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Chase Business Representative
Small businesses are the pulse of every community. They bring people together, create opportunities and drive growth. Chase for Business helps business owners like you with personalized guidance and convenient digital tools all in one place. With that guidance and your determination, you can take your business farther and help build a brighter future for your community. Learn more@chase.com business chase for business Make More of what's Yours the Chase Mobile app is available for select mobile devices. Message and data rates may apply JPMorgan Chase Bank NA Member FDIC Copyright 2026 JPMorgan Chase Co. From coast to coast,
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The Hartford Insurance Representative
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Bloomberg Audio Studios Announcer
Bloomberg Audio Studios Podcasts Radio News Humanity's Next great voyage
Tim Stenevick (Host)
begins Artemis 2's trip around the moon last month was NASA's first lunar flyby in over 50 years and lift off
Jared Isaacman (NASA Administrator)
the crew of Artemis 2 now bound for the moon.
Tim Stenevick (Host)
Ten days after launch, the crew splashed down in the Pacific from the pages
Public Investing Representative
of Jules Verne to a modern day mission to the moon. A new chapter of the exploration of our celestial neighbor is complete. Integrity's astronauts back on Earth I did
Interviewer (Bloomberg Host)
get to put my kids in front of the screen, a three year old and a seven year old to watch Artemis II take off and it was just. It was awesome.
Jared Isaacman (NASA Administrator)
We're just getting going.
Tim Stenevick (Host)
For Jared Isaacman, NASA's administrator, there was a lot at stake.
Jared Isaacman (NASA Administrator)
I said it many times. It's a lot Easier to strap yourself on top of the rocket than to be on the ground and be responsible for it. Especially when you know that's not just Artemis II taking flight. That's America's space program on the launch pad.
Tim Stenevick (Host)
Isaacman would know. He's been to space before, aboard SpaceX's Inspiration 4, the first all civilian mission, and then leading SpaceX's Polaris dawn three years later. He's also an entrepreneur, a fintech billionaire who's bringing his experience in business to running the US Space Agency.
Jared Isaacman (NASA Administrator)
This is the first time since I was a teenager that I show up and work with zero economic interest whatsoever. Just what's for the good of the nation, what's in the best interest of America's space program right now.
Tim Stenevick (Host)
That means facing heightened space competition with China and competition for talent with the growing private space sector, all amid proposed budget cuts.
Jared Isaacman (NASA Administrator)
From the White House,
Tim Stenevick (Host)
I'm Tim Stenevick in for Sarah Holder and David Gura. And this is the big take from Bloomberg News today on the show, my conversation with NASA Administrator Jared Isaacman on returning to the moon in 2028, why America needs nuclear octocopters in space, and whether he believes in aliens. NASA is coming off a big win, sending astronauts into deep space aboard one of the most powerful rockets ever built and then bringing them home safely. Still, it's been nearly 60 years since Apollo 11 touched down, when Neil Armstrong became the first person to walk on the moon. I asked the administrator, why so many years later the US Is reprioritizing the moon?
Jared Isaacman (NASA Administrator)
Well, I would say that I'm not reprioritizing at all. What I'm doing is working with all the talented minds at NASA to ensure our plan to achieve the policy that's essentially been in place since President Trump's first term when he created the Artemis program, is actually possible. So 35 years, every president has called for a return to the moon. It sounds great, certainly, I think gets the public riled up. Wasn't until President Trump's first term when he actually created the Artemis program. That put focus back on it again. And then my first day on the job, the day I was sworn into office, he put out a national space policy that said don't just return to the moon, do so to stay. Build an enduring presence, build a moon base on the surface. So we are increasing production of hardware, pulling it to the left. We added a mission in 2027 to test out Orion spacecraft that the Artemis II crew was in with the lunar landers and use that data to inform the plan for Artemis IV in 2028, where astronauts will put their boots back on the surface of the moon.
Interviewer (Bloomberg Host)
What would establishing bases on the moon allow us to do so?
