At DefSat 2026 in New Delhi, we speak with Akhil Rao of Rational Futures, former Chief Economist at NASA, about the real economics driving the global space sector.
With headlines predicting a $1–2 trillion space industry by the end of the decade, Rao challenges the usefulness of top-line numbers and explains why businesses and governments must focus on specific market segments — from Earth observation to telecommunications — rather than broad global forecasts.
We also explore:
- Why space and deep tech industries are uniquely high-risk and capital intensive
- How governments should measure the true contribution of space to GDP
- The role of national security, prestige and strategic advantage in space investment
- The return of militarisation and renewed national security focus in space
- Artemis, exploration, and whether lunar or Martian settlement is realistic
- Opportunities for collaboration across the Indo-Pacific, including Australia’s mining and remote operations expertise
Rao offers a grounded, economist’s perspective on where the global space economy is really heading — and what decision-makers should be watching.
