Bloomberg Businessweek• Apr 27, 2026• 12:04Interview

Everything is Flying: How Space Tech Shapes Earth | Bloomberg Businessweek

From Bloomberg Businessweek

Ross Hamilton•Chief Operating Officer, Space Network

Executive Summary

The space industry is at a pivotal moment, driven by the commercialization of Low Earth Orbit (LEO) as NASA shifts its focus to deep space exploration and acts as a customer for private companies.
SpaceX is a central force, with its upcoming IPO expected to be a fundamental market shift.
Its Starlink division now constitutes over 50% of its revenue, which is projected to approach $20 billion by 2026.
A new geopolitical space race is underway, primarily between the U.S.
and China, with a strategic focus on returning to the Moon and mining its resources, particularly water ice at the south pole.
The long-term space economy, projected by Morgan Stanley to reach $1 trillion by 2040, will be dominated by data services and resource utilization, with launch services representing only a small fraction of the total value.

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Concerns Raised

NASA programs like Artemis face significant budget overruns and schedule delays.
Potential for delays in critical hardware, such as the new lunar spacesuits for the 2028 landing target.
Technological and regulatory hurdles remain for future concepts like space-based AI data centers.

Opportunities Identified

The opening of Low Earth Orbit (LEO) for commercial operations, with NASA as a key customer.
The massive growth of satellite internet services, exemplified by SpaceX's Starlink.
A new wave of investment and spin-out companies is expected following the SpaceX IPO.
The international race to mine lunar resources creates a demand for new technologies and supply chains.

Key Themes

The Privatization of Low Earth Orbit (LEO)

NASA is strategically withdrawing from LEO operations, repositioning itself as a primary customer and project manager for deep space science missions. This has opened LEO for commercial entities like SpaceX, Rocket Lab, and Amazon to develop and operate services, fundamentally changing the market structure.

This shift creates a massive, government-backed market for private space companies, de-risking investment and accelerating innovation in satellite communications, Earth observation, and in-orbit services.

SpaceX's Economic Gravity

SpaceX's success, particularly with reusable rockets and the rapid growth of its Starlink division, is reshaping the industry's economics. Starlink is now the primary revenue driver, and the company's anticipated IPO is expected to create a cascade of spin-out companies and further investment in the sector.

SpaceX's valuation and the performance of its IPO will serve as a major bellwether for the entire space industry, influencing investor sentiment and capital flows for years to come.

The Geopolitical Race for Lunar Resources

A new space race is emerging, with the U.S. (via the Artemis program) and China as the main competitors. The immediate goal is returning humans to the Moon, but the strategic objective is to establish a presence and access valuable resources like water ice at the lunar south pole, which can be used for life support and rocket fuel.

This geopolitical competition provides a powerful, state-level impetus for funding and technological advancement, accelerating timelines and creating opportunities for companies in the entire aerospace and resource extraction supply chain.

The Expanding Definition of the Space Economy

The future trillion-dollar space economy extends far beyond launch vehicles. The most significant value is projected to come from data services (like Starlink), in-space manufacturing, resource mining, and the application of space technology to terrestrial industries like agriculture, pharmaceuticals, and AI.

Investors and businesses should look beyond the launch sector to find high-growth opportunities in downstream applications and ancillary services that leverage space-based assets and data.

The Need for Commercial Talent

As the space industry matures, there is a growing need for non-technical expertise to commercialize deep-tech innovations. The challenge is shifting from 'space for space's sake' to developing viable business models, requiring skills in marketing, business development, and finance to articulate value propositions to non-space industries.

The success of the next wave of space companies will depend on their ability to attract commercial talent and bridge the gap between complex engineering and real-world market needs.

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Topics

Space Economy SpaceX Starlink NASA Artemis Program Low Earth Orbit (LEO)Commercial Space Geopolitics US-China Relations Lunar Mining Reusable Rockets Space IPOs Blue Origin Rocket Lab Nancy Grace Roman Space Telescope

Processed Apr 27, 2026 yt-dlp + mlx-whisper + Gemini