SPACEBANK // PUBLIC RESEARCH ORBITAL ENERGY Передача энергии через орбиту WHO IS BUILDING IT // HOW IT WORKS // WHAT IS PROVEN MICROWAVE / NEAR-IR LASER / SPACE-TO-SPACE OPTICAL / REFLECTED SUNLIGHT FIELD MAP // 30 AUG 2026 Свежий обзор по первичным источникам. Компаниям и государственным программам присвоен статус по фактически опубликованным испытаниям, контрактам и разрешениям. Будущие даты указаны как roadmap targets соответствующих организаций. SYSTEM ENERGY x COMPUTE x FINANCE FRONTIER ORBITAL POWER AS A SERVICE MISSION FUND THE DEEP SPACE SPACEBANK // spacebank.group // independent project SPACEBANK // ORBITAL ENERGY FIELD MAP // 30 AUG 2026 // 2 01 // Короткий вывод EXECUTIVE BRIEF // READ THIS FIRST К августу 2026 года передача энергии через орбиту уже выглядит как формирующийся рынок. Внутри него существуют четыре разных архитектуры, каждая со своей физикой, экономикой и скоростью выхода на рынок. 1. MICROWAVE / RF Классическая космическая солнечная энергетика: солнечный свет превращается в электричество, затем в радиочастотный луч и принимается наземной rectenna. Самая глубокая институциональная база у Caltech, JAXA, Китая, Space Solar, NRL/AFRL и Virtus Solis. 2. NEAR-IR LASER Overview Energy передает энергию широким невидимым near-IR лучом прямо на существующие солнечные панели. Компания показала airborne demo с самолета выше 5 км и подписала с Meta ранний доступ к мощности до 1 GW. 3. SPACE-TO-SPACE OPTICAL Star Catcher строит орбитальную энергетическую сеть для спутников. Система подает оптическую энергию на штатные солнечные панели клиентов. В 2025-2026 компания прошла наземное испытание свыше 1.1 kW, орбитальное precision tracking и начала подписывать power purchase agreements. 4. REFLECTED SUNLIGHT Reflect Orbital идет по самому короткому контуру преобразования: орбитальное зеркало отражает солнечный свет на наземные солнечные фермы. FCC выдала лицензию Earendil-1 в июле 2026 года, запуск демонстратора ожидается позже в 2026 году. Что уже можно считать доказанным • Caltech MAPLE в 2023 году выполнил беспроводную передачу энергии в космосе и направил обнаружимый сигнал на Землю. Это экспериментальный уровень мощности, но принцип был показан на орбите. • Китайская программа Xidian в мае 2026 года сообщила 1,180 W на дистанции 100 m при DC-to-DC efficiency 20.8%, а также передачу 143 W на движущийся беспилотник. • Star Catcher показал более 1.1 kW электрической мощности на коммерческих солнечных панелях в наземном optical power-beaming test и отдельно доказал orbital acquisition and tracking. • Overview показал реальный атмосферный путь с движущейся платформы выше 5 km и получил коммерческий signal of demand от Meta до 1 GW. • Space Solar показал 360-degree электронное steering микроволнового луча без механического поворота излучателя. SpaceBank read-through Первый банковский продукт вокруг orbital energy, вероятно, появится раньше utility-scale станции в GEO. Уже сегодня формируется договорная основа: power purchase agreements, reservation of beam capacity, delivered-kWh settlement, performance guarantees, orbital service priority и финансирование инфраструктуры передачи. Это делает энергию в орбите потенциальным финансовым активом еще до появления гигантских энергостанций. SOURCES [02] [07] [10] [14] [15] [17] [20] [26] SPACEBANK // ORBITAL ENERGY FIELD MAP // 30 AUG 2026 // 3 02 // Четыре архитектуры THE MARKET IS SPLITTING INTO FOUR PHYSICAL SYSTEMS A // MICROWAVE / RF SUN > PV > DC > RF ARRAY > RECTENNA > GRID Players: Caltech, Space Solar, China/Xidian, JAXA, Virtus, AFRL/NRL Edge: Works through cloud/rain bands; mature phased-array theory; utility-scale base-load vision. Constraint: Very large apertures and rectennas, deployment, spectrum, beam control, conversion losses. B // NEAR-IR LASER SUN > PV > DC > NEAR-IR BEAM > PV RECEIVER > GRID Players: Overview Energy; Aetherflux experiment Edge: Small optical apertures, precise beams, can reuse existing PV receivers. Constraint: Cloud/weather, pointing, atmospheric safety case, thermal rejection. C // SPACE-TO-SPACE OPTICAL SUN > COLLECTION > OPTICAL BEAM > SATELLITE PV Players: Star Catcher Industries Edge: No atmosphere, receiver already exists on client satellite, high-value orbital kWh. Constraint: Precision tracking, geometry, receiver thermal limits, network orchestration. D // REFLECTED SUNLIGHT SUN > ORBITAL MIRROR > GROUND SOLAR FARM Players: Reflect Orbital Edge: Few conversion steps and no onboard