Investment

• Northrop Grumman’s Space Systems segment is expected to post a 24.3% year-over-year revenue decline in Q2 2025 due to reduced activity in restricted space programs, Commercial Resupply Services, and satellite work for the Space Development Agency. This underperformance contrasts with growth in other segments and may weigh on the company’s overall results.

• NASA’s Jet Propulsion Lab is reportedly attempting to sell off several Earth science satellites (some already launched, others like GLIMR still awaiting deployment) amid deep budget cuts proposed by the Trump administration for FY2026. The move signals broader concerns over the future of NASA’s climate and environmental monitoring efforts, as JPL seeks government or private buyers to salvage programs previously targeted for termination.

• Firefly Aerospace has filed for an initial public offering (IPO) and plans to list on the Nasdaq under the ticker symbol “FLY.” The Texas-based space and defense tech company has not yet disclosed the number of shares or price range but is moving toward public market entry with top-tier underwriters including Goldman Sachs and J.P. Morgan.

Partnerships

• Viasat, in collaboration with SSTL and MDA Space, is leading UK efforts on ESA’s Moonlight program to develop a lunar communications satellite system, aiming for initial capability by 2028. The system will serve as a “data highway” between Earth and the Moon, enabling future lunar exploration, space tourism, and industrial activity, while positioning the UK as a key player in the emerging lunar economy.

• Australia’s Defence Department has partnered with Optus and leading universities to co-develop a LEO satellite equipped with experimental communications and research payloads, aiming to strengthen sovereign space capabilities. Backed by $4 million in Defence funding and additional investment through the iLAuNCH Trailblazer program, the mission will advance optical and radio-frequency communications and is set to launch in 2028.

• Astroscale U.S. has signed a Space Act Agreement with NASA’s Goddard Space Flight Center to test its Refueler spacecraft’s rendezvous and docking capabilities ahead of refueling missions for U.S. DOD satellites in GEO. The partnership leverages GSFC’s advanced in-space servicing facilities to validate Astroscale’s RPOD technology in a high-fidelity environment.

Applications

• Expedition 73 astronauts aboard the ISS conducted a range of health and systems maintenance tasks, including heart scans, blood pressure monitoring, and wearable sensor tests to study microgravity’s effects on cardiovascular and respiratory systems. The crew also maintained critical life support and scientific equipment, while supporting plant biology and international collaboration experiments.

• ESA and UK-based Frazer-Nash have launched INVICTUS, a hypersonic flight research program aiming to develop a reusable, Mach 5-capable aerospace vehicle with horizontal launch capabilities. Backed by ESA and the UK Space Agency, the project will test air-breathing, hydrogen-fueled propulsion systems and advanced cooling tech like SABRE, with the goal of enabling future spaceplanes and dual-use mobility systems.

• Researchers have demonstrated a new in-situ resource utilization (ISRU) technology that extracts water from lunar soil and uses it to convert CO₂ into oxygen and fuel precursors. While still in early stages, the integrated photothermal system could reduce the cost and logistical complexity of transporting water and fuel from Earth, making it a high-impact application for future commercial lunar infrastructure and deep space missions.

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• Astroscale U.S. is set to conduct two first-of-its-kind refuelling operations for a U.S. Department of Defense satellite in geostationary orbit by the summer of 2026.
• The mission will support the U.S. Space Force and showcase the potential of commercial space companies to provide essential on-orbit services.
• The mission is expected to demonstrate the viability of a full end-to-end refueling ecosystem, integrating client spacecraft, servicers, and depots in space.

Astroscale U.S. announced it is set to conduct two groundbreaking refueling operations for a U.S. Department of Defense (DoD) satellite in geostationary orbit (GEO) by the summer of 2026. The mission will be the first of its kind, supporting the U.S. Space Force (USSF) and showcasing the potential of commercial space companies to provide essential on-orbit services. This operation marks a significant milestone in the development of commercial space logistics, particularly for military applications.

The Astroscale U.S. Refueler, a 300-kilogram spacecraft, will be the first to perform hydrazine refueling operations above GEO. This refueling capability is crucial for maintaining satellite maneuverability, extending the operational life of DoD assets, and ensuring mission resilience. Astroscale’s mission will establish a scalable and flexible refueling infrastructure, demonstrating that in-space logistics can be accomplished sooner than expected.

Ron Lopez, President of Astroscale U.S., commented, “This mission proves that in-space logistics does not have to be years away. We’re a focused team with one goal: deliver and operate an operational prototype spacecraft for the Space Force.” The Astroscale U.S. Refueler will serve as a prototype for future on-orbit refueling operations, laying the groundwork for a broader ecosystem of space services, which includes refueling, transportation, and debris mitigation.

In addition to its hydrazine tank, the Refueler spacecraft will carry refueling interfaces developed in collaboration with Orbit Fab. The mission is expected to demonstrate the viability of a full end-to-end refueling ecosystem, integrating client spacecraft, servicers, and depots in space. This mission will also contribute to the Department of Defense’s efforts to enhance space resilience, supporting rapid innovation and dynamic operations in orbit.

Ian Thomas, Program Manager for the Astroscale U.S. Refueler, emphasized the importance of this mission: “This is infrastructure that expands options for the warfighter and demonstrates what rapid innovation looks like in action.”

This mission also represents the next phase in the Space Mobility and Logistics (SML) program, which seeks to advance space capabilities, such as refueling, transportation, and debris removal, to support both military and commercial space operations. Astroscale’s work with the U.S. Space Force will enhance the United States’ space operations, contributing to both military readiness and long-term sustainability in orbit.

Image credit: Astroscale U.S.

• Southwest Research Institute has been selected to build and test a small demonstration spacecraft as part of a Space Mobility and Logistics prototyping project.
• The project is funded by the US Space Force and is being led by Astroscale U.S.
• The vehicle is scheduled to launch in 2026.
• Image credit: SwRI

Southwest Research Institute (SwRI) has been selected to build and test a small demonstration spacecraft as part of a Space Mobility and Logistics (SML) prototyping project. The $25.5 million project is being funded by the U.S. Space Force and is being led by Astroscale U.S. as announced by SwRI. The spacecraft will be called the Astroscale Prototype Servicer for Refueling (APS-R) and will be capable of refuelling compatible vehicles while in geostationary orbit.

