We look beyond SpaceX IPO to break down the US$1.8 trillion space economy, from satellites and defence to exposure routes and what investors should consider. What happened? Investor attention around the space economy is rising. Earlier, we looked at how the artificial intelligence boom has lifted demand for chips, data centres, cloud platforms and power infrastructure. The space economy is drawing attention for a similar reason. The expected SpaceX initial public offering has brought fresh focus to satellite broadband, reusable rockets and the wider commercial space sector. Reuters reported that space-related exchange-traded funds (ETFs) attracted US$1.3 billion of inflows in the month leading up to 23 May 2026, as investors positioned for a potential SpaceX listing. But the bigger story goes beyond SpaceX. Just as the internet created new layers of connectivity in the 1990s, satellites are now supporting broadband, navigation, Earth observation, defence and global communications. According to the World Economic Forum and McKinsey & Company, the global...