Space Economics

Global Space Economy

Space Foundation: $613B in 2024 and $686B in 2025. WEF and McKinsey (April 2024) project about $1.8T by 2035, with most growth in space-enabled data.

Commercial vs Government

2025 commercial activity was $544B (79%). Government space budgets across 53 countries were about $141B. US government space spending was $78.3B.

Where Commercial Space Revenue Actually Is

GNSS devices and services were $420B of the $544B commercial total in 2025. Most of those dollars are chips in phones and cars, not rocket companies.

NASA Budget Authority

FY2024 $24.9B and FY2025 $24.8B enacted. The FY2026 request was $18.8B. NASA's July 2026 spending plan under P.L. 119-74 is $24.4B.

Public Space Pure-Play Revenue (FY2025)

FY2025 revenue for the publicly traded space pure-plays, colored by segment. Iridium still leads. SpaceX and Blue Origin are excluded.

Disclosed Backlog

Latest company-disclosed remaining contracted work. Definitions are not identical across issuers. Rocket Lab $1.85B at year-end 2025.

Rocket Lab: Launch vs Space Systems

Space Systems is already the larger half of Rocket Lab revenue. FY2025 total $602M, up 38%. Backlog $1.85B.

Iridium Total Revenue

The mature satellite-communications operator on the roster. $872M in 2025, up 5% from $831M.

Iridium Revenue Mix

Service is the recurring core. Equipment has been shrinking. Engineering and support (including government) is the fast-growing third leg.
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Space Economics: Market Data | Sterling