Sidus Space Founder And CEO And Navy Veteran Carol Craig On Breaking Glass Ceilings And The Future Of Space, Part 1

In the public consciousness, space has often represented the ideals of exploration, capturing our collective imagination and inspiring a deep sense of hope—hope for what we can achieve together, for the kind of future we can build, and for our place in this vast universe. While space exploration was once the exclusive domain of astronauts and science fiction heroes, its future may one day be far more accessible as it becomes increasingly commercialized. Thanks to enormous advancements in technology—and billionaires fulfilling their dreams—the way we look at and think about space is undoubtedly changing.

To better understand how the space industry is evolving and what its future may hold, I turned to Carol Craig, founder and CEO of Sidus Space, which is also the first female-founded space company to go public. With an impressive career that boasts many firsts, Craig began her career in computer science before taking on a fear of flying to become a U.S. Naval flight officer and the first female aviator in her squadron. Intrigued by her entrepreneurial journey, I sat down with Craig to understand how she went from programmer to aviator to CEO, her experience as an aerospace entrepreneur, and the future of space.

Liz Elting: First off, thank you for taking the time to speak with me. Can you tell our readers a little about your background and career?

Carol Craig: I’m the founder and CEO of Sidus Space, a space-and-defense-as-a-service company focused on mission-critical hardware manufacturing combined with commercial satellite design, manufacture, launch, and data collection. Before Sidus, I founded my namesake firm, Craig Technologies, which was built into an aerospace and defense contracting company.

Prior to Craig Technologies and Sidus Space, I served in the U.S. Navy—I became one of the first women eligible to fly in combat aircraft as a Naval flight officer and the first female aviator in my P-3 Orion squadron, even though I had a fear of flying. I was also one of the first women to go through Survival, Evasion, Resistance and Escape School. With a background in engineering, I provided software design and development for military aircraft cockpit systems and during that time, I learned a lot about aviation and the needs of the pilots and crew, which drove me to apply for Aviation Officer Candidate School. After I was medically discharged from the Navy following a knee injury, I continued developing software as a consultant and incorporated my business, which led to opportunities to work with NASA and other customers needing support for their aerospace programs.

Today, I’m the first female founder and owner of a space-based company to go public (Nasdaq: SIDU). Over the last 10 years, Sidus has been manufacturing space hardware and participating in every major space program including Artemis SLS and mobile launcher, Orion, Dream Chaser, and the International Space Station. In addition, Sidus is excited to be part of the Collins Aerospace team charged with delivering critical space suit parts for NASA’s astronaut Exploration Extravehicular Activity (xEVAS) contract.

Elting: Not only is Sidus the first female-founded space company to go public, but your impressive U.S. Naval career includes many other firsts as well. What advice would you give to other women looking to blaze their own trail in historically male dominated industries? How did you successfully navigate breaking those glass ceilings?

Craig: I honestly don’t think I would describe it as impressive. It was a great experience, but a knee injury shortened my timeline in the Navy. It was exciting and an honor to serve my country, even for a few years. I do believe that navigating the glass ceiling, especially in a male-dominated industry can be a very positive experience. It’s essential to stay relevant and up-to-date with the latest trends and technologies in your industry, while also seeking out mentors and peers who can support you along your journey. One of my favorite quotes is from Ray Bradbury where he talks about taking the leap and building your wings on the way down. Taking risks, like taking your company public, can be a powerful way to propel yourself forward and create new opportunities for growth and success. It takes courage to take that leap and build your wings on the way down, but with the right preparation, mindset, and support, you can break through that glass ceiling.

Elting: What inspired you to found Sidus and pivot away from your Naval career? Have you always wanted to work in the space industry? How did you find the right gap for Sidus to fill?

Craig: When I was younger, I was an avid reader of science fiction by authors like Isaac Asimov and Ray Bradbury. At the time, I wasn’t drawn to space, but I did love math and computers. Later on, I took a computer programming class at a local college while I was still in high school. That class led to me attending that same college to pursue a bachelor’s degree in computer science and then to pursue more advanced degrees in computer science and engineering. One of my first jobs out of college was designing software for Naval and Marine Corps aircraft and although I had (and still have) a fear of flying, I ended up being commissioned as a Naval flight officer—thanks to hanging around Naval aviators and seeing what they did for a living.