According to SwRI Staff Engineer, Steve Thompson, the project’s systems engineer, running out of fuel is a common issue for spacecraft in Earth orbit. When they have used up all their fuel, their mission ends, even if the vehicle is still in good condition. A refuelling vehicle can extend the lifetime of these spacecraft and their missions by providing them with additional fuel.

The APS-R will operate in geostationary orbit, carrying hydrazine propellant from a depot to spacecraft that need refueling. It can service any spacecraft with a compatible refueling port, providing a flexible alternative to other life extension approaches, such as using thrusters to move a spacecraft.

SwRI will construct the host vehicle for the APS-R in their new 74,000-square-foot Space System Spacecraft and Payload Processing Facility over the next 16 months. This facility was created to meet customers’ rapid design, assembly, and spacecraft testing needs, particularly with small satellites.

The APS-R will have a maximum size of 24-by-28-by-45 inches when stowed for launch and a total launch mass of 437 pounds, including propellant. Once the host spacecraft bus is complete, SwRI will integrate the Astroscale-supplied payload and perform system-level environmental testing to prepare the vehicle for launch, which is scheduled for 2026.

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If you find yourself to be anywhere on planet Earth, there is a good chance that a satellite is somewhere overhead. A spooky thought – but one that is down to probability rather than a grand conspiracy. The booming satellite industry has almost 10,000 active machines in orbit; over 20,000 more could be added within the next ten years (according to a rather conversative estimate). These trends are owed to decreasing launch costs coupled with miniaturization and standardization of satellites, and mean that doing business in orbit is easier than ever. However, such opportunities come accompanied by a growing importance of space in global affairs, which could affect future developments both in orbit and beyond.

Leading Satellite Companies

Internet: Starlink

Starlink, a satellite internet provider operated by launch giant SpaceX, began sending satellites to space in 2018. Now, it has over 5,000 functioning ones in orbit (according to Jonathan McDowell), accounting for more than half the total number of working satellites. However, Starlink shows no plans of stopping. Batches of satellites launch every few days atop a SpaceX Falcon 9 rocket with a preliminary goal of reaching 12,000 by 2027 (another 30,000 might be added later).

The reason for these numbers lies in Starlink’s business model. Satellites in Low Earth Orbit (LEO) ensure quick connectivity, but their low altitude restricts their field of communication to only encompass a small slice of Earth. In addition, the satellites’ orbital velocity means that they zoom over the globe too quickly to provide continuous connections. The solution, a thousand-fold web of Starlink satellites called a constellation, is already seeing success. Though Starlink is just beginning to be profitable and its customer base is much lower than hoped for, it has amazedthe US military by connecting to drones and gunships. More recently, it has played a vital role in the Ukraine war by providing internet for Ukrainian civilians and its military (the latter’s Starlink is now paid for by the US Department of Defense following disagreements from SpaceX regarding its use). Seeing the potential, SpaceX recently developed Starshield, a Starlink-based governmental satellite service.

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Honorable mentions: Kuiper, OneWeb

Telecommunications: SES

With over 70 satellites in geostationary (GEO) and medium Earth orbit (MEO), Luxembourgish telecommunications giant SES flaunts a wide range of services, divided into SES Video and Networks. Video, of which ‘the distribution of TV channels by satellite over Direct-to-Home (DTH)’ is a large part, is the most lucrative and makes up around 50% of the company’s revenue. Through this service, SES claims to deliver over 8,000 channels to over 369 million households. The other half of SES’s businesses, Networks, is described by the company as ‘connectivity (fixed and/or mobile) and data transmission services’. This is marketed towards aviation, maritime, and energy industries, as well as governmental customers. The latter make up the biggest chunk of Network revenue, its features including data for disaster management as well as for military operations.

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Honorable mentions: Intelsat, Telesat, Eutelsat

Earth Observation: Maxar

Twenty years ago, the technology behind 15-centimeter image resolution from orbit would have been behind lock and key. Today, Colorado-based Earth observation company Maxar Technologies regularly snaps images of the globe in such detail for its commercial customers. Many of them are governmental; while spy satellites for the US government can capture images in even higher definition, commercial imagery has its benefits, too. The fact that it is not classified, for example, allows the US government to use it to collaborate with allies. Also, Maxar’s fleet alone already surpasses the total amount of US spy satellites, resulting in more data and mission flexibility.

Maxar also markets its services as useful to energy, environmental, logistics, and entertainment industries (the latter, so the company, can benefit from satellite-enabled 3D terrain mapping). Recently, Maxar has demonstrated an ability to image other satellites in orbit, which has potential uses for satellite servicing and espionage.

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Honorable mentions: Blacksky, Planet Labs, Capella, Spire

Space Sustainability: Astroscale

Though not quite comparable in size and spacecraft mass to the likes of Starlink, Astroscale is a leader in an increasingly important satellite industry: dealing with space debris. The Tokyo-based company, which also has offices in the US, Israel, Singapore, and the UK, envisions a multi-pronged approach to handle the problem. One method is to provide End of Life (EoL) services by using a specialized spacecraft (ELSA-M) to tug ageing satellites into a trajectory that will cause them to burn up in Earth’s atmosphere. ELSA-M should also be capable of capturing satellites tumbling out of control. Though the spacecraft has not yet flown, Astroscale has successfully demonstrated the capturing method with the 2021 ELSA-d demonstration mission.

Another mission, this time to demonstrate the inspection phase of Astroscale’s Active Debris Removal (ADS) service, was scheduled to launch in late 2023 but was delayed due to a grounded rocket. Adjacently, Astroscale’s US branch is planning to extend the life of satellites by sending a smaller craft – Life Extension In-orbit servicer, or LEXI – to piggyback older machines and keep their trajectory controlled.

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Challenges Space Satellite Companies Face

One significant challenge to satellite companies, especially young ones, is a high barrier to entry. Despite low launch costs and developments in technology making the field more accessible, designing, building, and launching a satellite – especially if it features technological innovations – costs millions. Depending on the service in question, it can take years to make back this money, let alone turn a profit. This makes it more difficult to impress investors, who are getting more selective, according to Vaibhav Lohiya, managing director and global head of space banking at Deutsche Bank Securities. There is more interest in near-term results rather than ‘moonshot opportunities’, he says, and rounds are getting smaller (as reported by SpaceNews). As space analysis firm Euroconsult points out, the situation is not made easier by inflation, supply chain issues, and limited availability of semiconductors. This issue, coupled with the difficulty of attracting investment, are likely two main reasons that the satellite constellation market is not growing as fast as once projected (as reported by SpaceNews).

