Space: The Final Frontier
Humanity’s Next Big Opportunity and Our Last Battleground
👋 Hello! My mission with Beyond with Yon is to ignite awareness, inspire dialogue, and drive innovation to tackle humanity's greatest existential challenges. Join me on the journey to unf**ck the future and make miracles happen.
Folks, in full transparency, researching and writing this essay has been a unique challenge and an incredible journey into the final frontier. It’s a quest into a market foreign to my experiences as an entrepreneur and a founder. I learned a lot and am delighted to share my perspectives with you. I would be grateful to hear your feedback and ideas.
If you only have two minutes, read these three key takeaways:
Space is not just about exploration—It’s a massive economic opportunity: The space economy is no longer a niche sector dominated by governments but is projected to reach $1.8 trillion by 2035 (ref. McKinsey & WEF). From satellite-powered broadband and Earth observation to asteroid mining and space-based solar energy, industries leveraging space technologies are growing at 9% annually—nearly double global GDP growth. Investors, entrepreneurs, and policymakers must recognize that space is rapidly becoming a critical pillar of the global economy, with applications that will reshape industries on Earth.
The future of space will be defined by who gets there first: Space governance is at an inflection point. The Outer Space Treaty of 1967 promised space as the “province of all mankind,” but today, it’s dominated by a few powerful nations and corporations. The Artemis Accords have created a U.S.-led framework for lunar exploration, but China and Russia have rejected it, developing their own lunar alliance. The absence of enforceable international laws means that, right now, space is effectively ruled by whoever gets there first—with the best funding and technology. If governance doesn't evolve fast enough, this could lead to resource monopolization, geopolitical tensions, and even militarization.
Investing in space today is like investing in the internet in the 1990s: The commercial space sector has attracted over $338.7 billion in private investment since 2009 (ref. Space Capital). But the most significant investment opportunities aren’t just in rockets—they’re in satellites (86% of investment), AI-driven Earth data analytics, global broadband, and space-based infrastructure. Public investors can tap into space public equities via companies like SpaceX, Amazon (Project Kuiper), Rocket Lab, or space-focused ETFs like ARKX and UFO. Much like the internet in its early days, the space economy lays the groundwork for trillion-dollar industries that will define the next century.
Final Thought: Space isn’t just for astronauts anymore—it’s shaping the future of energy, climate resilience, communications, defense, and economic expansion. Whether as an entrepreneur, investor, or policymaker, the decisions made today will define the trajectory of humanity’s presence beyond Earth. Be a part of it.
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Space: The Final Frontier
For centuries, we looked at the stars to see what could be. Space has always been humanity’s ultimate frontier—endless possibility, boundless imagination, and untapped opportunity. Yet, as we stand on the cusp of becoming a multi-planetary species, one truth becomes clear: our choices today will decide whether space becomes our next great opportunity—or our most perilous battleground. I want to help ensure that the chance for humanity to be a multi-planetary species will benefit everyone - builders, investors, and society at large.
Why Space Matters
Space is more than an economic opportunity—it’s a frontier that could redefine life on Earth and beyond. Imagine a world where solar-powered satellites beam unlimited renewable energy to the planet, eliminating our reliance on fossil fuels. Space-based solar technology isn’t just a concept but has the potential to revolutionize energy systems, providing clean, uninterrupted power to regions struggling with energy insecurity. In addition, our growing network of satellites is reshaping climate science. From tracking deforestation in the Amazon to monitoring hurricanes before they make landfall, these orbiting observatories give us an unprecedented ability to understand and respond to the forces shaping our planet. Without them, our fight against climate change would be far less informed and less effective.
Space also brings people together in ways that few other endeavors can. The International Space Station (ISS) remains one of the most significant symbols of global cooperation, a floating laboratory where nations that may compete on Earth work side by side in orbit. As geopolitical tensions escalate on the ground, space remains a domain where collaboration still thrives—at least for now.
As I’ll be expanding in this essay, the economic implications of space exploration are profound. The space economy is projected to surpass $1 trillion by 2040, unlocking new industries such as asteroid mining, lunar tourism, and orbital manufacturing. The investments we make today could lead to a future where resources extracted from space fuel our industries, off-world habitats sustain human life, and new markets emerge beyond Earth's atmosphere. The ripple effects of this economic expansion will touch every sector, from transportation to telecommunications.
