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This paper defines the paradigm of Federated Satellite Systems (FSS) as a novel distributed space systems architecture. FSS are networks of spacecraft trading previously inefficiently allocated and unused resources such as downlink bandwidth, storage, processing power, and instrument time. FSS holds the promise to enhance cost-effectiveness, performance and reliability of existing and future space missions, by networking different missions and effectively creating a pool of resources to exchange between participants in the federation. This paper introduces and describes the FSS paradigm, and develops an approach integrating mission analysis and economic assessments to evaluate the feasibility of the business case of FSS. The approach is demonstrated on a case study on opportunities enabled by FSS to enhance space exploration programs, with particular reference to the International Space Station. The …