Podcast Summary: T-Minus Space Daily

Episode: "I pity the fool who ignores space infrastructure."

Date: February 5, 2026
Host: Maria Varmazis (N2K Networks)
Special Guest: Ryan Kirby Jr., Partner at Alderman Co.

Main Theme

This episode of T-Minus Space Daily dives into the evolving landscape of space-enabled infrastructure and the mounting importance of secure, modern connectivity from earth to orbit. The focus is on recent major partnerships aiming to address national communications needs, an uptick in M&A activity within the aerospace sector, and news relevant to both the technical and policy sides of space. The show also features an interview with Ryan Kirby Jr., an expert in aerospace and defense mergers and acquisitions (M&A), who discusses industry trends and advice for companies considering selling in today’s fast-growing space marketplace.

Key Discussion Points and Insights

1. Top Space Industry News

(01:29 – 09:39)

AT&T, AWS, and Amazon LEO Partnership

• New joint initiative leverages:
  • AT&T's fiber network
  • AWS’s cloud and AI capabilities
  • Amazon LEO satellite network (formerly Project Kuiper)
• Goal: “Modernize the nation's connectivity infrastructure” and “unlock the next wave of cloud-driven innovation for U.S. businesses.”
• Amazon's LEO satellites poised to deliver broadband to underserved areas through AT&T.
• Quote:

  “A pity the fool that doesn't see this as the start of a beautiful, lucrative partnership.” (Maria Varmazis, 04:22)

NASA Authorization Bill Moves Forward

• U.S. House committee unanimously approved a new NASA authorization bill re-affirming bipartisan commitment.
• Focus: U.S. leadership in Moon-to-Mars programs.
• Notable: Authorization bills provide policy, not funding.

Small Business Awards

• Interlune received a NASA SBIR/STTR contract:
  • Develops lunar trenching and excavation tech for missions like Artemis and helium-3 harvesting.
• Montana State University won a $750,000 NASA EPSCoR grant:
  • Research on mitigating atmospheric turbulence in quantum laser communications for quantum space networks.

European Security Concerns

• Reports warn that Russian space vehicles (LUCH1 and LUCH2) have intercepted communications from at least a dozen key European satellites.
• These intercepts could enable interference or disablement of spacecraft across Europe, Africa, and the Middle East.
• Quote:

  “One day, hopefully, the whole satellite industry will figure out that unencrypted data anywhere and everywhere is just straight up a bad idea.” (Maria Varmazis, 08:50)

2. Expert Interview: Ryan Kirby Jr. on Space Industry M&A

(11:02 – 23:28)

Introduction to M&A in Aerospace (11:17)

• Alderman Co. specializes in selling (sell-side) U.S.-based aerospace and defense businesses valued at $20M–$150M.
• Focus: Connecting sellers with appropriate buyers, preparing documentation, and navigating complex deals.

Unique Aspects of Aerospace M&A (13:04)

• Mission-critical quality standards and regulatory requirements make aerospace distinct from other sectors (e.g., automotive).
• “The preparation work that goes into preparing yourself for a sale—it's really important to make sure you don't miss any of the key considerations in this space that potential buyers will uncover during their due diligence.” (Ryan Kirby Jr., 13:57)

Key Advice for Sellers (14:33)

• Defensible financial projections:
  • Buyers care about future performance more than past performance.
  • Be able to clearly defend and back up financial forecasts.
  • “The more aggressive you are, the more defense you will have to have. So if you have very conservative projections, you'll have to have less defense.” (Ryan Kirby Jr., 16:25)
• Early preparation:
  • Estate planning, tax planning, and financial controls need long lead times.
  • Planning ahead maximizes company value and closing certainty.

State of the Market: M&A Trends for 2026 (17:15)

• Positive outlook:
  • “The potential buying landscape [is] growing… companies are entering interest into this industry and valuing space exposure as much as legacy aviation or defense.”
• Public market examples:
  • One-year stock returns:
    • Planet Labs, AST SpaceMobile: Over 400%
    • Rocket Lab: Over 200%
    • Others (Redwire): flat or declining, but overall public and private valuations are strong.
• Not all are profitable: Many public space firms “are actually cash flow negative, but they're still seeing good, strong growth in their stock price, which is a good indicator of overall investor sentiment.” (Ryan Kirby Jr., 19:36)

Industry Maturation: Closing the ‘Missing Middle’ (20:52)

• Historically, space had a “missing middle” in company size—dominated by giants and many tiny firms.
• Now, increased M&A activity is developing a healthier mid-market, suggesting industry maturity.
• Quote:

  “The space industry is to me what the defense industrial base was like five years ago, which was an hourglass shape... I see a lot of M&A activity of that size in the middle this coming year and in the next couple of years.” (Ryan Kirby Jr., 20:54–21:31)

Final Words of Wisdom (22:04)

• “If you have a mature company... even if your exit is five to ten years out, start thinking now about how you’ll prepare to sell… Think about putting a team together for your exit, no matter what that timeframe is.” (Ryan Kirby Jr., 22:04)

3. Notable Science Moment: A Butterfly in Space

(24:48 – 28:23)

• China’s space program has successfully completed the first butterfly metamorphosis in orbit—a caterpillar became a butterfly inside a closed-loop life support payload.
• Demonstrates feasibility of supporting more complex life in space—a step toward autonomous biospheres.
• Quote:

  “The butterfly effect from this butterfly experiment will be very fascinating to watch over the coming years, that's for sure.” (Maria Varmazis, 27:25)

Notable Quotes & Memorable Moments

• “A pity the fool that doesn't see this as the start of a beautiful, lucrative partnership.” – Maria Varmazis, on AT&T/AWS/Amazon LEO partnership (04:22)
• “One day, hopefully, the whole satellite industry will figure out that unencrypted data anywhere and everywhere is just straight up a bad idea.” – Maria Varmazis, on Russian satellite data interception (08:50)
• “The more aggressive you are, the more defense you will have to have.” – Ryan Kirby Jr., on preparing financial projections for M&A (16:25)
• “Think about putting a team together for your exit, no matter what that timeframe is.” – Ryan Kirby Jr. (22:52)
• “The butterfly effect from this butterfly experiment will be very fascinating to watch over the coming years, that's for sure.” – Maria Varmazis, on space biology (27:25)

Timestamps for Key Segments

• Top Space Headlines: 01:29 – 09:39
• Interview with Ryan Kirby Jr.: 11:02 – 23:28
• Butterfly in Space Story: 24:48 – 28:23

Language and Tone

The episode maintains a conversational, insightful, and occasionally playful tone, seamlessly mixing technical analysis with pop culture references and accessible explanations. There’s a focus on actionable advice for industry insiders, policy watchers, and enthusiasts alike.

For more info and links to referenced stories, visit space.n2k.com.