Select the 3 dots to one side of the space you want to duplicate.
Select duplicate from the space's menu.
Duplicating a space will create a copy of the source space, in the same location (organization, collection, sub-collection, etc.) as the source space.
For example, duplicating a space called Design System, that lives in the Design collection, will be saved as Copy of Design System, inside the Design collection.
Once duplicated you can edit the name as required.