The space domain, as many other sectors, is actively considering novel methods and tools based on artificial intelligence, digital twins, virtual design and testing, and other Industry 4.0 concepts, in order to manage the increased complexity of the design of upcoming satellites. Nevertheless, especially from the satellite on-board software engineering point of view, these technologies require a solid ground to be built upon. First of all, the computational power of the hardware platform must meet the needs of the advanced algorithms running on top of it. The software layer too must both allow an efficient use of the hardware resources and at the same time guarantee non-functional properties such as dependability in compliance with ECSS standards. Finally, the design methods need to adapt to the specific challenges posed by both the increased complexity of the hardware/software and Industry 4.0. The METASAT Horizon Europe Project which started in January 2023 will address these challenges. The METASAT vision is that a design methodology based on model-based engineering jointly with the use of open architecture hardware constitutes that solid ground. To reach its vision, METASAT will leverage existing software virtualisation layers (e.g., hypervisors), that already provide guarantees in terms of standards compliance, on top of high-performance computing platforms based on open hardware architectures. The focus of the project will be on the development of a toolchain to design software modules for this hardware/software layer. Without such measures, the time and cost of developing new systems could become prohibitive as system complexity grows, reducing competitiveness, innovation, and potentially dependability across the industry.