Jared Isaacman (NASA Administrator)
That's a great question. For 25 years we have maintained a continuous human presence in low Earth orbit at the International Space Station, which if you take a step back and think about it, if you're 25 years old or younger, you haven't lived during a time where there wasn't an American astronaut in Orb above you, which is pretty cool to think about because the environment is incredibly harsh. You have a radiation environment, you have micrometeorite orbital debris. Those are like billions of bullets just whizzing around, tear through everything up there. The human body, human physiology does not like microgravity. So you have bone density loss, cardiovascular issues. We just did the first medical evacuation from the space station. So things happen there. But we have been learning. And where do you apply that next? You take it from low Earth orbit, which is probably the safest place you can be, in an incredibly threatening environment, and you bring it down to the lunar surface. For all its scientific potential, I mean, we are going to have so many scientific instruments. There are kids in college right now working on hardware that's going to be on the moon in the next couple of years. It's economic potential. Are we mining Helium 3 on the moon? Are we 3D printing satellites for AI data centers? I sure hope so. And then I would just say it's the technological proving ground to get to Mars.
Interviewer (Bloomberg Host)
Well, there's a lot of interest from investors in this. And I'm curious about the timeline for those things that you mentioned. Because when a lot of people think about the space economy now, they think of something like SpaceX or Starlink from SpaceX. But the things that you're talking about seem far off into the future.
Jared Isaacman (NASA Administrator)
Well, I would just say that anytime NASA undertakes and attempts to achieve the near impossible, we never go out alone. We bring everybody with us because it takes the contributions from across industry and academia and honestly, international partners. So 1960s, we had Boeing, we had Northrop, I mean Grumman built the Lunar lander, we had McDonnell Douglas. And you still have many of those companies today. But then you have your new players like your Blue origins, your SpaceX, Fox Firefly, Intuitive machines, lots of rocket lab, lots of good commercial companies. And what I would say is there is a real commercial space economy right now. I mean, launch, observation and communication. NASA's one customer of many. That's how you know it's real. We're going to put a huge demand signal out for building a moon base. 30 landers, dozens of rovers. I can't tell you who's buying the 31st. I can't tell you who's buying the next rover after NASA at that point. So we are still that first customer. But it's a heck of a demand signal in the right direction to ideally spark what, what, what becomes a lunar economy.
Interviewer (Bloomberg Host)
So let's talk a little bit about geopolitics, because in the 50s, 60s and 70s, NASA's greatest competitor was the Soviet Union. Today, that really seems to have shifted to China. From your view, how advanced are Beijing's programs?
Jared Isaacman (NASA Administrator)
You know, I think we fool ourselves at times when we refer to, you know, the Chinese in, in, in various technological domains and call them a near peer. The reality is in many cases they are a peer and I would say with respect to their space program. And it's hard because they're not as transparent as we are. We have our civil space agency, which is, which is NASA, and then we have our space force. And their job is to look out for the national security interests of the ultimate high ground, that is space. In China, they don't draw a distinction. But what I will tell you in both of those categories, it's extremely impressive. They are moving very, very fast. And you know, what you think you know about what they're capable of doing in that domain from six months ago, they've already surpassed that by a couple generations. I mean, in a lot of ways they are moving at SpaceX speeds.
Interviewer (Bloomberg Host)
When we were competing with the Soviet Union, the budget that you had at NASA was roughly 4 1/2% of total government expenditures right now, what, a quarter of 1% of government expenditures. Can you compete with China with that level of funding?
Jared Isaacman (NASA Administrator)
Absolutely. I mean, the President's budget request is more than every other civil space agency in the world combined. Now, again, that's kind of hard to, you know, nail down perfectly, perfectly with China because they blur in the lines with their military spend. And look, it's different times now. We knew nothing about the great frontier in the 1960s other than that it was an effort worth undertaking. Today, between the $10 billion one time plus up that came through the Working Family Tax Cut act, plus our budget and our appropriations, yes, we can return to the moon, we can build the moon base and we can do the other things because we know a lot more today than we did then. Industry has evolved quite a bit, but it is an extremely close race. I say it all the time winning success or failure will come down to months, not years.
Interviewer (Bloomberg Host)
Jim Bridenstine, the NASA administrator during President Trump's first term, has said that China is likely going to win. Is he wrong?
