Most rocket companies in the US have embraced the dual principles of reusability and diversification. SpaceX, the frontrunner, has expanded from reusable rockets to include cargo delivery, human spaceflight, satellite production, broadband and, likely, in-space manufacturing. Blue Origin, meanwhile, is transitioning from a pure rocket company to a satellite manufacturer and a potential competitor to SpaceX’s Starlink network.

Rocket Lab offers a different path; after achieving success with its small Electron launch vehicle, it relocated its headquarters, started building spacecraft and payloads, and acquired several businesses to expand its operations into satellite communications. It is now developing a next-generation, partially reusable Neutron launch vehicle. Firefly Aerospace and Relativity Space are also diversifying, with Firefly building Moon landers and space tugs, and Relativity looking beyond rockets before ever launching anything.

However, the financial realities of the space business, particularly launch services, are stark. SpaceX’s financials reveal that only 8% of its revenue comes from launch services, with the rest attributed to its Starlink constellation and AI technologies. Rocket Lab’s financials are similarly revealing, with only 25% of its revenue coming from launch services in the first half of 2026.

United Launch Alliance (ULA), the outlier, faces financial challenges that might force its owners to sell. This could lead to significant changes in the launch services market, potentially opening the door for new players to enter and innovate.