U.S. Space Tech

U.S. space tech is the commercial ‘New Space’ theme, a group of U.S.-listed companies that build and launch rockets, satellites, and spacecraft (the upstream segment) or sell services off satellites already in orbit (the downstream segment). It spans launch, lunar landers, Earth imaging, and direct-to-cell connectivity, and rides a space economy projected to triple by 2035.

CategoryThematic / Space economy
Representative companies10
Related ETFTIGER US Space Tech ETF (0183J0)
Last updated2026-06-04
Key takeaways
  • U.S. space tech is the commercial 'New Space' theme: U.S.-listed companies that build and launch space hardware (upstream) or sell services off satellites already in orbit (downstream).
  • The global space economy reached about $613 billion in 2024 and is projected to roughly triple to $1.8 trillion by 2035, averaging around 9% annual growth, faster than global GDP.
  • Launch cadence is exploding: 4,510 objects were launched into space in 2025, up from 2,903 in 2023, the prior record.
  • Upstream leaders include Rocket Lab, Intuitive Machines, Redwire, Firefly, and Karman; downstream leaders include AST SpaceMobile, Planet Labs, Globalstar, and EchoStar.
  • The Akros U.S. Space Tech Index is tracked by the TIGER US Space Tech ETF, a Korea-listed fund from Mirae Asset.

What is U.S. space tech investing?

For decades space meant a handful of government primes and slow, expensive programs. Reusable rockets and cheaper launch changed that, and a wave of commercial companies, the so-called New Space firms, now do the work that agencies once monopolized. U.S. space tech as an investment theme is the basket of those U.S.-listed pure-plays. They split cleanly into two halves: upstream space, which designs and launches the hardware, and downstream space, which sells services off satellites already flying. The global space economy reached about $613 billion in 2024, growing 7.8% year-over-year, with the commercial sector now roughly 78% of the total (Space Foundation).

Why is the space economy growing?

The case rests on scale and cadence. A World Economic Forum and McKinsey study projects the space economy will roughly triple from $630 billion in 2023 to $1.8 trillion by 2035, averaging close to 9% a year, almost twice the pace of global GDP, and rivaling the reach of the semiconductor industry (World Economic Forum). The activity is already visible overhead: 4,510 objects were launched into space in 2025, well above the prior record of 2,903 set in 2023 (Yale Environment 360).

Space technologies are delivering greater value to a more diverse set of stakeholders than ever before, including in industries as varied as food and beverage, retail, consumer goods and lifestyle, supply chain and transportation, and even climate disaster mitigation.

— Sebastian Buckup, World Economic Forum (WEF)

What is the difference between upstream and downstream space?

Upstream space is the capital-heavy side: rockets, satellite buses, spacecraft, propulsion, and components. It led the broader space-economy market with about a 31.2% share in 2025, driven by manufacturing and launch (Global Market Insights). Downstream space is the recurring-revenue side: communications, navigation, Earth observation, and the new direct-to-cell category. The theme deliberately holds both, pairing the firms that put assets in orbit with the firms that earn money from them once they are there.

What are the key end markets?

Three demand pulls anchor the theme. Government lunar work is one: NASA’s Commercial Lunar Payload Services program hires private landers to carry science to the Moon, and in 2025 Firefly Aerospace became the first commercial company to fully soft-land on the lunar surface under a roughly $93 million CLPS task order (Firefly Aerospace). Launch is another: Rocket Lab flew a company-record 21 Electron missions in 2025 (Via Satellite). Direct-to-device is the newest: AST SpaceMobile connects ordinary phones to satellites and holds commercial deals with more than 50 mobile operators reaching nearly 3 billion subscribers (AST SpaceMobile).

Who should consider it?

This theme fits a growth-tilted investor who wants the commercial space build-out as a basket rather than a single-mission bet, and who can sit through volatility. The macro pull is real: the Space Foundation puts the global space economy at about $613 billion in 2024, growing 7.8% year-over-year, with the commercial sector now roughly 78% of the total (Space Foundation). A World Economic Forum and McKinsey study projects it will roughly triple to $1.8 trillion by 2035 from $630 billion in 2023, averaging close to 9% a year, faster than global GDP (World Economic Forum). The basket spans both halves, from launch and lunar landers to direct-to-cell, where AST SpaceMobile alone holds commercial deals with more than 50 mobile operators reaching nearly 3 billion subscribers (AST SpaceMobile).

