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In this episode

2026 will see the IPO of one of the largest private space enterprises in the world economy and opportunities for private investors to participate in lunar and space economies are multiplying.  Our guest today, Norman Garza Jr., is the Executive Director of the Texas Space Commission. We discuss the emerging lunar economy, Texas’s strategic role, and investment opportunities in space technology. Discover how public-private partnerships and innovation are shaping the future of space exploration and industry growth.

 

Key  Topics

Lunar economy and its impact on Earth

Texas’s strategic investments in space industry

Public-private partnerships and regulatory environment in space

Technologies driving lunar and space exploration

Investment opportunities and risks in space sector

 

Timestamps

00:00 Introduction to the Texas Space Commission

02:12 The Importance of a Lunar Economy

04:47 Texas Space Commission’s Strategic Goals

07:40 Public-Private Partnerships in Space

10:16 Investment Opportunities in the Lunar Economy

12:56 The Role of Regulation in Space Economics

15:58 The Future of Space Exploration and Investment

18:47 Challenges and Opportunities in Space Operations

21:40 Disciplined Investment

 

Resources

Texas Space Commission – https://texasspaceport.com/

Artemis Program – https://www.nasa.gov/specials/artemis/

SpaceX – https://www.spacex.com/

Blue Origin – https://www.blueorigin.com/

NASA Artemis Accords – https://www.nasa.gov/specials/artemis-accords/

International Space Station – https://www.nasa.gov/mission_pages/station/main/index.html

 

Follow Norman Garza Jr.

LinkedIn – https://www.linkedin.com/in/normangarza/

Twitter – https://twitter.com/normangarza

 

Transcript

S. Aneeqa Aqeel (00:00)

Welcome back to the HFR Podcast. My guest today is Norman Garza Jr. Executive Director of the Texas Space Commission, which was established in 2023 by the 88th Texas Legislature to promote innovation in the field of space operations and commercial aerospace opportunities. Norman, a very warm welcome to you on the HFR Podcast.

 

Norman Garza, Jr. (00:17)

Thank you very much, I’m pleased to be with you.

 

S. Aneeqa Aqeel (00:21)

So, cities on the moon. That’s been a pie in the sky idea for as long as I can remember What’s the importance of a lunar economy to the average person on Earth and what is new now in this space?

 

Norman Garza, Jr. (00:31)

Great question, thanks. And you’re right, that conversation has been part of theories and movies and books for quite some time now. I remember many of those as a child myself. But right now, to answer your question, the reason that the moon matters to the average person is really because there’s a forcing function for technologies and industrial capabilities that would improve life here on Earth that we don’t even know about yet. So while we’re talking about a lunar base at some point in terms of a national priority in a NASA mission, there are plenty of things that they have already been doing in zero gravity, think the International Space Station Laboratory as an example, from these industry partners that want to be a provider for the federal government and those agencies that are operating off this planet to benefit the rest of us who will always be here on Earth long term.

 

S. Aneeqa Aqeel (01:36)

What sorts of industries would come to mind immediately where work in zero gravity has made a difference already?

 

Norman Garza, Jr. (01:48)

Sure, and this is an extension of that activity that has been in orbit that could be on the lunar surface full-time one day. But think robotics. And this is something that we’ve seen and imagined for years, whether it’s the buggy on the surface of the moon or if it’s some kind of a robot or android or others. But robotics writ large.

There’s also the software. There’s also the human interaction. There’s also the autonomous technologies that will be applied. And so, longer answer to your question beyond the robotics example, it’s power. It’s autonomy, autonomous systems. It’s those communication capabilities. The actual material, if you’re talking about a composite versus an advanced material that might need to be 3D printed using lunar regolith versus things that we know we can easily access here on Earth. But then there’s other applications that hopefully are byproducts like medical advancements that we might not yet think about. Or the actual medication itself that can have a higher efficacy when it is tested and evaluated in zero gravity versus on Earth. And then overall manufacturing.

Whatever it is that might need to be designed and constructed in terms of infrastructure and the greater operation set will require  some manufacturing and some building, as well.

 

S. Aneeqa Aqeel (03:19)

So I’m going to take a step back and ask you to tell us a little bit about the scale and scope of the Texas Space Commission and its strategic goals and specifically how those interact with NASA, which itself is heavily investing in developing a lunar economy as well.

 

Norman Garza, Jr. (03:38)

Sure, thanks for the question and I’ll too take maybe two steps back before I just take the one step back. So indulge me for a moment, but as you know, the lunar economy is still being defined and it’s truly an opportunity for investors and researchers and mankind writ large. It’s things like technology in addition to the infrastructure, but it’s really a new story for the industrial base.

