America is starting a New Space Age. And it’s a problem that many Americans don’t know about it

The US is leading humanity toward bright future beyond Earth, but we need to be ready for costly setbacks.

The business of space

But let’s stick to this timeline. It could be pretty awesome. A lengthy new Citi report, out today, expects the space economy to generate over $1 trillion in annual sales by 2040, up from around $370 billion in 2020. In “Space: Dawn of a New Age, the bank said it expects the satellite market — currently 70 percent of the space industry, will continue to dominate, though new applications such as consumer broadband and satellite imaging will become increasingly important.

Driving the economics is perhaps the most underappreciated innovation since fracking: a massive decline in launch costs as the private sector — especially Elon Musk — got deeply involved in space. From the report (which supplies all the charts below):

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