When I imagine the future of space commerce, the first image that comes to mind is a farmer’s market on the International Space Station. This doesn’t exist yet, but space commerce is a growing industry. The Space Foundation, a nonprofit organization for education and advocacy of space, estimates that the global space economy rose to US$613 billion in 2024, up nearly 8% from 2023, and 250 times larger than all business at farmer’s markets in the United States. This number includes launch vehicles, satellite hardware, and services provided by these space-based assets, such as satellite phone or internet connection.
Companies involved in spaceflight have been around since the start of the Space Age. By the 1980s, corporate space activity was gaining traction. President Ronald Reagan saw the need for a federal agency to oversee and guide this industry and created the Office of Space Commerce, or OSC.
