Space Economy at the Forefront of Capital Trends: Investment Opportunities Driven by Policy Catalysts and Industrial Logic

Trump signed a space executive order and reaffirmed the 2028 moon landing goal, directly triggering a surge in U.S. space-related stocks, with LUNR up over 37% and RKLB up over 17%. Coupled with news of SpaceX's planned 2026 IPO and OpenAI's plan to acquire a commercial rocket company, the trend of the "space economy" shifting from speculative hype to industrial implementation has become increasingly clear, emerging as a new main theme in the capital markets. This wave of space industry growth, driven by policy, technology, and capital, has not only reshaped the valuation logic of the aerospace sector but also opened up new investment opportunities in niche segments.

I. Three Key Drivers of the Space Economy Boom

1. Policy: Strong U.S. Space Strategy Backing
   The space executive order signed by Trump essentially provides policy support and resources for commercial space enterprises through administrative measures, including streamlined launch approvals, increased government procurement, and commercialization of lunar resource development. The U.S. government's reaffirmation of the 2028 moon landing goal has set a clear development timeline for the commercial space industry chain, directly boosting capital market expectations for the space sector's profitability.
2. Technology: Breakthroughs and Commercialization in Commercial Space
   Companies like SpaceX have achieved commercial applications of core technologies such as rocket reusability and Starlink satellite networks, significantly reducing the cost of space exploration. Meanwhile, satellite internet, space tourism, and lunar resource exploration are transitioning from concepts to reality, providing diversified monetization paths for the space economy. The increasing maturity of these technologies serves as the foundation for the sector's growth.
3. Capital: Dual Catalysts from Industry Giants and IPO Expectations
   SpaceX's planned 2026 IPO provides a key valuation anchor for the space sector, prompting the market to price related stocks based on its business model. OpenAI's acquisition of a commercial rocket company further bridges the AI and space industries, expanding the imagination for "AI + space" and accelerating capital inflows into space-related stocks.

II. Investment Logic and Opportunities in the Space Economy Value Chain

The space economy's value chain spans three major segments: upstream R&D and manufacturing, midstream launch services, and downstream applications. Each segment offers distinct investment value and growth logic:

1. Upstream: Spacecraft and Rocket Manufacturing
   This segment benefits from growing government contracts and commercial launch demand, with a focus on companies with core component development capabilities, such as rocket engines and satellite payloads. These firms have strong earnings visibility and high technological barriers, forming the "backbone" of the space economy.
2. Midstream: Launch Services and Space Infrastructure
   The increasing frequency of rocket launches and satellite deployments is rapidly expanding the launch services market. Meanwhile, demand for infrastructure like spaceports and tracking stations is rising, with companies capable of large-scale launches and infrastructure operations poised to benefit first.
3. Downstream: Space Applications and Commercialization

• Satellite Internet: The commercial operation of low-Earth orbit satellite networks like Starlink will drive demand in communications, navigation, and remote sensing, making it the most lucrative segment of the space economy.
• Space Tourism and Resource Development: As technology matures, space tourism is transitioning from a luxury experience to a commercial venture, while lunar resource exploration is also gaining traction. Leading companies in these areas have long-term growth potential.
• AI + Space: OpenAI's moves have unlocked AI applications in space exploration and satellite data processing, with firms combining AI and space capabilities likely to command valuation premiums.

III. Investor Strategies and Risk Management

1. Short-Term: Capitalizing on Policy and Event-Driven Opportunities
   Closely monitor the progress of U.S. space policies, SpaceX's IPO timeline, and OpenAI's acquisition moves. Position in underappreciated space-related stocks ahead of catalysts to capture short-term sentiment-driven gains.
2. Medium-to-Long-Term: Focus on Implementation Certainty
   Prioritize companies with confirmed orders and earnings support, avoiding purely speculative plays. Focus on fast-commercializing segments like satellite internet and commercial launches to align with the sector's core growth logic.
3. Risk Control: Beware of Valuation Bubbles
   The current rally in space-related stocks is partly sentiment-driven, with some valuations detached from fundamentals. Watch for risks like policy delays or technical failures. Given the sector's volatility, manage positions carefully and avoid chasing highs.

The rise of the space economy is an inevitable outcome of technological progress and capital pursuit, as well as a key direction for global industrial upgrading. For investors, identifying high-quality companies with core technologies and commercialization capabilities amid policy-driven short-term rallies is crucial to capturing long-term opportunities in this capital feast of the space industry.$Tesla(TSLA.US)