From the Moon to the markets
Infinity is taking shape. 2026 could prove to be a defining year for space, which is establishing itself as critical infrastructure for the global economy. The year has already been marked by the success of the Artemis II mission last April, and could also see the listing of SpaceX, widely expected to become the largest IPO in financial market history. Once the exclusive preserve of governments, the space ecosystem is now enjoying rapid annual growth, driven by intense entrepreneurial and commercial momentum. This growth trajectory is being spurred notably by the acceleration of space exploration, which encompasses vast strategic challenges while opening up infinite opportunities for investors.
The goal is no longer simply to plant a flag: the Artemis mission marks humanity’s return to the Moon with the aim of establishing a permanent presence there. The Moon is on course to become an industrial hub and a launch platform for future deep-space exploration, particularly missions to Mars. Initiated by NASA, the Artemis programme is reopening the gateway to space and heralding the emergence of an interplanetary economy, supported by the sharp decline in the cost of accessing space. The race for space is intensifying – with China itself targeting a lunar mission by 2030 – as is reliance on private-sector players attracted by the prospect of multi-billion-dollar contracts.
Stock market odyssey
Amid this surge in activity, the investment universe has matured considerably and continues to expand through new market listings, including the anticipated IPO of SpaceX before the summer. This listing, whose impact is likely to be substantial, should stimulate investor interest in the theme, bring space companies into clearer focus and undoubtedly increase investment flows into these fast-growing players. Other space companies are expected to follow suit and also go public.
The opportunities arising from lunar development are staggering. With growth prospects for the space ecosystem estimated at 9% to 10% per annum,[1] the market is expected to reach US$1.8 trillion by 2035.[2] Meanwhile, revenues for the global space industry could exceed US$1 trillion[3] by 2040. The growing influence of private-sector participants in the conquest of space is being driven by the accelerating pace of missions transporting astronauts, supplies and infrastructure, all of which are set to act as a powerful engine for the space economy.
Ascending trajectories
Among the companies well positioned in the field of space exploration, several are already listed and held in our Echiquier Space fund. Intuitive Machines, for example, a US New Space company with market capitalisation of US$7 billion, is recognised for its expertise in the space infrastructure market and in transport solutions to and on the Moon. Its IM-1 module notably landed on the Moon in 2024, marking the first US lunar landing since the Apollo 17 mission in 1972. Firefly Aerospace, which specialises in launch vehicles and lunar landers, also achieved the feat of successfully landing its Blue Ghost probe on the Moon in 2025. The company anticipates a strong increase in its 2026 earnings, driven by accelerating organic growth – across launch vehicles and satellite component manufacturing – as well as the contribution from its acquisition of SciTec.
Another key player, MDA Space, a specialist in space robotics and satellite systems, also boasts a substantial order backlog estimated at CA$3.7 billion, providing significant medium-term visibility.
Pioneering strategy
With Echiquier Space, Europe’s first fund dedicated to the space ecosystem, we have been supporting the transformation of the space ecosystem since 2021 and investing across all segments – manufacturers of launch vehicles, satellites and lunar modules, providers and users of geospatial data, as well as companies supplying the critical components and software essential to the operation of rockets and satellites. Echiquier Space, whose assets under management have surpassed the €500 million mark,[4] is now five years old and has limitless prospects ahead. The odyssey is just beginning.
Disclaimer. These data and opinions, as well as the sectors and securities mentioned, are provided for information purposes only and do not constitute an offer to buy or sell a security, investment advice or financial analysis. Past performance is not an indication of future performance. The fund is primarily exposed to capital loss risk, equity risk, currency risk and emerging market risk. Before subscribing and for further information on its characteristics, risks and fees, please read the regulatory documents available at www.lfde.com. Investors are reminded that the units/shares presented may not be marketed in their country of residence.
[1] McKinsey & Company, Space: The $1.8 Trillion Opportunity for Global Economic Growth, Insight report, April 2024
[2] World Economic Forum, 2024
[3] Bryce Tech – Start-up Space, Morgan Stanley
[4] As at 31.05.2026