself. Nothing else makes any sense."

"What's sort of annoying about the whole thing is I'm not sure what's wrong with the current Air Force One," Aboulafia said. "Maybe if they gave it a gold makeover, he'd like it more."

Just days after a radar and communications outage at Newark Liberty International Airport, the FAA confirmed a second incident on May 9 that disrupted radar and radio contact for 90 seconds due to a telecom failure at Philadelphia TRACON. "As of 12:30PM ET, FlightAware stats showed 292 total delays for flights into or out of Newark, which is also experiencing delays due to runway construction," reports The Verge. From the report: After the first outage on April 28th, an air traffic controller who had been on duty that day told CNN it "...was the most dangerous situation you could have." CNN reports that after a change made last July, the airport's radar and radio communication flows over a single data feed from a facility in New York, where controllers used to manage Newark's flights, to Philadelphia.

The FAA has announced a plan to replace the current copper connection with fiber, as well as adding "three new, high-bandwidth telecommunications connections between the New York-based STARS and the Philadelphia TRACON," and more air traffic controllers. Until those and other changes are made, the agency also said a new backup system is being deployed in Philadelphia, but it's unclear when that will be available.

NBC News reports the Friday outage affected a limited number of sectors, but it's another incident in the string of issues that have highlighted the problems with the airport's aging control system and lack of staffing. [...] A statement from the FAA said, "Frequent equipment and telecommunications outages can be stressful for controllers. Some controllers at the Philadelphia TRACON who work Newark arrivals and departures have taken time off to recover from the stress of multiple recent outages."

An anonymous reader quotes a report from Ars Technica: The US Senate today voted along party lines to kill a Federal Communications Commission program to distribute Wi-Fi hotspots to schoolchildren, with Democrats saying the Republican-led vote will make it harder for kids without reliable Internet access to complete their homework. The Senate approved a Congressional Review Act (CRA) resolution to nullify the hotspot rule, which was issued by the Federal Communications Commission in July 2024 under then-Chairwoman Jessica Rosenworcel. The program would be eliminated if the House version passes and President Trump signs the joint resolution of disapproval.

The Rosenworcel FCC's rule expanded E-Rate, a Universal Service Fund program, allowing schools and libraries to use E-Rate funding to lend out Wi-Fi hotspots and services that could be used off-premises. The FCC rule was titled, "Addressing the Homework Gap through the E-Rate Program," and the hotspot lending program was scheduled to begin in funding year 2025, which starts in July 2025. Today's Senate vote on the resolution of disapproval was 50-38. There was a 53-47 vote on Tuesday that allowed the Senate measure to proceed to the final step. Sen. Richard Blumenthal (D-Conn.) said on Tuesday that "this resolution would prevent millions of students, educators, and families from getting online." Sen. Edward Markey (D-Mass.) called the Republican move "a cruel and shortsighted decision that will widen the digital divide and rob kids of the tools they need to succeed."

TeleMessage, a communications app used by former Trump national security adviser Mike Waltz, has suspended services after a reported hack exposed some user messages. The breach follows controversy over Waltz's use of the app to coordinate military updates, including accidentally adding a journalist to a sensitive Signal group chat. From the report: In an email, Portland, Oregon-based Smarsh, which runs the TeleMessage app, said it was "investigating a potential security incident" and was suspending all its services "out of an abundance of caution." A Reuters photograph showed Waltz using TeleMessage, an unofficial version of the popular encrypted messaging app Signal, on his phone during a cabinet meeting on Wednesday. A separate report from 404 Media says hackers have also targeted GlobalX Air -- one of the main airlines the Trump administration is using as part of its deportation efforts -- and claim to have stolen flight records and passenger manifests for all its flights, including those for deportation. From the report: The data, which the hackers contacted 404 Media and other journalists about unprompted, could provide granular insight into who exactly has been deported on GlobalX flights, when, and to where, with GlobalX being the charter company that facilitated the deportation of hundreds of Venezuelans to El Salvador. "Anonymous has decided to enforce the Judge's order since you and your sycophant staff ignore lawful orders that go against your fascist plans," a defacement message posted to GlobalX's website reads. Anonymous, well-known for its use of the Guy Fawkes mask, is an umbrella some hackers operate under when performing what they see as hacktivism.

New York City's subway system continues to operate largely on analog signal technology installed nearly a century ago, with 85% of the network still relying on mechanical equipment that requires constant human intervention. The outdated system causes approximately 4,000 train delays monthly and represents a technological time capsule in America's largest mass transit system.

Deep inside Brooklyn's Hoyt-Schermerhorn station, transit worker Dyanesha Pryor operates a hulking machine the size of a grand piano by manipulating 24 metal levers that control nearby trains. Each command requires a precise sequence of movements, punctuated by metallic clanking as levers slam into place. When Pryor needs to step away, even for a bathroom break, express service must be rerouted until she returns, forcing all trains onto local tracks.