Other challenges are pertinent to the orbital environment itself. Among them is space debris, a growing problem that, if not controlled, could cause certain orbital planes to be unsafe for satellites and human missions alike. While some efforts to tackle it are underway, such as Astroscale’s spacecraft, few address the smaller pieces of junk that travel faster than a bullet (though in 2021, a Chinese startup launched a net-wielding robot to catch debris). This problem interlinks with a larger issue of lacking legislation, as international law on space in general – including space debris – is hazy at best. Domestic laws are not much better. For example, the US recently fined a company US $150,000 for not moving an old satellite out of harm’s way, but the company – DISH Network – had pulled in a revenue of US $16.7 billion the year before. Though the fine may send a message that domestic laws have some bite behind their bark, it is far from enough to meaningfully address the problem.

Space law’s nebulous nature poses problems beyond space debris, too. As satellites become increasingly important to terrestrial undertakings, they also become high-value targets. Though a handful of hard-kill tests – missiles targeting a satellite – have been done in the past, cyberattacks are a far more popular option as they are harder to trace, in addition to being cheaper and quicker. According to Walter Peeters, professor of space business and management at the International Space University, commercial satellites (as opposed to military ones) are especially vulnerable due to ‘a lack of awareness and implementation of security’. Cheap off-the-shelf satellite components, now common in the industry, are easy targets, as are the computer systems used by many ground stations, so Peeters. Legally, however, international law on such attacks is unclear. This ‘grey zone’, which leaves such attacks open to legal interpretation, could lead to conflict escalation.

The Future Outlook for Space Satellite Companies

The challenges might be significant, but by some estimates, the global satellite (and launch) market is projected to generate US $633 billion by 2032. According to Maureen Haverty, vice president at Seraphim Space Investment Trust, investments into satellites are finally beginning to ‘really pay off, which means there will continue to be a great deal of interest in all parts of the satellite industry’ (as reported by SpaceNews). To clinch such investments, satellite companies must ‘be nimble, innovative and have a healthy appetite for risk’, writes David Ziegler is vice president of Aerospace & Defense, Dassault Systèmes, meaning there is likely to be an influx of novel technologies in the sector. Examples might include the use of AIs (for image analysis, targeting systems, or trajectory guidance), or optical and perhaps even quantum communications.

These developments might open up new uses of satellites, as will the introduction of new heavy-lift launch vehicles like SpaceX’s Starship or Blue Origin’s New Glenn. Starship in particular is advertised as a high-cadence, low-cost option for launching massive payloads; if it delivers (which is still far off), this cheap, rapid deployment of entire constellations could further lower the access barrier and result in a more diverse orbital business scene. In addition, the comparative ease with which the commercial sector can implement new technologies is reflected by increased government interest in making use of them (for example, the US’s use of Maxar imagery and Starlink internet). Especially considering the implications of such technologies for information safety and warfare, these trends should be accompanied by more comprehensive legislation – but this is one area where development is gravely lacking.

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Featured image: Credit: SES

• Astroscale Japan, a subsidiary of Astroscale Holdings, has been selected by the Japan Ministry of Education, Culture, Sports, Science and Technology to develop an on-orbit inspection demonstration mission that will image and diagnose a large, defunct satellite in space.
• The project is divided into three phases, and Astroscale Japan will receive up to US $18 million for Phase 1, and up to US $80 million in total for all three phases. 
• Mission development will begin this month with a maximum term of up to March 2028.

PRESS RELEASE — Tokyo / October 2, 2023 — Astroscale Japan Inc. (“Astroscale Japan”), a subsidiary of Astroscale Holdings Inc. (“Astroscale”), today announced it has been selected by the Japan Ministry of Education, Culture, Sports, Science and Technology (“MEXT”) for its Small and Business Innovation Research (SBIR) program to develop an on-orbit inspection demonstration mission that will image and diagnose a large, defunct satellite in space. The MEXT-funded project is divided into three phases, and Astroscale Japan will receive up to JPY 2.69 billion (approximately U.S. $18 million) for Phase 1, and up to JPY 12 billion (approximately U.S. $80 million) in total for all three phases. Mission development will begin this month with a maximum term of up to March 2028.

The SBIR program was established to promote research and development for Japanese startups and organizations engaged in advancing innovative technologies, and to facilitate the smooth implementation of results through government support. The call for application was announced in July 2023, and Astroscale Japan was selected in the space category for its “Development and Demonstration of Technologies and Systems for Removing Satellites and Other Objects from Orbit” project under the “Development and Demonstration of Technologies Required for Space Debris Reduction” theme.

The MEXT-funded mission will further advance Astroscale’s heritage Rendezvous and Proximity Operations (RPO) capabilities, in addition to inspection and characterization capabilities for a diverse range of active spacecraft and large debris objects in space. Astrosale Japan will launch a similar mission later this year that will inspect and characterize a spent upper stage rocket body. Active Debris Removal by Astroscale-Japan (ADRAS-J) is the world’s first attempt to safely approach, characterize and survey the state of an existing piece of large debris through RPO. During this mission, ADRAS-J is designed to rendezvous with a Japanese upper stage, demonstrate proximity operations, and gather images to assess the rocket body’s condition, including spin rate, spin axis and condition of the structure.

A key challenge of missions is that unprepared objects, such as spent upper stages and defunct satellites, do not provide any GPS data, meaning the precise location and orbital position needed for an RPO mission is not available. Once deployed to a precise orbit, Astroscale’s servicer spacecraft will first use ground-based observation data of the client’s approximate orbital position to approach the client from longer distance, then switch over to its own sensors for a safe close approach and inspection of the client. These missions will demonstrate the most challenging RPO capabilities necessary for on-orbit services, including debris removal.

SOURCE: Astroscale

Featured image: Credit: Astroscale

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Types of Space Companies and What They Do

This commercialization might be particularly obvious these days, but parts of it have been around since before humans landed on the moon (the Telstar 1 satellite, launched in 1962, constituted the first commercial use of space). Today, companies have saturated every aspect of the industry, and when we talk about the best space companies, we often refer to those that excel in each of these five main categories: launching, satellite manufacturing, satellite ground operations, orbital services, and technology relating to research and space exploration/colonization. 

