The 1st Global Space Awards honors late Apollo 13 astronaut James Lovell on Dec. 5

The inaugural Global Space Awards ceremony gets underway this Friday (Dec. 5), as 340 guests converge at a glamorous red carpet event held at London's historic Natural History Museum to celebrate the movers, shakers and investors shaping the space industry today.

Friday's black-tie ceremony — hosted by renowned physicist and science communicator Brian Greene — seeks to establish a "unifying global stage" to recognise the achievements of those fueling the renewed drive to extend humanity's influence out into the solar system.

Its first year drew in over 500 nominations over eight distinct categories ranging from 'Playmaker of the Year' — which will go to an individual whose contributions have impacted the overall trajectory of the space industry — to awards for space investment, scientific breakthroughs, sustainability in space and more.

The winners, as judged by an international panel drawn from academia, policy, finance and industry, will be revealed during the Dec. 5 ceremony, which is dedicated to Gemini and Apollo astronaut James Lovell, following his passing on Aug. 7 earlier this year. Members of Lovell's family will be in attendance to receive the inaugural James Lovell Legacy Award, which will be bestowed in future years to individuals who "honor the spirit" of the late astronaut.

"The Darwinian theory of evolution serves as the foundation for hosting the Global Space Awards at the Natural History Museum, symbolizing humanity's journey toward a civilization that not only adapts but thrives when utilising innovation from space," Sanjeev Gordhan, a member of the steering committee for the Global Space Awards told Space.com in an email. "This event highlights the innovation driven by our exploration of the cosmos and our potential to evolve further."

The 50 finalists for the eight awards were given a thematic reveal on Nov. 6, when their names were broadcast from a screen dangling from a high-altitude balloon floating 23,000 miles (37 kilometers) above Earth's surface in the stratosphere. Stay tuned to find out more about the winners from each category.