What it holds
Space Supercycle follows the money through the Space bill of materials: the parts it takes to build it, and the companies that earn their revenue supplying them. Each company is read from its own reports, so a holding reflects what it actually sells into the theme, not what it says about it.
| Part | What it covers |
|---|---|
| Launch Services & Spaceport Infrastructure | launch services, rocket propulsion, spaceports |
| Satellite & Spacecraft Manufacturing | satellite manufacturing, spacecraft components |
| Ground Stations & Gateways | ground stations, satellite network services |
| User Terminals & SATCOM Equipment | satellite user terminals |
| On-Orbit Servicing & In-Space Logistics | on orbit servicing |
| SSA/STM & Space Security | space situational awareness, space security defense |
How it breaks down
- United States56%
- Canada13%
- Italy6%
- Taiwan6%
- Japan6%
- Other12%
- Large cap ($10bn to $200bn)19%
- Mid cap ($2bn to $10bn)38%
- Small cap (under $2bn)43%
Shares of the strategy as of the data date.
Largest companies
| Company | Listing | Market value |
|---|---|---|
| Viasat | VSAT.XNAS | $11 billion |
| Voyager Technologies | VOYG.XNYS | $2 billion |
| Redwire | RDW.XNYS | $2 billion |
| Rocket Lab | RKLB.XNAS | $35 billion |
| Karman Holdings | KRMN.XNYS | $5 billion |
| Avio S.P.A. | AVIO.MI | $1 billion |
| Wistron NeWeb | 6285.TW | $4 billion |
| Ispace,Inc. | 9348.T | $346 million |
| Mda | MDA.TO | $4 billion |
| 5N Plus | VNP.TO | $2 billion |
| Frequency Electronics | FEIM.XNAS | $807 million |
| Firefly Aerospace | FLY.XNAS | $3 billion |
| 099320.Kq | 099320.KQ | $451 million |
| AST SpaceMobile | ASTS.XNAS | $16 billion |
| Iridium Communications | IRDM.XNAS | $5 billion |
The market
Same basis as the 2024 SIA figure
Satellite Industry Association (SIA), 2026 report, 2025Growth of the satellite-industry-centred total (a year)
Satellite Industry Association (SIA), State of the Satellite Industry Report 2025, by BryceTech, 2024Ground equipment, including GNSS navigation, consumer and network equipment; broader than ground stations and gateways
SIA/BryceTech, 2024Upstream and downstream space activity, including space-enabled services; read only from a search snippet
Novaspace, Space Economy Report, 12th edition (Jan 2026), not stated in the snippet readSpace Foundation and Novaspace count the wider space economy, so their totals are higher than SIA's satellite-centric figures, and vendor sizes for launch, terminals and on-orbit servicing differ mainly because their scope definitions differ. Most vendor figures come from search snippets and their scope definitions are largely unseen.
All 35 published estimates, with sources
| What it measures | Figure | Year | Source |
|---|---|---|---|
| Growth of the satellite-industry-centred total (a year) | +4.0% | 2024 | Satellite Industry Association (SIA), State of the Satellite Industry Report 2025, by BryceTech |
| Same basis as the 2024 SIA figure | $429bn | 2025 | Satellite Industry Association (SIA), 2026 report |
| Satellite-industry-centred total | $415bn | 2024 | Satellite Industry Association (SIA), State of the Satellite Industry Report 2025, by BryceTech |
| Downstream satellite-data solutions drive most of the growth | $596bn | 2024 | Novaspace, earlier edition |
| Ground equipment, including GNSS navigation, consumer and network equipment; broader than ground stations and gateways | $155bn | 2024 | SIA/BryceTech |
| On-orbit satellite servicing, probably defined more broadly | $5.7bn | 2024 | Market Research Future |
| Projected space economy size; downstream satellite-data solutions drive most of the growth | $944bn | 2033 | Novaspace, earlier edition |
| Satellite communication terminals (reported as 90,325.9 million); probably very broad | $90bn | 2024 | Credence Research |
| Upstream and downstream space activity, including space-enabled services; read only from a search snippet | $626bn | not stated in the snippet read | Novaspace, Space Economy Report, 12th edition (Jan 2026) |
| Whole space economy, including government spending ($132B government, $480B commercial) | $613bn | 2024 | Space Foundation, The Space Report 2025 Q2 |
| Year-over-year growth of the whole space economy (a year) | +7.8% | 2024 | Space Foundation, The Space Report 2025 Q2 |
| Commercial satellite industry total | $293bn | 2024 | SIA/BryceTech |
| Commercial satellite industry total | $303bn | 2025 | SIA/BryceTech |
| Launch services | $15bn | 2023 | Grand View Research |
| Launch services (reported as 20,675.14 million) | $21bn | 2024 | Straits Research |
| Launch services CAGR (growth, a year) | +16% | 2024 to 2030 | Grand View Research |
| Launch services revenue only | $9.3bn | 2024 | SIA/BryceTech |
| LEO terminals CAGR (growth, a year) | +14% | 2026 to 2035 | GM Insights |
| LEO terminals only | $9.0bn | 2025 | GM Insights |
| On-orbit satellite servicing | $2.7bn | 2024 | GM Insights |
| On-orbit satellite servicing | $2.8bn | 2024 | Credence Research |
| On-orbit satellite servicing CAGR (growth, a year) | +12% | 2025 to 2034 | GM Insights |
| On-orbit satellite servicing CAGR (growth, a year) | +11% | 2025 to 2035 | Market Research Future |
| On-orbit satellite servicing CAGR (growth, a year) | +12% | 2024 to 2030 | Lucintel |
| SatCom terminals (reported as 10,849.8 million) | $11bn | 2025 | Future Market Insights |
| SatCom terminals CAGR (growth, a year) | +6.5% | 2025 to 2035 | Future Market Insights |
| Satellite manufacturing | $20bn | 2024 | SIA/BryceTech |
| Satellite manufacturing | $23bn | 2024 | Research and Markets |
| Satellite manufacturing CAGR (growth, a year) | +16% | 2024 to 2030 | Research and Markets |
| Satellite manufacturing CAGR (growth, a year) | +5.4% | 2025 to 2033 | Straits Research |
| Space situational awareness CAGR (growth, a year) | +10% | 2025 to 2030 | MarketsandMarkets |
| Space situational awareness CAGR (growth, a year) | +2.4% | 2023 to 2033 | Spherical Insights |
| Space situational awareness only | $1.7bn | 2025 | MarketsandMarkets |
| Space situational awareness only | $1.5bn | 2024 | Research and Markets |
| Space situational awareness only | $2.6bn | 2023 | Spherical Insights |
Questions
- What is Space Supercycle?