On sizing, this is a small thematic or growth satellite to rebalance, not a core holding. Most names are young, capital-hungry, and priced on milestones rather than profits, so a single slip can erase a thesis: Intuitive Machines’ 2025 Athena lander tipped over and lost power early (NASA). The investable universe is small and weights are concentrated, and many of these pre-profit companies raise capital often, diluting early holders when programs slip. It is the wrong fit for anyone who needs income or capital preservation, cannot tolerate deep, sudden drawdowns, or is buying on headlines, since the prices already discount years of flawless execution.

Which companies lead U.S. space tech?

CompanySectorWhat it does
Rocket Lab (RKLB) Space · Launch & Spacecraft (upstream) Operates the Electron small-launch rocket and a Space Systems arm that builds satellites and spacecraft components; flew a record 21 launches in 2025 and is developing the larger Neutron rocket.
Intuitive Machines (LUNR) Space · Lunar Landers & Services (upstream) Builds Nova-C lunar landers and lunar data services under NASA's Commercial Lunar Payload Services program; landed the Athena spacecraft near the Moon's south pole in 2025.
Redwire (RDW) Space · Infrastructure (upstream) Supplies space infrastructure such as solar arrays, structures, and in-space manufacturing for government and commercial customers across its Space and Defense Tech segments.
AST SpaceMobile (ASTS) Space · Direct-to-Cell Satellite (downstream) Designs and deploys the BlueBird constellation of large low-Earth-orbit satellites that connect directly to unmodified smartphones, partnered with AT&T and Verizon.
Planet Labs (PL) Space · Earth Observation (downstream) Operates one of the largest fleets of imaging satellites and sells high-cadence geospatial data and analytics to government and commercial customers through an online platform.
Globalstar (GSAT) Space · Mobile Satellite Services (downstream) Provides mobile satellite voice and data services and wholesale satellite capacity, including connectivity that supports direct-to-device features for large technology partners.
EchoStar (SATS) Space · Satellite Communications (downstream) Provides satellite communications, pay-TV, and wireless connectivity across multiple continents, with spectrum holdings and satellite infrastructure spanning consumer and enterprise markets.
Firefly Aerospace (FLY) Space · Launch & Lunar (upstream) Develops launch vehicles and the Blue Ghost lunar lander; in 2025 became the first commercial company to achieve a fully successful soft landing on the Moon under NASA CLPS.
Voyager Technologies (VOYG) Space · Defense & Space Stations (upstream) Operates defense and space solutions and is developing the Starlab commercial space station intended to serve as a successor platform to the International Space Station.
Karman Holdings (KRMN) Space · Components & Propulsion (upstream) Designs and manufactures mission-critical systems for rockets and missiles, including payload protection and deployment systems, interstage structures, and propulsion components.

What are the risks?

Space tech is one of the higher-risk corners of the market. Most names are young, capital-hungry, and priced on milestones rather than profits.

  • Execution and mission risk. A single failed launch or landing can erase a thesis. Intuitive Machines’ 2025 Athena lander tipped over and lost power early (NASA).
  • Government dependence. Many revenues lean on NASA, defense, and civil budgets that can shift with policy and appropriations.
  • Dilution and cash burn. Pre-profit companies raise capital often, and early holders can be diluted as programs slip.
  • Valuation and concentration. The investable universe is small, weights are concentrated, and prices often discount years of flawless execution.

Related concepts, securities & terms

Related indices & ETFs

Frequently asked questions about U.S. space tech

What is space tech investing?

Space tech investing means owning the companies of the commercial 'New Space' economy: U.S.-listed firms that build and launch rockets, satellites, and spacecraft (upstream), or that sell services off satellites already in orbit such as communications, navigation, and Earth observation (downstream). The global space economy reached about $613 billion in 2024 (Space Foundation) and is projected to reach $1.8 trillion by 2035 (World Economic Forum).

What is the difference between upstream and downstream space?

Upstream space designs, builds, and launches the hardware: rockets, satellites, and spacecraft. Downstream space uses the signals and data those assets produce to deliver services like communications, navigation, and Earth observation. Upstream led the space-economy market with about a 31.2% share in 2025 (Global Market Insights), while downstream commercial services drive most recurring revenue.

