Lunar Business Review is a monthly newsletter that explores the developing economic and business opportunities on the Moon. Each issue, the newsletter recaps the most interesting news from the past month, spotlighting the companies that are making moves to break into the nascent lunar industry, and sharing insights and analysis related to industry, policy and economic information about the Moon as a new market.

This is not another industry newsletter written by space people for space people. This is written for those on the outside looking in, a broader audience looking for insights about how to get involved in the lunar ecosystem.

This newsletter is for…

  • Business executives outside of the space industry, keeping an eye on this new market and looking for insights to inform lunar market entry.

  • Researchers, academics, economists, consultants, and think tanks compiling studies, reports, and white papers.

  • Government officials and policymakers gathering intel and observing global activity in this arena.

  • Journalists mining for captivating stories and an easily-accessible treasure trove of information.

  • Staff at public relations agencies compiling media monitoring reports for corporate clients interested in space market developments.

  • Space industry professionals and space enthusiasts who don’t want to miss a thing going on in the industry.

  • Entrepreneurs seeking inspiration for their next challenge.

  • Anyone looking to geek out about lunar bases, industrialization of the Moon, and human (and robot) expansion into space.


In recent history, it was discovered that abundant volumes of frozen water exists on the lunar surface. In addition to providing a means of life support, water molecules can be divided into Hydrogen and Oxygen, which can be used as propellant to refuel spacecraft operating between the Earth and the Moon and traveling into deeper space, such as to Mars, essentially establishing the Moon as a fuel station. As efforts unfold to extract and utilize these resources on the Moon, as well as other benefits associated with a sustained presence on the Moon, it would become necessary to construct the various types of infrastructure, facilities and services required by humans and machines conducting long-term operations. The new demands that arise from this presence—food, habitation, power, communications, transportation, medicine, and so on—can lead to economic opportunity for industries on Earth, igniting a lunar economy. In other words: the Moon is open for business.

Recognizing this opportunity, there has been a tremendous amount of momentum occurring worldwide to conduct lunar missions. Over the next decade, there are already over 60 scheduled government and commercial missions to the Moon, serious plans to build infrastructure on the Moon’s surface and in its orbit, as well as record space exploration budgets around the world and various public-private partnership projects related to lunar exploration launched. In addition, the United States has led the establishment of an international agreement on lunar exploration with like-minded nations; China announced plans to establish a $10 trillion Earth-Moon economic zone by 2050; and, multinational companies have begun to share plans for lunar activities.

We’re on the verge of a very exciting future for humanity among the stars with the Moon as the first stepping stone. That said, space is hard and it is expensive. It will require the innovations and cross-pollination of ideas from a variety of industries and services to collectively come together and drive this forward. The most practical path forward is one with economic potential and business incentive. With greater involvement from the private sector, more opportunities will be illuminated and more benefits to society can be discovered.


The author of this newsletter is employed by ispace, inc. (ispace), a company developing landers and rovers for commercial lunar exploration. However, this newsletter is a private activity (outside of work), independent from ispace’s operations. All opinions, analysis and comments are completely my own and not a representation of ispace’s position, perspective, or business direction. The views expressed should in no way be taken to reflect the official opinion of ispace. This report does not constitute a sales offer or a solicitation of an offer to buy any security by ispace, and in no event shall it be liable for any investment decision based on the information included this report.

To be abundantly clear, this newsletter is not owned by ispace. It is not, in any way, a communications asset or tool for the company. It is not written, reviewed, or edited by anyone at ispace (except myself in a private capacity). The contents are not chosen, discussed or influenced by ispace or by anyone else working for ispace. All shared information is public record; I do not disclose trade secrets, intellectual property, or confidential or sensitive information related to ispace or companies associated with ispace. I don’t write this newsletter for my job; I do this because it’s exciting and I believe this is the next big leap for humanity.

Considering my position, I take great care to be objective, fair, and unbiased in my delivery, neither intentionally or consciously favoring ispace nor reducing the position or being critical of its competitors. That said, there is always the potential for unintentional or unconscious bias, so I encourage readers to conduct their own research to form their opinions. Likewise, I’m not a scientist, engineer, or expert on the topics covered, so I may unintentionally publish inaccurate or misconstrued information, and I welcome corrections.

This is shared in the spirit of transparency, ethics and integrity. With all this in mind, I hope you enjoy the content, expand your curiosity, and be inspired.


Aaron Sorenson is a global communications professional working at a lunar exploration company within the aerospace industry. He has been quoted in articles and broadcast media around the world on the topic of lunar business, including in The Atlantic, Reuters, CNET, The National, and La Tribune. During his career, he has provided consultation to a wide variety of multinational companies and government organizations. Aaron is interested in exploring the ideas and technologies that will shape our future. He is based in Tokyo, Japan.