After I was medically discharged from the Navy following my knee injury, I continued developing software as a consultant and incorporated my business. When I moved to Florida with my family, drawn to the state by the beaches and warm weather, I soon realized the numerous, exciting opportunities made available by being on the Space Coast. As I witnessed the emergence of a commercial space industry, my team began to focus on ways that we could combine our passion for innovation with our deep traditional space experience. I now lead the Sidus Space team in creating innovative technologies, including our own hybrid 3D printed satellites, LizzieSat—which will make up our satellite constellation to serve as a space infrastructure platform providing space-based data to meet customers’ needs.

Elting: What was your experience bringing Sidus public (especially as the first-female-founded space company)? Was it more or less challenging than you thought it would be? Is there anything you wish you had known or learned sooner?

Craig: When considering which route to obtain capital to accelerate the growth of Sidus, I considered IPO versus SPAC versus private investment. Having so much experience working within government contracting, I was used to audits and being transparent—which is how I wanted to continue running my business, so an IPO was the best choice. The process was very straightforward, and if anything, it was less challenging than I thought it might be. Being extremely involved in every step of the process, already having proper checks and balances in place, and trusting my team helped us achieve the goal of going public by the end of 2021. The entire process took less than a year.

I wish I had known or learned sooner that the public market does not always validate the operational performance or the future success of a company, meaning you can execute your plan and be doing everything right in running the business but that doesn’t mean your stock is going to reflect the operational success and progress. Sometimes we share great news and our stock goes down. There is more to running a public company than executing your operational goals. Keeping shareholders engaged and informed is really important as well.

Elting: As a self-described “astropreneur,” how have you chosen what risks to take and when? How has your approach to evaluating risk evolved over your career? Are there any risks you wouldn’t take again? And are there any you wish you had in hindsight?

Craig: I often embrace my analytical nature as an engineer when deciding what risks to take. When a situation presents itself, I gather as much data as possible to help me understand the situation on both a macro and micro level. A lot of decisions require a combination of analytics and intuition—understanding the facts of the situation while still trusting your gut.

When evaluating risks, I look at the big picture. The risks I take impact more than just me, and I consider all those involved when making decisions. After Sidus went public, I knew I had to consider my shareholders and be mindful of their best interests.

There truly are no risks I regret taking or not taking. As I have grown my companies, my lens has changed and evolved when considering decisions. There are decisions that I certainly might consider changing with my current lens, however, I’m a believer in the butterfly effect. Every choice and every risk led us to the point we are at now. The success, the mistakes and everything in between are all part of the journey.

Elting: Absolutely, I’ve found that sentiment to hold true throughout my career as well. What was your experience like building your company from the ground up by yourself (especially as the sole female founder in a historically male-dominated field)?

Craig: I started my first business, Craig Technologies, at my kitchen table in 1999, and it wasn’t easy. For as long as I can remember, I’ve been in male-dominated industries. I never felt like I couldn’t succeed, but there were definitely assumptions, biases and stereotypes to push past. For example, people have looked to my husband and assumed that he was the one running the company instead of me.

Since then, I’ve built Craig Technologies into an aerospace and defense contracting company, which led me to create Sidus Space. Sidus provides the manufacturing, design, development and commercialization of new and innovative space technologies and services through aerospace, defense partnerships and collaboration. Both of my companies were completely self-funded until Sidus went public with a listing on Nasdaq in December 2021.

Elting: You know, I hear that a lot from other female founders and CEOs; I myself was often assumed to be my co-founder and co-CEO’s assistant rather than his business partner. I’m curious, has Sidus grown and evolved as you initially envisioned? Or have you found the company naturally evolving in different and unexpected directions?

Craig: The space industry itself is growing and evolving rapidly and is very complex. I have witnessed Sidus growing and evolving, and I’m thrilled to say Sidus is well on its way to my vision for the company.

Sidus started out as the manufacturing arm to support what we were executing at Craig Technologies, and it grew substantially. We were building mission-critical hardware for nearly every major space program and we thought—why not build our own spacecraft? Sidus has evolved from supporting my first company into an entity of its own, focusing on commercial space.

The conversation has been edited and condensed for clarity.