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SPACEFOUNDATION

THESTATEOFTHE

GLOBAL

SPACE

ECONOMY

2026AnalysisofCommercialandGovernmentSpace|2026MidyearLaunchReport

THESTATEOFTHE

GLOBAL

SPACE

ECONOMY

SPACEFOUNDATION

TABLEOFCONTENTS

SpaceEconomyHitsDouble-DigitGainFortheSecondTimeThisDecade 1

CommercialSpaceRevenueRises13%from2024 3

AsNationsArm,SpaceDefenseBudgetsCouldTopS150BWorldwideinFY27 25

GovernmentSpaceBudgetsIncreaseto$141Billion 37

EmergingTechnologiesBoostSpaceCapabilities,Investments 46

AtMidyear,2026onTrackForRecordOrbitalLaunchPac 55

Endnotes ……………60

SPACEFOUNDATION

SpaceEconomyHitsDouble-DigitGainFortheSecondTimeThisDecade

Theglobalspaceeconomyclimbed12%year-over-yeartoreach$686billionin2025,drivenbyrobustcommercialgrowth,expandingspace-enabledconsumerservicesanddeeper

internationalgovernmentspendingforcivilprogramsandnationaldefense.

Theannualgainistheseconddouble-digitjumpinthepastdecade,trailing2021when

stronginvestmentduringthepost-pandemicrecoveryresultedina15.5%annualgain.The

2025growthrateisthefourth-highestsince2006,whenSpaceFoundationfirstreleaseditsannualglobaleconomicanalysis.Thecompoundannualgrowthrate(CAGR),whichgaugesannualizedrateofbusinessgrowthandinvestment,grewmorethan2%fromthepriorfive-yearCAGRonthestrengthof2025performance,reaching9.8%.

GlobalSpaceActivity,2005-2025

USDbillions

$686B

$700

$600

$500

$400

$300

$344B

$200

$177B

20082009

■CommercialInfrastructureandSupportIndustries

20132014

an1e5rvic1No-0U1.Gmet01pac0dg2US2rn

20242025

SpaceBudgets

■CommercialSpaceProducts

Source:SpaceFoundationdatabase

U.S.governmentfunding,at$78.3billion,was57%ofoverallgovernmentspendinglastyear.Historically,U.S.fundingforentrepreneurs,inconcertwithprivate

capital,createdasynergythatbroughtnewcapabilitiesforwardfaster,

saidKevinO'Connell,CEOandfounderofSpaceEconomyRisinganda

formerdirctoroftheOfficeofSpaceCommerce.Thatfundingframework,

combinedwithlowerlaunchcostsallowingfasteraccesstospace,isbenefitting

fromagrowingrealizationthatspacecanbeaboutmorethanexploration,said

O'Connell,whoisalsoaSpaceFoundationboardmember.KevinO'Connell

1ISPACEFOUNDATION|GlobalSpaceEconomyReport

“Werecognizethere'senormouseconomicandsocialvaluethatwillbecreatedbyleveragingspace,"hesaid."Ithinkthat'scriticalatthisparticularpointintime,thecombinationof

governmentfundingandstrategyand(really)privatecapitalfuelinginnovationinthemarket.

CommercialSectorsOldandNewAccelerateGrowth

GlobalSpaceActivitybyCategory,2025

$686B

+12%

$63B

$386B

$158.3B

$78.3B

■CommercialInfrastructureandSupportIndustries

■CommercialSpaceProductsandServices

■Non-U.S.GovernmentSpaceBudgets

■U.S.GovernmentSpaceBudgets

Roundedfrom$685.6

Source:SpaceFoundationdatabase

Commercialactivityin2025surpassed$544.3billion,a13%increasefromaslightlyrevised$481.5billionin2024.Commercialsectorsin2025accountedfor79%oftheglobalspace

economy.Revenuefromthetwotopsectors-Positioning,NavigationandTiming(PNT)andGroundStationsandEquipment-generatedacombined$419.8billion.Somenewersectors,suchasIn-SpaceServicing,Assemblyand

Manufacturing,andLunarActivities,addedtotheanalysisthisyear,showedpromisinggainsof23%and43%.Thesesectorsare

experiencingdynamicchange,saysCarissaChristensen,CEOofBryceTechandSpaceFoundationboardmember.