Beyond economics, space is transforming medicine in ways that might surprise you. Microgravity research on the ISS has already led to drug development and tissue engineering breakthroughs, offering new treatments for diseases that once seemed incurable. Space also plays a growing role in disaster prevention, with satellites detecting wildfires, tracking hurricanes, and monitoring volcanic activity in real-time, helping save lives and reduce economic losses. But perhaps the most powerful impact of space exploration isn’t technological—it’s cultural. Space has been a unifying force since humanity first walked on the Moon, inspiring generations to dream bigger. The Apollo program wasn’t just about beating the Soviet Union to the Moon—it demonstrated what America could achieve when we set our sights beyond Earth’s boundaries. Even today, watching a rocket launch or seeing images of distant galaxies reignites that sense of wonder and possibility. Listening to JFK’s famous “why go to the moon” speech still reverberates in our hearts and minds.
Space also has profound security implications. Satellites are crucial in global defense, enabling secure communications, missile detection, and reconnaissance that shape military strategy. As countries and private companies deploy more assets in orbit, space will increasingly become a contested domain, raising urgent questions about governance, cooperation, and conflict prevention.
And then there’s the existential case for space. Earth is fragile. The risks we face—nuclear war, climate catastrophe, even asteroid impacts—make the case for space colonization clear. If humanity is to survive in the long term, we need a backup plan. Establishing permanent human settlements on the Moon or Mars isn’t just science fiction but could one day mean the difference between extinction and survival.
At its core, space represents the best of what we are and the boundless potential of what we can become. Carl Sagan once said, "The cosmos is within us. We are made of star-stuff." Our exploration of space isn’t just about science or economics—it’s about discovering who we are, why we are here, and where we might go next.
Who Owns Space?
Unlike the oceans or the atmosphere, space has no clear boundaries, no natural owners, and no simple rules. The Outer Space Treaty of 1967—a relic of the Cold War—declared space the "province of all mankind." Yet, in practice, the treaty’s lofty ideals are increasingly at odds with reality.
Today, space is dominated by a handful of powerful players. Governments like the United States, China, and Russia vie for dominance through satellite constellations and lunar missions. Meanwhile, private companies such as SpaceX, Blue Origin, and OneWeb rapidly expand their presence, often outpacing national space agencies. Since 2009, $338.7 billion has been invested in 2,146 unique space companies.
But here’s the problem: as the commercialization of space accelerates, we’re facing ethical dilemmas with no precedent. Who decides how to extract and use resources like lunar water or asteroid metals? What happens when satellite monopolies control critical communications infrastructure? How do we prevent space from becoming a domain of exploitation and inequality, mirroring the worst aspects of human history?
History offers a stark warning about what happens when powerful entities compete for control over new frontiers. The European colonization of the Americas and Africa, where unchecked expansion led to centuries of conflict, exploitation, and systemic inequality. Today, we may be witnessing a modern space-age land grab, where powerful nations and corporations seek to establish control over prime orbital slots, key lunar resources, and strategic asteroid mining locations.
Now, we are facing several key challenges regarding space governance:
1/ Unilateral claims to territory: Some countries and private entities are exploring ways to bypass international treaties by directly claiming lunar and Martian resources.
2/ Corporate influence over policy: SpaceX, Blue Origin, and other private space ventures wield significant influence over national policies, sometimes outpacing regulatory frameworks.
3/ Potential for conflict: With growing military interest in space, including anti-satellite missile tests by China and Russia, the risk of militarization in space is increasing.
The race to claim and exploit celestial resources could lead to new economic monopolies and geopolitical flashpoints if left unregulated. So, who owns space? Right now, it seems that whoever gets there first, with the most funding, is making the rules, and rifts among UN members certainly don’t add to contribute.
How Big Is the Space Economy—and How Big Can It Get?
