Nasa has announced the crew for its next Artemis mission to the Moon, a move that signals the United States is doubling down on its lunar ambitions. But as the agency prepares to return humans to the lunar surface for the first time since 1972, the financial markets are asking a familiar question: who is going to pay for this? The Artemis programme, already billions over budget and years behind schedule, represents a massive liability for American taxpayers.
With inflation still gnawing at the economy and gilt yields in the UK rising in sympathy with US Treasury rates, the timing of this announcement could not be worse. The space race may be a matter of national pride, but the bottom line is that every dollar spent on lunar rockets is a dollar not spent on shoring up fiscal discipline. Investors are watching the cost overruns with scepticism.
The market does not reward sentiment; it rewards efficiency. Nasa's latest crew reveal may be a headline grabber, but the real story is the capital flight from risk assets. Central banks are tightening, and the era of cheap money is over.
If the US government wants to play in the stars, it must first balance its books on Earth. This is not a criticism of exploration; it is a call for fiscal responsibility. The Artemis astronauts will be heroes, but their mission comes with a price tag that the market will ultimately judge.