If you remember, we probably both at one point in time during our education were taught about the different times of some really big industrial movements around the globe. Well, here is another one of those examples of the next chapter, but it happens to going to be taking place off this planet. It’s a destination story.

It’s back into that invigoration of exploration. What can we actually do pushing ourselves to have that sustained presence on the lunar surface beyond just the few hours that we know has happened so far?

Now, why Texas and what’s the opportunity? Back in 2020 to 2022 timeframe, there was a lot of conversation about a word that has now become more of a household term, but at the time it wasn’t. And that’s Artemis. Thankfully, here recently, we all got to watch a successful, incredible mission for the Artemis II crew.

Well, in 2022-23 here in Texas, the Governor and the Legislature started asking questions that became a running joke. “Who’s the one person that can write the one pager about all space related activities underway now here in Texas?” because some globally recognizable brands had already decided that they wanted to locate some of their operation in Texas. Blue Origin, out in West Texas launching outside of Van Horn and Culverston County. And then SpaceX, who had decided to start creating their operation base at Starbase outside of Brownsville and Cameron County down in far South Texas. And then we have the legacy of the Johnson Space Center and NASA’s momentum over decades of human spaceflight operations. And the greater Houston area really has been that anchor. Then up in the DFW area, we’ve had a long time presence of some major aerospace companies, think big defense primes as well.

But then up and down the I-35 corridor, whether it’s San Antonio or Austin, up into Waco, much less all the way to the DFW area, there were other companies that had started to create their operations as well. So in 2023, there was a real push to figure out if it’s not one person that can write a one pager about all things commercial space underway in Texas today, then surely there’s a way for us to go and find those right subject matter experts that might be all the way out in El Paso, all the way down in South Texas, all the way up in North Texas and in between. Let’s call them aboard. Let’s create an agency that will be titled the Texas Space Commission. We’re not going to ask them to start doing major regulatory activities immediately, but rather let’s really take a deep dive on that commercial ecosystem in Texas.

So the Legislature also appropriated $150 million during that 2023 legislative session. And the Board has fully committed that original 150. And they worked so quickly through a grant application process in real time during the 2025 legislative session that the Legislature in their wisdom, and I keep pointing that way because my window looks at the Capitol building here in downtown Austin, right across the street, but that building, the people who occupied those seats in 2025, they decided to double down. And so they appropriated a new $300 million in 2025. Again, to go back and make sure that we’re solving for a couple of big picture opportunities.

And if there’s some byproducts that is a benefit to the state of Texas along the way, then great. And those two main objectives were, we want to make sure that those companies who are already here somewhere, anywhere in Texas, not just the Blue Origins, not just the SpaceX’s, but any of them that were already here, they don’t leave. You probably are well aware that other states and countries are heavily involved with recruiting companies to move. So we wanted to make sure that we had an ability of keeping folks here in Texas, helping them expand their existing footprint.

And because our fund requires that an eligible entity that asks for funds is already present in Texas, that has been a forcing function for a lot of those brands that aren’t yet here to start thinking about, well, maybe I should go and set up my shop in Texas as well, because then maybe one day I can perhaps apply for funds out of this $300 million grant program.

 

S. Aneeqa Aqeel (09:00)

Thanks for that. It touches on a couple of things that are interesting to be interwoven. And so you sit clearly at this nexus of public and private investment in space economics. And I wonder how you analyze what the correct balance is between public and private ownership in space and space economy. And you mentioned regulation, is that possible? Is that required?

 

Norman Garza, Jr. (09:29)

Fair question. I start by answering that question that the balance seems to me as pretty straightforward in principle.  It’s probably much harder in execution.  But regardless, space is already a regulated industry, if you will, from launch to reentry, sensors, spectrum, licensing, export controls,  and even liability to an extent when it comes to the insurance side of  operations.  And I remind most folks that if they haven’t learned about the Artemis Accords yet, that that’s a great way to start understanding what the framework in principle has already been organized, if you will, across the world. But then here in the United States, you can get into that more granular level of examples that I was describing on the kinds of regulation that exists already at the federal level, whether it’s NOAA or the FAA or the FCC, all of these different federal agencies that are trying to work together, but then also identify the gaps. That’s been a real thing.

