This week SpaceNews is at the SmallSat Conference in Salt Lake City, Utah. In this episode of Space Minds, host Mike Gruss speaks with Todd Master, Chief Operating Officer of Umbra, about the evolving small satellite market, supply chain challenges, and the company’s expansion from SAR data services into satellite components. Master discusses shifting investment trends in the space industry, the importance of building products around real customer needs, and how AI is reshaping operations. The conversation also explores how the definition of “SmallSat” is changing as launch access improves and technology cycles accelerate.