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The global space industry could generate revenue of $1.1 trillion or more in 2040, up from approximately $350 billion in 2018, according to Morgan Stanley. Bank of America estimates the space economy to grow to $3 trillion by that time.

The Space Force is now officially the sixth branch of the US military. Space tourism is no longer science fiction and even mars colonization, space-based manufacturing, and asteroid mining could become real things in the coming years.

Richard Branson’s Virgin Galactic (SPCE - Free Report) became the first space tourism company to go public, beating Jeff Bezos’ Blue Origin and Elon Musk’s SpaceX.

It hopes to achieve profitability by 2021 with an estimated 115 flights. More than 4,000 people have either already paid or registered for Virgin’s space flights, including pop star Justin Bieber and actor Leonardo DiCaprio. Sales of tickets that cost over $250,000 are currently on hold. 

The Procure Space ETF (UFO - Free Report) is the first pure-play space ETF. It holds companies that generate a significant portion of their revenue from space-related businesses. Its top holdings include Maxar Technologies (MAXR - Free Report), which has gained over 300% in the past year, Virgin Galactic and Iridium Communications (IRDM - Free Report).

The SPDR S&P Kensho Final Frontiers ETF (ROKT - Free Report) holds companies associated with exploration of outer space and deep sea. Its top holdings include Maxar Technologies, Northrop Grumman (NOC - Free Report) and Lockheed Martin (LMT - Free Report).