electric transmitter required. Constraint: Mirror scale, short illumination windows, astronomy/ecology, licensing and space traffic. Почему их нельзя сводить в одну цифру эффективности В microwave system часть энергии теряется на PV, RF conversion, free-space propagation и rectenna conversion. В laser system появляются laser wall-plug efficiency и погодные ограничения. Star Catcher продает услугу в вакууме, где нет атмосферной потери и принимающая солнечная панель уже находится на спутнике. Reflect Orbital вообще переносит свет, поэтому его ключевая метрика связана с irradiance, временем подсветки и площадью зеркал. Сравнение должно идти по delivered useful energy, availability, capex per delivered watt и стоимости приемной инфраструктуры. Физическая развилка определяет финансовую модель Architecture Likely buyer Contract unit Main asset Microwave / RF Grid / utility / state MW, MWh, availability GEO/HEO power station + rectenna Near-IR laser Solar farm / data center / utility MW, MWh, delivery window Orbital transmitter + terrestrial PV Space-to-space Satellite / orbital data center kW, kWh, beam time Orbital power node + service network Reflected sunlight Solar farm / site operator irradiance window / MWh uplift Mirror constellation + targeting rights SPACEBANK // ORBITAL ENERGY FIELD MAP // 30 AUG 2026 // 4 03 // Лестница доказательств WHAT IS REAL TODAY // NOT AN OFFICIAL TRL SCALE Ниже используется собственная research scale SpaceBank. Она показывает только публичное доказательство конкретного контура передачи энергии. Она не заменяет NASA TRL или внутреннюю оценку компаний. Level Evidence Definition L0 CONCEPT архитектура, paper, patent L1 LAB компонент или под-система в лаборатории L2 FIELD / GROUND полный или почти полный наземный контур L3 AIRBORNE передача через реальную атмосферу с движущейся платформы L4 ORBITAL COMPONENT ключевой элемент проверен на орбите L5 ORBITAL POWER TRANSFER сама передача энергии показана в космосе L6 CONTRACT / LICENSE есть коммерческий offtake, PPA или регуляторное разрешение L7 COMMERCIAL SERVICE регулярная оплачиваемая поставка мощности Позиция игроков на 30 AUG 2026 Player Public level Why Caltech SSPP L5 Orbital WPT in 2023; signal detectable on Earth. Experimental power. Star Catcher L4 + L6 Orbital tracking + >1.1 kW ground optical test + customer PPAs. Full orbital power beam pending. Overview Energy L3 + L6 Airborne >5 km demo + Meta agreement up to 1 GW + USAF contract. Reflect Orbital L6 FCC license for Earendil-1; energy service remains to be demonstrated in orbit. Space Solar L2 360-degree RF ground demonstrator; 2027-28 orbital kW milestone is roadmap. China / Xidian L2 100 m, 1.18 kW and 20.8% DC-to-DC reported in 2026; orbital tests next. JAXA L2 Long-running microwave and laser WPT research; no utility orbital service. Virtus Solis L2 100 m 10 GHz phased-array/rectenna test; no public orbital transfer yet. NRL PRAM L4 Solar-to-RF conversion tile operated in orbit in 2020; did not beam to Earth. Aetherflux L2 / planned Laser-to-Earth flight experiment planned; strategy increasingly converges with orbital compute. SOURCES [02] [05] [09] [10] [14] [15] [17] [20] [26] [29] [31] [33] SPACEBANK // ORBITAL ENERGY FIELD MAP // 30 AUG 2026 // 5 04 // Overview Energy NEAR-IR ORBIT-TO-GRID // EXISTING SOLAR AS THE RECEIVER Architecture SUN > PV > ELECTRICITY > WIDE NEAR-IR BEAM > STANDARD PV > GRID Overview proposes geosynchronous power satellites at roughly 36,000 km. The beam is designed as a broad, low-intensity, invisible near-IR illumination field that existing photovoltaic farms can convert back into electricity. The strategic shortcut: reuse a terrestrial receiver network that already exists. The solar farm becomes both generation asset and orbital energy receiver. Dr Paul Jaffe SYSTEMS ENGINEERING // OVERVIEW Long-time wireless power / space-solar researcher. Previously associated with NRL power-beaming work, now part of Overview's technical team. Public evidence Date Evidence Meaning 09 DEC 2025 AIRBORNE DEMO Moving Cessna above 5,000 m transmitted power through atmosphere to standard solar panels. 