The US Space Force spends more than $30 billion a year, and that is only the portion you are allowed to see.

In 2019 the United States formally declared space an operational military domain, sitting alongside land, sea, air and cyber. Jason Carvalho and Laura Todd trace what has happened in the six years since, and why the shift from communications utility to contested military theatre went largely unremarked by the people who depend on it every day.

The conversation moves through the mechanics rather than the headlines. Why removing GPS makes modern warfare dramatically less precise. How governments went from building space capability to buying it, and what it means that their suppliers now move faster than their own procurement systems. Why China, the United States, Russia and Europe have all arrived at the same conclusion about the orbital layer at the same time. And why defence contracts, spanning decades rather than quarters, have become the most stable revenue model in the sector and the reason venture capital is moving toward dual-use companies.

Laura and Jason close on the argument underneath the argument: defence may be the narrative, but resources, energy, data and orbital logistics are the objective. Control the infrastructure and you control the economy built on top of it.

Chapters

00:00 The line was crossed
01:00 Introductions and disclaimer
02:30 What changed in the last decade
03:30 Space infrastructure is the backbone of modern warfare
08:00 Governments became customers, not builders
12:00 Renewed geopolitical competition in orbit
17:00 Where the defence money is actually going
21:00 Why investors follow the contracts
25:00 The real objective is resources
28:00 Defence as catalyst, infrastructure as the story

Next episode: Launch as a Sovereign Asset.

Hosted by Jason Carvalho, founder of Carvalho Capital and HUMANUS.VC, and Laura Todd, co-founder of EarthSavvy.ai and former VP of Space Exploration Future Programmes at Airbus. Nothing in this episode is financial advice.

whyspacematters.space

Discover how space infrastructure has quietly evolved from a distant frontier to a vital part of our daily lives. In this episode, we explore the shift in perception, the importance of space assets, and why understanding this infrastructure is crucial for our future security and convenience.

In this episode:

• How space became essential infrastructure beyond just exploration
• The role of space infrastructure in everyday life and global stability
• The concept of dual use in space technologies and its implications
• NATO's recent steps to formalize space as an operational domain
• The influence of Hollywood and science fiction on space perceptions
• Challenges in changing human patterns and adopting new space-based capabilities
• The importance of system architecture and commercial innovation in space
• Risks of systemic failure and importance of resilient space infrastructure

Why Space Matters explores how the new space economy is reshaping life on Earth — from national security and energy to communications, climate, and global infrastructure.

Hosted by Laura Todd and Jason Carvalho, the show brings space insiders out of the echo chamber, with conversations between founders, operators, investors, and policymakers building the next era of space technology. We go beyond headlines and hype to unpack the real systems, capital flows, and geopolitical forces driving humanity’s expansion into orbit and beyond.

If you care about the future of infrastructure, defense, energy, or frontier innovation — this is your signal.