A large chunk of the manufacturing of satellites and some rockets is taken over by heavyweight contractors such as Boeing, Lockheed Martin, Northrop Grumman, and Airbus – but these are not solely space companies, often focusing on general aerospace and defense technologies. Also, some governmental agencies might function as contractors themselves and can feature a commercial arm. The list below will focus on non-state companies whose primary specialism is space.

16+ Best Space Companies

Space Exploration 

ispace 

The sobering moment when it became clear that ispace’s lunar lander’s touchdown on the moon had not gone smoothly was captured on livestream for all to see on April 25th, 2023. The lander’s failure (which also carried several customer payloads) was particularly painful as ispace was about to make history by becoming the first company to land on the moon – but the company has bigger plans, anyway. Based in Japan, ispace’s single focus is the moon: how to land on it, explore it, and, finally, live on it. On its website, a quick video goes over the company’s vision, which is to establish a populous city on the moon – called Moon Valley – within the century. 

On January 15th, 2025, ispace launched its RESILIENCE lander for the second time. The lander is expected to land on the moon on June 6th, 2025, marking the company’s second attempt at landing on the moon after its first mission failure. According to ispace, the mission is running smoother than the first, with the lander looking to achieve its upcoming mission success milestones.  

If RESILIENCE successfully lands, ispace’s TENACIOUS micro rover will be deployed on the moon for regolith extraction of resources. Looking to the future, ispace is looking to launch its third mission in 2026 and fourth in 2027 using a new series of landers. 

Blue Origin 

Blue Origin is better known for sending tourists to the edge of space and publicly squabbling with both SpaceX and Virgin Galactic, but its quiet strength lies in bolstering exploration efforts. With its lunar lander proposal already having been contracted by NASA (alongside SpaceX’s modified rocket design), the company was recently awarded another healthy sum by the agency to develop and demonstrate its Blue Alchemist technology: solar panels made from lunar regolith. This breakthrough, which Blue first unveiled in February 2023, could make significant strides toward colonization by providing future lunar cities with heaps of energy. Its method of in-situ resource utilization – using only locally available materials for a given process – could also be used for other purposes, including oxygen extraction and construction (as reported by Ars Technica). Blue Origin, known for its cutting-edge innovations, is also recognized as one of the best companies to work for, fostering a culture of excellence and exploration in the aerospace industry.

To date, Blue Origin has launched 12 passenger flights and 64 passengers to space, including celebrities such as Katy Perry, NFL legend Michael Strahan, and Blue Origin founder Jeff Bezos. While tickets on board cost a pretty penny, Blue Origin is becoming a leader in sending tourists to space, commercializing space flight. 

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See also: Blue Origin’S HLS

SpaceX

Today, SpaceX rules the launch industry, but tomorrow, its plans have more to do with space exploration and colonization. The company was born from a desire to reach Mars (and to build a vehicle capable of this), and the dawn of its colossal Starship rocket might symbolize the beginnings of this venture. Founder and CEO Elon Musk has mentioned a fleet of a thousand of these rockets (each of which can carry around 100 people, or about 100 tons, to the red planet while remaining reusable) leaving for Mars at once to establish a self-sustaining city there. Other than the prototypical Starship, no other rocket capable of such a feat exists. In addition to the company’s own plans, NASA awarded SpaceX two contracts for a modified Starship to land humans on the moon. In general, if the rocket’s advertised reusable payload capacity of 150 tons to Low Earth Orbit (LEO) and cheap prices become a reality, it will pave the way for more entities – commercial or governmental – to launch bigger payloads, which could be a boon for exploration.

Musk aims to launch Starship to Mars in 2026 as the first step in realizing the company’s colonization mission. Despite failures in recent test flights, version 3 of the rocket is set to launch in 2026, which, according to Musk, is intended to reach the red planet. After which, if the rocket launch is successful, the billionaire will send humans as the next step in Space X’s mission to establish infrastructure on Mars. 

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Space Tech

Astroscale

Astroscale is all about the orbit. It hopes to provide life extension as well as end-of-life solutions for satellites already circling the Earth while also cleaning up space debris. Headquartered in Tokyo but with subsidiaries scattered around the globe, the company has several projects in the works. Its ELSA-d mission, which launched in 2021 to test the end-of-life service, successfully demonstrated the necessary technology. ELSA-M, planned for 2026, will build on this technology with the hopes of eventually yanking defunct satellites out of orbit lest they become space junk. The launch of ADRAS-J, another of the company’s spacecraft, successfully approached large space debris in 2024 at 15 meters, a world first for a commercial company. Additionally, Astroscale’s US subsidiary hopes to launch its LEXI mission by 2026. This spacecraft will fly to Geostationary Orbit (GEO) – the home of many old and expensive communications or spy satellites – and grab hold of them to extend their life.

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AstroForge

US company AstroForge has one goal, and one goal only: mining asteroids. The company is well aware of the dangers and difficulties of their chosen task, having witnessed previous space mining startups falter after offering investors overly optimistic timelines. Space mining, after all, is territory uncharted by earthlings. Therefore, AstroForge is taking the time to ensure its methods work. In 2023, AstroForge launched its first mission, launching Brokkr-1, completing initial mission objectives but falling short of refinery demonstration. Fast forward to 2025, Astroforge launched its Odin satellite into space to capture asteroid images – a crucial step in making asteroid mining a reality. In March 2025, the company announced mission 3 – Vestri, which seeks to dock on an asteroid and analyze its properties for future extraction.

Though it may be a while before large-scale space mining comes to fruition, it would be vital for life beyond Earth, not to mention the astronomical profits coming to those involved. Plus, according to AstroForge CEO Matt Gialich, off-world mining helps decrease reliance on its Earthly counterpart, which is not exactly good for the climate (as reported by Meridian).

