Commercial space is迎来三重红利: policy support, technological breakthroughs, and performance realization. This industry has moved from the initial exploration stage into a period of explosive growth.

**The story abroad has already been clear**

SpaceX, as a global benchmark, has completed the entire commercial closed-loop—reducing costs, building networks, and achieving profitability, forming a sustainable cycle.

Starlink's performance best illustrates the point. Revenue is expected to surpass $10 billion by 2025, with over 8 million users. This proves that satellite internet is not just a concept but a real high-profit, high-growth trillion-dollar market.

Progress on Starship is even more aggressive. As test flights continue, the cost per launch is expected to drop below $100 per kilogram, which will completely change the way space economy operates.

The case of Rocket Lab is also inspiring. By integrating rocket manufacturing and satellite production to create an end-to-end service system, revenue in the third quarter surged by 48%. This shows second-tier manufacturers that differentiation is the way to survive.

**The domestic market is currently in a critical window**

Demand is already very tight. Domestic satellite networks and major constellations are accelerating deployment, with an annual satellite launch demand exceeding 1,000 units. However, the capacity gap of the national team is large and far from sufficient. Private rocket companies face rigid and sustained market demand.

Technological breakthroughs are just around the corner. The end of 2025 to 2026 is a critical validation period for liquid reusable rockets. Reusable rockets like LinkSpace's Zhuque-3 and the Long March 12甲 from the national team are expected to achieve true reuse within this cycle. Once successful, launch costs will drop significantly, solving the long-standing capacity bottleneck that has hindered satellite constellation deployment from the supply side.