Japanese company Ispace attempted the first private Moon landing but lost contact with the lander during the process, leaving the fate of the mission unknown.

The company had hoped to achieve the "first successful private lunar landing" title with the Hakuto-R M1 lunar lander, but this outcome is now uncertain.

Ispace started as an entry into the Google Lunar X Prize competition and had multiple experiments and technologies onboard, including a two-wheeled lunar robot and an AI flight computer.

The loss of the craft is a setback, but it does not signify the end of the new space race, which now includes private companies competing with governments.

Companies will be joining countries in the race to develop profitable business models around shipping things to the Moon, for scientific or commercial purposes.

The Ispace mission is one of the first steps toward these business models and privatized space missions that may increase in the future.

The space industry is rapidly advancing, and private companies are playing an active role in it.

The new space race may initially be geared more towards objects than people, but this may change in the future.

Ispace's mission is a reminder that space exploration is still a risky endeavor and setbacks are to be expected.

The hope is that the next mission will be more successful, as the industry continues to evolve and innovate

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