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Orbit Fab

Zooming around in space collecting debris and mining asteroids is all good and well, but what if you run out of juice? This is a problem that Orbit Fab, a US startup, looks to address. Advertising their services as ‘gas stations in space’, the company already completed a successful water transfer test aboard the ISS – the first of its kind – and launched the ‘first orbital fuel depot’ in 2021 (though this was still a test vehicle rather than a commercially available station). To ensure customers will be able to use its services, Orbit Fab developed RAFTI, an open-license fueling port that the company hopes will become the industry standard. By 2025, Orbit Fab aims to introduce the first orbital fuel delivery service for hydrazine, a chemical many satellites run on. While fuel prices on Earth are already steep, they are nothing compared to orbital rates: the company will charge ‘$20 million for up to 100-kilogram delivery’ of hydrazine. Orbit Fab also has contracts and agreements with a host of actors, including Astroscale and the US Space Force. 

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Space Research 

SpacePharma 

‘Bring your research idea and we make it happen’.

The slogan adorns the website of Israeli startup SpacePharma, which provides platforms for researchers hoping to try out their experiments in space. The company offers several different ‘labs’: smallish boxes containing mechanisms honed for cosmic experimentation. These can be used for a wide variety of disciplines, which the company lists on its site. Biology, for example, benefits from stem cell, aging, cancer, and microbial testing in space, as well as pharmaceutical research and production and fluid physics. While not all of its labs are designed for the ISS, many have flown aboard the station since 2017. The company has contributed to experiments including studying effects of microgravity on motor neuron cells, crystallization of an Asthma drug, and even how cow cells form muscles, or ‘steaks’, in microgravity for cellular agriculture company Aleph Farms.

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Space Forge

Research in space is already invaluable, but Space Forge hopes to take things one step further by providing a platform for entire product lines to be manufactured in space. The Welsh company bases its concept around the fact that elements such as microgravity and a vacuum greatly improve the quality of pharmaceuticals, certain alloys, and semiconductors. The latter, so the company, would experience a tenfold increase in quality if produced in space. Space Forge’s mini-factory – the ForgeStar satellite – is designed to be customizable according to client needs, and its time in orbit ranges from ten days to six months. Upon completion, the satellite reenters the atmosphere, its contents are collected, and it is then reused for another mission. Space Forge is not the only ones eyeing manufacturing, however; SpacePharma and Axiom, for example, offer preliminary production mechanisms, too. 

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Origin Space

One could describe Origin Space as a simple space mining company, but its work is much more varied. In 2021, the Nanjing-based company launched NEO-1, a small satellite tasked with ‘small celestial body observation and prototype technology verification for space resource acquisition’. If that were not enough, the satellite would also test space debris cleanup methods. In addition to the busy NEO-1, the company has several other satellites in orbit, including two telescopes. The latest addition is YangWang 1 (‘Look Up 1’), which the company claims is the world’s first commercial ultraviolet/optical telescope. It recently completed an optical survey of the night sky, also keeping an eye out for pesky asteroids and meteors. The company ultimately hopes to build a constellation of telescopes to look out for juicy asteroids ripe for mining. Next, Origin Space is planning to send its M2 rover to the moon, which would carry imaging, mining, and sample return equipment. 

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Space Satellite 

SES 

Commercial communications and telecommunications satellites have been around for decades, and remain one of the prime commercial exploitations of orbit. A giant among giants of this industry is SES, headquartered in Luxembourg; this company has 70-odd satellites in two different orbits and claims to broadcast to around a billion people worldwide. It also provides network services to 58 government organizations. SES markets this connectivity to a variety of industries, including energy (providing connections to remote mining sites or offshore oil rigs), cruise ships, aviation, and military ventures. 

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Maxar

If you watch the news, use Google Maps, or listen to the radio, you might have used Maxar’s products, as the company claims on its site. With over 80 satellites in orbit, Maxar provides some television and radio services but really shines at Earth imaging. The company is a darling of the US government, providing 90% of commercial imagery for geospatial intelligence (GEOINT), and recently upgraded its image definition from 30cm to 15 (for context, while the details of US spy satellites remain nebulous, they are thought to have a definition of around 10cm). Such high definition is important as it allows for more insight into risky areas without the need for drones; while the latter comes with the benefit of continuous observation, Maxar’s less eagle-eyed satellites can send back imagery of a given area 15 times a day. Maxar’s other services include the monitoring of factories and mining sites as well as methane emissions.

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Starlink

Starlink, SpaceX’s satellite internet service, has taken LEO by storm. As of July 2023, going on 4,900 of its satellites have been launched (with 4,487 still functioning): over half the current amount of working satellites, with thousands more in the works. The reason behind the mind-boggling numbers is simple: in order to achieve fast internet speeds, the satellites must be closer to Earth. As a result, a single satellite can only cover a small fraction of the Earth’s surface and stay over this area for a short amount of time. Starlink’s aim is therefore to build up a web of them to cover every angle of the globe. All those launch and manufacturing costs add up, and the company is just beginning to make money. Still, it has proven itself a valuable partner in defensive matters, providing drone support in the Ukraine war and frequently working with the US Air Force. Not everyone is happy with the concept, though. Astronomers, for one, are not amused by how the satellites can interfere with optical and radio astronomy. Plus, while the machines are maneuverable and are designed to deorbit themselves at the end of their lives, such a huge buildup of objects in orbit might exacerbate the growing problem of space debris.

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Rocket Launch Companies 

SpaceX

SpaceX may harbor grand Martian dreams, but for now, the company’s daily bread is sending up one of its Falcon 9 (or sometimes Heavy) rockets at least once a week, on average. Payloads range from commercial payloads (including Starlink) to US national security satellites to science missions to humans. SpaceX is able to offer these launches at staggeringly low prices thanks to their reuse of the booster and fairing halves, which account for roughly 70% of manufacturing costs. The company charges around $67 million a launch, with the true cost much lower. The feat upended the industry, with other companies now fighting to catch up and integrate some aspect of reusability into their designs. With the potential for reusable rockets obvious, SpaceX is now developing the Starship, which it hopes will sink prices even more (if it is successful). 

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See also: Top 6 SpaceX’s Goals

Rocket Lab

Founded in New Zealand by Peter Beck, Rocket Lab has become one of the world’s most successful rocket launch companies, seconding SpaceX regarding the number of rockets launched annually. Since the first orbital launch of its rocket ‘electron’ in 2018, Rocket Lab has facilitated over 1700 international missions across 63 launches and 224 satellites deployed. Rocket has partnered with NASA, the United States Space Force, and others for orbital deployment as one of the leading launch service providers. In the years to come, Rocket Lab is expected to remain a leader in commercial rocket deployment, particularly with the first launch of its Neutron rocket for cargo transportation at the end of 2025.

