PARIS — Multi-planet species objectives and beyond-Earth resource mining are fine, but what’s the real motivation behind investors’ continued support for early-stage space companies?

It’s the government, stupid.

“The added kicker that makes space so interesting is that the majority of successful space companies are focused on selling to government customers — internationally and the U.S. government — which are counter-cyclical and recession-proof,” said John Serafini, chief executive of satellite-based radio frequency mapper Hawkeye 360.

“Even with . . .

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