Rethinking Financial Viability and Profitability of New Space Business Models and Projects: The Measurement of Intangible Value

New space business models have to create long-term value for stakeholders who are unaware of the opportunity or do not even exist at the time of investment. With substantial upfront capital at stake, companies and space agencies face the critical challenge of determining whether and how to invest in a space project while ensuring its financial viability and profitability. The literature on business models and complex project value acknowledges that assessing the financial viability is crucial, but to be truly effective, it must go beyond traditional cost, time, and scope metrics. This requires broadening the level of analysis to include intangible value dimensions, often linked to Environmental, Social, and Governance (ESG) factors. While methodologies and tools for assessing these aspects are widely discussed in economics and management, their application to new space business models and projects remains limited. This gap is particularly significant given the unique characteristics of new space business models, such as high capital intensity, technological centrality, and the critical role of public-private collaboration. Thus, ESG data collection and validation challenges remain, particularly for social and environmental impact metrics. To this end, we answer the question: “How can ESG metrics enhance the financial viability and profitability assessment of space business models and related projects?” The empirical setting of the research is the European Space Agency Business Application and Space Solutions Programme (ESA BASS), a commercially focused programme considered the go-to place for new business involving space in all areas of society and economy. We analysed 55 new space projects targeting financial services, forestry and agriculture industries, surveyed from the ESA BASS official website and reports. Additionally, we performed 17 semi-structured interviews with managers of the new space business to investigate the value of ESG metrics to assess the financial viability and profitability of projects. We provide a taxonomy of ESG reporting metrics for new space project assessment and identify practices to adopt them. Finally, we present a framework illustrating the characteristics of ESG reporting for new space project assessment. This investigation offers valuable academic and practical insights, complementing the mainstream body of knowledge regarding space projects' financial viability and profitability. It offers a new perspective and challenges the debate by providing practical insights on the role of considering and measuring intangible value in developing new space businesses and projects.