It looks like texture compression might be failing. I have no idea why, but you can try turning off texture compression by editing your Documents\My Games\Cosmoteer\settings.txt file. Change the line that says UncompressedTextures = false to UncompressedTextures = true.
If you do not have that file (which is normal if you've never been able to run the game without crashing), make one and add the following text to it:
GameSettings
{
UncompressedTextures = true
}