The antiquated "fixed block" signaling divides tracks into approximately 1,000-foot sections. When a train occupies a block, it cuts off electrical current, providing only a general position rather than precise location data. This imprecision requires maintaining buffer zones between trains, significantly limiting capacity as ridership has grown. Maintenance challenges are also piling up, writes the New York Times. Hundreds of cloth-wrapped wires -- rather than modern rubber insulation -- fill back rooms and are prone to failure. When equipment breaks, replacements often must be custom-made in MTA workshops, as many components have been discontinued for decades.

The Metropolitan Transportation Authority has begun replacing this system with communications-based train control (C.B.T.C.), which uses computers and wireless technology to monitor trains' exact locations. Routes already converted to C.B.T.C., including the L line (2006) and 7 line (2018), consistently show the best on-time performance. However, the $25 million per-mile upgrade program faces uncertain funding after the Trump administration threatened to kill New York's congestion pricing plan, which would provide $3 billion for signal modernization.

Remember when U.S. National Security Adviser Mike Waltz mistakenly included a journalist in an encrypted chatroom to discuss looming U.S. military action against Yemen's Houthis?

A recent photo of a high-level cabinet meeting caught Waltz using a "less-secure Signal app knockoff," reports the Guardian: The chat app Waltz was using appears to be a modified version of Signal called TM SGNL, made by a company that copies messaging apps but adds an ability to retain messages and archive them. The White House officials may be using the modified Signal in order to comply with the legal requirement that presidential records be preserved... That function suggests the end-to-end encryption that makes Signal trusted for sharing private communications is possibly "not maintained, because the messages can be later retrieved after being stored somewhere else", according to 404 Media.
Thursday the national security adviser was removed from his position, the article points out.

He was instead named America's ambassador to the United Nations.

The Sydney-based CADA station secretly used an AI-generated host named "Thy" for its weekday shows over six months without disclosure. The Sydney Morning Herald reports: After initial questioning from Stephanie Coombes in The Carpet newsletter, it was revealed that the station used ElevenLabs -- a generative AI audio platform that transforms text into speech -- to create Thy, whose likeness and voice were cloned from a real employee in the ARN finance team. The Australian Communications and Media Authority said there were currently no specific restrictions on the use of AI in broadcast content, and no obligation to disclose its use.

An ARN spokesperson said the company was exploring how new technology could enhance the listener experience. "We've been trialling AI audio tools on CADA, using the voice of Thy, an ARN team member. This is a space being explored by broadcasters globally, and the trial has offered valuable insights." However, it has also "reinforced the power of real personalities in driving compelling content," the spokesperson added.

The Australian Financial Review reported that Workdays with Thy has been broadcast on CADA since November, and was reported to have reached at least 72,000 people in last month's ratings. Vice president of the Australian Association of Voice Actors, Teresa Lim, said CADA's failure to disclose its use of AI reinforces how necessary legislation around AI labelling has become. "AI can be such a powerful and positive tool in broadcasting if there are correct safeguards in place," she said. "Authenticity and truth are so important for broadcast media. The public deserves to know what the source is of what's being broadcast ... We need to have these discussions now before AI becomes so advanced that it's too difficult to regulate."

AMD has open-sourced its "GPU-IOV Module" for enabling SR-IOV-based virtualization on Instinct accelerators using the Linux kernel and KVM hypervisor, with features like GPU scheduling and VF/PF management. Notably, AMD plans to extend this virtualization support to client Radeon GPUs. Phoronix reports: The AMD GPU-IOV Module is for the Linux kernel and for providing SR-IOV based hardware virtualization in conjunction with the KVM hypervisor. GIM provides the GPU IOV virtualization, virtual function (VF) configuration and enablement, GPU scheduling for world switch, hang detection and FLR reset, and PF/VF handshake capabilities. Initially the AMD GIM driver is for the Instinct MI300X hardware and tested atop Ubuntu 22.04 LTS with ROCm 6.4. Those interested can find the AMD GIM code currently via GitHub. It's not laid out in the repository or any other public communications I've seen what any upstreaming plans are for this GIM driver to get it into the mainline Linux kernel.

Researchers in Germany successfully demonstrated coherent quantum communications over 254 km of existing commercial telecom fiber, marking the first real-world deployment of such a system without cryogenic cooling. Phys.Org reports: Their system uses a coherence-based twin-field quantum key distribution, which facilitates the distribution of secure information over long distances. The quantum communications network was deployed over three telecommunication data centers in Germany (Frankfurt, Kehl and Kirchfeld), connected by 254 km of commercial optical fiber -- a new record distance for real-world and practical quantum key distribution, according to the authors. This demonstration indicates that advanced quantum communications protocols that exploit the coherence of light can be made to work over existing telecom infrastructure. The research has been published in the journal Nature.

Amazon's internet-from-space venture is struggling to ramp up production, jeopardizing its ability to meet a government deadline to have more than 1,600 satellites in orbit by next summer. From a report: Project Kuiper has completed just a few dozen satellites so far, more than a year into its manufacturing program, according to three people familiar with the situation. The slow pace, combined with rocket launch delays, means the company will probably have to seek an extension from the Federal Communications Commission, said the people, who requested anonymity to discuss confidential matters.

