Space Policy for Investors: 5 Takeaways | REPLAY

Research evidence excerpt

Space Policy for Investors: 5 Takeaways | REPLAY

Global | Washington Strategy June 9, 2026

Exhibit 1 - Space Force budget surges 40%,Space Policy for Investors: 5 Takeaways |

fueled by Golden Dome

U.S. Space Budget by Agency (FY26 for SpaceREPLAY

Force, NASA; FY25 otherwise)

Building on our Space Policy Series, we share 5 findings we think investors

should consider. KTs: 1) The space economy has reached $600bn, potentially

tripling to $1.8trn by '35; 2) The US leads the world in terms of govt space

spending, at 60%; China ranks 2nd; 3) The Space Force budget has risen 40%

YoY, fueled by Golden Dome; 4) SpaceX has captured a structural share of

Source: NASA; Center for Space Policy and Strategy;federal space $; 5) US vs China: Moon Race 2.0 is accelerating. PowerPoint . SpaceInsider.

attached.

Exhibit 2 - SpaceX has captured a structural

share of federal space dollars

NASA Top-20 Contractors, FY25 ($bn)

.

Source: NASA

1) The global space economy has reached $600bn, potentially tripling to $1.8trn by 2035.

Commercial activity accounts for 80% and spans satellite TV, broadband, GPS infrastructure, Aniket Shah, PhD * | Head of Sust. &

and satellite manufacturing. The remaining 20% is government spending. Within the investable Transition Strategy

"backbone" of physical infrastructure, state-sponsored spending is projected to grow faster than (212) 323-3976 | ashah14@jefferies.com

commercial, rising from $125bn to $320bn (+256%) vs $205bn to $435bn (+212%) for commercial Yujin Kim * | Sust. & Transition Strategy

over the next decade. Defense is the fastest-growing category within the space economy. Associate

+1 (212) 778-8314 | ykim4@jefferies.com

2) The US accounts for 60% of global government spending on space; China ranks second. US Charles Boakye, CFA * | Sust.