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Abstract: Visions about the establishment of a lunar base and development of the Moon for scientific, technical and commercial ends have been on the political agenda since the beginning of the Space Age. In the past few years a number of spacefaring nations, including the USA, European states through ESA, Japan, India, China and Russia have proposed missions directed at the robotic and human exploration and development of the Moon. This paper argues that an important factor in advancing these missions lies in a partnership between the pubic, governmental sector and the private sector. The paper analyzes the dynamics of this partnership as applied to the case of the US Vision for Space Exploration. The results of the analysis suggest that public–private partnerships directed at lunar development and commerce depend on how government reduces risks for the private sector. The risks identified and discussed herein include political and legal risks, technological risks, and financial and market risks. [Copyright &y& Elsevier]