01The boring plumbing
Spectrum, ground stations, collision avoidance, insurance. Rockets make better television, but this is the part that decides who's still flying in ten years. Insurers don't care about your render.
02What the taxpayer actually gets
Roughly half of this industry's revenue is public money. So on every contract story: what capability gets delivered, at what price against the alternative, and whether anyone is left to bid the next round.
03The Hype Check
Every main story closes with a number — how much substance is under the announcement, one to ten. “Beautiful render, and not one signed launch contract behind it.” No hedging, no both-sides ending.