“We’reinanextraordinarytimeinthinkingaboutthecislunareconomyright

now,"shesaid.“"We

havegovernments

aroundtheworld

spendingmoneyto

CarissaChristensen

developmissionsandsupportactivitiesonthe

Moon.Thatincreaseinactivityandthoseplanswithinternationalpartnersarereallygoingtoreshapehowwethinkofthecislunareconomy."

ANewPriorityforGovernmentSpaceSpending

Governmentfundingasadriverofspaceinnovationisshowinggrowthinto2026budgets.In2025,53globalgovernmentspacebudgetsaddedalmost$10billionfrom2024,growing7.4%

tonearly$141billion.Ofthe43FY26budgetsavailable,spendingincreased11.8%annually.Nationaldefenseisagrowingpriority.

"Aroundtheworld,defensebudgetshaveincreasedsignificantly.And

spacehasbecomeaneverlarger,andprominent,componentofthoseexpandingmilitarybudgets,"saidPeterBeshar,formergeneralcounseltotheAirForceandSpaceForceandaSpaceFoundationboard

member.

PeterBeshar

Comprehensivereportsonkeyeconomicsectorsandemergingtechnologiesbeginonthefollowingpages.

2ISPACEFOUNDATIONIGlobalSpaceEconomyReport

3|SPACEFOUNDATIONIGlobalSpaceEconomyReport

SPACEFOUNDATION

CommercialSpaceRevenueRises13%from2024

Theglobalcommercialspaceindustrygeneratedanestimated$544.3billioninrevenuein2025,anincreaseof13%fromaslightlyrevised$481.5billionin2024.

Devicesalesandvalue-addedservicesenabledbyglobalnavigationsatellitesystems(GNSS),generatedacombined$419.8billioninrevenue,morethanthree-quartersofthecommercialmarket.

Theindustry'sinfrastructuresegmentsexperiencedparticularlyrapidgrowthin2025.

Commercialsatellitemanufacturingrevenuesincreased67.2%,whilecommerciallaunch

revenuesgrew49.4%,reflectingthecontinuedexpansionoflargesatelliteconstellationsandtherecordnumberofspacecraftdeployedduringtheyear.

Andinanodtoagrowingareaofbusiness,SpaceFoundationthisyearhasaddedanew

commercialsector,LunarActivities,tocapturerelatedrevenuegrowth.Thisbringsthenumberofsubsectorsinthecommercialanalysisto13.

CommercialSpaceProductsandServices

Muchoftheeconomicvaluegeneratedbythecommercialspaceindustryiscreatednot

byactivitiesinspace,butbytheproductsandservicesonEarththatrelyonsatellitesand

otherspace-basedinfrastructure.Thesesatellite-enabledproductsandservicesaccountedfor70.9%ofcommercialspacerevenuein2025,generatinganestimated$385.9billion,

anincreaseof11.7%from$345.5billionin2024.Inmanycases,consumersandbusinesses

areunawarethatspacesystemssupporttheproductsandservicestheyuseeveryday.

Satellitedatahelpinsurersassessdisasterdamage,enableprecisionagriculture,support

globalshippingandaviation,providelocationandnavigationservicesforsmartphones

andvehicles,anddelivertelevision,broadband,andothercommunicationsservices.As

satellitecapabilitiescontinuetoimproveandbecomemoredeeplyintegratedintotheglobaleconomy,downstreamproductsandservicesremainthelargestandfastest-growingsourceofcommercialspacerevenue.

CommercialSpaceProductsandServices,2025

Category

2025Revenue(USSB)

YoYChangeSource

Position,Navigation,andTiming

$279.9

18.3%EuropeanUnionAgencyfortheSpaceProgramme

Direct-to-HomeTelevision

$66.4

-8.2%SatelliteIndustryAssociation;PublicFilings

SatelliteCommunications

$28.4

9.5%SatelliteIndustryAssociation;PublicFilings

SatelliteRadio

$6.4

-2.1%PublicFilings

EarthObservation

$4.3

17.4%EuropeanUnionAgencyfortheSpaceProgramme

LunarActivities

$0.36

23.2%PublicFilings

Total

$385.9

12%

4|SPACEFOUNDATIONIGlobalSpaceEconomyReport

NewSatellitesEnlargePositioning,Navigation,andTimingMarket

Positioning,navigation,andtiming(PNT)servicesrepresentthelargestsourceofcommercialrevenueintheglobalspaceeconomy.WhilerevenuesfromGNSSreceiversareincludedintheGroundStationsandEquipmentsection,themuchlargereconomicimpactcomesfromthe

software,dataproducts,andservicesthatrelyonthosereceivers.Theseincludenavigationandmappingapplications,fleetmanagementsystems,precisionagriculture,drone

operations,location-basedadvertising,financialtimingservices,andcountlesssmartphoneapplicationsthatdependonsatellitepositioning.