27 APR 2026 META AGREEMENT Initial orbital demo targeted for 2028, commercial service targeted for 2030, Meta early access up to 1 GW. 06 MAY 2026 USAF CONTRACT Assessment of orbit-to-grid power for resilience in constrained or contested environments. Why this matters • Overview has one of the clearest commercial bridges from demo to offtake: a real atmospheric path, a named hyperscale buyer and a public 2028/2030 milestone sequence. • A broad beam and existing PV reduce the need for a purpose-built kilometer-scale rectenna, though cloud cover, pointing, thermal management and orbital asset scale remain core engineering constraints. • For finance, the most legible instrument is an energy offtake contract measured at the receiving solar facility. SOURCES [08] [09] [10] [11] [12] [37] SPACEBANK // ORBITAL ENERGY FIELD MAP // 30 AUG 2026 // 6 05 // Space Solar CASSIOPeiA // 360-DEGREE MICROWAVE POWER BEAMING UK-based Space Solar is developing CASSIOPeiA, a modular space-based solar power architecture. Mirrors concentrate sunlight onto photovoltaics, electricity is converted into microwave RF, and phased arrays steer the beam electronically toward a terrestrial rectenna. 01 SUNLIGHT 02 MIRROR + PV 03 RF CONVERSION 04 360° ARRAY 05 RECTENNA + GRID What has been demonstrated • HARRIER, announced in 2024, demonstrated 360-degree wireless power transmission without moving the RF structure. This addresses one of the distinctive claims of the CASSIOPeiA architecture: electronic steering across a full hemisphere. • The 18-month CASSiDi programme, reported complete in April 2025, developed the design and industrial pathway further with UK partners. • The UK government SBSP de-risking work was refreshed in February 2026 and places Space Solar milestones into a national-scale roadmap. Public roadmap from the 2026 UK study Target year Milestone Status discipline 2026 Long-distance terrestrial WPT + integrated PV module Target / anticipated 2027-28 In-orbit demonstration, kilowatt scale Roadmap 2030 31 MW HEO minimum viable product Forecast in study 2033 150 MW HEO Forecast in study 2036 650 MW GEO Forecast in study People to track Martin Soltau and Sam Adlen serve as co-CEOs. Ian Cash is the chief architect and originator of the CASSIOPeiA design. The company is important because it combines a full utility-scale architecture, industrial partners and a public UK roadmap. SOURCES [05] [06] [07] SPACEBANK // ORBITAL ENERGY FIELD MAP // 30 AUG 2026 // 7 06 // Star Catcher Industries SPACE-TO-SPACE POWER GRID // THE FIRST HIGH-VALUE MARKET MAY ALREADY BE IN ORBIT SUN > COLLECTION / SPECTRAL CONDITIONING > OPTICAL BEAM > CLIENT SATELLITE PV Star Catcher is building an orbital power grid for spacecraft. It collects and concentrates solar energy, conditions the light into wavelengths optimized for common satellite solar cells, and beams power to client spacecraft. The receiver is the solar array the satellite already carries. Structural advantage: the service avoids the atmosphere and targets a market where every delivered watt in orbit can replace launch mass, battery mass or a larger onboard power system. Andrew Rush CO-FOUNDER & CEO Commercial space executive. Star Catcher team also includes CTO Michael Snyder and CBO Bryan Lyandvert. Evidence and commercialization sequence Date Milestone Public evidence 21 MAR 2025 100 m end-to-end ground test Concentrated solar energy delivered to multiple commercial satellite solar arrays. 04 NOV 2025 >1.1 kW optical test Multi-wavelength lasers produced more than 1.1 kW electrical output on COTS solar panels at Kennedy/Space Florida. LATE 2025 On-orbit tracking demo Sextant Alpha demonstrated precision acquisition and tracking; result announced 09 APR 2026. 12 MAY 2026 $65M Series A Company reported total capital raised of $88M. 24 AUG 2026 Aethero PPA Power purchase agreement with orbital compute company Aethero; company described it as its tenth major commercial customer. SpaceBank interpretation Star Catcher is the clearest example of orbital energy becoming a service contract before a terrestrial grid product. Beam time, guaranteed delivered power, priority and availability can all become contractible units. The company still needs to demonstrate actual power transfer in orbit, but the commercial layer is forming in parallel with the hardware layer. SOURCES [13] [14] [15] [16] [17] SPACEBANK // ORBITAL ENERGY FIELD MAP // 30 AUG 2026 // 8 07 // Reflect Orbital REFLECTED SUNLIGHT // LIGHT LOGISTICS FROM ORBIT SUN > ORBITAL MIRROR > EXISTING SOLAR FARM Reflect Orbital skips onboard electrical conversion and RF/laser generation. A mirror in low Earth orbit redirects sunlight toward a terrestrial target. The initial commercial narrative focuses on extending solar production around dusk and dawn. Important distinction: this is a transport system for photons. Its economics depend on mirror area, orbital geometry, delivered irradiance and duration of the illumination window. Ben Nowack CO-FOUNDER & CEO Reflect Orbital is building a constellation of controllable space mirrors and a software layer for booking illumination. 