Abstract. One approach to beamed energy propulsion uses a solid heat exchanger to absorb energy from a distant source and transfer it to a working fluid. Systems of this type can be designed using either microwave or laser sources. In general, microwave sources have been expected to be less expensive than lasers for a given power, but to be more limited in range and/or energy density. With the development of high power millimeter-wave sources and low-cost diode laser arrays, both assumptions are open to question. In this paper, we compare current and projected microwave and laser source technologies for a 100-kilogram-class ground-to-orbit launch system and identify key issues affecting the system-level trade between the two approaches.