So the Texas Space Commission, if all we’re able to do is amplify some of those messages that industry is flagging for those federal regulators as opposed to creating state regulation on our own, then we think that that could be a success. By no means are we trying to be NASA 2.0. And your question here was asking also what is that relationship I would describe it as complementary. I would also describe it as close in terms of what our Board and the Governor and Legislature have created here in Texas very much needs to be aligned with and/ or just synergistic with those directives or those mission sets that are coming from NASA. But the other part is the Department of War or the US Space Force in particular as the newest branch for the military services here in the United States.  There’s some big opportunities that investors should be paying attention to when it comes to their operations and the programs that they’re prioritizing. And some of the companies that are part of the solution set, whether it’s for NASA or the Space Force, thankfully, they are already here in Texas and more want to come. And that’s part of what the opportunity is for the state of Texas to participate in this stack of success, hopefully, at the end of the day.  So from an investor standpoint, I certainly can appreciate that certainty with regulation can make business operations or investments more palatable, perhaps.

The Texas Space Commission is definitely not trying to get in the business, at least not that the Governor and the Legislature has tasked us to date with, really being part of the regulatory scheme for the economy here in Texas.

 

S. Aneeqa Aqeel (12:37)

So you did touch on investors. And I’m thinking about this public-private partnership model. To what extent does the commercialization of the lunar economy, with all of these private enterprises coming in – to what extent does that present a good investment opportunity for private sector investors? And then what are the parameters for the TSC’s decision-making process when it comes to incubation and funding? If one were to think of that as sort of indicators for private investors who are new to this whole field.

 

Norman Garza, Jr. (13:16)

Sure, I’ll go in reverse order a little bit. In terms of how the commission has at least to date applied their decision tree process, you’ll notice that they have approved 24 awards to fully commit that 150 million that was appropriated in 2023. It’s been for everything to actually build at a launch site, to conduct a feasibility study at a very local or regional level and in between. And so I want your audience to know that at least from the subject matter experts who are appointed to the Texas Space Commission Board of Directors, they quickly identified projects that could help move the needle today. I want to back up a little bit and let your audience know that we had an application open for four months. We received 280 applications from 140 unique entities. So several of them applied more than once or proposed more than one project, think universities in particular, and combined that 280 application pool totaled $3.4 billion worth of ideas. We had $150 million to work with.

So the last part of your most recent question here in this conversation was sort of the decision process of the Board. And I like to just say that they are the evaluators, not me. It’s not staff recommendation of which ones to advance. We do our job in terms of conflict of interest and compliance and due diligence, et cetera, but then it’s up to them. And they are some true subject matter experts. I highly encourage you and your audience to go read the bios of the folks that were appointed to the Texas Space Commission Board of Directors. Three were appointed by the Governor, three by the Lieutenant Governor, three by the House Speaker over our Governing Body. These are former astronauts, former Secretary of the Air Force, venture capitalists, private equity partners,  academicians. They really understand what’s needed today, versus what’s just a good idea that might be useful down the road. That’s kind how they sorted through those 280 applications to get the 24 to rise to the top and fully commit that original amount. So the parameter certainly is what drives the ball, moves the needle today versus a long-term or even a midterm effect. That’s at least my observation of the decisions that they have made to date.

Now, to what extent does the economy make sense in terms of a good investment for some of your audience members as investors? I would just remind everybody that the lunar economy still is an emerging infrastructure market and it’s being defined in real time. We’ve got some comprehensive plans. And we’ve got some recent demand signals from the NASA administrator in particular on what needs to happen sooner rather than later under this administration. So I like to remind folks, and this is all public source information, so I don’t know if just hearing it one more time from me will really make a difference, but the best opportunities, they’re likely companies with government-anchored demand.

So as an investor, which companies are already working on things that have been fully shared as a priority? Think Golden Dome, think Moon to Mars, think  the ongoing payload providers and not just the launch system itself, but also the launch locations. Right now, the Eastern Range and the Western Range of the United States that has traditionally been the location for these launches and return missions, it’s potential that that gets overly used, for lack of a better word. The capacity might need to either be expanded in other parts of the country or redundant operations made available as an option so that those companies with government anchored demands can really do what they’re being asked to do from the Congress and from the federal agencies. And that would be where, if I was an investor, I’d put a lot of attention in understanding what those dual use technologies are that are being part of these payloads, the credible milestones that are being asked by whether it’s NASA or any other federal agency that has anchored a certain kind of  mission set.

And then also, a plan to sell into more than one market. If you’re investing in a company that is trying to solve just one need, there may or may not be value in terms of that investment. But if it is truly something that can have multiple markets at the end of the day based on something that is going to occur on the moon or in gravity or zero gravity, then that’s probably the best approach in terms of a good investment opportunity for investors. Long answer, it’s probably not the best scientific, but it’s the best I have right now.

