# The global space economy will reach $1 trillion in 2034, according to consulting firm Novaspace.

*aerospace · news · 2026-04-18 · Kiplinger*

## Key points

- SpaceX is preparing for a highly anticipated IPO with a targeted valuation over $2 trillion.
- The Pentagon is requesting $71 billion for Space Force in 2027, an 80% increase over 2026.
- Amazon acquired Globalstar for $11.6 billion to expand its satellite network and landed Apple as a customer.
- Direct-to-device satellite service is now available on newer smartphones for texts and some low-data apps.
- AI tools using proprietary satellite data can now autonomously detect methane leaks and track vessels at sea.

**Companies:** SpaceX, Amazon, Viasat, Telesat, Rocket Lab, Lockheed Martin, L3Harris, General Dynamics, RTX, Airbus, HawkEye 360, York Space Systems, Sierra Space, Blue Origin, Firefly Aerospace, ThinKom, Intellian, Kymeta, Kratos, Zona Space Systems, Planet, MDA Space, AST SpaceMobile, Lynk Global, ICEYE, Starcloud, SpinLaunch
**Countries:** United States, China

[Read the full story on Kiplinger](https://www.kiplinger.com/business/the-space-sector-prepares-to-blast-off)

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