2026 status • The FCC Space Bureau granted a license for the Earendil-1 demonstration mission on 9 July 2026. The launch remains a future milestone as of this review date. • The first demonstrator is an 18 m class reflector in public technical descriptions. The company roadmap starts with a small number of satellites and scales toward longer, higher-irradiance illumination windows. • Reflect Orbital publishes targets around 2030 and 2035 for solar capacity-factor uplift. These values are company roadmap targets, not demonstrated performance. Main externality: the sky itself COMMERCIAL CASE Low conversion stack, existing PV receiver, highly legible user experience: book reflected sunlight at a known place and time. REGULATORY / ENVIRONMENTAL CASE Astronomy, light pollution, wildlife and space-traffic impacts become first-order constraints. An August 2026 arXiv analysis modeled significant atmospheric skyglow for large-scale mirror systems, and DarkSky groups challenged the FCC approval. SOURCES [18] [19] [20] [21] [22] SPACEBANK // ORBITAL ENERGY FIELD MAP // 30 AUG 2026 // 9 08 // Caltech + NRL THE ORBITAL PROOF LAYER // FROM CONVERSION TO WIRELESS TRANSFER Caltech Space Solar Power Project In June 2023 the MAPLE experiment aboard Caltech's Space Solar Power Demonstrator wirelessly transferred power in space and directed a signal that was detected on Earth. The SSPD-1 mission concluded in January 2024 after validating wireless transfer, photovoltaic behavior and lightweight deployable structures. A 2025 technoeconomic analysis modeled a distributed 10 GHz GEO system. Under its assumed ten-year technology maturation and scale-up path, the paper reports a modeled LCOE of about 9.4 cents/kWh. Its end-to-end efficiency cases remain demanding, around 2.77% to 6.63% across current, middle and asymptotic assumptions. Sergio Pellegrino, Harry Atwater, Ali Hajimiri CALTECH SSPP PRINCIPAL INVESTIGATORS NRL PRAM: an earlier orbital precursor The U.S. Naval Research Laboratory launched the Photovoltaic Radio-frequency Antenna Module, PRAM, on the X-37B in May 2020. The 12-inch tile converted sunlight into RF energy in orbit. It did not beam power to Earth, so PRAM proved an orbital conversion block rather than a complete orbit-to-ground energy link. CONTINUITY OF PEOPLE AND IDEAS Paul Jaffe, one of the long-running figures in U.S. space solar and power beaming, appears today in Overview Energy's systems engineering team. That continuity matters: the commercial wave is inheriting decades of government and academic hardware knowledge. SOURCES [01] [02] [03] [04] [12] [33] SPACEBANK // ORBITAL ENERGY FIELD MAP // 30 AUG 2026 // 10 09 // China + JAXA THE DEEP INSTITUTIONAL PROGRAMS China: Xidian University + China Academy of Space Technology China is currently publishing some of the strongest full-chain ground numbers in the field. Xidian University's SunChasing project reported its second-phase results in May 2026. Test Reported value Why it matters Static wireless link 100 m / 1,180 W / 20.8% DC-to-DC Meaningful delivered power and system-level efficiency at field scale. Moving receiver 30 m / 143 W / 30 km/h drone Adds dynamic pointing and tracking to the energy link. OMEGA 2022 heritage 55 m / 2,081 W transmitted / 736 W DC output Earlier full-link prototype at 5.8 GHz; published total system efficiency about 1.15%. A July 2026 review by researchers from the Qian Xuesen Laboratory / China Academy of Space Technology summarizes two decades of development and explicitly points toward further in-orbit verification, high-voltage high-power generation and management, high-efficiency WPT, and future links to space data centers. JAXA: microwave and laser in parallel • JAXA continues research on both microwave and laser space solar power systems and large deployable structures, with practical application positioned in the latter half of the 21st century. • Its microwave work includes kW-class 5.8 GHz transmission at 50 m and published beam-pointing control around 0.15° RMS. • The laser branch studies continuous-wave power around 1070 nm. • JAXA public materials are