The space economy is already vast, and it’s growing rapidly. In 2023, the global space economy reached a total value of $630 billion. Advancements in satellite technology, reusable rockets, and emerging industries like lunar mining and space tourism drive this growth. According to McKinsey and the World Economic Forum, the space economy is on track to reach $1.8 trillion by 2035, driven by new investments in satellite constellations, interplanetary logistics, and commercialization of low Earth orbit. The space economy is growing at an annual rate of 9%—nearly double the global GDP growth rate and is no longer a niche industry reserved for governments and aerospace giants.
Historically, space was a government-dominated domain, but today, the fastest-growing segment isn’t rocket launches or planetary missions—it’s the "reach economy." The World Economic Forum and McKinsey expect that by 2035, 60% of the space economy’s value will come from industries outside traditional aerospace. This includes supply chains, satellite-powered logistics, space-enabled climate solutions, and space tourism. Satellite technology underpins global trade, finance, and communications, and its influence is expanding at an unprecedented rate.
McKinsey also highlights four key drivers fueling this transformation: (1) A 10x reduction in launch costs, (2) technological advancements in miniaturized satellites and AI-driven Earth observation, (3) surging private and government investment, and (4) rising global demand for satellite-enabled services. With broadband internet satellites connecting billions, space-based defense capabilities becoming more critical, and emerging markets investing in national space programs, the next decade will redefine humanity’s relationship with space—not just as an exploration frontier but as a core pillar of the global economy.
The Stakes Are High
Let’s switch gears and talk about space junk from defunct satellites, which creates a growing debris field, threatening to make orbital zones unusable. The European Space Agency reports over 36,000 trackable pieces of debris larger than 10 cm orbiting Earth, with millions of smaller fragments posing significant risks. The Kessler Syndrome—a chain reaction of collisions that exponentially increases debris—could make entire orbital zones inaccessible for decades.
Additionally, lunar resources like water ice hold immense potential. These resources could sustain human life and serve as fuel for interplanetary travel. Yet, competition for these assets could lead to geopolitical conflict without effective governance. What happens if nations or corporations claim exclusive rights to resources critical for humanity’s future? History offers cautionary tales - the colonization of the Americas, where European powers' pursuit of land and resources reshaped global economies and societies but at the cost of exploitation, displacement, and long-term inequality. Without equitable frameworks, the commercialization of space could mirror these patterns, concentrating power and wealth in the hands of a few while sidelining others.
The Artemis Accords provide a possible framework for governance but not without its challenges. The accords, introduced in 2020 by NASA and its international partners, including 29 nations such as Australia, Canada, Japan, the United Kingdom, and several European Union members, represent a step toward order. These agreements emphasize transparency, peaceful purposes, and benefit-sharing for lunar exploration. With 53 nations now signed on, the accords signal progress in collaborative governance. But the agreements are not without flaws. Major space powers like China and Russia have refused to join, viewing them as an extension of U.S. geopolitical influence. Furthermore, the reliance on voluntary commitments raises questions about enforceability. How do we ensure accountability in a domain where rules can be ignored?
Without a genuinely inclusive and enforceable framework, space risks becoming a contested arena where the interests of a few overshadow the collective good. History provides us with cautionary lessons. For example, the Scramble for Africa during the late 19th century saw European powers racing to claim resource-rich territories. This rush for land led to systemic exploitation, deep inequalities, and conflicts that resonate to this day. Similarly, as resources and territories in space become hotly contested, the potential for geopolitical tensions—even in the vacuum of space—becomes alarmingly real. These include:
→ Exclusion of Key Global Players: Despite being framed as an open and inclusive framework, The Artemis Accords have not gained universal acceptance. Major spacefaring nations such as China and Russia have refused to sign, viewing the accords as a geopolitical tool that extends U.S. influence beyond Earth. China, which has developed its own lunar program in collaboration with Russia under the International Lunar Research Station (ILRS), argues that the accords prioritize Western-aligned interests while sidelining other potential contributors. This division could lead to fragmented governance—where competing lunar frameworks develop independently, increasing the risk of geopolitical tensions on the Moon.
