The New Space Race Isn't About Rockets. It's About Who Builds Them

VANCOUVER, British Columbia, Feb. 24, 2026 (GLOBE NEWSWIRE) -- USA News Group News Commentary — The global commercial space launch market, valued at $8.2 billion in 2024, is projected to nearly quadruple to $31.9 billion by 2034 as small satellite demand accelerates^[1]. Congress approved $839 billion in defense spending for fiscal 2026, including $4 billion for missile warning and tracking satellites and $13.4 billion to integrate space and missile defense systems^[2]. Companies positioned at the intersection of commercial launch and national security include Starfighters Space (NYSE-A: FJET), Rocket Lab (NASDAQ: RKLB), L3Harris Technologies (NYSE: LHX), Intuitive Machines (NASDAQ: LUNR) and Northrop Grumman (NYSE: NOC).

The Space Force's combined resources now approach $40 billion, nearly double its funding from five years ago, as the Pentagon races to field a layered missile defense architecture^[3]. Last year, PwC projected the global space economy would approach $2 trillion by 2040 as reusable launch technology and satellite miniaturization open new commercial and defense applications^[4].

Starfighters Space (NYSE-A: FJET) just appointed Tim Franta as CEO after founder Rick Svetkoff stepped down following the company's NYSE listing. Franta previously served as Vice President of Development since October 2022, leading the STARLAUNCH air-launch system designed to carry rockets to space from modified supersonic aircraft.

The transition marks a shift into what the company calls its commercialization era. Starfighters is the only commercial company in the world with the ability to fly payloads at sustained Mach 2 and with the capability to launch those payloads to space. Located at the NASA Kennedy Space Center in Florida, the company operates a growing fleet of modified supersonic aircraft configured as first-stage lifting platforms capable of carrying payloads to 45,000 feet for air launch to space.

"Rick built Starfighters from the ground up. As we move into the commercialization era of our business, we are grateful for the strong foundation, both operationally and financially, he has left us," said Tim Franta, CEO of Starfighters Space.

Franta brings more than two decades of space commercialization experience to the role. Before Starfighters, he served as Deputy Director of Energy Florida in Cape Canaveral and as Chief of Staff for the Florida Space Authority, where he helped draft space transportation legislation, oversaw FAA licensing of two launch pads, and supported more than $300 million in space and ground infrastructure funding. He also authored the Florida Space Transportation Act.

Former congressman Bill Posey, who represented Florida's Space Coast from 2009 to 2025, endorsed the appointment. "I've worked with Tim for more than 20 years on commercializing space," Posey said. "It is very fitting that he now leads a company that aims to continue that development."

The leadership change follows a rapid stretch of technical milestones. Starfighters recently completed subsonic and supersonic wind tunnel testing for STARLAUNCH 1, its air-launched rocket demonstrator. Testing at Mach 0.85 and Mach 1.3 confirmed clean separation behavior across all flight conditions, correlating with the company's computational models.

The company is now preparing for a Critical Design Review with support from GE Aerospace, expected within two weeks, to validate design maturity before moving into fabrication and integration. Starfighters has also initiated procurement of an instrumented demonstrator vehicle for underwing flight testing and recently rang the Opening Bell at the New York Stock Exchange, signaling growing institutional visibility for the Cape Canaveral-based company.

In other industry developments:

Rocket Lab (NASDAQ: RKLB) is preparing to launch its latest HASTE rocket mission for the Department of War's Defense Innovation Unit. The Cassowary Vex mission, the company's fourth hypersonic test in under six months, will deploy a scramjet-powered aircraft developed by Australian aerospace firm Hypersonix from Launch Complex 2 on Wallops Island, Virginia. The HASTE platform provides hypersonic test capability up to Mach 20, a commercial capability the company says remains unmatched globally, expanding and securing U.S. space superiority.

