Federal technology contractors are growing their offerings in the Space market and Private Equity firms are taking notice, reports Bloomberg Government’s Caleb Harshberger. The biggest driver is a boom in spending by government agencies whose objectives now include space technology and developments.
For instance, The Space Development Agency, was formed in 2019 to tackle the space portion of the Defense Departments missile defense initiative. Its spending on unclassified contracts soared to $1.3 billion in the last fiscal year, up from just $74.7 million two years earlier, according to Bloomberg Government data.
“You go where the government is focused on investing,” Ryan Hoffman, managing director of Chertoff Capital, the investment arm of the security and geopolitical consultant group headed by former Homeland Security Secretary Michael Chertoff, said in an interview. “On the defense tech side, space technologies are very much an in-demand area.”
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