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ULA

One of the companies threatened by SpaceX was United Launch Alliance (ULA), a joint venture between longtime government contractors Boeing and Lockheed Martin. Created in 2006, the company operates rockets previously under the control of the two companies, which included the Atlas V (Lockheed), Delta IV, and Delta IV Heavy (Boeing). As SpaceX’s impact was beginning to make itself felt, the company underwent restructuring in 2014 and vowed to slash launch costs. Now, with the veteran rockets facing retirement, that has not yet happened. Its new rocket, Vulcan, is slated to launch in late 2023 after facing delays to its upper stage and Blue Origin-made engines. Though the vehicle is not reusable, it can carry more than Falcon 9 with a projected launch cost of $110 million: not bad compared to the roughly $350 million for a Delta IV Heavy (which lifts about the same as Vulcan).

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Space Pioneer

The need for reusable rockets was also felt in China, where the young company Space Pioneer – with its Tianlong-2 rocket – recently became the first of the country’s privately funded endeavors to successfully reach orbit with a liquid-fueled rocket; Space Pioneer also became the first company in history to achieve this on its first attempt. With the first launch out of the way, the company can now focus on reusability, which it hopes to implement with its Tianlong-3 rocket. The vehicle has a striking similarity to the Falcon 9, with the first stage ‘returning autonomously’ before being reused.  

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Best Space Companies by Countries and Regions

European Companies

Europe is home to some of the biggest communications and telecommunications companies around, including SES, Eutelsat, Inmarsat, and Intelsat (though this is partially based in the US). It has also produced Airbus and Thales Alenia Space, who have contracted for a wide variety of space projects including the ISS and a slew of satellite systems. When it comes to launching, though, things are a little less peachy. Arianespace, a company created by the European Space Agency (ESA) and the French agency CNES in 1980, has ruled that particular landscape since its conception. Until SpaceX came around, it controlled up to 50% of the global launch market, and its Ariane rocket series had been a reliable workhorse of the industry.

However, CNES’s shares in the company were bought up by now-majority shareholders ArianeGroup (previously Airbus Safran Launchers) in the mid-2010s, who made bold changes to the company’s newest vehicle in order to offer competitive costs. The rocket has faced significant delays and has still not flown, resulting in a launch gap in the European landscape. Still, a few young companies such as Skyrora, Orbex, Rocket Factory Augsburg, and Isar Aerospace, specialize in small rockets tailored to launching satellites and are looking to fill this gap. 

See also: Top 6 Space Companies in Europe

US Space Companies

The US commercial space landscape… where to begin? The country has the most developed commercial space industry in the world, featuring both longtime government contractors like ULA (a joint venture between Lockheed Martin and Boeing) as well as newer players like SpaceX. The latter now controls a sizeable chunk of the modern launch market; in 2022, SpaceX alone accounted for about 33% of global launches and 70% of US launches. The country also hosts several up-and-coming launch companies such as Rocket Lab (founded in New Zealand but now registered in the US) and Firefly. Satellites are another vast area of focus impossible to wholly summarize here. A few examples are communications systems like those of Viasat, Echostar, and Starlink, and intelligence providers like Maxar, Planet, and Blacksky.

With such an industry (and infrastructure) in place, US governmental entities can pursue technological and geopolitical dominance in the space domain (at cheaper prices) while still fueling the economy and opening the door to even newer ventures. Some of these might include space tourism by the likes of Virgin Galactic, Blue Origin, and Axiom; the latter two, as well as newcomer Vast, boast plans for space stations that would host tourists, professional astronauts, and researchers alike. Many companies developing technology primed for space exploration that has little use on Earth – such as Astrobotic, AstroForge, and (partially) Blue Origin – are also based in the US thanks to the industry’s importance and advancements.

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• SpaceX vs Blue Origin – A Detailed Comparison in 2024

Chinese Space Companies 

With just 23 launches behind, China came hot on the heels of the US’s space dominance in 2022. The country’s launches consisted almost entirely of the Long March rocket series, which is operated by the state-owned China Aerospace Science and Technology Corporation (CASC). More recently, however, the first private launch companies have been claiming their stake in the Chinese launch market after the government opened the door to such ventures in 2014. Space Pioneer is one, as well as LandSpace, LinkSpace, OneSpace, Galactic Energy, and i-Space (not to be confused with the Japanese ispace, which focuses on lunar missions). Clearly paying attention to industry trends, many of these companies’ designs feature elements vital to the most efficient rockets of the day, such as the Falcon 9. Most of the companies mentioned are aiming for some kind of reusability (some even hope to land boosters), while LandSpace recently beat SpaceX with the first-ever orbital methalox rocket. Non-launching startups such as satellite manufacturers Spacety and Origin Space have also made significant strides in recent years. 

Indian Space Companies

India is also a relative newcomer when it comes to commercial space companies, as most of its cosmic activities have been instigated by the government. While the rockets operated by India’s agency ISRO (Indian Space Research Organisation), are relatively cheap and have often been used for commercial purposes, a reshuffling of the sector in 2020 allowed private players to join the race. With such a young industry, most of India’s space startups are still finding their feet – but that is not to say the field is stagnant. Rocket startup Skyroot successfully launched its first test vehicle – India’s first private spaceflight – in November 2022, aiming to eventually offer regular flights of its Vikram series of cheap, nonreusable micro launchers designed for rapid deployment. Competitor AgniKul’s vehicle is primed for customization, promising different configurations of the rocket depending on the payload and access to a plethora of launch sites. Outside the launch scenes, several satellite startups are also making headway. Hyperspectral satellite imagery provider Pixxel, for example, is living the startup dream, receiving investment from Google and garnering a contract from the US’s NRO (National Reconnaissance Office).

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Impact of Space Companies on Society and Industry

Privatization of areas previously handled almost exclusively by governments is nothing new, and its effects can be seen in the US’s various applications of the scheme. On one hand, it allows the government to spend less on its own programs, which (space-wise) are often politically sluggish and technologically low-risk as they cannot afford to fail. As seen with various military examples of outsourcing, the technique results in less government accountability, one way or another.