AccordingtotheEuropeanUnionAgencyfortheSpaceProgramme(EUSPA),satellite-

enabledPNTservicesgeneratedanestimated$279.9billioninrevenuein2025,anincrease

of18.3%from$236.6billionin2024.Consumerapplications-particularlysmartphone-

basednavigation,mapping,andlocation-basedservices-remainthelargestsourceof

revenue.Automotiveapplicationsalsocontributesubstantiallythroughin-vehiclenavigation

systems,mappingsoftware,andconnectedvehicleservices.Asvehiclesbecomeincreasinglyautomatedandconnected,EUSPAexpectsthissegmenttobecomeanevenmoreimportantdriveroffuturegrowth.Althoughtheyaccountforasmallershareoftotalrevenue,sectors

suchasaviation,maritimetransportation,precisionagriculture,surveying,logistics,and

electricpowerdistributionalsorelyheavilyonsatellitepositioningandprecisetimingservices.²

Nearlyallcommercialrevenuesinthissectorhavebeengeneratedfromvalue-addedservicesbuiltonfreelyavailablesignalstransmittedbygovernment-operatednavigationsatellite

systems,includingtheUnitedStates'GlobalPositioningSystem(GPS),Europe'sGalileo,China'sBeiDou,andRussia'sGLONASS.Agrowingnumberofcompanies,however,areseekingto

commercializepositioningandtimingservicesbydeployingtheirownconstellations.RatherthanoperatinginmediumEarthorbitliketraditionalnavigationsystems,thesecompaniesplantouselowEarthorbit(LEO)constellationstoprovidestrongersignalsthataremore

resistanttointerferenceandjammingwhileenablinghigherpositioningaccuracyforcertainapplications.

AmongthemostprominentcompaniespursuingthisapproachareXonaandTrustPoint.

XonalauncheditsfirstdemonstrationsatelliteinJune2025andhasapproximatelyadozencommercialandgovernmentpartnerstestingitssignals.Thecompanyultimatelyplansto

deployaconstellationof258satellitestargetingcustomersintelecommunications,financialservices,autonomoussystems,anddefensethatrequireresilient,high-precisiontimingandnavigationservices.3TrustPointhasdeployedthreedemonstrationsatellitesandplansto

developaconstellationofapproximately300spacecraft.ThecompanyhasdemonstratedGPS-independentnavigationforsatellitesoperatinginlowEarthorbitand,inMay2026,

receiveda$4millioncontractfromtheU.S.SpaceForcetodemonstrateresilientpositioning,navigation,andtimingservicesacrossgroundandspacesystems.4

AlthoughcommercialLEOnavigationconstellationsremainintheearlystagesof

development,theyillustrateanimportantevolutioninthesatellitenavigationmarket.Ratherthansimplybuildingapplicationsthatrelyongovernment-providedsignals,companiesarebeginningtodevelopcommercialnavigationinfrastructuredesignedtoaugment,orinsomeapplicationsprovideanalternativefor,traditionalGNSSsystems.Asdemandforresilient

navigationandprecisetimingcontinuestogrowacrosscommercial,financial,anddefenseapplications,theseemergingconstellationscouldcreateanentirelynewsegmentofthe

commercialspaceeconomyoverthecomingdecade.

SPACEFOUNDATION

ThefinalLockheedMartinGPSIsatellitewaslaunchedbytheSpaceForceinApril.TheU.S.GPSconstellationhas32activesatellitesinorbit.

Credit:SpaceForce

5|SPACEFOUNDATION|GlobalSpaceEconomyReport

6|SPACEFOUNDATION|GlobalSpaceEconomyReport

Direct-to-HomeTelevisionandSatelliteRadioSlump

Direct-to-home(DTH)televisionandsatelliteradiowereamongtheearliestlarge-scale

commercialapplicationsofsatellitetechnologyandcontinuetogeneratesignificantrevenues.However,bothmarketshaveexperiencedagraduallong-termdeclineasconsumers

increasinglyshiftfromtraditionalbroadcastservicestointernet-basedstreamingplatforms.Althoughsatellitebroadcastingremainsparticularlyimportantinruralandunderservedareaswhereterrestrialbroadbandinfrastructureislimited,changingconsumerpreferencesand

expandingbroadbandavailabilitycontinuetoreducedemandinmanymaturemarkets.