The agency, which has oversight of transmissions from space, expects the company to have half its planned constellation of 3,236 satellites operating by the end of July 2026. To meet that requirement, Amazon would have to at least quadruple the current rate of production, which has yet to consistently reach one satellite a day, two of the people said.

In February tech journalist Nicholas Carr published Superbloom: How Technologies of Connection Tear Us Apart.

A University of Virginia academic journal says the book "appraises the past and present" of information technology while issuing "a warning about its future." And specifically Carr argues that the government ignored historic precedents by not regulating the early internet sometime in the 1990s. But as he goes on to remind us, the early 1990s were also when the triumphalism of America's Cold War victory, combined with the utopianism of Silicon Valley, convinced a generation of decision-makers that "an unfettered market seemed the best guarantor of growth and prosperity" and "defending the public interest now meant little more than expanding consumer choice." So rather than try to anticipate the dangers and excesses of commercialized digital media, Congress gave it free rein in the Telecommunications Act of 1996, which, as Carr explains,

"...erased the legal and ethical distinction between interpersonal communication and broadcast communications that had governed media in the twentieth century. When Google introduced its Gmail service in 2004, it announced, with an almost imperial air of entitlement, that it would scan the contents of all messages and use the resulting data for any purpose it wanted. Our new mailman would read all our mail."

As for the social-media platforms, Section 230 of the Act shields them from liability for all but the most egregiously illegal content posted by users, while explicitly encouraging them to censor any user-generated content they deem offensive, "whether or not such material is constitutionally protected" (emphasis added). Needless to say, this bizarre abdication of responsibility has led to countless problems, including what one observer calls a "sociopathic rendition of human sociability." For Carr, this is old news, but he warns us once again that the compulsion "to inscribe ourselves moment by moment on the screen, to reimagine ourselves as streams of text and image...[fosters] a strange, needy sort of solipsism. We socialize more than ever, but we're also at a further remove from those we interact with."
Carr's book suggests "frictional design" to slow posting (and reposting) on social media might "encourage civil behavior" — but then decides it's too little, too late, because our current frictionless efficiency "has burrowed its way too deeply into society and the social mind."

Based on all of this, the article's author looks ahead to the next revolution — AI — and concludes "I do not think it wise to wait until these kindly bots are in place before deciding how effective they are. Better to roll them off the nearest cliff today..."

Chad Anderson is the founder/managing partner of the early-stage VC Space Capital (and an investor in SpaceX, along with dozens of other space companies). Space Capital produces quarterly reports on the space economy, and he says today, unlike 2021, "the froth is gone. But so is the hype. What's left is a more grounded — and investable — space economy."

On Yahoo Finance he shares several of the report's insights — including the emergence of "investable opportunities across defense-oriented startups in space domain awareness, AI-driven command systems, and hardened infrastructure." The same geopolitical instability that's undermining public markets is driving national urgency around space resilience. China's simulated space "dogfights" prompted the US Department of Defense to double down on orbital supremacy, with the proposed "Golden Dome" missile shield potentially unleashing a new wave of federal spending...

Defense tech is on fire, but commercial location-based services and logistics are freezing over. Companies like Shield AI and Saronic raised monster rounds, while others are relying on bridge financings to stay afloat...

Q1 also saw a breakout quarter for geospatial artificial intelligence (GeoAI). Software developer Niantic launched a spatial computing platform. SkyWatch partnered with GIS software supplier Esri. Planet Labs collaborated with Anthropic. And Xona Space Systems inked a deal with Trimble to boost precision GPS. This is the next leg of the space economy, where massive volumes of satellite data is finally made useful through machine learning, semantic indexing, and real-time analytics.

Distribution-layer companies are doing more with less. They remain underfunded relative to infrastructure and applications but are quietly powering the most critical systems, such as resilient communications, battlefield networks, and edge-based geospatial analysis. Don't let the low round count fool you; innovation here is quietly outpacing capital.
The article includes several predictions, insights, and possible trends (going beyond the fact that defense spending "will carry the sector...")

• "AI's integration into space (across geospatial intelligence, satellite communications, and sensor fusion) is not a novelty. It's a competitive necessity."

• "Focusing solely on rockets and orbital assets misses where much of the innovation and disruption is occurring: the software-defined layers that sit atop the physical backbone..."

• "For years, SpaceX faced little serious competition, but that's starting to change." [He cites Blue Origin's progress toward approval for launching U.S. military satellites, and how Rocket Lab and Stoke Space "have also joined the competition for lucrative government launch contracts." Even Relativity Space may make a comeback, with former GOogle CEO Eric Schmidt acquiring a controlling stake.]

• "An infrastructure reset is coming. The imminent ramp-up of SpaceX's Starship could collapse the cost structure for the infrastructure layer. When that happens, legacy providers with fixed-cost-heavy business models will be at risk. Conversely, capital-light innovators in station design, logistics, and in-orbit servicing could suddenly be massively undervalued."