Jared Isaacman (NASA Administrator)
I think he's wrong in that to say they would be advantaged. As I said, we are close. We are. We've said we're going to land astronauts on the moon before the end of President Trump's term. The Chinese have said they will land their techno on the moon before 2030. So that does come down to months, not years if you look at the time frames. But we have an achievable plan and we've been there before. So we're very advantaged in building the moon base. We're very advantaged in next giant leap capabilities like nuclear. When it comes to the boots, yes, it's a closer race, but I have no doubt the best and brightest at NASA, we're not going to come in second place.
Tim Stenevick (Host)
After the break, NASA Administrator Jared Isaacman on getting lawmakers on board with space spending and on NASA's search for alien
Interviewer (Bloomberg Host)
life
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Chase Business Representative
business owner isn't just a career, it's a calling. Chase for Business knows how much heart and effort go into building something of your own. That's why they make business growth their priority. The Chase team takes the time to understand your mission, where you are now and where you want to go. Their broad range of solutions is designed with you in mind so you can bring your ideas to life. From banking to payment acceptance to credit cards, you can conveniently manage all your business finances all all in one place with their digital tools looking for tips and advice. Their online resources are always available to give you the solutions you need to help your business thrive. See how your business can get stronger and go farther with Chase for Business. Learn more@chase.com business chase for business Make More of what's Yours the Chase Mobile app is available for select mobile devices. Message and data rates may apply. JP Morgan Chase Bank Naomi Member FDIC Copyright 2026 JPMorgan Chase Co.
Interviewer (Bloomberg Host)
You've got this amazing story. You come from the private sector. You built this business in your parents basement in New Jersey. You're an entrepreneur, you're an executive, you're a pilot, a fighter pilot, you're an astronaut. You've moved really quickly in your career. All this to say you don't really go at Washington speed. Do the political extremes that we have slow us down when it comes to competing with the rest of the world?
Jared Isaacman (NASA Administrator)
Well, I would just say I have one boss now, the President of the United States, and I couldn't have a better boss. There are a lot of stakeholders that have strong views. The nice thing is they all love NASA. So like right from the get go you go to any of my hearings, whether you know it's a Democrat or Republican, there is strong bipartisan support for NASA's mission. Now they all think we should do it differently. So bringing a lot of people together that have different views and getting them aligned around doing extremely hard things, I have some experience with that and I'll tell you, it is a lot of my time trying to get everybody aligned. I think having a competitor like China that is moving incredibly fast is helpful at clearing out needless bureaucracy and delays and things that impede progress. Right. And that's working. Now if you don't take an Active role if you are not hard charging with a strong team 18, 20 hours a day, if that's what it takes, yes. The pace of government moves slowly and it's not always aligned in the best interest of the mission. It might be aligned in the best interest of a congressional district or a particular vendor, but we are fixing that now.
Interviewer (Bloomberg Host)
So what have you learned about how to make sure you get what NASA needs?
Jared Isaacman (NASA Administrator)
Well, I think being able to be a good communicator and tell the story right. And that is what I've been doing, you know, to have a conversation with an important congressman, senator, an industry leader and explain to them. Imagine what it was like when you saw Artemis 2 going on the far side of the moon, that special moment, you're sitting with your kid, your grandkid or something. Now imagine the same thing when somebody's stepping foot off a lander on the moon, except it's a Chinese technique. What is that going to do? What message does that send to the world that says something is broken? I tell industry, you know, get aligned. Right now, everything you lobby for better be in the interest of America's national imperative of returning to the moon. Because if not, if we see the Chinese get to the moon before America is able to return, I'll be fired. I'll be at home watching on TV as all of you get hauled before Congress and have to explain where the hundred billion dollars went. So think about that every time you work against me versus putting your resources in the correct direction.
Interviewer (Bloomberg Host)
How do they respond when you communicate like that?
Jared Isaacman (NASA Administrator)
I think we're moving really fast now.
Interviewer (Bloomberg Host)
It's working.
Jared Isaacman (NASA Administrator)
I think we're moving really fast now.
Interviewer (Bloomberg Host)
It's working.
Jared Isaacman (NASA Administrator)
I mean, we're adding missions, we're launching moon rockets now with frequency. Artemis 3 is up in 2027 and the world is going to be able to follow along in early 27 as we put robotic landers on the moon nearly monthly and start building that moon base.