useful for scale discipline: a conceptual 1 GW microwave station can require a receiving antenna on the order of 2-3 km. Why this block matters China and Japan treat wireless power transmission as a long-horizon infrastructure technology, not only as a venturemarket product. Their work provides data on efficiency, beam control, receiver size, large-space-structure deployment and operational safety that private companies will ultimately have to confront at scale. SOURCES [25] [26] [27] [28] [29] [30] SPACEBANK // ORBITAL ENERGY FIELD MAP // 30 AUG 2026 // 11 10 // Other serious programs VIRTUS SOLIS // AETHERFLUX // ESA // AFRL VIRTUS SOLIS // 10 GHz MICROWAVE John Bucknell's team is developing a modular microwave SBSP architecture. Its 2023 public test used a 1.92 m transmit aperture with 6,400 elements and a 1.32 x 1.62 m rectenna over 100 m, including multi-target electronic beam steering. Public orbital power transfer has not yet been demonstrated. SOURCES [31] [32] John Bucknell FOUNDER & CEO AETHERFLUX // LASER + ORBITAL COMPUTE Founded by Baiju Bhatt, Aetherflux originally emphasized laser power transmission from LEO to Earth. By 2026 the company was also pushing toward orbital data centers, with a Galactic Brain satellite target in Q1 2027. Public reporting indicates the Earthpower programme has been deemphasized while a laser transmission experiment remains planned. SOURCES [23] [24] ESA SOLARIS // EUROPEAN R&D ESA still maintains an active research cluster around solar power satellites and wireless power transmission. Its public material covers microwave, laser and in-space uses. A full operational European deployment decision after the earlier SOLARIS studies is not clearly evidenced in the primary public material reviewed here. SOURCES [34] [35] AFRL SSPIDR / ARACHNE // MILITARY R&D AFRL and Northrop Grumman developed sandwich-tile hardware designed to convert sunlight to RF and beam power to Earth. Public fact sheets expected an Arachne flight experiment, but this review did not find a fresh primary-source confirmation of a completed orbital power-beaming mission by 30 August 2026. SOURCES [36] Signal to watch: energy and compute are converging Aetherflux is moving toward orbital compute. Star Catcher has signed an energy PPA with orbital-compute company Aethero. The Chinese 2026 review explicitly discusses future space data centers. Orbital energy and orbital compute are beginning to form one market architecture: power generation, power routing, compute load, settlement and capacity financing. SOURCES [17] [23] [24] [25] SPACEBANK // ORBITAL ENERGY FIELD MAP // 30 AUG 2026 // 12 11 // People to watch THE FIELD IS SMALL ENOUGH THAT PEOPLE STILL MATTER Andrew Rush STAR CATCHER // CEO Building the commercial space-to-space energy grid and customer PPA layer. SRC [13] [17] Paul Jaffe OVERVIEW // SYSTEMS Long-running U.S. wireless-power researcher linking government heritage with the new commercial market. SRC [12] [33] Ben Nowack REFLECT ORBITAL // CEO Pursuing controllable reflected sunlight as an energy service from LEO. SRC [22] John Bucknell VIRTUS SOLIS // CEO Former SpaceX Raptor principal engineer building modular microwave space solar power. SRC [32] Sergio Pellegrino / Harry Atwater / Ali Hajimiri CALTECH SPACE SOLAR POWER PROJECT Structures, photovoltaics and RF integrated into the SSPD/MAPLE experiment that produced the strongest orbital wireless-power proof to date. SOURCES [01] [02] [03] Additional names worth tracking Person Institution Why watch Ian Cash Space Solar Chief architect and originator of CASSIOPeiA. Martin Soltau / Sam Adlen Space Solar Co-CEOs driving UK industrial and government path. Darko Filipi / Abdullah AlShakarchi Overview Co-CEOs scaling the orbit-to-grid commercial programme. Hou Xinbin CAST / Qian Xuesen Lab Lead author in the 2026 China SBSP review. Duan Baoyan Xidian University Academic leader associated with OMEGA / Sun-Chasing programme. Baiju Bhatt Aetherflux Founder/CEO connecting laser power beaming with orbital compute. Image credits: Star Catcher Industries; Overview Energy; Reflect Orbital; Virtus Solis; Caltech / Steve Babuljak. Images are included for research identification and source attribution. SPACEBANK // ORBITAL ENERGY FIELD MAP // 30 AUG 2026 // 13 12 // Timeline 2020-2036 // PROVEN EVENTS VS ROADMAP TARGETS A // PUBLICLY REPORTED EVENTS Year Actor Public event 2020 NRL PRAM Solar-to-RF conversion tile operates in orbit on X-37B; no Earth beam. 2023 Caltech MAPLE Wireless power transfer in space; signal detectable on Earth. 