The Second Space Age: How Markets, Technology, and Power Are Reshaping the Final Frontier

Throughout the 20th century, space infrastructure was funded and built almost entirely by governments, as space exploration served national prestige, scientific ambition, and military competition.

In recent decades, the economics of reaching space have fundamentally shifted—the cost of sending payloads into orbit has plummeted due to a combination of reusable launch systems, smaller satellites, advances in computing, and modern manufacturing techniques.

Today, private-sector companies now build the infrastructure once exclusive to government programs, and capital markets provide the critical funding for space exploration and commercialization.

Going forward, space is poised to become a key pillar of the new industrial economy. And as the economic frontier of space extends, so will competition for orbital access, launch capacity, and space-based services is likely to intensify. In turn, space is expected to become more strategically important to national security, providing another arena for geopolitical competition.

Learn more about the trajectory and opportunities of the emerging orbital economy in our latest report.