This article examines the legal principles governing the sharing of benefits deriving from the exploration and use of outer space. It shows that, over time, three strands of State practice have developed different understandings of the content of the obligation contained in Article I, paragraph 1 of the Outer Space Treaty. While drawing parallels with other areas of international law, the article examines the role of equity in the structure of the obligation and evaluates the possibility of replacing considerations of equivalence with a proportionality test to facilitate the fulfilment of the benefit sharing obligation under the Outer Space Treaty.