China is ramping up its national space industry with huge investments in next-generation technologies that promise to transform military, economic, and political realities. Against this backdrop, we ask: Would a new U.S.-China space race be good for humanity? Could it drive innovation, rally public support for science and discovery, and launch humans into the next generation? Or would this competition catalyze an expensive global arms race, militarize space for decades to come, and destroy any hope of international peace and cohesion in the future?