The space economy is set to reach $1.8 trillion by 2035. Everyone talks about rockets. Almost no one talks about the infrastructure that connects orbit to Earth. This is where billions of dollars of that space investment are being increasingly allocated. Mark Boggett runs Seraphim Investments, a London-based fund that backs the companies building the foundations of the space economy. In this conversation, he explains why the future of space isn’t about launch or tourism, but data, defense, and the networks that will define a trillion-dollar market.We look at how falling launch costs from SpaceX, Rocket Lab, and Firefly have moved the bottleneck from rockets to downlink infrastructure - the networks that move satellite data back to Earth. Boggett outlines the under-invested opportunities in ground terminals, communications, and cybersecurity that will define the next decade of the space economy.He also talks about the rise of direct-to-device connectivity through companies like AST SpaceMobile and Globalstar, the coming laser mesh networks led by Amazon’s Kuiper constellation, and the new markets emerging in orbital services: debris removal, refueling, and regulation-driven sustainability through firms like Astroscale and LeoLabs.This is the quieter side of the space race, the infrastructure and data layer where long-term investors are quietly shaping a trillion-dollar future.Enjoy the show. And please subscribe so we can continue building the channel, and thinking on Paper. --TIMESTAMPS(00:00) Trailer(01:56) Disruptors & Curious Minds(03:08) Mark Boggett (03:27) The Reality Of A 10-Year Investment Period(04:07) Predictions On The Space Economy(04:39) Space Race 2.0: The USA V China (05:54) Direct to Device Space Communications(08:05) Public Markets Love Space Tech Investments(09:35) Space Exits & IPOS(10:36) Trump & Musk To Dominate Space Agenda(11:17) The Space Ecosystem 2025(12:10) Satellite Companies: Hardware & Software(12:36) Launch Companies: SpaceX, Firefly & Rocket Labs(13:50) Satellite Constellations(14:24) HAPS (High Altitude Platforms)(15:22) Data Collection, Ground Terminals & Cyber Security(16:46) Downlink: The Growth Area Of Space Investments(18:50) Satellite Data Companies(21:08) Space Verticals: Climate Success Stories(22:20) How Satellites Verify Carbon Credits(24:37) Space Debris & New Regulations To Clean Up Orbit(26:38) Getting Old, Rickety Satellites Out Of Orbit(30:26) Giving Regulators Teeth(31:15) Geopolitics And Defense Based Space Investment(36:33) Terraforming Mars(36:48) Best Sci-Fi Movie(36:56) Do Kids Look Up? The Accessibility Of Space(37:20) The Best Reason To Go To The Moon(39:51) What Should Humans Be? ----Other ways to connect with us:⁠Listen to every podcast⁠Follow us on ⁠Instagram⁠Follow us on ⁠X⁠Follow Mark on ⁠LinkedIn⁠Follow Jeremy on ⁠LinkedIn⁠Read our ⁠Substack⁠Email: [email protected]

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