Introduction

Space and the deep sea represent the two final frontiers for humanity. These largely unexplored environments may be physically extreme and inhospitable, but both are becoming increasingly important for the future of life on Earth.

Exploration of space and the deep sea—and investment in their potential—has historically been constrained by the high cost and complexity involved. But technological advances, rising demand for critical resources, and shifting geopolitical priorities have accelerated both commercial and state interest in these domains.

From mineral-rich deep seabeds to open industrial orbital zones,1 these frontiers can offer tangible financial benefits to the entities able to capitalize on them. They also have the potential to transform energy systems, supply chains, and global connectivity.

However, “final frontier” investing comes with some unique challenges. Today, there are few globally accepted frameworks governing these domains, and progress towards multinational regulatory agreements has been sluggish. Key players like the US and China are moving away from such constructs. While there has been limited self-regulation, notably around the issue of space junk, this no/low regulation landscape presents material risks to ownership rights and operating requirements. With both domains offering incredible wealth for humanity, it will be crucial to ensure progress is sustainable to avoid the “Tragedy of the Commons” playing out in these rich frontiers with unchecked exploitation, degradation, and potential irreversible loss.

An expanding universe of investment opportunities

As the cost of accessing the deep sea and space falls and the number of market players rises, governments no longer dominate frontier exploration. Instead, it is opening to private capital. For forward-looking investors, this shift presents a unique window to capitalize on the opportunities offered by these two final frontiers. In this paper, we look at each domain to explore the potential benefits, likely challenges, and key issues that investors need to consider now.

1 Designated areas in space for manufacturing or resource processing.

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