Orbiting telescopes have traditionally required at least a medium sized satellite platform to provide the necessary on-board power and volume to host remote sensing instrumentation, as well as associated support systems and general avionics. However, thanks to dramatic technological improvements, CubeSats and nanosatellites are now offering new opportunities if equipped with advanced instrumentation, and are able to process on board and transmit an increasing volume of data, in principle with low-latency communication via sat-phone networks. As an example of this new approach to space, we present an overview of the Space Industry Responsive Intelligent Thermal (SpIRIT) nanosatellite architecture, concept of operations, development status, and science and technology demonstration goals. SpIRIT is an Australia-Italy 6U Cubesat mission with launch scheduled for April 2023. Led by the University of Melbourne in collaboration with multiple industry partners, SpIRIT is supported by the Australian Space Agency through the International Space Investment - Expand Capability scheme and the satellite will host an instrument from the Italian Space Agency. The project aims to achieve flight heritage for leap-frog technology that enables innovative scientific and commercial remote sensing applications.