Space has long been considered a domain beyond territorial claims, governed by international treaties that emphasised cooperation and peaceful exploration. However, in the face of rapid technological advances, the increasing involvement of private entities in space, and the rise of new space powers, the concept of space as a global commons is being fundamentally redefined. While the 1967 Outer Space Treaty (OST) laid the foundational principles for the peaceful use of outer space, it has become increasingly inadequate in addressing the complex dynamics of 21st-century space exploration. This commentary explores the challenges and opportunities in rethinking the governance structures for outer space, emphasising the need for updated international legal frameworks to safeguard space as a domain for the benefit of humanity.