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Government space budgets grow 11% to reach new heights

International government space budgets reached new heights in 2023 with $125 billion spent on space programs, 11% higher than a revised 2022 total of $113 billion.

Quilty Space 2024 Q2 quarterly transactional update

For the second quarter of 2024, the S&P 500 index saw a gain of 4% and the investment research firm MSCI (excluding the United States) posted a loss of 1%. The Core Satellite and Space Index posted a loss of 6% and our Frontier Index outperformed with a gain of 24%.

NASA goes full throttle for Artemis, cuts other programs

Faced with a budget capped at 2023 levels, NASA is striving to save its lunar ambitions, laying off employees and cutting programs in favor of the Moon. It is a pivot for the agency, which had warned budget cuts contemplated by Congress in 2023 could endanger Artemis.

Global space economy steadily grows to $570 billion

The global space economy grew 7.4% to $570 billion in 2023, the second year of consistent growth based on revised 2021 and 2022 totals.

Q2 2024 Highlights

The space industry is advancing faster than ever before with continual progress in the government, military and private sectors. Here are noteworthy business highlights from this quarter.

European space industry bolstered by government, private investments

European space activities are growing across public and private sectors as governments and VC firms invest in new programs and companies. Key cross-sector initiatives in the region include ensuring independent European access to space and expanding public and private Earth observation capabilities.

Satellites central to 2023’s record defense spending

Led by the United States with $835 billion in total defense spending, military budgets around the world grew to record levels in 2023 and appear on track for another record year in 2024, driven by increased tensions in Asia, the outbreak of war between Israel and militant groups, and the grinding conflict in Ukraine.

2024 launch pace easily exceeds 2023’s record midyear mark

Global launches through June 30 were up nearly 30% from 2023, easily eclipsing last year’s record 97 first half launches with 126. Launch failures also fell in the first half of 2024 despite the higher launch activity. The pace is expected to accelerate through the second half of 2024, with key launch vehicles set for first flights.

Commercial space revenues climb to $445 billion in 2023

Commercial space activity has grown rapidly in recent years, although definitions for this activity vary. For the purposes of this analysis, commercial space activity is defined to include products sold to private customers and efforts undertaken by private industry in which private actors take on a significant portion of the financial risk.

NASA cancels VIPER Moon rover amid budget concerns

The metallic front of the VIPER lunar rover in a NASA lab

After $450 million and six years of work, NASA will not be exploring lunar ice with its new rover. The Volatiles Investigating Polar Exploration Rover (VIPER) is already built, and the rocket is still scheduled to launch next year, but the rover will remain on Earth.