The technical requirements and performance of a first generation space interferometer is discussed. The performance of an interferometer, sensitivity, field of view, dynamic range, astrometric accuracy, etc, in space is set by what cannot be achieved for a ground-based instrument. For the Orbiting Space Interferometer (OSI), the nominal performance parameters are 20 mag sensitivity, field of view of approximately 500*500 pixels, a 1000:1 dynamic range in the image with one milliarcsec resolution, and an astrometric accuracy of 0.1 milliarcsec for wide angle astrometry and 10 microarcsec accuracy for narrow field astrometry (few degrees). OSI is a fully phased interferometer where all critical optical paths are controlled to 0.05 wavelengths. The instrument uses two guide interferometers locked on bright stars several degrees away to provide the spacecraft attitude information needed to keep the fringes from the faint science object stable on the detector.