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Key Takeaways
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SpaceX stands as a singularly dominant force in the modern space economy—a reality investors are increasingly recognizing ahead of its watershed IPO, rumored for June.1
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The space economy is being built on pillars beyond SpaceX, including launch and propulsion, satellite manufacturing, connectivity, intelligence, and critical suppliers.
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Rocket Lab, OHB SE, AST SpaceMobile, Planet Labs, and Filtronic are compelling—and in some cases overlooked—representatives of these pillars.
No discussion of the modern space economy is complete without acknowledging SpaceX. The company has fundamentally reshaped the economics of launch, built the world's leading satellite internet constellation through Starlink, and pushed the boundaries of what was previously thought possible in rocketry. We recently wrote about the company and its reported $2 trillion IPO valuation.1
But the broader opportunity extends well beyond any single company, as exciting as SpaceX may be. The industry is evolving into a multi-layered ecosystem, spurred by new launch and propulsion capabilities, satellite manufacturing, connectivity, intelligence, and critical supply chains.
In this short piece, we highlight five companies that, while not yet household names, are central to the space economy and well positioned to benefit from its forecasted growth in the years ahead.2
Rocket Lab: The Launch Rival
Rocket Lab (RKLB) has emerged as the most credible challenger to SpaceX in launch services. The company operates Electron, a small launch vehicle designed for frequent and dedicated missions, while also building Neutron, a larger reusable rocket aimed at the medium-lift market.
What makes Rocket Lab especially interesting is its vertical integration. Beyond launches, the company manufactures satellite components, spacecraft systems, and mission software, positioning itself as a full-service space infrastructure provider. In an industry where governments and commercial operators may increasingly seek alternatives to SpaceX for diversification, Rocket Lab has become a strategic second source.
OHB SE: The Manufacturer
OHB SE (OHB-DE) is one of Europe’s most important space and satellite manufacturers, with deep involvement in Earth observation, military reconnaissance, and sovereign communications infrastructure.
The company has historically been a key contractor for major European programs, including Galileo and Copernicus,3 but the investment case is increasingly tied to space-based intelligence and defense spending. As European governments push for greater strategic autonomy in surveillance and communications, demand for sovereign satellite infrastructure is accelerating.4
OHB sits at the center of that trend. The company is involved in next-generation military satellite initiatives in Germany and broader European defense programs that increasingly view space assets as critical national infrastructure. It is poised to benefit as Germany triples its space-based defense spending through 2030.5 In a world where geopolitical intelligence, missile tracking, and secure communications are becoming increasingly important, space is inextricably linked to sovereign defense.
AST SpaceMobile: The Space-Based Cell Tower
AST SpaceMobile (ASTS) is attempting something transformative: Delivering broadband connectivity directly from space to standard, unmodified smartphones.
Its BlueBird satellite network is designed to function as a space-based cellular system, extending coverage to areas where traditional terrestrial infrastructure is limited or unavailable. The company has already signed agreements with major telecom operators including AT&T and Verizon.6
The long-term opportunity is significant. Billions of people globally still lack reliable mobile connectivity, while even developed markets continue to experience coverage gaps. If satellite-to-phone connectivity becomes mainstream, AST SpaceMobile could emerge as an indispensable part of the new global communications infrastructure.
Planet Labs: The Earth Data Layer
Planet Labs (PL) operates one of the world’s largest Earth observation satellite constellations, imaging the planet daily and creating a continuously updated dataset of global activity.
The company’s value proposition extends beyond satellites themselves. Planet Labs sells subscription access to governments, agricultural firms, insurers, and defense organizations that use geospatial imagery and analytics to monitor supply chains, crop conditions, infrastructure, and geopolitical developments in near real time.
As artificial intelligence increasingly intersects with geospatial intelligence, Planet Labs' continuously refreshed archive of Earth imagery may become even more valuable. In many ways, the company represents a broader evolution within the space economy—from hardware and launch infrastructure toward recurring-revenue businesses built on orbital networks.
Filtronic: The Connectivity Enabler
While launch companies attract most of the headlines, the space economy also depends on critical suppliers enabling high-speed connectivity in orbit. Filtronic (FTC-LN) is one such example.
The U.K.-based firm designs advanced radio frequency components used in satellite communications. It has become a key supplier to SpaceX’s Starlink network,7 providing technology that supports high-capacity data transmission between satellites and ground infrastructure.
As satellite constellations become larger and bandwidth demands increase, companies supplying the “picks and shovels” of the space economy may benefit alongside the platform operators themselves. Filtronic represents a differentiated way to gain exposure to the growth of global satellite connectivity.
The Bottom Line
The space economy is still early in its development. While SpaceX remains the defining company in the industry today, the next decade may be shaped by a broader ecosystem of launch providers, connectivity platforms, and data infrastructure companies building the foundations of a more connected and space-enabled global economy.
The Tema Space Innovators ETF (NASA) is the first and only pure-play space ETF offering pre-IPO exposure to SpaceX through an SPV alongside a portfolio of compelling—and in some cases overlooked—companies creating value across the broader pillars of space commercialization.
Disclosure: SpaceX is a private security that the fund accesses through a Special Purpose Vehicle (SPV) and is less than 15% of holdings. SPVs and private investments have increased liquidity and valuation risk. Please review the specific risk information related to SPVs, the fund prospectus, and current fund holdings at temaetfs.com/NASA
