Space Foundation, a nonprofit organization founded in 1983 to advance the global space community, has released The Space Report 2025 Q2, revealing the global space economy reached an unprecedented $613 billion in 2024 – reflecting strong 7.8 percent year-over-year growth.
The milestone underscores the vital role space plays in driving economic growth, ensuring national security, and enhancing public safety.
The report found the commercial sector accounted for 78 percent of the global space economy, with government budgets contributing the remaining 22 percent.
Government space spending grew 6.7 percent, to reach $132 billion, with the United States investing $77 billion in national security and civil space programs.
Heather Pringle, Space Foundation CEO, says: “Space is not just a frontier for exploration; it is a cornerstone of our economy and security.
“At Space Foundation’s Innovate Space: Global Economic Summit, we will unveil key data and trends that propelled the global space economy to exceed $600 billion for the first time in history.
“Alongside industry and economic experts in Washington, DC, we will explore the significant impact of the commercial sector and analyze the effects of established and emerging markets.”
Space Foundation projects the global space economy could cross the $1 trillion mark as soon as 2032, driven by factors including the booming commercial market that is rapidly monetizing advancements in communications and earth observation satellites.
The Q2 edition also highlights the record pace of space launch in the first half of 2025, with a liftoff to orbit every 28 hours from Jan. 1 to June 30 – six hours faster than the annual record set in 2024.
With 81 launches, SpaceX accounted for more than half of the world’s 149 launches through June 30.
With most launches carrying communications satellites to orbit, the satellite broadband sector showed robust growth, with SpaceX’s Starlink gaining competition from constellations including Amazon’s Kuiper and Eutelsat’s OneWeb.
In another commercial sector poised for rapid growth, Earth-observation satellites are playing a crucial role in disaster response, enhancing predictive capabilities for natural disasters.
Additional factors driving space sector growth include efforts by nations around the world to develop sovereign military space capabilities.
European and Asian countries have pledged to develop domestic military space programs amid regional conflicts and the growing need for independent launch capabilities.
US military spending on space was poised for rapid growth, with increased spending on programs including the proposed Golden Dome missile shield.
Signed into law on July 4, the One Big Beautiful Bill authorized a $25 billion initial investment in the Golden Dome and allocated another $500 million to improve military space launch infrastructure.
