The small launcher market is declining, with only four new companies founded in 2023 compared to 27 in 2017, according to the NewSpace Index. Former Google CEO Eric Schmidt now leads Relativity, investing over $1 billion into the company, one of the few well-funded U.S. rocket startups. Investor attention is shifting from small launchers to medium-lift capabilities, favoring firms like Rocket Lab and SpaceX. Meanwhile, countries in Europe and Asia continue to prioritize sovereign launch capabilities, fueling international investment in launch infrastructure. Despite the slowdown in startups, global demand for independent access to space remains strong.
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