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.
$544.3B
2025 commercial space
- GNSS devices and services77%
- All other commercial space23%
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.