 

S. Aneeqa Aqeel (18:47)

No, I appreciate it. So I imagine you’re watching with interest the growing momentum towards the IPO of SpaceX. How do you foresee that impacting the development both of the Texas economy and of the potential lunar economy and space exploration in general?

 

Norman Garza, Jr. (19:14)

Sure. So I also remind folks that it’s still an anticipated or reported IPO. So just from a technical  start of the conversation, it will have some incredible impacts when it comes to the capital markets as a signal for space infrastructure. But I’ll share that there are not quite a full handful, but several companies of Texas Space Commission has awarded grants to to date, that have undergone an IPO. Now, I don’t know that it was because they received a grant from us that they decided to go through that process, but I could argue it probably had at least some impact. SpaceX also is one of those companies, as is anticipated or reported, that potentially is going to complete an IPO this calendar year. But we’re also hearing others, and others that have also received a grant from the Texas Space Commission. So right now, the state of Texas has not provided the explicit statutory authority for the Texas Space Commission to take any equity through these grants.

Rather, just like any other state agency, we will wait to see what the level of interest, but also the available funds are from one session to the next to potentially continue to fund this grant program. I’ve learned that other states have things like a sovereign wealth fund or a dedicated advanced emerging technology fund that operates more on like a evergreen model so that these technology areas don’t have to wait for those decisions from one session to the next, but instead there’s potential return of investment to the state and in this case, ultimately the taxpayer that could continue to fund these programs long-term, not just space, but I’d take a moment to brag about Texas a little bit more because it’s not bragging if it’s the truth.

But here recently, the Legislature has stood up a semiconductor or Texas CHIPS office, so a fund that promotes that industry sector. Also a quantum office, also an advanced nuclear, a very robust long-term water infrastructure fund as well, ongoing transportation logistics funding and priorities as well, to position the whole state to support these burgeoning economies, whether it’s the lunar  economy or otherwise.

So again, what would an IPO for SpaceX do for this economy much less how to impact the state of Texas, it will be significant.  And I think that the state is  well positioned to continue to support  those opportunities because it’s jobs at the end of the day. It’s also an awareness of the kinds of educational programs that we need to have up and running at our local school districts and at our universities and  the career technical  credential level as well. But if it ultimately has the effect of more and more jobs and more and more opportunities for other companies, think downstream supply chain type operations that could support something like the internationally recognized brand of SpaceX, then that’s a win for the state of Texas.

 

S. Aneeqa Aqeel (22:49)

Absolutely. So Norman, last question for you. What are the major areas of opportunity and risk that you see in space in the next five years?

 

Norman Garza, Jr. (23:09)

I’m going to answer that sort of at the 50,000 foot level. And the reason is because on a daily basis, all of these companies that are here in Texas or conducting these operations around the world, they’re really trying to validate through demonstrations, whatever it is that their technology is going to be, hopefully for a long-term human presence on the moon one day. And I say that as a reminder because slowly but surely, we’re going to need to move from impressive demonstrations to repeatable operations. That operation set from a standardized approach is really the risk and opportunity, for this economy and these investors in those companies. If we don’t get to that repeatable success of all of these companies that are creating these technologies, then that’s going to make things more difficult, whether it’s for NASA or the Space Force or a private company to really be able to be successful on the lunar surface.

So my answer is moving from those impressive demonstrations to truly repeatable operations under some set of standardized methodologies for all of these companies to win at the end of the day and for humankind to really have a chance, a long-term presence on the moon.

Think planes. It doesn’t matter where you and I, I’m flying to Dallas from Austin here later this afternoon, and I know that whether I was on this carrier or another, they’re going to follow the same kinds of safety, they’re going to follow the same kinds of training, they’re going to operate on the same kind of frequencies. I know we can get into some recent negative examples of flights, but writ large, there’s this framework on how everyone is supposed to do business successfully and safely for the passenger in this case or the public. So I really think that repeatable operations and that standardized approach for all of these companies that want to do business on the lunar surface one day is the biggest risk and opportunity here in the next five years.

 

S. Aneeqa Aqeel (25:01)

Thank you so much. I am so thrilled to have your unparalleled insight, your experience, just such a privilege to host you on the Podcast. Thank you so much for making the time.

 

Norman Garza, Jr. (25:30)

Thank you. I look forward to hopefully some of your audience members being part of this solution set at the end of the day. It’s sort of a stack of infrastructure, talent, capital, much less regulation that will really make all of this a success one day. I think your audience as investors should be excited but disciplined at the end of the day, if that’s a final message for everybody. Thanks for having me.

 

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