AccordingtotheSatelliteIndustryAssociation,direct-to-hometelevisionservicesgenerated$66.4billioninrevenuein2025,adeclineof8.2%from$72.4billionin2024.5Thisdecreasereflectsalong-termtrendawayfromtraditionalsubscriptiontelevision.A2025survey

conductedbythePewResearchCenterfoundthat83%ofU.S.adultsusestreamingservices,whileonly36%subscribetocableorsatellitetelevision,although28%reportedusingboth.6WhilesubscriberlosseshavebeenmostpronouncedinNorthAmericaandWesternEurope,satellitetelevisioncontinuestoplayanimportantroleinmanypartsofAsia,Africa,Latin

America,andtheMiddleEast,wheresatellitedistributionremainsoneofthemostcost-effectivemeansofdeliveringtelevisionprogrammingoverlargegeographicareas.

Thechangingtelevisionmarkethaspromptedsatelliteoperatorstodiversifybeyond

traditionalbroadcasting.InJuly2025,SEScompleteditsacquisitionofIntelsat,creatingone

oftheworld'slargestmulti-orbitsatelliteoperatorswithanexpandedfocusonbroadband

connectivity,governmentcommunications,mobilityservices,andenterprisenetworking.Thetransactionreflectsabroaderindustrytrendinwhichsatelliteoperatorsarerepositioning

themselvesasprovidersofintegratedconnectivityservicesratherthanprimarilytelevision

broadcasters.ThemarketalsocontinuedtoconsolidateasDishDBSfiledforbankruptcy

protectioninJune2026butannouncedplanstocontinueoperationswhilerestructuring,

highlightingthefinancialpressuresfacingtraditionalsatellitetelevisionprovidersassubscriberbasescontinuetoshrink.8

Satelliteradioremainedcomparativelystabledespitemodestrevenuedeclines.SiriusXM

generated$6.4billioninrevenuein2025,adecreaseof2.1%from$6.6billionin2024.⁹Despitelowerrevenues,thecompanycontinuedinvestinginitssatelliteinfrastructure,launchingthe

SXM-11satellitein2026aspartofitsongoingconstellationmodernizationprogram.0Theseinvestmentsreflectthelongoperationallifetimesofsatellitebroadcastingsystemsandthecompany'sexpectationthatsatelliteradiowillcontinueservingadedicatedsubscriberbaseforyearstocome.

Althoughbroadcastsatelliteservicesnolongerrepresenttheprimaryengineofgrowthforthecommercialspaceindustry,theyremainanimportantcomponentofthesector.Theirgradualdeclinealsoillustratesabroadertransitionwithinthesatelliteeconomy,ascommercial

revenuesincreasinglyshiftfromone-waybroadcastingservicestowardinteractivebroadbandcommunications,satellite-enableddigitalservices,andotherdata-intensiveapplications.

SatelliteCommunicationsSectorSees9.5%Boost

Whilebroadcastsatellitesprimarilytransmitinformationinonedirectiontolargenumbersofusers,communicationssatellitesenabletwo-wayvoice,data,andinternetconnectivity.Thesesystemssupportbroadbandinternetaccessforhomesandbusinesses,enterprisenetworking,aviationandmaritimeconnectivity,governmentcommunications,andanincreasingrange

ofmobileapplications.Commercialsatellitecommunicationsgeneratedanestimated$28.4billioninrevenuein2025,anincreaseof9.5%from$25.9billionin2024.

