Aerospace companies have made incredible technological advancements in a short amount of time. Reusable launch vehicles are among the major innovations affecting the aerospace industry along with breakthroughs in artificial intelligence that are sending humanity into new frontiers.
Private companies like SpaceX and Relativity Space are gaining investor attention with satellites that are cheaper and faster to launch than ever before, driven by the development of reusable launch vehicles.
According to the Satellite Industry Association, a trade organization for the U.S. space and satellite industry, the global space economy generated revenue of $400 billion in 2023, and commercial satellite technology accounted for 70% of that total after a record-breaking year for satellites and related launches.
At the same time, startups like Anduril and Firefly Aerospace are taking space exploration further with autonomous systems powered by advancements in machine learning and AI. These AI-driven systems facilitate space exploration that is more agile and extensive than ever before.
These four privately owned aerospace companies are at the forefront of the global space economy, which McKinsey & Company expects to reach $1.8 trillion by 2035.
SpaceX, a Private Market Magnificent 7 company
Led by investor Elon Musk, SpaceX is a startup in the aerospace industry that has quickly become a leader in the satellite category. With its reusable launch vehicles, the company has gone from launching 14% of all satellites in 2017 to 86% in 2023 to become the largest satellite launch vehicle provider in the world.
However, the company’s influence extends far beyond satellite innovations. In June 2024, NASA awarded SpaceX with an $843 million contract to develop the launch vehicle that will remove the International Space Station from orbit at the planned end of its lifespan in 2030. SpaceX will improve upon previous methods for removing space stations from orbit using the latest technological advances.
SpaceX investors include Paypal co-founder Peter Thiel’s Founders Fund and Google Ventures, the investment arm of technology giant Alphabet. Venture capital firm Sequoia Capital is also a lead investor in SpaceX.
SpaceX’s Forge Price™ is $112.86 as of October 22, 2024, which implies an $18.6 billion valuation, a substantial 318% premium to its January 2023 funding round.
Anduril, an engineer of advanced autonomous aerial systems
Defense technology startup Anduril has rapidly expanded into space exploration with its AI-driven autonomous systems and advanced communication platform, Lattice. The company has partnered with the U.S. Space Force since 2022 by deploying Lattice to transform the Space Surveillance Network into a high-speed and integrated network for space communication.
However, the company announced in September 2024 that it is taking a giant leap in the aerospace industry by using its Lattice system to continuously monitor assets in space. The announcement is part of a greater effort to expand the company's capabilities in space defense.
Like SpaceX, Founders Fund is a major shareholder in Anduril. Other notable Anduril investors are Andreeson Horowitz, Human Capital, and General Catalyst, all of which are technology-focused venture capital firms.
Anduril’s Forge Price™ is $28.93 as of October 22, 2024, which implies a $18.6 billion valuation — a 33.1% premium over its June 2024 funding round.
Relativity Space, a commercial rocket launch company
Relativity Space’s Terran R is a fully reusable 3D-printed rocket that competes with the SpaceX Falcon 9 reusable rocket. Securing its place among the top rocket developers, the startup is the fourth company to secure a launch pad at the Kennedy Space Center in Cape Canaveral, Florida.
The 3D-printed reusable rockets will undergo rigorous testing before they can carry payloads for customers, and the company plans to launch its Terran R prototype in 2026.
Relativity Space investors include entrepreneur and television star Mark Cuban, actor Jared Leto, and venture capital firms BlackRock, Baillie Gifford & Co., and Y Combinator.
Relativity Space’s Forge Price™ is $15.92 as of October 22, 2024, which implies a $201.5 billion valuation — a 29.8% discount over its November 2023 funding round.
Firefly Aerospace, a small-to-medium size launch vehicle manufacturer
Since reaching orbit in October 2022, Firefly Aerospace established itself in the aerospace industry with its smaller launch vehicles, which are built for autonomous AI-powered payload delivery and offer right-size cost advantages to customers.
The startup serves commercial and defense-industry customers with rapid deployment capabilities. Using its Alpha rocket, Firefly Aerospace demonstrated in September 2023 that it can launch a payload into orbit with 24 hours notice.
The company later announced plans to launch its Blue Ghost lunar lander in Q4 2024 with SpaceX partnering to provide a launch vehicle for the mission.
Private equity firm AE Industrial Partners and space technology investor Noosphere Ventures are leading investors in Firefly Aerospace. Japanese general trading company Mitsui & Co. is also an investor.
Firefly Aerospace’s Forge Price™ is $4.94 as of October 22, 2024, which implies a $1.8 billion valuation.