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Market trends in the space sector suggest a notable increase in satellite operations and market value for the coming decade. In parallel, there has been a shift in the industrial and academic sectors from traditional Document-Based System Engineering to Model-based systems engineering (MBSE) combined with Concurrent engineering (CE) practices. Due to growing demands, the drivers behind this change have been the need for quicker and more cost-effective design processes. A key challenge in this transition remains to determine how to effectively formalize and exchange data during all design stages and across all discipline-specific tools; as representing systems through models can be a complex endeavor. For instance, during the Preliminary design (PD) phase, the integration of system models with external mathematical models for simulations, analyses, and system budgeting is crucial. The introduction of CubeSats and their standard has partly addressed the question of standardization and has aided in reducing overall development time and costs in the space sector. Nevertheless, questions about how to successfully exchange data endure. This paper focuses on formalizing a CubeSat model for use across various stages of the PD phase. The entire process is conducted with the exclusive use of open-source tools, to facilitate the transparency of data integration across the PD phases, and the overall life cycle of a CubeSat. The paper has two primary outcomes: (i) developing a generic CubeSat model using Systems modeling language (SysML) that includes data storage and visualization through the application of Unified modeling language (UML) stereotypes, streamlining in parallel information exchange for integration with various simulation and analysis tools; (ii) creating an end-to-end use case scenario within the Nanostar software suite (NSS), an open-source framework designed to streamline data exchange across different software during CE sessions. A case study from a theoretical academic space mission concept is presented as the illustration of how to utilize the proposed formalization, and it serves as well as a preliminary validation of the proposed formalization. The proposed formalization positions the CubeSat SysML model as the central data source throughout the design process. It also supports automated trade-off analyses by combining the benefits of SysML with effective data instantiating across all PD study phases. [ABSTRACT FROM AUTHOR]