Spacetech startups look to conquer the final frontier

Space is no longer the sole domain of governments and defence and aerospace companies. According to a report published by McKinsey Quarterly, startups that work around space tech may stand to gain the first-mover advantage.

The space economy was valued at $469 billion in 2021, up 9% from 2020, the highest recorded growth since 2014, the report said, citing the Space Foundation, a not-for-profit organisation.