Active Debris Removal (ADR) is a critical domain of the space economy where sensitive, reusable, and strategically valuable data must be shared across competing actors. Governance failures in this ecosystem pose systemic operational, legal, and security risks. Existing data governance models offer partial solutions but lack enforceable sovereignty, revocability, and usage control once data crosses boundaries. This paper addresses that gap by investigating Data Spaces as socio‑technical governance institutions tailored to ADR. Through conceptual analysis, we synthesize IS governance literature with ADR’s imperatives, comparing Data Spaces to Fabric, Mesh, and Lakehouse. Findings show Data Spaces best operationalize federated sovereignty, purpose binding policies, and auditability, though challenges remain in data governance drift, artefact accountability, cross‑border enforcement, and assurance scalability. Effective ADR data governance requires embedding rules within architecture, supported by trust services and legal enforcement. Implications extend beyond ADR, offering a pathway for collaboration in high‑stakes ecosystems where conventional models fail.