Space Opera story that follows three factions in conflict with one another

Hey guys, I have come up with a story that features three sides engaged in a conflict. Two of the sides are in open warfare, but the third is in the shadows. But all sides essentially have the same goal. The story I have come up with follows characters from each side as they try to further their respective factions ends. This can range from naval officers, spies and civilians.

What do you guys think of this kind of story? Would a three faction conflict be too much moving parts for a reader? I plan to make every chapter follow a specific character and their perspective on the current event.

An explanation of the three sides is one is a democratic republic in an ideological war with an authoritarian regime. The authoritarian regime views the republic as the aggressor and acts to defend itself. The third faction exists outside of the conflict, but has interests that will lead to their subtle intervention in the conflict.