Can a lender take a security interest over an orbiting satellite? This article addresses this question under the laws of Australia, the Hong Kong Special Administrative Region of the People’s Republic of China, and Singapore. The results of this comparative inquiry highlight the legal challenges that reduce the attractiveness of satellite security interests and, as a corollary, the prospects for asset-based satellite financing. More generally, this inquiry indicates the need for space-focused law reform across the region, given the technical and commercial changes underway in the current ‘NewSpace’ era.