Few people on Earth can say they have truly left it behind. Michael López-Alegría, known to his fellow astronauts as “L-A,” has done it six times. Over a career spanning more than two decades, he has flown on the Space Shuttle, commanded the International Space Station, and led private astronaut missions into orbit. He has spent 296 days in space and completed 10 spacewalks, totaling more than 67 hours outside a spacecraft with only training, teamwork, and technology between him and the void.

In this session from the 2025 Sway Minds Summit, López-Alegría joined Karl Karlsson, Co-Founder of Sway Capital, to share what it means to lead where there is no margin for error and what investors and innovators can learn from the rise of the commercial space economy. The article below is not a transcript of their talk but an editorial interpretation of the key ideas and insights they discussed.

To explore the full discussion, including topics not covered here, subscribe to Sway Capital’s YouTube channel and get early access when Michael López-Alegría’s session is released.

From Exploration to Enterprise

For most of the twentieth century, space was the exclusive domain of governments. That began to change when López-Alegría transitioned from NASA to the private sector. As a veteran astronaut turned Commander at Axiom Space, he now leads missions that dock directly with the International Space Station. These missions are early steps toward the first commercial space station, a platform expected to anchor an orbital economy measured in the hundreds of billions of dollars.

This new era of spaceflight is defined by collaboration. Partnerships between public institutions and private enterprise have reduced timelines that once took decades to achieve. Capital has followed. Global investment in space-related industries surpassed 270 billion USD in 2024 and is projected to reach 1 trillion USD by 2040.

For López-Alegría, the shift represents more than new technology. Space is no longer only a destination; it has become a new infrastructure layer for communications, observation, and manufacturing that will influence every sector on Earth.

Leadership When the Margin for Error Is Zero

Commanding in orbit requires a discipline that few environments can replicate. In space, leadership is measured not by charisma but by composure. Every decision carries weight. Trust and procedure are not optional; they are survival.

Those lessons translate directly to leadership on Earth. The ability to prepare thoroughly, execute under pressure, and maintain cohesion in extreme conditions mirrors the realities faced by founders and investors building frontier technologies. Systems fail when ego replaces process.

López-Alegría’s approach to risk management—anticipate, adapt, and de-escalate—offers a model for scaling organizations where volatility is constant. Whether piloting a spacecraft or guiding a company through uncertainty, success depends on turning complexity into clarity and fear into focus.

The New Space Economy

Space is rapidly shifting from exploration to infrastructure. The commercial sector now extends beyond launch vehicles to in-orbit manufacturing, microgravity research, earth-observation analytics, and next-generation communications. Each of these represents a significant and growing market.

López-Alegría sees this evolution as inevitable. “We are building the scaffolding for civilization in low Earth orbit,” he said, describing how private missions are establishing the foundation for permanent habitation, tourism, and industrial production. Axiom Space is already contracting with governments and corporations to deliver modules that will detach from the ISS and form the world’s first fully commercial station.

For investors, these developments signal the creation of a functioning capital market beyond Earth’s atmosphere. The underlying drivers are familiar: recurring revenue models, infrastructure demand, and disciplined execution.

Humanity, Legacy, and Earth to Michael

Amid discussions of technology and capital, López-Alegría’s session also touched on something deeply human: the new documentary Earth to Michael, directed by his son Nico López-Alegría. The film explores their relationship against the backdrop of spaceflight, a father who keeps leaving Earth and a son learning what it means to follow.

It is a reminder that every frontier carries personal cost. The distance between planets can mirror the distance between people. As López-Alegría reflected, progress is not just about propulsion systems; it is about connection, purpose, and the stories that bring us home.

For an audience of founders, investors, and operators, the film reinforced a truth often overlooked in business. Vision means little without empathy, and exploration is incomplete without reflection.

The Power of Perspective

After six missions and nearly a year in orbit, López-Alegría has seen the world from a vantage point few can imagine. That perspective—the awareness of Earth as both fragile and full of potential—continues to shape his philosophy on leadership and innovation.

For him, the next great challenge is not distance but discipline. The creativity of private enterprise must be matched by the rigor of exploration. The same principles that sustain a spacecraft can sustain an organization: precision, trust, humility, and shared purpose.

As the space economy accelerates, López-Alegría’s career offers both inspiration and instruction. The final frontier may also become the next great market, one that rewards those who balance audacity with accountability.