U.S. Space Race Propels the Nation to New Heights

In 1961, President Kennedy proclaimed that the United States should “commit itself to achieving the goal, before the decade is out, of landing a man on the moon and returning him safely to the Earth.” Thus began the space race that has over the years spawned numerous innovative companies and exceptional research.

One only must consider in awe the launch of private citizens and entrepreneurs Richard Branson and Jeff Bezos into space 60 years later. On July 11, Branson entered the edge of outer space in his space craft, the Virgin Galactic — the result of nearly 17 years of development and over a billion of dollars of investment. Then Bezos shot off into space on July 20. Already Bezos has sunk billions into his private space company, Blue Origin, with more investment on its way.

Whereas the U.S. government was once the sole developer, producer, and user of space technologies, today it has evolved into a major domestic and global customer in the growing new space market. Overall, the U.S. Chamber of Commerce estimates that the global space market will increase from approximately $385 billion in 2020 to at least $1.5 trillion by 2040.

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