2024 Space Solar HARRIER 360-degree wireless power transmission demonstrated on ground. 2025 Star Catcher 100 m solar delivery test, then >1.1 kW optical power-beaming test. 2025 Overview Airborne power beaming from moving aircraft above 5 km to standard PV. 2025 Space Solar CASSiDi study completed. 2026 Star Catcher On-orbit acquisition/tracking result, $65M Series A, Aethero PPA. 2026 Overview Meta agreement up to 1 GW and U.S. Air Force contract. 2026 China / Xidian 100 m, 1,180 W, 20.8% DC-to-DC; moving-receiver test. 2026 Reflect Orbital FCC license for Earendil-1 demonstrator. B // ORGANIZATION ROADMAP TARGETS Year Actor Target LATE 2026 Reflect Earendil-1 launch/demo target. LATE 2026 Star Catcher Orbital power-beaming demonstration intended by company. Q1 2027 Aetherflux First Galactic Brain orbital data-center target. 2027-28 Space Solar Kilowatt-scale in-orbit demonstrator target in UK study. 2028 Overview Initial orbital demonstration target. 2030 Overview Commercial service target. 2030 Space Solar 31 MW HEO MVP forecast in UK study. 2030 Reflect Roadmap target for +1% solar capacity factor at 50 W/m2 for 20 min. 2035 Reflect Roadmap target for +20% capacity factor with 300 W/m2 for 3 h. 2036 Space Solar 650 MW GEO forecast in UK study. Discipline: roadmap dates are quoted from company/government materials. They are not SpaceBank forecasts and should be rechecked before publication or investment use. SPACEBANK // ORBITAL ENERGY FIELD MAP // 30 AUG 2026 // 14 13 // What becomes finance THE BANKABLE LAYER AROUND ORBITAL ENERGY Once energy can be measured, directed and delivered across orbital distance, finance gets a new native asset class. The first instruments can be built around service rights and cash flow before the final utility-scale architecture exists. POWER PURCHASE AGREEMENT Contract for delivered orbital power over time. Already visible in Star Catcher customer structure. BEAM-TIME RESERVATION Right to a specific power-delivery window, orbital geometry and priority class. CAPACITY RIGHT Reservation of kW/MW availability, analogous to capacity markets and datacenter power reservations. DELIVERED-kWh SETTLEMENT Metered energy at the receiver becomes a clean settlement unit for automated payments. SERVICE PRIORITY Premium right to power during eclipse, peak compute load, emergency or degraded onboard generation. PERFORMANCE GUARANTEE Contractual floor for power, availability, pointing accuracy, irradiance or receiver performance. INSURANCE Coverage for launch, deployment, pointing failure, receiver damage, service interruption and regulatory shutdown. ASSET FINANCE / COLLATERAL Financing of transmitters, mirrors, rectennas, ground PV receiver rights and orbital energy nodes. MACHINE PAYMENTS Satellites and orbital data centers can autonomously buy power as an operating input. Likely order of monetization 1. Space-to-space power service. 2. Contracted orbit-to-grid demonstrations and site-specific delivery. 3. Reflected-light windows. 4. Large multi-hundred-megawatt microwave infrastructure. This ordering is a SpaceBank assessment based on receiver reuse, atmospheric complexity, capex scale and currently visible commercial demand. ENERGY BECOMES BANKABLE WHEN THE SYSTEM CAN PROVE: WHO DELIVERED HOW MUCH POWER, TO WHOM, WHERE, WHEN, UNDER WHICH PRIORITY, WITH WHICH FAILURE RULE. SpaceBank thesis connection Orbital energy is the bridge between energy infrastructure and orbital compute. If compute moves outward, energy supply, contracts, identity, collateral, insurance and autonomous settlement follow it. That is exactly the point where an off-world financial system stops being a thought experiment and starts becoming infrastructure. SPACEBANK // ORBITAL ENERGY FIELD MAP // 30 AUG 2026 // 15 14 // System bottlenecks THE HARD PROBLEMS ARE DIFFERENT FOR EACH ARCHITECTURE Constraint Microwave/RF Near-IR Earth Space-to-space Reflected light End-to-end efficiency High High Medium Low conversion stack Atmospheric weather Low-medium below ~10 GHz High None Cloud optical path / scattering Beam / pointing precision High Very high Very high High orbital targeting Receiver infrastructure Very large rectenna at utility scale Existing PV possible Existing spacecraft PV Existing solar farm / target area Large space structures Very high High Medium-high Very high mirror