While this conundrum is prevalent in the space field, it also means that some of the best space companies can pursue riskier projects without facing the full brunt of political backlash. The service can then be bought by the government, which often pays far less than the cost of state-run development (a good example of this is SpaceX’s Falcon 9: a risky design that would have been near impossible for officials to sanction initially but is now the US government’s go-to). Conversely, as seen with programs such as NASA’s Artemis, outsourcing work to contractors creates jobs and economic growth even if the program itself moves relatively slowly. This highlights the fact that impressive industry numbers do not necessarily point to cosmic prowess. Still, other interests in space – geopolitical, scientific, and commercial – demand much innovation and enable new, even riskier ideas to join the party.

Future Space Industry Landscape

With the US’s surging commercialization of space transforming the landscape, other countries and regions are following suit. As a result, it is unlikely for the pattern to stop anytime soon. It is also hard to see how SpaceX’s hold on the industry could lessen – especially if its moonshot rocket Starship delivers on its promises – although it might face some competition from the likes of Rocket Lab (other startups like those from India and Europe might eventually join the club, but these are still in their relative infancy). Russia, a waning space heavyweight, sports a few space companies but ultimately missed the boat on large-scale commercialization and has now been sanctioned and isolated by much of the Western world. This means that many former customers of its cheap, reliable Soyuz rockets flock elsewhere (mostly the US), further lessening its role in the industry. China and its meteoric rise in both spaceflight and its commercialization is also likely to continue, even though the US’s extensive bans and restrictions on collaborations somewhat hold back goals of becoming an international space tech provider in the West. 

The competition between the US and China is part of the reason for the so-called modern space race, with one constantly set on one-upping the other in orbit and beyond. This is leading to increased militarization of space, which – predominantly in the US – commercial companies are helping to bring about. The prospect is harrowing, especially considering previous implications of outsourcing in international conflicts. However, it is clear to see how these ambitions reflect on the industry, with a variety of launch and satellite providers tailoring their services towards government and military use. 

In addition to orbit, though, both superpowers are gunning for their next prize: the moon. When (or if) this comes about, it could shape the future industry in the same way orbit’s geopolitical importance is molding the sector of today. Commercial sources of technologies such as mining, in-situ resource utilization, and deep space transportation are already being tapped by the US government, and a continuation of this pattern is likely if the space race evolves in this way. In turn, increased industry focus on (for example) lunar technology can incentivize other businesses to develop even more advanced technology and boost commercial opportunities. 

Picturing what exactly this will look like is further complicated by international space laws, which are currently vague and outdated. They hold so little sway that the US created its own set of (albeit nonbinding) rules known as the Artemis Accords, which have now been signed by 28 countries. These make elegant use of the gaps in the aged UN treaties, laying the groundwork for space mining and claims of sovereignty that stretch existing laws. In addition, collecting signatories to the Accords in exchange for participation in NASA’s Artemis program helps the US establish a bloc-like alliance that nations will be reluctant to leave, helping it establish new norms for space exploration and countering rival powers. Once large-scale exploration, colonization, and mining kick-off, such blatant legal discrepancies could lead to further conflicts not just between nations, but between companies, too. 

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Featured image: Credit: ispace

Virgin Orbit were so close. As their LauncherOne rocket hurtled through the dark skies over the North Atlantic on January 9th, carrying seven customer satellites, the historic mission seemed to be off to a great start. The first stage had separated effortlessly, and the payload was now being shot through the atmosphere by the second stage. However, the fun stopped there. As the rocket reached an altitude of 180 km, a fuel filter malfunction caused the engine to overheat and fail, and all that expensive payload went for a swim in the ocean. Customers were not happy, and neither were investors. Virgin Orbit’s operations soon ground to a screeching halt. Three months later, the company failed to secure funding and declared bankruptcy.

Virgin Orbit’s fall from grace is a tragic yet cautionary tale about the reality of the space industry. Despite the dizzying amounts of capital invested and the promising opportunities of launching satellites from Europe, it took one tiny filter to bring the company to its knees. The fact is, investing in space is not for the faint of heart. But is it even worthwhile?

State of the Space Market

Though horror stories like the above make for a feeble picture, the space industry in general is in relatively good health. It has seen some extreme growth over the past decade, with the total annual investment growing from US $300 million in 2012 to US $10 billion in 2021. This is largely due to a surge in technological development, specifically that of launches. Cracking reusability, which is SpaceX’s specialty, was a major factor in driving down launch prices, which in turn made it cheaper and easier for companies to send their payloads to orbit. Miniaturization of technology is also a contributor, paving the way for smaller, lighter satellites such as the standardized Cubesat, which are relatively affordable to design and launch. 

These developments open doors to newer and riskier industries, such as space mining and in-space manufacturing, that previously might have been unthinkable. The technological progress has also been revolutionizing existing fields, including the uses of satellites. They have countless functions, but governments particularly enjoy their communications and espionage talents, which are increasingly being developed by commercial actors. The latter, meanwhile, are finding trusted customers in governments and private clients alike.

That being said, 2022 was a not-so-great year for the industry. A 58% drop in overall investment stemmed from a rougher economic climate, as well as investors taking a more skeptical stance towards the unpredictable nature of space companies’ business models. Therefore, while some startups are now beginning to venture into the largely unknown territories of mining and manufacturing, the focus of the industry is likely to remain with satellites, whose tried-and-tested benefits are continuing to attract evergreen government customers.

Benefits of Investing in Space Exploration Stocks

Risky business: that about sums up investing in the space industry. As seen by the wild success of, for example, SpaceX, and the swift downfall of Virgin Orbit, it is defined by its high-risk, high-reward nature. When the risks pay off, the profits could be literally astronomical. The space industry could be worth US $1 trillion by 2040, with other estimates even suggesting this might be reached by 2030. 

Satellites, especially smallsats, are at the lower-risk end of the spectrum as their relevance in today’s world has already been proven. Their imaging and data collection can help scientists track natural disasters while allowing government agencies to peek at activity in faraway corners of the world. Companies like Starlink and OneWeb hope to provide near-global internet coverage, the opportunities of which are unlikely to go away anytime soon. Of course, technical elements such as launching and operations, present a significant risk, but even these are becoming increasingly reliable.

