Introduction

Interest in the space economy has ramped up over the past year for several reasons. SpaceX went public in June, 24 years after its founding, in the largest IPO debut in financial market history. Humans traveled to lunar orbit for the first time in 54 years with the launch of Artemis II in April. The first commercial space stations are being built in earnest, a response to a looming transition: the International Space Station (ISS) retires in 2030, and NASA has opted not to build a replacement, leaning on private operators instead. And finally, the sovereign signals are unmistakable: the U.S. FY2027 request includes $71.1B for Space Force, a ~77% jump over the ~$40B FY2026 level1; Europe’s ESA approved a…