area at scale Thermal rejection High High High on receiver/transmitter Lower onboard conversion heat Spectrum / optical safety RF spectrum + human safety Laser safety + aviation Spacecraft safety / coordination Brightness / public-space effects Regulatory path Spectrum, grid, land, space Optical, aviation, grid, space Space traffic + commercial service FCC, astronomy, light pollution, space traffic Commercial demand visible now Early / institutional High signal via Meta High signal via PPAs Early, service pre-demo The three gates that decide the market • Gate 1, unit economics: launch and in-space assembly must fall faster than the capex burden of larger orbital apertures rises. • Gate 2, autonomous control: precision tracking, fail-safe beam shutdown and power routing must operate with very high availability. • Gate 3, regulation and public legitimacy: RF spectrum, optical safety, astronomy, land-use and space-traffic rules can determine deployment speed as much as the physics. What to monitor monthly Actual delivered watts. Distance. End-to-end efficiency. Receiver size. Duty cycle. Weather availability. Beam-control accuracy. Flight hardware mass. Launch/assembly plan. Signed offtake. Regulator action. Insurance terms. These indicators will show which architecture is becoming infrastructure first. SPACEBANK // ORBITAL ENERGY FIELD MAP // 30 AUG 2026 // 16 15 // Sources PRIMARY SOURCES FIRST // FULL SOURCE LEDGER Method: preference is given to primary company, university, government and peer-reviewed sources. Independent press is used to cross-check selected commercial claims. Company-reported customer counts, funding totals and future milestones are labeled as such in the body. [01] Caltech Space Solar Power Project | Caltech | Project overview and principal investigators https://www.spacesolar.caltech.edu/ [02] In a First, Caltech's Space Solar Power Demonstrator Wirelessly Transmits Power in Space | Caltech | 01 Jun 2023 https://www.kni.caltech.edu/news/in-a-first-caltechs-space-solar-power-demonstrator-wirelessly-transmits-power-in-space [03] Space Solar Power Project Ends First In-Space Mission with Successes and Lessons | Caltech | 16 Jan 2024 https://www.eas.caltech.edu/news/space-solar-power-project-ends-first-in-space-mission-with-successes-and-lessons-1 [04] Technoeconomic analysis of a distributed space solar power system | Caltech Authors / Joule | 2025 https://authors.library.caltech.edu/records/fa161-eey24 [05] Breakthrough in Space-Based Energy: world's first 360 wireless power transmission | Space Solar | 2024 https://www.spacesolar.co.uk/breakthrough-in-space-based-energy-space-solar-demonstrates-worlds-first-360-wireless-powertransmission/ [06] Space Solar study advances commercial space-based solar power | Space Solar | 29 Apr 2025 https://www.spacesolar.co.uk/space-solar-study-advances-commercial-space-based-solar-power/ [07] Space-based solar power: de-risking the pathway to net zero | UK Government | Updated 13 Feb 2026 https://www.gov.uk/government/publications/space-based-solar-power-de-risking-the-pathway-to-net-zero [08] About the Beam | Overview Energy | Technology explainer https://www.overviewenergy.com/updates/about-the-beam [09] Overview Energy completes airborne power-beaming demonstration | Overview Energy | 09 Dec 2025 https://www.overviewenergy.com/updates/airborne [10] Overview and Meta announce agreement for space-based power | Overview Energy | 27 Apr 2026 https://www.overviewenergy.com/updates/overview-and-meta [11] Overview Energy awarded U.S. Air Force contract | Overview Energy | 06 May 2026 https://www.overviewenergy.com/updates/air-force-contract [12] Team | Overview Energy | Current team page https://www.overviewenergy.com/team [13] Technology | Star Catcher Industries | Current technology page https://www.star-catcher.com/technology [14] Record-breaking optical power beaming proves path to scalable power grid for space | Star Catcher Industries | 04 Nov 2025 https://www.star-catcher.com/news/record-breaking-optical-power-beaming-proves-path-to-scalable-power-grid-for-space [15] Star Catcher completes on-orbit precision acquisition and tracking demonstration | Star Catcher Industries | 09 Apr 2026 https://www.star-catcher.com/news/star-catcher-completes-on-orbit-precision-acquisition-and-tracking-demonstration [16] Star Catcher raises $65 million to build the first power grid in space | Star Catcher Industries | 12 May 2026 