NASA/ Joel Kowsky via Getty Images The race for space is heating up.
- Space tech is a booming sector of the market for private funding with companies tackling some of the most pressing issues on this world and beyond.
- The market for space related enterprises is currently worth around $350 billion and could be as much as $1 trillion by 2040, according to Morgan Stanley.
- Since 2009, $22 billion has been spent in VC funding on some 476 space tech and space-related companies, according to Space Angels Network data.
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Space companies are taking off.
From re-usable rockets to advanced imaging, space tech encompasses a variety of incredible new use cases for businesses. Since 2009, $22 billion has been spent in VC funding on some 476 space tech and space-related companies in a rapidly expanding market, according to Space Angels Network data.
Space is now being taken seriously as a sector. The market for space related enterprises is currently worth around $350 billion and could be as much as $1 trillion by 2040, according to Morgan Stanley.
The applications vary from solving climate change and improving weather data to enabling cheaper rocket launches, greater mapping of space debris, as well as longer-term projects like space colonization and off-world heavy industry.
Business Insider spoke to key space investors who named these seven companies (in no particular order) as ones to watch.
Morgan Stanley