Goldman Sachs expects the global space economy to reach $1.8 trillion by 2035, triggering fresh interest in publicly traded space sector stocks.
SpaceX (SPCX), AST SpaceMobile (ASTS), Rocket Lab (RKLB), and Firefly Aerospace (FLY) all moved higher following the bank’s sweeping new report on Wednesday.
On Wednesday, SPCX surged 10%, ASTS climbed 4%, and both RKLB and FLY each posted gains of 1%.
Goldman’s August report, titled The Second Space Age, was published by the Goldman Sachs Global Institute and called space “a new pillar of the industrial economy.”
The report identified launch infrastructure as the sector’s upstream “chokepoint,” warning that companies controlling it could seize outsized returns.
“As space companies increasingly enter public markets, capital markets activity is expected to intensify,” Goldman said, adding that M&A activity and institutional investment are both expected to rise.
Companies controlling launch, manufacturing, orbital infrastructure, and space-derived data could capture “disproportionate value,” the report stated, underscoring the premium placed on vertical integration.
“As space becomes more economically central, access to capital will become a competitive advantage in its own right,” Goldman added, framing financing strength as a core strategic asset.
SpaceX already combines launch, satellites, and services through Falcon, Starship, and Starlink, with Starlink adding more than 1.7 million net consumer subscribers during the second quarter, its strongest quarterly increase.
Enterprise and government revenue for Starlink more than doubled during that same period, a result CEO Elon Musk described bluntly, saying “I think people are really underestimating Starlink here. This is a big deal.”
Rocket Lab is pursuing a comparable full-stack model through its planned Iridium acquisition, which would add a 66-satellite network, more than 2.5 million subscribers, and over $870 million in annual revenue.
“In short, Rocket Lab will become a self-launching tier 1 space power,” CEO Peter Beck said, framing the deal as a defining step in the company’s growth trajectory.
Rocket Lab posted record quarterly revenue of $234 million and a $2.36 billion backlog, while its Neutron rocket remains targeted for fourth-quarter pad delivery, though “the window for an end-of-year launch is narrowing.”
AST SpaceMobile is building its direct-to-smartphone BlueBird network and works with more than 60 mobile operators covering over 3 billion subscribers, with a target of 45 satellites in orbit by early 2027.
A $1.15 billion convertible-note offering in July lifted AST’s pro forma cash, cash equivalents, and restricted cash above $3.7 billion, giving management flexibility to pursue vertical integration and reduce reliance on third-party launch providers.
Firefly Aerospace recently acquired Space-ng, adding AI-powered navigation and autonomous guidance technology for its Blue Ghost landers and Elytra spacecraft to its growing portfolio.
“This acquisition vertically integrates a key capability on a cost-neutral basis,” CFO Darren Ma said, signaling that Firefly intends to deepen its technological self-sufficiency without expanding its cost structure.
On Stocktwits, retail sentiment was rated “extremely bullish” for RKLB and SPCX, while ASTS and FLY were rated “bullish,” with message volume elevated across all four names.
Over the past year, ASTS and RKLB shares have gained 49% and 87% respectively, while FLY has fallen 48% and SPCX stock has declined 9% over the past three months.