By lowering cost barriers and increasing launch tempo for the United States and its allies, Rocket Lab is restoring national hypersonic test capabilities through commercial speed and execution. The company holds more than $1.3 billion in contracts from the Space Development Agency, including an $816 million award to build 18 missile defense satellites equipped with its next-generation Phoenix infrared sensors for the Tracking Layer Tranche 3 program. Its vertically integrated manufacturing model produces spacecraft, payloads, solar arrays, propulsion systems, and avionics in-house, a strategy the company says allows faster delivery at lower cost.

L3Harris Technologies (NYSE: LHX) reorganized its business structure from four segments to three, creating a dedicated Space & Mission Systems unit led by Sam Mehta. The restructuring aligns the company's portfolio with what it calls the future of warfare, following an $843 million contract from the Space Development Agency to build 18 infrared satellites for the Tracking Layer Tranche 3 of the Proliferated Warfighter Space Architecture.

"This change thoughtfully organizes common business models, technical capabilities and investment priorities," said Christopher Kubasik, Chairman and CEO of L3Harris. "Enabling the Arsenal of Freedom requires action, and we're now best poised to deliver the speed, technology and commerciality required by our most important customer."

The company currently has four missile tracking satellites on orbit for Tranche 0 and another 34 in development across Tranches 1 and 2. The Tranche 3 satellites will provide higher resolution infrared sensing, advanced on-orbit data processing, and real-time detection algorithms for enhanced missile tracking. The new Space & Mission Systems segment integrates satellite and payload capabilities, including missile warning and defense, with maritime and air special missions programs.

Intuitive Machines (NASDAQ: LUNR) completed its $800 million acquisition of Lanteris Space Systems, formerly Maxar Space Systems, in a deal consisting of $450 million in cash and $350 million in stock. The transaction positions the Houston-based company as a vertically integrated, end-to-end solutions provider capable of building spacecraft, connecting resilient communications networks, and operating systems from LEO to cislunar space. The combined entity generates more than $850 million in revenue and holds $920 million in backlog.

"This acquisition marks a defining moment in the evolution of Intuitive Machines," said CEO Steve Altemus. "We previously proved our ability to operate on the Moon. With Lanteris, we add flight-proven manufacturing at scale."

The acquisition strengthens the company's ability to prime future Golden Dome, Space Development Agency layered architecture, and NASA Artemis initiatives. Lanteris satellites support missile warning and tracking, tactical intelligence, surveillance, and reconnaissance across LEO, MEO, and GEO orbits. Intuitive Machines successfully soft-landed on the Moon in 2024, returning the United States to the lunar surface for the first time since 1972, and completed a second lunar mission in 2025.

Northrop Grumman (NYSE: NOC) was selected as one of four contractors for the Space Development Agency's $3.5 billion Tranche 3 Tracking Layer program, alongside Lockheed Martin, L3Harris, and Rocket Lab. The company is now responsible for 150 satellites across the first three tranches of the Proliferated Warfighter Space Architecture designed to detect and track advanced missile threats including hypersonic weapons.

"Northrop Grumman's contributions to both high and low altitude layers of our nation's missile warning and tracking architecture help protect our nation from a wide range of threats," said Brandon White, Vice President of Space-Enabled Multi-Domain Operations. "With our extensive history of fielding operational Overhead Persistent Infrared satellites, we are poised to rapidly deliver the TRKT3 satellites to the SDA."

The company projects its Space Systems segment will reach approximately $11 billion in fiscal 2026, reflecting growing demand for national security space capabilities. Its first plane of Transport Layer Tranche 1 satellites is scheduled for launch in early 2026, with the broader Tranche 3 constellation expected to reach orbit by fiscal 2029.

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SOURCES:
1. https://www.gminsights.com/industry-analysis/commercial-space-launch-market
2. https://www.airandspaceforces.com/congress-passes-839-billion-budget-defense/
3. https://spacenews.com/defense-appropriations-bill-for-2026-funds-space-force-at-26-billion-presses-pentagon-on-golden-dome/
4. https://www.pwc.com/us/en/industries/industrial-products/library/space-industry-trends.html