Satellitebroadbandcontinuedtobetheprimarydriverofgrowthinthismarket.SpaceX's

StarlinkandEutelsatOneWebremainedtheleadingprovidersoflowEarthorbitbroadbandservices,althoughtheytargetdifferentcustomersegments.Starlinkcontinuedexpanding

itsconsumerandenterpriseofferings,reportingmorethan9millioncustomersacross155

countriesbytheendof2025."OneWebfocusedprimarilyonenterprise,aviation,maritime,andgovernmentcustomers,wheredemandforsecureandresilientconnectivitycontinued

togrow.¹2CompetitionisexpectedtoincreaseasAmazonLeobeginscommercialservice

in2026.LikeStarlink,AmazonLeoplanstoserveenterpriseandconsumermarkets.³

Meanwhile,China'sThousandSailsandGuowangconstellationscontinuedrapiddeploymentduring2025,layingthefoundationforfuturebroadbandservices.14

Anotherimportanttrendduring2025wastheemergenceofmulti-orbitcommunications

networks.Ratherthanrelyingonsatellitesinasingleorbitalregime,operatorsincreasingly

combinedgeostationary(GEO),mediumEarthorbit(MEO),andlowEarthorbit(LEO)systemstoimprovecoverage,resilience,andnetworkperformance.ThemergerofGEOoperator

EutelsatwithLEOoperatorOneWebin2023wasanearlyexampleofthistrend.The2025acquisitionofIntelsatbySESfurtheracceleratedthistransition,reflectinggrowingcustomerdemandforseamlessconnectivityacrossmultiplesatellitearchitectures.5

EutelsatoperatesatelecommunicationsgatewaysiteinNuuk,Greenland,deliveringbroadbandservicesinoneoftheworld'smostremotelocations.

Credit:Eutelsat

7ISPACEFOUNDATIONIGlobalSpaceEconomyReport

8|SPACEFOUNDATIONIGlobalSpaceEconomyReport

Oneofthefastest-growingareaswithinsatellitecommunicationsisdirect-to-device(D2D)

connectivity.Unliketraditionalsatellitephones,D2Dtechnologyenablesordinarysmartphonesandwearabledevicestocommunicatedirectlywithsatellites,extendingexistingmobile

networksintoareasbeyondthereachofterrestrialcellulartowers.Theseserviceshavethepotentialtoeliminatemanycoveragegapswhileprovidingresilientcommunicationsduringnaturaldisasters,emergencies,andmilitaryoperations.

Ratherthancompetingdirectlywithterrestrialmobileproviders,mostD2Dcompaniesare

partneringwithmobilenetworkoperatorstoextendexistingcellularcoverage.SpaceX,AST

SpaceMobile,andLynkGlobalhaveallestablishedpartnershipswithmobilecarrierssuchasT-Mobile,ATaT,andVerizon,allowingsubscriberstoaccesssatelliteconnectivityusingexistingmobiledevicesandphonenumbers.Othercompanies,includingViasatandGlobalstar,

continuetoprovidesatelliteconnectivitythroughproprietarysystemsthatrequirecompatiblechipsetsorspecializeddevices,whichcansimplifyregulatoryapprovalprocessesacross

countries.Increasingly,however,providersareadoptinghybridapproachesthatcombinedirectconsumeraccesswithpartnershipsacrossterrestrialmobilenetworks.Forexample,SpaceX'sSeptember2025agreementtoacquireadditionalspectrumfromEchoStarcouldenablethecompanytoprovideservicesthroughmobilenetworkpartnersanddirectlytocompatibleconsumerdevices.16

Industryanalystsexpectdirect-to-deviceservicestobecomeoneofthefastest-growing

segmentsofthesatellitecommunicationsmarketoverthecomingdecade.Novaspace

projectsthattheglobalD2Dmarketcouldapproach$10billionby2033.7Assatelliteand

terrestrialtelecommunicationsnetworksbecomeincreasinglyintegrated,distinctionsbetweensatellitecommunicationsandtraditionalmobilecommunicationsarelikelytobecomeless

pronounced.Togetherwithcontinuedexpansionofbroadbandconstellationsandmulti-orbitnetworks,thesedevelopmentssuggestthatsatellitecommunicationswillremainoneofthemostdynamicandstrategicallyimportantsectorsofthecommercialspaceeconomy.

EarthObservationMarketGrows

Earthobservation(EO)satellitesprovideinformationabouttheEarth'ssurfacethatsupports

decision-makingacrossawiderangeofcommercial,government,andscientificapplications.Unlikeground-basedobservations,satellitescanmonitorvirtuallyanylocationonEarth

regardlessofnationalboundaries,terrain,oraccessibility.Advancesinsatelliteconstellationshavealsomadeitpossibletoobservemanylocationsmultipletimesperday,allowinguserstomonitorchangeovertimeratherthanrelyingonisolatedimages.

