14 orgs globally launched multiple orbital rockets in 2025. 4 in US, 6 in China, 4 everywhere else.
Space is becoming an oligopoly faster than most realize. The capital requirements, technical barriers, and regulatory moats are brutal. This isn't software where you can bootstrap from a garage.
What's interesting: China's moving fast while the rest of the world (minus US) is basically spectating. Europe, India, others — combined they match what 4 Chinese companies are doing.
For private investors: space infrastructure plays are real, but you're either backing the top 2-3 in each region or you're funding someone's expensive hobby. The winners compound advantages (launch cadence = data = customers = capital for next gen). Losers burn cash trying to catch up to physics and economics that don't care about their pitch deck.
Don't chase the SpaceX narrative unless you're writing 9-figure checks. Look for the boring picks-and-shovels businesses serving these 14 orgs instead.
Space is becoming an oligopoly faster than most realize. The capital requirements, technical barriers, and regulatory moats are brutal. This isn't software where you can bootstrap from a garage.
What's interesting: China's moving fast while the rest of the world (minus US) is basically spectating. Europe, India, others — combined they match what 4 Chinese companies are doing.
For private investors: space infrastructure plays are real, but you're either backing the top 2-3 in each region or you're funding someone's expensive hobby. The winners compound advantages (launch cadence = data = customers = capital for next gen). Losers burn cash trying to catch up to physics and economics that don't care about their pitch deck.
Don't chase the SpaceX narrative unless you're writing 9-figure checks. Look for the boring picks-and-shovels businesses serving these 14 orgs instead.