The global space economy reached $630 billion in 2025, projected to $1.8 trillion by 2035. Two events are repricing it now: SpaceX's S-1 targets a June listing at $1.75-2.0 trillion, and the FCC lifted a spectrum cap that had constrained LEO broadband by 7x.
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Global military spending reached $2.89 trillion in 2025. The U.S. FY2027 defense budget calls for $1.5 trillion.
Rocket Lab's vertical integration won the $816M SDA contract. Selling rockets is low-margin; owning the full stack is not.
China quadrupled its satellites since 2019. Congress earmarked $25 billion for Golden Dome. The DoD now demands 24-hour responsive launch capability.
Fewer than 15 countries had sovereign space programs five years ago; today there are over 60. Planet Labs booked $600M in sovereign wins last year.
The Space Force wants high-cadence mass production. Lockheed carries $3.3 billion in classified reach-forward losses. These organizations were not designed for this market.
Constellation CapEx cycles repeat every 5-7 years. The market is now pricing manufacturing scale and balance sheet runway, not DCF projections.
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40 pages. 19 companies. Engineering physics connected to financial outcomes.
The global space economy reached $630 billion in 2025, projected to $1.8 trillion by 2035. Two events are repricing it now: SpaceX's S-1 targets a June listing at $1.75-2.0 trillion, and the FCC lifted a spectrum cap that had constrained LEO broadband by 7x.
---
Global military spending reached $2.89 trillion in 2025. The U.S. FY2027 defense budget calls for $1.5 trillion.
Rocket Lab's vertical integration won the $816M SDA contract. Selling rockets is low-margin; owning the full stack is not.
China quadrupled its satellites since 2019. Congress earmarked $25 billion for Golden Dome. The DoD now demands 24-hour responsive launch capability.
Fewer than 15 countries had sovereign space programs five years ago; today there are over 60. Planet Labs booked $600M in sovereign wins last year.
The Space Force wants high-cadence mass production. Lockheed carries $3.3 billion in classified reach-forward losses. These organizations were not designed for this market.
Constellation CapEx cycles repeat every 5-7 years. The market is now pricing manufacturing scale and balance sheet runway, not DCF projections.
---
40 pages. 19 companies. Engineering physics connected to financial outcomes.
The global space economy reached $630 billion in 2025, projected to $1.8 trillion by 2035. Two events are repricing it now: SpaceX's S-1 targets a June listing at $1.75-2.0 trillion, and the FCC lifted a spectrum cap that had constrained LEO broadband by 7x.
---
Global military spending reached $2.89 trillion in 2025. The U.S. FY2027 defense budget calls for $1.5 trillion.
Rocket Lab's vertical integration won the $816M SDA contract. Selling rockets is low-margin; owning the full stack is not.
China quadrupled its satellites since 2019. Congress earmarked $25 billion for Golden Dome. The DoD now demands 24-hour responsive launch capability.
Fewer than 15 countries had sovereign space programs five years ago; today there are over 60. Planet Labs booked $600M in sovereign wins last year.
The Space Force wants high-cadence mass production. Lockheed carries $3.3 billion in classified reach-forward losses. These organizations were not designed for this market.
Constellation CapEx cycles repeat every 5-7 years. The market is now pricing manufacturing scale and balance sheet runway, not DCF projections.
---
40 pages. 19 companies. Engineering physics connected to financial outcomes.
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