→ Legal Ambiguity and Lack of Enforcement: Although the accords emphasize peaceful exploration and responsible resource utilization, they lack binding international enforcement mechanisms. Unlike the Outer Space Treaty, which has United Nations backing, The Artemis Accords rely on voluntary compliance. Without a centralized authority to adjudicate disputes, signatory nations are not guaranteed to adhere to the principles outlined, especially in scenarios where economic or strategic interests come into conflict.
→ The "First Come, First Serve" Dilemma: A major criticism of The Artemis Accords is their approach to lunar resource extraction. The accords allow signatory nations to establish "safety zones" around operational lunar sites to prevent conflicts. However, critics argue that this provision effectively enables land claims in space by default, favoring early lunar entrants like the United States and its allies. This raises concerns that the accords may reinforce existing global power imbalances, leaving less technologically advanced nations disadvantaged in the emerging space economy.
→ The Potential for Space Privatization: The accords also promote commercial partnerships in space exploration, allowing private companies to extract and utilize lunar resources. While this opens the door for innovation, it raises ethical concerns about space privatization. If resource extraction on the Moon is driven primarily by corporate interests, it could result in the monopolization of lunar assets, where access to space resources is dictated by profitability rather than equitable distribution. In an extreme scenario, future space economies could mirror past resource-based economic inequalities on Earth, where a handful of corporations wield outsized influence over critical resources.
→ Risk of Military Escalation: Although the accords explicitly emphasize peaceful space exploration, the blurred lines between civilian and military applications of space technology present a risk. The increasing role of private defense contractors in space infrastructure—such as Starlink's involvement in conflict zones—demonstrates how quickly commercial space assets can become entangled in national security strategies. If geopolitical rivals like China or Russia perceive the Artemis Accords as a cover for military dominance in space, it could accelerate an arms race in orbit and beyond.
Space Ecosystem Evolution: Innovation Matters
Space exploration and commercialization are no longer the domain of a few national space agencies. Instead, a new ecosystem of companies, research institutions, and frontier R&D efforts is driving the rapid evolution of the space economy. These innovations are setting the stage for humanity’s long-term presence beyond Earth. The chart below illustrates the cumulative private venture investments in the space sector from 2009 to the present, revealing insights into the industry’s funding distribution:
→ Geographical Dominance: The US leads the space investment landscape, accounting for 51% of total private investment, followed by China at 25%. This demonstrates the U.S.'s commanding influence in the commercialization of space, while China is rapidly emerging as a major player. Other countries—including Singapore, India, and the UK—each contribute marginally to the investment pool, highlighting a highly concentrated global space economy.
→ Industry Breakdown: The vast majority (86%) of private investment has been directed toward satellites ($291.2B), making it the dominant sector. Launch services account for 11% ($38.7B), reflecting the growing competition among reusable rocket companies like SpaceX and Blue Origin. Meanwhile, emerging industries, such as in-orbit manufacturing and space tourism, remain nascent, attracting just 3% ($8.8B) of total investments.
→ Investment by Layer: Applications (71%) dominate space investment ($240.1B), followed by infrastructure (26%) at $88.0B, while distribution lags significantly (3%) at just $10.5B. This signals a focus on developing commercial satellite applications—such as broadband, GPS, and Earth observation—over direct space infrastructure like launch vehicles or orbital logistics.
The data underscores the need for diversified investment strategies and a globalized approach to space commercialization to ensure sustainable and equitable access to space resources.
The role of frontier R&D in the future of space cannot be underestimated. In his report, Societal Futures to Inform Space and Aero Planning: A Technological Projection, Dennis Bushnell, a former chief scientist at NASA’s Langley Research Center, argues that the next phase of space innovation must integrate frontier R&D principles to ensure that exploration and commercialization align with ethical, sustainable, and scientifically sound practices. He outlines three core principles that should guide space-based innovation:
1/ Prioritizing Sustainability and Long-Term Viability. Rapid satellite mega-constellation deployment has raised concerns about orbital congestion and space debris. Research into active debris removal and sustainable satellite lifecycle management must be accelerated. Lunar and asteroid mining should be scientifically vetted to prevent unintended environmental consequences on celestial bodies.
2/ Expanding Human Adaptation to Space. Bushnell’s report suggests that long-term human survival in space requires breakthroughs in bioregenerative life support systems, radiation shielding, and space medicine. Developing synthetic biology applications for growing food, recycling waste, and producing materials in microgravity will be essential.
