How A New Economic Stack Is Being Built In Space

Everyone’s watching rockets. The real money is in the infrastructure no one sees—yet.

This article was originally published in Forbes.

When we think about the commercial internet, we tend to recall the flashy breakthroughs—early browsers, online marketplaces and social media platforms. But none of that innovation would have been possible without the unglamorous foundation beneath it: servers, fiber optics and software protocols. Infrastructure created the stack on which trillion-dollar industries were built.

Told the boys I’d only stay for one drink. Three hours later I’m explaining orbital infrastructure and they’re taking notes.

Today, the space economy is following a similar path. Rockets and moon shots dominate headlines, but the real opportunity lies in the enabling technologies that will make orbital operations scalable, efficient and profitable. According to Morgan Stanley, the global space industry could generate $1.1 trillion or more in annual revenue by 2040.

Just as the early internet required a physical backbone, the space economy depends on what I call the new economic stack for space—the infrastructure that will support everything from satellite servicing to off-Earth manufacturing.

At my company, where we invest in dual-use deep tech and space technologies, I’ve seen this stack forming across four interlocking pillars. (Full disclosure: My company invests in space and deep tech companies, including some in the sectors discussed in this article.)

1. Space Tech And Orbital Logistics

The cost to reach orbit has fallen dramatically. Thanks in part to partially reusable rockets like SpaceX’s Falcon 9, the cost per kilogram to low Earth orbit has dropped—from roughly $54,500 to around $2,700.

This democratization of access to orbit has created a new bottleneck: in-space logistics. According to McKinsey & Company, the global space economy—including satellite servicing, debris removal and manufacturing—could reach $1.8 trillion by 2035.

At my company, we’ve evaluated startups developing systems for refueling, repairing and assembling satellites. These companies are quietly laying the groundwork for an orbital services industry that could one day rival the global shipping network in strategic importance.

2. Robotics And Automation

Operating in space is dangerous and expensive, which is why robotics and autonomy are nonnegotiable. Advanced robotic systems help enable on-orbit servicing, assembly and manufacturing—and their dual-use value makes them even more compelling.

The International Federation of Robotics values the industrial robotics market at $16.5 billion in 2025, with rapid growth ahead. This terrestrial market acts as a proving ground for space technologies, creating a feedback loop where Earth applications fund and refine systems that will later thrive in orbit.

3. Next-Generation Energy

Every economy needs power. In space, as on Earth, sustainable high-density energy sources are the backbone of progress.

Innovations such as perovskite solar cells potentially promise higher efficiency at lower costs than silicon-based panels, benefiting both satellites and terrestrial clean energy projects. Similarly, nuclear microreactors—essential for powering lunar bases or Martian outposts—have direct Earth applications in disaster recovery and off-grid communities.

The International Energy Agency estimates that the global energy storage market could exceed $800 billion annually by 2030. These technologies aren’t speculative “space fantasies”; they’re core enablers of both planetary and orbital infrastructure.

4. Advanced Computing And Communications

Satellite constellations are generating staggering amounts of data. According to Analysys Mason, satellite data revenues will reach $30 billion by 2031. Managing this requires new paradigms in edge computing, AI acceleration and resilient communications.

We’re seeing early-stage companies developing AI-enabled digital twins of satellite systems, allowing operators to optimize missions in real time. Secure, low-latency space-based networks are also becoming essential for industries from logistics to national security.

As terrestrial networks reach their limits, space-based compute and communications will form the backbone of the next generation of global connectivity.

The Challenges: Why Space Infrastructure Is Hard

Investing in space infrastructure is not for the faint-hearted. Unlike software or consumer tech, hardware-heavy ventures face long development cycles, high capital intensity and regulatory complexity. A startup might spend years developing a system before its first in-orbit test—and the cost of failure can be measured in millions.

At my company, we help mitigate this risk by focusing on dual-use companies—those with viable Earth markets today and scalable space applications tomorrow. This approach lowers the risks of early investments while preserving upside potential.

Another challenge is the fragmentation of the value chain. Many startups specialize narrowly—propulsion, sensors, materials—without access to integrators or customers. As investors, our role often extends beyond capital: We act as connectors between startups, government agencies and established aerospace players.

Finally, there’s timing. Just as cloud computing and mobile apps defined inflection points in the internet era, the space economy is approaching its own. Recognizing that inflection early—and having the conviction to invest through the uncertainty—is where the outsized returns lie.

The Investment Lens: Earth First, Space Next

The most resilient opportunities lie in companies that solve Earth-first problems with space-ready technologies.

Take advanced energy storage: The primary market today is not satellites but the projected (by 2030) $300 billion terrestrial market for EV and grid batteries. Once proven on Earth, these technologies can scale to orbit.

This dual-market strategy transforms speculative bets into diversified businesses tackling cost, efficiency and reliability challenges across industries.

The Moment Before The Breakthrough

The internet stack didn’t emerge overnight; it evolved quietly through the 1980s and 1990s before exploding into global infrastructure. Investors who recognized the early inflection points—cloud computing in 2006, mobile in 2009—captured outsized returns.

Space infrastructure is now at a similar inflection. With launch costs lowering, satellite deployment accelerating and demand for robotics surging, the next decade will define the winners.

From my vantage point as an investor working with founders across the U.S., Europe and Asia, I’ve never seen alignment like this before—between commercial innovation, government interest and technological readiness.

The most forward-looking leaders won’t be chasing the next rocket launch. They’ll be building—or investing in—the infrastructure stack that will underpin the space economy for decades to come.

The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation.