A next generation space lasercom system terminal design is presented, capable of 3 Gbps full duplex data transmission. The terminal incorporates an eight inch telescope, with all optical elements mounted in the payload of the gimbal, and is expected to require less than 100 lbs., 100 W. The modulation technique can transmit digital data, or analog signals in 'bent-pipe' transponder mode. The system design utilizes a TRW patent for direct phase modulation of laser diodes, and incorporates previous research on laser linewidth-tolerant coherent modulation techniques, control system architectures for CCD tracking, diffraction-limited collimating optics for high aspect ratio laser diode arrays, and a magnetically-suspended fast steering mirror. The terminal uses modified designs with existing technology, and is suitable for near term operational status. The overall terminal weight/power is just under 80 lbs., 80 W, which is estimated to be less than one-third the weight and power of a comparable 60 GHz system.