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The gravitational-wave astronomical revolution began in 2015 with LIGO's observation of the coalescence of two stellar-mass black holes. Over the coming decades, ground-based detectors like laser interferometer gravitational-wave observatory (LIGO), Virgo and KAGRA will extend their reach, discovering thousands of stellar-mass binaries. In the 2030s, the space-based laser interferometer space antenna (LISA) will enable gravitational-wave observations of the massive black holes in galactic centres. Between ground-based observatories and LISA lies the unexplored dHz gravitational-wave frequency band. Here, we show the potential of a decihertz observatory (DO) which could cover this band, and complement discoveries made by other gravitational-wave observatories. The dHz range is uniquely suited to observation of intermediate-mass (∼102–104M⊙) black holes, which may form the missing link between stellar-mass and massive black holes, offering an opportunity to measure their properties. DOs will be able to detect stellar-mass binaries days to years before they merge and are observed by ground-based detectors, providing early warning of nearby binary neutron star mergers, and enabling measurements of the eccentricity of binary black holes, providing revealing insights into their formation. Observing dHz gravitational-waves also opens the possibility of testing fundamental physics in a new laboratory, permitting unique tests of general relativity (GR) and the standard model of particle physics. Overall, a DO would answer outstanding questions about how black holes form and evolve across cosmic time, open new avenues for multimessenger astronomy, and advance our understanding of gravitation, particle physics and cosmology. [ABSTRACT FROM AUTHOR]

We review the expected science performance of the New Gravitational-Wave Observatory (NGO, a.k.a. eLISA), a mission under study by the European Space Agency for launch in the early 2020s. eLISA will survey the low-frequency gravitational-wave sky (from 0.1 mHz to 1 Hz), detecting and characterizing a broad variety of systems and events throughout the Universe, including the coalescences of massive black holes brought together by galaxy mergers; the inspirals of stellar-mass black holes and compact stars into central galactic black holes; several millions of ultra-compact binaries, both detached and mass transferring, in the Galaxy; and possibly unforeseen sources such as the relic gravitational-wave radiation from the early Universe. eLISA's high signal-tonoise measurements will provide new insight into the structure and history of the Universe, and they will test general relativity in its strong-field dynamical regime. [ABSTRACT FROM AUTHOR]