Goldman Sachs estimates the global space economy will grow to $1.8 trillion by 2035, arguing that cheaper launches, expanding private capital and broader access to public equity markets are reshaping space from a government-led prestige effort into a standalone industrial market. The report says more than $55 billion flowed into the space ecosystem in 2025, followed by a record $36 billion in the first quarter of 2026 alone. Goldman also said aerospace companies have raised a cumulative $89 billion through IPOs since the start of 2025, describing that shift as the institutionalization of space within public equity markets. Space Exploration Technologies Corp. was the standout listing, with its June Nasdaq debut raising roughly $75 billion, closing up 19% on its first day and lifting its market capitalization above $2 trillion. Goldman says investor focus is concentrating around key layers such as launch, manufacturing, orbital infrastructure and space-derived data, where scale and access to capital may determine which companies capture the largest returns as the sector consolidates.