The accelerated development and increased reliance on satellite infrastructure have spurred concerns related to orbital congestion, space debris, and the long-term sustainability of outer space. Although previous studies have approached the problem of space sustainability from a technological, economic, or international law point of view, they tend to isolate a specific dimension of the problem and lack exploratory capacity in proposing solutions. In particular, there has been a significant gap in research focusing on the problem of satellite ownership in relation to space sustainability. This study posits that satellite ownership structure is a key variable for space sustainability as the increased number of commercial players present a challenge for accountability, monitoring and transparency. The study contributes to the scholarship in two ways. Empirically, it conducts an extensive quantitative and qualitative analysis to understand who owns the satellites (state/ companies), what is their purpose and technological design. Theoretically, the study advances the scholarship by proposing Responsibility-Embedded Polycentric Governance Model, grounded in 7 adapted principles, 2 space science communication mechanisms and 2 economic principles the Precautionary Principle and the Polluter Pays Principles. The study further highlights the crucial role of science communications along with transparent, open-access data and participation of wide range of stakeholders.