Posted on 29th July 2025 | Modified on 29th July 2025 Global Space economy passes $600 billion milestone The Space Foundation has released The Space Report 2025 Q2, measuring the global space economy as $613 billion in 2024. This reflects 7.8% year-on-year growth according to the U.S. nonprofit organisation. It underscores, it says, the vital role space plays in “driving economic growth, ensuring national security, and enhancing public safety”. Furthermore, it projects the global space economy could cross the $1 trillion mark as soon as 2032, lead by satellite communications and Earth Observation programmes. “Space is not just a frontier for exploration; it is a cornerstone of our economy and security,” said Space Foundation CEO Heather Pringle. Global Space economy The report also found the commercial sector accounted for 78% of the global space economy. Government budgets were contributing the remaining 22%. It records that such government space spending grew 6.7%, to reach $132 billion. The United States was investing $77 billion in national security and civil space programmes. Satcom Other report findings include a record pace of space launches in the first half of 2025. The foundation records a liftoff to orbit every 28 hours in this period. This is six hours faster than the annual record set in 2024. Leading the way is SpaceX with 81 launches, accounting for more than half of the world’s 149 launches. Most launches were carrying communications satellites to orbit, it says. Declaring the satellite broadband sector showed robust growth, it reports SpaceX’s Starlink gaining competition from constellations including Amazon’s Kuiper and Eutelsat’s OneWeb. Earth Observation Another part of the commercial sector poised for rapid growth is Earth-observation satellites. As well as playing a crucial role in disaster response, nations around the world are develop sovereign military space capabilities, the report highlights. Golden Dome Finally, U.S. military spending on space was poised for rapid growth. Specifically, increased spending due on the proposed Golden Dome missile shield. It was signed into law on July 4, as part of the “One Big Beautiful Bill”. This authorises a $25 billion initial investment in the Golden Dome and allocates another $500 million to improve military space launch infrastructure. More space data and trends will be released at th Foundation’s Innovate Space: Global Economic Summit, it says. The report is available for purchase for $250. You can read the Space Foundation’s previous Space Report 2025 Q1.