Speaking of launch, sending satellites and even humans to space is another lucrative branch of the sector. There is no space industry without launch, so while there is quite a lot that can and does go awry in rocket development, increased investment can allow companies to innovate at a higher rate. With more capital at their disposal, a launch company can afford to blow up a rocket or two for the sake of research and to learn how to avoid such pyrotechnics in the future. 

Because of the potentials of satellites and their commercial and governmental benefits, a whole swathe of companies, including Skyrora and Astra, are developing rockets just for their launch. But not only satellites can profit from increased launch investment. Human spaceflight programs, including exploratory missions and space tourism, as well as space mining missions and as-of-yet hypothetical research and manufacturing stations in orbit, can be aided by improved launch capabilities.

Significantly riskier ventures like mining and manufacturing are where private investment becomes vital. NASA and the US Department of Defense are currently the space sector’s biggest customers and while geopolitical interests may eventually drive them to invest more heavily in these experimental industries, they are not currently a priority. Mining startup Astroforge and manufacturing hopeful Space Forge, for example, secured most of their funding from private investors, with only a fraction of the capital, if any, hailing from governments. 

See also: What are the Economic Benefits of Space Exploration?

Space Industry Investing Risks

While investing in space can, in theory, be a lucrative move and bring about increased innovation in the industry, it comes with significant risks. Most obviously, things do not always go according to plan. In fact, for startups and companies developing novel technology, they rarely do. In some cases, no matter how much blood, sweat, tears, and investment is poured into an idea, the execution will go pear-shaped; Virgin Orbit is just one example.

Especially tough financial circumstances like those in 2022 result in the survival of the fittest, with companies of weaker or less immediately relevant business models floundering. In addition, while the US financial climate is tuned more towards high-risk ventures, space companies might find it much harder to take off in the European market, where the attitude is more conservative. In any case, a significant enough failure could emanate across the industry, scaring away investors and making it much harder for similar businesses to get off the ground.

The risky character of the industry means that it often takes a lot of time and money to get something working the way it should, let alone making money from the results. Not every investor is cut out for this, which space mining companies Deep Space Industries and Planetary Resources, found out the hard way. Both eventually succumbed to failed promises made to investors, who were disappointed that the still-nonexistent and highly tentative business of space mining did not make them money within a few years like the companies had said.

Even less ambitious projects face similar issues, although companies specializing in government-applicable systems are generally safer, since they do not rely solely on money-hungry investors. No matter how you cut it, though, technologies in the space industry are often explosive, sensitive, untested, and operate in the hostile environment of space, where no human can simply float along to fix them. To make money, every part of such a fickle system must work perfectly, and in terms of investment, it does not get much riskier than that.

What are the Current Space Exploration Go-to Stocks

Interestingly, many space companies are not publicly traded, and with good reason. Since such long-haul processes often are a marathon, not a sprint, and the companies are not looking to profit anytime soon, they are not exactly Wall Street friendly. As such, staying private helps companies focus their efforts towards the end goal, without the pressure to make money fast. This especially counts for companies specializing in newly emerging industries like mining and manufacturing. Still, some startups seek the help of crowdfunding platforms like Spaced Ventures to raise funds from everyday people.

While not every space company is public, those that are usually fall into the less risky category of providing services of direct interest to governmental activities. As mentioned, such business models are less likely to implode, since growing geopolitical tension will ensure a need for commercial contractors, at least in the US. This also counts for NASA contractors, though the agency’s budget is smaller than the US Space Force’s, and is stretched out to cover a much wider range of projects.

The usual suspects in terms of government contractors are Boeing, Lockheed Martin, and Northrop Grumman, who also provide a range of non-space defense services. Smaller ventures falling into this category are Maxar, Planet, and BlackSky, whose satellites specialize in beaming down Earth imagery from space and have already been contracted by the US government. Maxar is even developing a way of snapping pictures of neighboring objects in orbit. Publicly traded launch providers include Rocket Lab (who frequently launched government or contractor payloads, including BlackSky’s satellites), Astra (a fledgling satellite launch provider), and Virgin Galactic (whose long-awaited space tourism antics have not yet taken off). 

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Huge Space Partnerships

In addition to enticing private Venture Capital (VC) funds and going public, space companies can form partnerships with investment companies to essentially streamline the funding process, or bring about new ventures together. It is also a useful networking tool. Through a partnership, a VC can make use of the company’s industry insights and connections, which it can apply to its other investments. On the flipside, a larger company gains access to technology and startups the VC might be investing in, keeping them ahead of the game.

Though not as widespread in the space industry as in other areas, several such partnerships exist here, too. Boeing and AE Industrial Partners, for example, launched not one but two venture fund rounds designed around defense and aerospace startups. The US Space Force also has an agreement with VC firm Embedded Ventures for Research and Development (R&D) projects.

What the Future Holds for the Space Industry

Judging by the current standings of the industry, governmental needs will continue to shape it, however, what this will look like depends on several factors. First of all, if geopolitical competition expands to celestial bodies such as the moon, companies with according specialties might see a surge in popularity. The industry might subsequently bend in that direction, much like how the fledgling sector in the 1960s was largely focused towards a lunar landing.

Another factor is the orbital environment, and how drastically activities in it will be affected by the ever-increasing problem of space debris. The importance of satellites in global affairs is not likely to change anytime soon, and as human orbital activity grows with exploratory missions and space tourism, maintaining orbital safety will become even more vital. While several startups like Astroscale and Clearspace are planning methods of removing it, and entities like ESA and the UK Space Agency are backing preliminary missions, whether space sustainability will become an area of large-scale government focus will likely depend on the severity of the problem.

Conversely, the fate of completely new industries like mining or manufacturing are likely to be determined by the startups developing it. If their initial experimental missions are a success, investors might jump at the chance to get in on the ground floor of these novel businesses. Investments might also come from existing Earthly corporations, such as pharma giants hoping to use orbital manufacturing to step up their game. Therefore, it is likely that these end up serving a largely commercial purpose, and less dependent on government funding, unless political priorities change. 

Still, there is no guarantee for any of these industries to materialize. No matter how much of a slam dunk something may seem, the risky nature of the space industry means that if as much as a fuel filter fails, that idea might be done for. One thing, however, is certain about investing in the space industry: it is never boring.

For more market insights, check out our latest space industry news here.

Featured image: Removing the cover of the James Webb Space Telescope. Credit: Northrop Grumman