Which space stocks are publicly traded?

U.S.-listed space pure-plays include Rocket Lab (RKLB), Intuitive Machines (LUNR), Redwire (RDW), AST SpaceMobile (ASTS), Planet Labs (PL), Globalstar (GSAT), EchoStar (SATS), Firefly Aerospace (FLY), Voyager Technologies (VOYG), and Karman (KRMN). The business is showing up in results: Rocket Lab reported record 2025 revenue of about $602 million, up 38% year-over-year (Via Satellite).

How big is the space economy?

The global space economy reached about $613 billion in 2024, growing 7.8% year-over-year, with the commercial sector making up roughly 78% (Space Foundation). A World Economic Forum and McKinsey study projects it will roughly triple to $1.8 trillion by 2035, averaging about 9% annual growth, faster than global GDP, from $630 billion in 2023 (World Economic Forum).

What are the risks of space stocks?

Most are early-stage, pre-profit, and high-beta, exposed to launch failures, slipping timelines, dilution, and dependence on government budgets and a few anchor contracts. Intuitive Machines' 2025 Athena mission, for example, tipped over on landing and lost power early (NASA). Valuations often price in years of execution, leaving little margin for disappointment.

Is there a space ETF?

Yes. The Akros U.S. Space Tech Index is tracked by the TIGER US Space Tech ETF, a Korea-listed fund from Mirae Asset, which holds U.S.-listed upstream and downstream space companies (Mirae Asset TIGER). U.S.-listed thematic space ETFs also exist. Always check fees, holdings, and concentration before investing.

How much of a portfolio should go into space stocks?

Keep it a small, rebalanced satellite, because most names are pre-profit and priced on milestones, so a single setback can erase a thesis: Intuitive Machines' 2025 Athena lander tipped over and lost power early (NASA). A long-horizon DIY investor who can sit through deep, sudden drawdowns usually caps the sleeve in the low single digits, leaning on the structural pull of a space economy projected to roughly triple to $1.8 trillion by 2035 (World Economic Forum) rather than on any one launch.

Are space stocks appropriate for a conservative or income investor?

No. The group is early-stage, high-beta, and largely pre-profit, with value hinging on milestones, government budgets, and a few anchor contracts, and dilution is common as programs slip. Even the strongest name shows the cyclicality: Rocket Lab posted record 2025 revenue of about $602 million, up 38%, yet pushed its larger Neutron rocket to late 2026 (Via Satellite). An investor who needs income or capital preservation should look elsewhere, since prices already discount years of flawless execution.

How does an institutional allocator manage concentration in a space sleeve?

As a small thematic-growth slice inside an aerospace, defense, or frontier-tech allocation, because the investable universe is narrow and weights cluster in a few pure-plays, so single-name liquidity and overlap with defense funds need active management. The structural thesis is durable, with the commercial sector now roughly 78% of a $613 billion space economy that grew 7.8% in 2024 (Space Foundation), but allocators size for high beta, single-mission risk, and government-budget sensitivity rather than treating it as a core mandate.

Sources & references

  1. Space: The $1.8 Trillion Opportunity for Global Economic Growth · World Economic Forum, 2024-04-08
  2. Space Economy Set to Triple to $1.8 Trillion by 2035, New Research Reveals · World Economic Forum, 2024-04-08
  3. The Space Report 2025 Q2: Record $613 Billion Global Space Economy for 2024 · Space Foundation, 2025-07-22
  4. Record Number of Objects Launched Into Space Last Year · Yale Environment 360, 2026-01-01
  5. Rocket Lab Hits Record Revenue in '25, But Delays Neutron to Late '26 · Via Satellite, 2026-02-27
  6. NASA Selects Intuitive Machines to Deliver Artemis Science, Tech to Moon · NASA, 2025-01-01
  7. Firefly Aerospace Becomes First Commercial Company to Successfully Land on the Moon · Firefly Aerospace, 2025-03-02
  8. AST SpaceMobile Quarterly Results (Form 8-K Exhibit 99.1) · AST SpaceMobile / SEC, 2025-08-11
  9. Space Economy Market Size, Share, Trends, Analysis 2026-2035 · Global Market Insights, 2026-01-01
  10. MiraeAsset TIGER US Space Tech ETF (0183J0) · Mirae Asset, 2026-04-10