Humanity is heading back to the Moon, but this time the goal is bigger than planting a flag. Cheaper launches and the potential discovery of usable lunar water could make permanent settlements possible – and turn the Moon into a valuable economic and strategic prize.

Ian Bremmer breaks down the new race for the Moon, from NASA’s Artemis program and the rise of commercial spaceflight to competing US and Chinese visions for the lunar surface. With existing treaties offering few answers about permanent settlements and infrastructure, who will write the rules – and can the Moon avoid becoming the next geopolitical battleground?