Private Equity’s Billions Are Fueling New Space Industry Boom

After spending decades quietly building intelligence satellites for the US government, the technology contractor now called Maxar branched out.

Its spacecraft and programs helped fishing boat captains find fertile waters, radio listeners access more stations, and Covid-19 researchers identify desolate neighborhoods. Maxar satellites were credited last year for capturing proof of Russian soldiers looting ports and slaughtering Ukrainian civilians.

Growth came at a cost. The publicly traded company had borrowed heavily; its debt threatened to slow it down. Then the global private-equity firm Advent International swept in with a $6.4 billion bid, a per-share markup of 129%. Maxar said its ...