Interviewer (Bloomberg Host)
So talk a little bit about Artemis 3 because NASA's already working on that. What does success in that mission look like?
Jared Isaacman (NASA Administrator)
Success in that mission? Well, is going to be. You're going to see three distinct, most and the most powerful rockets in the world launch in quick succession. So you're going to see SLS, which is what launched Artemis 2, that will launch. You will see New Glenn launch, which will put the, the Blue Origin lander into low Earth orbit. And then you're going to see Starship launch, which will put their HLS lunar lander in low Earth orbit. So three Massive launches in quick succession. And then you're going to see the Orion spacecraft rendezvous and dock with the Blue Origin lander, test out the interoperability, detach rendezvous, dock with the starship lander, the SpaceX lander in low Earth orbit, test out, you know, the full stack, controllability, and then it's going to detach, come back and land. And what that should tell us, it should teach us more about the Orion spacecraft. That should build muscle memory about launching SLS, which is extremely, extremely complicated. 8.8 million pounds of thrust, you cannot get that wrong. And it's going to teach us a lot about our two landers, Blue and SpaceX. That data no doubt will result in hardware changes, software updates, procedural changes to permit in 2028 Artemis IV to take the astronauts to the surface of the moon.
Tim Stenevick (Host)
So SpaceX is providing the human Landing System lunar lander. You mentioned the HLS Blue Origin has its lander too. How would you rate their readiness for these missions?
Jared Isaacman (NASA Administrator)
Both Blue Origin and SpaceX have provided detailed responses back to NASA on their ability to meet our 2027 timeline for a low Earth orbit test of their landers. They both are enthusiastic about it, first of all, they both know that this must be done. And by the way, so did everyone at NASA. So the NASA team wants to launch big rockets and start building muscle memory and get back to an iterative design approach. SpaceX certainly appreciates it. I mean, they basically are leveraging our playbook from the 60s of being hardware rich, fail F and inform the next one and Blue Origin, understand? So we're all aligned about what needs to happen in 27 in order to make 28 successful.
Interviewer (Bloomberg Host)
If SpaceX does go public in the coming months, what does that mean for NASA? Specifically, what does it mean for investment in the lunar economy more broadly?
Jared Isaacman (NASA Administrator)
I will happily take Every one of NASA's critical suppliers being incredibly well capitalized. Space is expensive. Space is extremely hard. We know for sure that launch, observation and communications has a real, has real commercial viability, that NASA is one customer of many. You can get more value out than you put in, but beyond that we don't know. So the fact that the private markets are going to fund this next evolution, you know, of a space economy with orbital data centers and AI satellites, that's awesome.
Interviewer (Bloomberg Host)
What about an update on just getting the top talent to NASA right now? It was a different approach in the 1960s and the late 50s because we
Jared Isaacman (NASA Administrator)
were the only game in town.
Interviewer (Bloomberg Host)
Exactly, you were the only game in town. And certainly there were government contractors at that now there's so much opportunity for young talent to go to places like Blue origin, places like SpaceX. You can get equity, it pays more. How do you get them to come to work for you?
Jared Isaacman (NASA Administrator)
First and foremost is you gotta just inspire the next generation. They gotta want to grow up and work for NASA. Fortunately, that hasn't been too much of a problem for us. We had 200 and some odd thousand internship applications this past year. We took the top 1%, so that's good. And then you launch missions like Artemis 2, Artemis 3. You put astronauts back on the moon, you build a moon base, you launch a nuclear powered octocopter to Saturn's moon of Titan in 2028. Or a nuclear spaceship. That's a good way to inspire people to grow up and want to contribute. But how do you, how do you get them to want to come to NASA when you don't have the big equity appreciation like you have from industry and such. That means we need to work on what no one else is doing. And that was certainly the case in the 60s when we were the only game in town. Not always the case today. We build big rockets, SpaceX builds big rockets. SpaceX equity goes off the charts. NASA doesn't have any equity to go off the charts. So what does that mean? We have to recalibrate constantly at NASA to do the near impossible. What no company, what no other government agency, what no other nation is capable of doing. That's why we're working on nuclear power and propulsion. I put the model on the President's desk in the oval office of SR1 Freedom. It's going to launch in 2028. It's the first of its kind, nuclear powered interplanetary spaceship. It's going to go past Mars, drop off a couple helicopters like the Ingenuity class helicopters with ground penetrating radar. It's going to scout out future landing sites for astronauts and look for water ice. That's the kind of thing you do that no one else can do. No one wants to mess around again with highly enriched uranium or launch nuclear reactors. It's what it should be. It's inherently government function. Only NASA can do it. And as a result you're going to attract the people who want to work on those programs and you're to going to retain them because you're not competing with industry.
