Set free to build and operate space launch vehicles, the private space industry has pushed the boundaries of space flight beyond what was once science fiction. This period of progress has seen the cost of access to space drop by orders of magnitude.
But continuous progress isn’t guaranteed. Without clearly defined property rights to celestial resources and real estate, commercial activity in space is artificially riskier and less rewarding. To encourage and accelerate progress towards a commercially viable space industry, American space policy should develop the legal framework to expand property rights in space.