3/ Strengthening International Collaboration and Ethical Standards. As space becomes increasingly privatized, global cooperation is needed to prevent monopolization and ensure developing nations can participate in the space economy. Ethical considerations, such as AI-driven decision-making in autonomous spacecraft, should be rigorously tested before deployment.
Bushnell believes that incorporating these principles can ensure that the future of space innovation is one of inclusivity, sustainability, and scientific rigor, ensuring that space remains a domain of opportunity rather than conflict.
Space innovation is more than just exploration—it’s about building an ecosystem that will define the future of humanity. The companies leading today’s breakthroughs are not just making space accessible but are laying the groundwork for a future where Earth and space economies are intertwined. However, this progress must be matched with frontier R&D priorities that balance technological acceleration with ethical responsibility. As we move toward a multi-planetary future, the challenge is not just reaching space but ensuring that we do so in a way that benefits all of humanity, not just the privileged few.
Investing in the Space Economy: A Trillion-Dollar Opportunity
For investors looking to capitalize on one of the most transformative frontiers of the 21st century, the space economy presents a wealth of opportunity across multiple sectors. The two charts below (from Space Capital’s report) illustrate how capital has flowed into space-related private ventures, where the key players are emerging, and which industries are poised for explosive growth.
The first chart provides a macro-level perspective on private investments in the space economy since 2009. Over $338.7 billion has been invested across 2,146 companies, with the lion’s share going into applications ($240.1B)—which includes satellite communications, navigation, and Earth observation. Infrastructure ($88.1B) and distribution ($10.5B) round out the other major categories, indicating that while building space-based assets is capital-intensive, the real value lies in leveraging those assets for real-world applications.
The second chart highlights the three key layers of space investment:
Infrastructure – Companies like SpaceX and Rocket Lab are leading in the development of launch systems and in-orbit infrastructure.
Distribution – Companies like Xona Space Systems and Skywatch are working on connecting, processing, and managing space-based data.
Applications – This is where the largest share of investment has gone, with companies like Uber, Amazon, and Google Maps relying on space-based assets to power their services.
Notably, 86% of the investment has gone into satellites, which power everything from GPS and geospatial intelligence to satellite communications. As reliance on space-based assets grows, the ecosystem of services that depend on them—such as AI-powered mapping, climate modeling, and disaster prevention, will continue to expand.
The data underscores a key investment insight: the space economy isn’t just about rockets and Mars missions. A significant opportunity exists in building businesses on top of space infrastructure—similar to how the Internet became the backbone of trillion-dollar industries. When people hear "space economy," they usually think of launching rockets. But that’s just one slice of a much bigger pie. The real action is happening across multiple verticals across private and public companies →
🚀 Space Launch & Rocket Technologies
Companies leading the charge in reducing launch costs and making access to space more frequent and efficient.
SpaceX - The dominant player in reusable rocket technology, Starship, and Starlink.
Blue Origin - Leading commercial space station development and heavy-lift rockets.
Rocket Lab USA (RKLB) – Specializing in small satellite launches and reusable rockets.
L3Harris Technologies (LHX) – Developing communication and defense-related space technology.
🛰 Satellite Communications & Global Connectivity
The backbone of the space economy, driving advancements in global broadband, Earth imaging, and GPS.
Starlink (SpaceX) – Providing satellite-based internet to underserved regions.
OneWeb – Competing in the global broadband space with a growing satellite constellation.
Amazon (AMZN) - Project Kuiper – Aiming to challenge Starlink in space-based internet services.
Planet Labs – The leader in Earth observation and geospatial intelligence.
Maxar Technologies – Specializing in satellite imagery and defense applications.
Iridium Communications (IRDM) – A major player in global satellite communications with defense and commercial applications.
🛡️ Aerospace & Defense
Critical to national security, these companies develop space-based defense systems, drones, and advanced surveillance technologies.
Palantir Technologies (PLTR) – AI-driven analytics with government and defense contracts.
Kratos Defense & Security Solutions (KTOS) – Focused on UAVs, satellite tech, and space-based defense.