Interviewer (Bloomberg Host)
You've said before that the odds that aliens exist is pretty high. NASA is actively looking for them. That's part of what NASA does, of course. What exactly are you looking for?
Jared Isaacman (NASA Administrator)
So I would say A lot of what we're doing is just looking for, you know, what are the building blocks to life and biosignatures that are out there. Some it's hard because you are, you are taking measurements, you know, at great distances from Earth itself. I think that if we had the same data that our robotic rovers on Mars have been able to transmit back home to us, but we had those samples here instead of being on the surface of Mars, I think better than 90% chance, you bring the samples home from Mars, you will prove that there was once microbial life on Mars. And I think most people look up at the night sky and say, surely it's out there somewhere. You know, you have 2 trillion galaxies. We barely know our own star system, let alone all the other stars in the Milky Way galaxy, let alone 2 trillion other stars. And it is inherent to what we do at NASA is trying to answer the question, are we alone? But you get samples back from Mars that say there was once microbial life there. Europa Clipper sends back biosignatures. You know, Dragonfly goes to Saturn's moon of Titan and sends back biosignatures, habitable worlds. Observatory launches and says, oh, we looked at all these other exoplanets and Goldilocks zones. There's biosignatures there. It changes the game to what if it's everywhere?
Interviewer (Bloomberg Host)
What I love about this conversation and what I find fascinating is that we often approach it from the perspective of us finding them. What are the odds that someone else or another species or another form of life has found us?
Jared Isaacman (NASA Administrator)
I would say extremely low. I mean, you think about it, human civilization is just a small span of time relative to the age of the universe, even relative to the age of our planet itself. As long as you acknowledge that the speed of light is your galactic speed limit and how close we are to other stars and how close we are to other galaxies on this, On a, on a, on a, on a scale that's. It's extremely hard, I think, for most people to really appreciate. It's very hard for me to even appreciate the odds of intelligent life finding us at a time period where we are alive as we know ourselves to be right now. It would be, I would say, almost impossible.
Interviewer (Bloomberg Host)
Administrator Isaacman, thanks so much for joining us on Bloomberg.
Jared Isaacman (NASA Administrator)
Thank you. It's great to be here.
Tim Stenevick (Host)
This is the Big Take from Bloomberg News. I'm Tim Stanbeck in for Sarah Holder and David Gura to get more from the Big Take and unlimited access to all of bloomberg.com subscribe today@bloomberg.com podcastoffer if you like this episode, make sure to follow and review the Big Take. Wherever you listen to podcasts, it helps people find the show. Thanks for listening. We'll be back tomorrow.
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Air Date: May 6, 2026
Host: Tim Stenevick (Bloomberg, filling in for Sarah Holder and David Gura)
Guest: Jared Isaacman, NASA Administrator
This episode features a one-on-one conversation with Jared Isaacman, Administrator of NASA, on the heels of Artemis II’s historic lunar mission. The discussion explores NASA’s roadmap for returning astronauts to the Moon, the emerging commercial space economy, geopolitical competition with China, the agency’s ultra-ambitious future plans—including nuclear-powered interplanetary missions—and where NASA stands on the search for alien life. The tone is direct and urgent, reflecting both Isaacman’s entrepreneurial background and the global space race context.
Timeline and Motivation
Establishing a Moon Base
For listeners who missed the episode:
This conversation offers an insider’s look at the race to the Moon, the transformation of the space sector, and NASA’s self-image in an era of fierce global and commercial competition. The themes of urgency, collaboration, and daring are paired with practical strategies for inspiring talent and navigating government, all set against the backdrop of humanity’s biggest existential questions.