In 2025, the S&P Kensho Global Space Index ended 2025 up 57.79%, outperforming both the S&P 500^® (up 17.66%) and the S&P Global BMI (up 21.75%). The strong performance was not unique to last year; it has outperformed over the past four years, and it outperformed in annualized terms over the past three and five years (see Exhibit 1).

(Click on image to enlarge)

This positive performance reflects the growing relevance of the space segment. In fact, by 2035, the space economy is expected to reach USD 1.8 trillion USD,¹ which is roughly equivalent to South Korea’s GDP. In recent years, the industry has been undergoing a transition from government-dominated funding to an evolving private sector participation that has propelled technological breakthroughs,² like reusable launch vehicles. These developments have contributed to lower operational costs and higher ROI, ³ specially for sending spacecraft into orbit. As a result, the industry is witnessing new commercial opportunities,⁴ from cutting-edge satellite communication services to leasing space stations for biotech or materials research, transforming it into a hub for diverse business opportunities.

In this diverse and emerging industry, many firms have diversified business involvements that extend beyond space-related ventures. For example, Boeing, while known for manufacturing airplanes, has begun collaborating with NASA to make rockets.⁵ Because of these nuances, the S&P Kensho Global Space Index uses a natural language processing (NLP)-based approach that analyzes company descriptions and filings to identify firms that are focused on space-related activities. It includes not only businesses involved with spacecrafts, launch vehicles or space stations, but also those supplying critical components, services and infrastructure. Moreover, the index may feature companies participating in satellite technology, asteroid mining and military space advancements. For more information, refer to the index methodology.

(Click on image to enlarge)

Companies in the Aerospace & Defense industry of the GICS classification are frequently associated to the space theme. In fact, 57.6% of the weight of the S&P Kensho Global Space Index was classified under this industry as of Dec. 31, 2025 (see Exhibit 2). However, if we look into RBICS data, a classification system that is based on revenue sources, space-related equities do not necessarily rely only on income streams exclusively associated to defense (see Exhibit 3).

(Click on image to enlarge)

Interestingly, in a year in which defense stocks were among the best-performing industries globally, the space theme fared better. In 2025, the S&P Kensho Global Space Index outperformed the S&P Global BMI Aerospace & Defense (Industry), which was up 49.66% (see Exhibit 4). From the 18.1% surge that the space-focused index had from August 2025 to year-end 2025, more than half of the performance was attributed to five companies that are not classified within the Aerospace & Defense industry, demonstrating that the space theme’s growth is not solely dependent on defense.

(Click on image to enlarge)

Looking at the sources of revenue that contributed the most to the S&P Kensho Global Space Index’s 57.79% performance, RBICS data shows that, among the top 10 contributors, 7 are not uniquely linked to the defense domain (see Exhibit 5). This highlights the emergence of space as a standalone theme that goes beyond traditional defense applications.

(Click on image to enlarge)

In recent years, the S&P Kensho Global Space Index has performed well. Due to its thematic approach, it can be used as the spaceship to navigate the complex galaxy of the space economy and its participants, characterized by diverse business models, emerging technologies and multifaceted revenue streams.

¹ Space: The $1.8 Trillion Opportunity for Global Economic Growth – INSIGHT REPORT – APRIL 2024 – World Economic Forum

² Space tech: Experts name 12 transformative technologies reshaping our cosmic future – World Economic Forum

³ The Space Boom Is Here – Global Finance Magazine

⁴ A Guide to Identifying Business Opportunities in the Space Economy – New Space Economy

⁵ The past, present, and future of Boeing in space – Astronomy.com

More By This Author: