SpaceX is valued at around $400 billion, and while important to US space access, it was not the great power of today.
Elon Musk founded SpaceX in 2002. Using the money he made from sales for Musk and his new company, he developed the first rocket, the Falcon 1, to challenge existing launch providers.
“In fact, there were a lot of startup aerospace companies trying to get into this market. They realised we have an exclusive provider called the United Launch Alliance. Boeing and Lockheed “We’re looking forward to seeing you in the process of NASA,” said Lori Garver, former assistant administrator at NASA.
In 2003, Musk paraded Falcon 1 around Washington’s streets, hoping to attract attention for government agencies and the multi-million dollar deals they provided. It worked, and in 2004 SpaceX secured millions of dollars from the Defense Advanced Research Projects Agency, or DARPA, and the US Air Force, further developing the rocket.
Despite government support, the company struggled. The first three releases of Falcon 1 were not able to reach orbit.
“NASA, particularly the first commercial freight contract, saved the company when it was on the brink of bankruptcy,” said Chris Quilty, president and co-CEO of Quilty Space, a space-focused research firm.
NASA awarded a $1.6 billion contract known as a commercial supply service to SpaceX in 2008 months after the first successful flight of Falcon 1. The contract called for SpaceX to use the new rocket, the Falcon 9, and Dragon Capsules to use Dragon Capsules to feed the International Space Station through 12 missions. In 2014, SpaceX won a $2.6 billion worth of NASA contract to develop and operate vehicles for astronauts to and from the International Space Station.
Today, SpaceX controls most of the space market, from launch to satellites. In 2024, SpaceX carried out a record 134 orbital launches, according to science and technology consulting firm Brycetech. These 134 launches accounted for 83% of all spacecraft launched last year. SpaceX was valued at $400 billion, according to a July report by Bloomberg.
SpaceX’s Dragon Capsule and Falcon 9 Rocket are the main means by which NASA launches astronauts and supplies onto the International Space Station. The company’s Starlink satellite has become essential during the war to provide internet access to remote locations and US allies. The company’s spacecraft rocket is still under test, but it is also key to the US’s plan to return to the moon. SpaceX is also building a network of spy satellites for the US government called Starshield as part of its $1.8 billion deal. Even competitors, including Amazon and OneWeb, have launched satellites with SpaceX Rockets.
“The ecosystem of space changes depending on which space it really is SpaceX,” Garver says. “The low cost of access to space is doing what we dreamed of. Today, we have a whole community of companies around the world that have access to space.”
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