Traders assign an 89.5% implied probability to “No” for the U.S. Space Academy commencing actual academic instruction by June 30, 2027, because the project remains in early planning with multiple statutory and logistical hurdles unresolved. An executive order signed August 28, 2026, established a NASA-led Presidential Commission with a 120-day mandate to recommend governance, curricula, location, and legislation; its first meeting occurred September 9, followed by a Request for Information on state hosts due in late October. Official timelines target groundbreaking in 2027, temporary facilities for an initial class of 300 in 2028, and a permanent campus by 2031. Congressional authorization and appropriations are still required, and historical precedents for new federal academies show multi-year lead times for site development, faculty hiring, and enrollment. No recent model runs or agency updates indicate acceleration sufficient to meet the market’s strict training-start criterion.