Space Tech Investment Soars Amid US-China Rivalry

The US is engaged in a space race with China to return to the moon, with NASA Chief Bill Nelson emphasizing the importance of getting there first. NASA is relying on private companies like SpaceX and Blue Origin to share the costs and tap into the creativity of entrepreneurs. The rivalry between the two countries has spurred significant investment in space technology, with NASA's spending reaching $71.2 billion in 2021. Concerns arise over China's space program, as it has its own space station, plans to reach the lunar polar regions, and has not signed the US-led Artemis Accords. The competition has also led to an explosion in space activity, with the satellite industry growing rapidly and new opportunities emerging in sectors like agriculture, insurance, and maritime. The global space industry is estimated to be worth over $1 trillion a year by 2040.