NASA’s Artemis Missions and Private Sector Collaborations Set Space Industry on Course for Rapid Growth

The space industry is rapidly evolving, and companies like NASA are leading the way. In their upcoming Artemis missions, NASA aims to put a human on the moon for the first time in over 50 years. Unlike previous missions, this time around, NASA is receiving assistance from private sector companies such as SpaceX and Firefly Aerospace.

SpaceX was founded by Elon Musk and has revolutionized space exploration by introducing new commercial possibilities. In 2023, SpaceX successfully executed 96 missions at an impressive rate of one every four days. Firefly Aerospace is also collaborating with NASA through the Commercial Lunar Payload Services initiative, which seeks to establish reliable transportation to the moon for supplies and research. Later this year, Firefly will attempt an unmanned lunar landing with their Blue Ghost spacecraft, supported by a $112 million contract from NASA.

While Firefly continues its collaboration with NASA, it is also gearing up for increased commercial opportunities in the space industry. With the sector projected to grow to $1.8 trillion by 2035, Firefly aims to position itself as a comprehensive space transportation company. This includes manufacturing rockets, developing orbital vehicles, and designing landers like the Blue Ghost in partnership with Northrop Grumman.

As companies like NASA continue to push boundaries and explore new frontiers in space, it’s important to stay ahead of the curve and understand what lies ahead. Yahoo Finance’s NEXT series explores companies making significant impacts now that will shape tomorrow’s landscape in various industries including technology, healthcare and finance among others so stay tuned for more insightful analysis and market developments on Yahoo Finance Live.