https://www.star-catcher.com/news/star-catcher-raises-65-million-to-build-the-first-power-grid-in-space [17] Aethero PPA / tenth major commercial customer | Star Catcher Industries | 24 Aug 2026 https://www.star-catcher.com/news/aethero-ppa [18] Our Approach | Reflect Orbital | Current approach https://www.reflectorbital.com/blog-posts/our-approach [19] Extending Solar Beyond the Horizon | Reflect Orbital | Technical/commercial explainer https://www.reflectorbital.com/blog-posts/extending-solar-beyond-the-horizon SPACEBANK // ORBITAL ENERGY FIELD MAP // 30 AUG 2026 // 17 15 // Sources continued SOURCE LEDGER // 20-37 [20] Space Bureau grant for Reflect Orbital Earendil-1 | U.S. Federal Communications Commission | 09 Jul 2026 https://docs.fcc.gov/public/attachments/DOC-418526A2.pdf [21] Atmospheric light pollution from orbital reflectors | arXiv | 06 Aug 2026 https://arxiv.org/abs/2608.06433 [22] Team | Reflect Orbital | Current team page https://www.reflectorbital.com/team [23] Aetherflux announces Orbital Data Center, targets Q1 2027 | Aetherflux / PR Newswire | 09 Dec 2025 https://www.prnewswire.com/news-releases/aetherflux-announces-orbital-data-center-targets-q1-2027-302635961.html [24] Aetherflux reportedly raising Series B at $2B valuation | TechCrunch | 27 Mar 2026 https://techcrunch.com/2026/03/27/aetherflux-reportedly-raising-series-b-at-2-billion-valuation/ [25] Research Progress and Prospects of Space Solar Power Station | Spacecraft Engineering / CAST authors | 31 Jul 2026 https://journal26.magtechjournal.com/kjkxjs/EN/10.16708/j.cnki.1000-758X.2026.0054 [26] China advances space solar power technology with 100-meter transmission test | State Council Information Office / Xinhua | 19 May 2026 https://english.scio.gov.cn/chinavoices/2026-05/19/content_118501689.html [27] OMEGA full-link ground prototype / wireless power transmission | Engineering | 2024 https://doi.org/10.1016/j.eng.2023.11.007 [28] Space Solar Power Systems research | JAXA | Current R&D page https://www.ard.jaxa.jp/eng/research/ssps/ssps.html [29] Microwave Space Solar Power Systems | JAXA | Current R&D page https://www.ard.jaxa.jp/eng/research/ssps/ssps-mssps.html [30] Laser Space Solar Power Systems | JAXA | Current R&D page https://www.ard.jaxa.jp/eng/research/ssps/ssps-lssps.html [31] Beaming Day 2023: live 100m wireless power transfer demonstration | Virtus Solis | 2023 https://www.virtussolis.space/blog/beaming-day-2023-live-100m-wireless-power-transfer-demonstration [32] Team | Virtus Solis | Current team page https://www.virtussolis.space/team [33] NRL Conducts First Test of Solar Power Satellite Hardware in Orbit | U.S. Naval Research Laboratory | 2020 https://www.nrl.navy.mil/Media/News/Article/2220998/nrl-conducts-first-test-of-solar-power-satellite-hardware-in-orbit/ [34] Solar Power Satellites and Wireless Power Transmission cluster | European Space Agency | Current activities portal https://activities.esa.int/cluster/923 [35] ESA accelerates the race towards clean energy from space | European Space Agency | 2024 https://www.esa.int/Space_in_Member_States/United_Kingdom/ESA_accelerates_the_race_towards_clean_energy_from_space [36] Arachne - Space Solar Power Incremental Demonstrations and Research Project | U.S. Air Force Research Laboratory | Public fact sheet https://www.afrl.af.mil/Portals/90/Documents/RV/ARACHNE%20Factsheet_AFRL-2021-2538.pdf?ver=4ZjsVSYWw1dav4KR5a7CwQ%3D%3D [37] Powering AI, Strengthening the Grid: Innovation in Space Solar Energy and Long-Duration Storage | Meta | 27 Apr 2026 https://about.fb.com/news/2026/04/powering-ai-strengthening-the-grid-space-solar-energy-and-long-duration-storage/amp/ Image source / identification Andrew Rush portrait - Star Catcher Industries https://www.star-catcher.com/about Paul Jaffe portrait - Overview Energy https://www.overviewenergy.com/team Ben Nowack portrait - Reflect Orbital https://www.reflectorbital.com/team John Bucknell portrait - Virtus Solis https://www.virtussolis.space/team Caltech SSPP group image - credit Steve Babuljak for Caltech https://www.eas.caltech.edu/news/space-solar-power-project-ends-first-in-space-mission-with-successes-and-lessons-1 Research note This document is a public-source technology and market map. It is not investment advice, a technical certification, or a representation that any future milestone will occur on schedule. All figures should be rechecked against the underlying source before contractual use.