- Launch, satellites, ground stations, terminals, on-orbit services and space security.
- What does Space Supercycle hold?
- Listed companies that earn their revenue from the parts it takes to build Space Supercycle: Launch Services & Spaceport Infrastructure, Satellite & Spacecraft Manufacturing, Ground Stations & Gateways, User Terminals & SATCOM Equipment, On-Orbit Servicing & In-Space Logistics, SSA/STM & Space Security. 20 companies as of 2026-10-28.
- What is not in Space Supercycle?
- Satellite communications payloads and spacecraft-mounted phased array antennas: Satellite & Spacecraft Manufacturing, not User Terminals & SATCOM Equipment Satellite TT&C and network operations services: Ground Stations & Gateways, not Satellite & Spacecraft Manufacturing or SSA/STM & Space Security Military satellites and defense spacecraft buses and payloads: Satellite & Spacecraft Manufacturing, not SSA/STM & Space Security
- How large is the Space Supercycle market?
- About 429.0 USD billion (2025), the middle of independent estimates that agree (for example Satellite Industry Association (SIA), 2026 report).
Sources
Every part of the bill of materials is researched from published industry sources, and every company from its own annual reports and exchange data. Nothing is estimated that cannot be sourced.
Industry research: breakingdefense.com/2025/10/defense-to-anchor-exploding-sate · brycetech.com/reports/report-documents/global_satellite_indu · finance.yahoo.com/news/orbit-satellites-servicing-market-siz · news.satnews.com/2025/12/12/operators-pivot-to-managed-solut · newspaceeconomy.ca/2026/04/13/the-satellite-manufacturing-ma · nova.space/hub/wp-content/uploads/2024/09/Sats_Built_Launche · nova.space/in-the-loop/space-defense-at-an-inflection-point- · nova.space/press-release/106b-ground-segment-market-enters-s · nova.space/press-release/defense-spending-drives-government- · nova.space/press-release/global-space-spending-reaches-137b- · nova.space/press-release/ground-segment-forecasted-at-78-bil · nova.space/press-release/novaspace-projects-665b-in-satellit · nova.space/press-release/user-terminal-growth-outpaces-groun · prnewswire.com/news-releases/global-space-situational-awaren · satnews.com/2023/12/17/euroconsult-reports-four-tons-of-sate · satnews.com/2026/08/16/novaspace-projects-3-billion-cumulati · sia.org/affordability-productivity-drive-historic-satellite- · sia.org/historic-number-of-launches-powers-commercial-satell · spacenews.com/106b-ground-segment-market-enters-service-driv · astuteanalytica.com/industry-report/satcom-terminal-market
What it is not
Where an item could belong to two parts, these rules decide which owns it; items outside every part are not counted.
- Satellite communications payloads and spacecraft-mounted phased array antennas: Satellite & Spacecraft Manufacturing, not User Terminals & SATCOM Equipment
- Satellite TT&C and network operations services: Ground Stations & Gateways, not Satellite & Spacecraft Manufacturing or SSA/STM & Space Security
- Military satellites and defense spacecraft buses and payloads: Satellite & Spacecraft Manufacturing, not SSA/STM & Space Security
- Launch Services & Spaceport Infrastructure vehicle rocket engines and stages: Launch Services & Spaceport Infrastructure, not Satellite & Spacecraft Manufacturing; satellite thrusters and in-space propulsion: Satellite & Spacecraft Manufacturing, not Launch Services & Spaceport Infrastructure
- Gateway and Ground Stations & Gateways station antennas and RF equipment: Ground Stations & Gateways, not User Terminals & SATCOM Equipment; consumer, enterprise and mobility user User Terminals & SATCOM Equipment: User Terminals & SATCOM Equipment, not Ground Stations & Gateways
- Orbital transfer vehicles and space tugs: On-Orbit Servicing & In-Space Logistics, not Launch Services & Spaceport Infrastructure
- SSA radars, telescopes and tracking data services: SSA/STM & Space Security, not Ground Stations & Gateways
- Physical debris removal and active servicing: On-Orbit Servicing & In-Space Logistics, not SSA/STM & Space Security; tracking, conjunction analysis and traffic management software: SSA/STM & Space Security, not On-Orbit Servicing & In-Space Logistics
- Launch Services & Spaceport Infrastructure pads, ranges and Launch Services & Spaceport Infrastructure-site Ground Stations & Gateways support: Launch Services & Spaceport Infrastructure, not Ground Stations & Gateways
Not investment advice. Figures are dated and sourced; ThematIQ does not estimate figures it cannot source.