A moon‐based laser interferometer for detecting gravitational radiation could detect signals in the band 10−1 to 104 Hz. A preliminary evaluation of the noise budget for an optimistic antenna design is reported here and compared to that for other planned gravitational wave interferometers. Over most of the frequency range, the sensitivity is controlled by the thermal noise in the test mass suspensions. From roughly 3 to a few hundred Hertz, it is about the same as the sensitivity expected in terrestrial antennas of the same construction, which will have been operating for at least a decade. Below 0.3 Hz, a proposed space‐based interferometer, designed for operation down to 10−5 Hz, would have better sensitivity. As pointed out by others, the most important role of a lunar antenna would be the improved angular resolution made possible by the long baseline to terrestrial antennas.

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