AeroVironment (AVAV) – A leader in UAVs and aerospace defense technologies.
🔧 Enabling Technologies & Space Infrastructure
Companies providing the tools, robotics, and manufacturing needed to sustain a long-term space economy.
Teradyne (TER) – Robotics and automation solutions crucial for space manufacturing.
Trimble (TRMB) – Specializing in precision navigation, imaging, and geospatial systems.
Axiom Space – Developing commercial space stations to replace the ISS.
🌕 Space Resource Utilization & Tourism
These companies focus on space mining, lunar bases, and commercial tourism.
AstroForge – Pioneering asteroid mining for rare metals.
ispace – A Japanese startup working on lunar exploration and resource extraction.
Virgin Galactic – A pioneer in space tourism with suborbital flights.
Blue Origin – In addition to infrastructure, Blue Origin is developing commercial space tourism.
For a more diversified exposure, folks can consider space-themed exchange-traded funds (ETFs), such as ARKX (ARK Space Exploration & Innovation ETF), which provides exposure to companies across orbital aerospace, enabling technologies and space-beneficiary industries, and UFO (Procure Space ETF) which is focused on pure-play space companies involved in satellites, launch services, and communications.
The space economy offers compelling investment opportunities, with public equity markets providing access to leading innovators across satellite communications, launch services, aerospace, and enabling technologies. By investing in space-focused ETFs or by selecting individual companies that are well-positioned in this sector, investors can participate in what could become one of the most transformative industries of the 21st century.
That being said, folks should keep in mind several key risks of this emerging category, among them:
→ Regulatory & Political Risks: Space is a highly regulated industry, with national security concerns impacting business operations.
→ Market Competition: While SpaceX dominates the private sector, emerging companies face intense competition from incumbents and government programs.
→ Technological Uncertainty: Many space-related technologies are still in the early stages, requiring significant R&D investment before commercial viability.
I believe that the companies that will dominate the next phase of growth are those that can seamlessly integrate space-derived insights into terrestrial industries. Whether through infrastructure, data, or applications, investing in the space economy today is akin to investing in the internet in the 1990s—the groundwork is being laid, and those who act early will be best positioned for exponential returns.
Keep in mind that this is a long game. Some companies will fail, but the industry as a whole is on positive momentum and trajectory, and the new Trump Administration may choose to follow recommendations like the one from The Planetary Society:
1/ Implement a vision and timeline for exploration and scientific discovery. Establish a clear, long-term strategy that integrates scientific discovery as a central motivation for exploration, using the inspirational power of spaceflight to unify the nation.
2/ Embrace NASA’s unique abilities in science and human spaceflight. Leverage NASA's public responsibility to lead global coalitions, pioneer scientific discovery, and reflect the nation's highest ideals, focusing on endeavors beyond the scope of private industry.
3/ Get NASA back on track in the space sciences. Restore funding and priority for science programs, advance next-generation flagship missions, and explore partnerships with commercial entities to reduce costs where appropriate.
4/ Demand the best performance from NASA’s civil service, contractors, and commercial partners. Avoid duplicating commercial services and hold all partners accountable for results, ensuring that providing a service to NASA remains a privilege.
So this is just the beginning, and space isn’t just for astronauts anymore. While many see the arrival of AI as the engine for the next industrial revolution, it may well be that another industrial revolution will take shape in space. It’s an emerging trillion-dollar market filled with opportunities for innovators, investors, and visionaries.
Final Thought
Space isn’t just a destination - it reflects who we are and what we value. Today’s decisions will determine whether we use this frontier to unite humanity or divide it further. From the Artemis Accords to the innovations of SpaceX, we are shaping the infrastructure of a new era. But infrastructure is only as good as the intentions behind it. To make space a force for good, we need modern global governance, accessible technologies, and ethical stewardship, so we can preserve space as a shared heritage and opportunity for future generations.
The stars may seem impossibly distant, but our decisions today will bring them closer than ever. Let’s ensure that when we reach the final frontier, we do so with purpose, humility, and a commitment to the collective good.
Thanks for reading,
Yon
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AI assistants were used to help research and edit this essay.