CommercialEarthobservationsystemsemployavarietyofsensingtechnologies.High-

resolutionopticalsatellitescapturedetailedimagerycapableofidentifyingindividual

buildings,vehicles,andotherobjects.Syntheticapertureradar(SAR)satellitesactively

transmitradarsignals,enablingobservationsthroughcloudsandatnightandproviding

particularlystrongcapabilitiesforchangedetection.Hyperspectralsensorscollectinformationacrosshundredsofwavelengthsoftheelectromagneticspectrum,allowinguserstoidentify

materialsandassesschemicalcomposition.Together,thesecomplementarytechnologieshavegreatlyexpandedtherangeofcommercialapplicationsforsatelliteremotesensing.

Finland'slceyeofferscommercialradarimageryfromspace,likethisviewofaRussiannavalinstallation.

Credit:lceye

Companiesgeneraterevenuethroughthesaleofsatelliteimageryandtheprovisionofvalue-addedanalyticalservices.AccordingtoEUSPA,commercialEarthobservationdatasales

generated$771.7millioninrevenuein2025,anincreaseof6%from$728millionin2024.

Significantlymorevalueiscreatedthroughdownstreamproductsandservices,whichreachedanestimated$3.6billioninrevenuein2025,up20.2%from$3billionin2024.Combined,theEarthobservationmarketgeneratedapproximately$4.3billionincommercialrevenueduringtheyear.18

9|SPACEFOUNDATION|GlobalSpaceEconomyReport

10|SPACEFOUNDATION|GlobalSpaceEconomyReport

ThecommercialEarthobservationmarketcontinuestobedominatedbycompaniesbasedintheUnitedStatesandEurope,whichtogetheraccountforapproximately83%ofglobal

marketsupply.China,Canada,andJapanrepresentthenextlargestcontributors.Agricultureremainsthelargestcommercialapplication,wheresatellitedataareusedtomonitor

crophealth,optimizefertilizerandirrigationuse,andimproveyields.Energyandnatural

resourcecompaniesrelyonsatelliteimagerytomonitorinfrastructure,supportexploration

activities,andassessenvironmentalimpacts,whileclimateandenvironmentalapplicationscontinuetoexpandasgovernmentsandbusinessesincreaseinvestmentsinsustainabilityandclimateresilience.Otherimportantmarketsincludesecurity,insurance,finance,emergencymanagement,forestry,maritimemonitoring,andurbanplanning.19

Animportanttrendinrecentyearshasbeentheshiffromsellingimagerytodelivering

informationproductsanddecision-supportservices.Ratherthanpurchasingrawsatelliteimagery,manycustomersincreasinglypurchaseanalyticalproductsthatintegratesatelliteobservationswithartificialintelligence,machinelearning,weatherinformation,andothergeospatialdatasets.ThisevolutionhasallowedEarthobservationcompaniestoserve

customerswithlimitedremotesensingexpertisewhilecreatinghigher-valuecommercialproductstailoredtospecificindustries.

ThecontinueddeploymentoflargeEarthobservationconstellationsisexpectedtofurthertransformthemarket.Higherrevisitrates,increasingimageresolution,andtheintegrationofmultiplesensingtechnologiesaremakingsatellitedatatimelyandactionable.Advancesincloudcomputingandartificialintelligenceenablecompaniestoprocessandanalyze

enormousvolumesofimageryinnearrealtime.Asthesetechnologiesmature,the

commercialvalueofEarthobservationislikelytobedrivenbytheinsightsgeneratedfromsatellitedataratherthanbytheimageryitself.

FireflyAerospace'sBlueGhostlunarlandercapturedwhatthecompanydubbed"anEarthselfie”onitswaytoasuccessfullunar

landingin2025.

Credit:FireflyAerospace

1|SPACEFOUNDATION|GlobalSpaceEconomyReport

MoonRisingasCommercialMarket

CommercialactivitybeyondEarthorbitcontinuedtoexpandduring2025asgovernmentsincreasinglyreliedoncommercialcompaniestosupportlunarexploration.Althoughthemarketremainsrelativelysmall,commerciallunartransportationandrelatedservices

generatedanestimated$364millioninrevenueduringtheyearandcontinuedtoattractsubstantialpublicandprivateinvestment.Ratherthandevelopingandoperatingmissionsdirectly,spaceagenciesareincreasinglypurchasingservicesfromcommercialproviders,creatinganewmarketforlunarlogistics.

NASA'sCommercialLunarPayloadServices(CLPS)programcontinued

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