With space a focus of the new administration, and SpaceX founder Elon Musk as a senior advisor, we can expect to see money, more ambition, and fewer restrictions on private companies expanding America’s reach in LEO and beyond.
Here are our top four predictions, and where we’re expecting investments to boom:
The Golden Age of LEO? Trump will likely turn LEO into a boomtown. Private space companies such as SpaceX, Blue Origin, and Rocket Lab have already transformed the industry. What they need now is political support to consolidate their dominance.
Trump is expected to slash red tape, fast-track approvals, and create incentives for private players to operate freely in space. This means a surge in satellite communications, EO, space tourism, in-orbit manufacturing, and scientific research. We’ve also seen Starlink, as well as many other LEO operators, pushing to loosen power limits on transmissions in LEO, a move that could give emerging US telecom firms more influence in global communications.
Musk’s role: Governments have always played a key role in space, but Musk heralds a new approach—one that puts private industry, rather than public institutions, at the forefront of innovation above and beyond the Earth.
Musk has positioned himself well for a Trump administration. His companies thrive on deregulation, and his ambitions—whether in space, AI, or energy—align with Trump’s broader goal of putting American interests first: of Making America Great Again. SpaceX could win regulatory battles that reshape global telecoms, defense, and even the financial landscape. The result would be an America that dominates the new space economy not just through government programmes but through corporate hegemony.
A Chance for Non-U.S. Players? Despite Trump’s America first policies, the new administration will probably create opportunities for space companies based or founded outside the US. Trump’s foreign policy—in fact, his whole approach—is transactional. If you bring innovation, competition, and capital to the table, there is a place for you. Non-US firms that can prove their value may find themselves welcomed into the American space economy in ways they wouldn’t under a different administration.
This is particularly relevant for European and Asian space companies looking to expand their market share. The US will always prioritise its own firms, but under Trump, the focus on competition and market growth could provide a window of opportunity for foreign players willing to operate under US rules.
Space Force expansion: The US Space Force, created during his first term, will likely go through major expansion under a second Trump presidency, despite attempts by DOGE to slash budgets across the board. The Space Force will play a central role in the ‘Golden Dome’ project, a mammoth missile defense system. Personnel numbers could grow from 16,000 today to 25,000 by 2028. A proposed Space National Guard could add 3,000 to 5,000 reservists, at a cost of $1–$2B annually.
This means more contracts, more funding, and more rapid development of military space capabilities. We should expect increased investment in AI-powered defense systems, real-time space surveillance, and advanced missile detection networks. The US is not just preparing to operate in space. It’s preparing to defend and control it.
The bottom line: Under Trump, space will become an engine for economic growth, military strength, and national prestige. There will be an expansion in technology related to Martian expeditions, defence, and commercial spaceflight. Big private companies like SpaceX, Blue Origin, and Rocket Lab will benefit, as well as leaner, more efficient, more focused companies, which will challenge ‘old space’ companies like Lockheed Martin, Raytheon, and Northrop Grumman.
Investors, however, should also take note of potential hurdles: trade disruptions, geopolitical tensions, and shifts in NASA’s budget, which may have knock-on effects for certain sectors.
We’re beginning a new chapter in the story of space, one where political will and private industry will align in ways not seen since the Cold War. It may at times be a bumpy ride, but it’s an exciting time to be in the sector.
Bogdan Gogulan is the CEO and managing partner of NewSpace Capital, a Luxembourg-based private equity firm that invests in the space industry
