KPMG Cosmos Q4 2025: Space is Infrastructure for Our Future (KPMG Switzerland)
Save
KPMG SwitzerlandSummary
- 329 orbital launch attempts were conducted worldwide in 2025, up 25% from the previous record of 264, with 318 reaching space for a 97% success rate.p.19
- China hit historic highs in 2025 with 90 successful launches across 93 attempts.p.20
- The ESA secured a record €22.1 billion ($26 billion) in committed capital at its 2025 ministerial.p.9
- The ESA introduced the ERS, a new €1.2 billion initiative to develop a dual-use ISR constellation combining optical and radar imaging payloads.p.10
- Starlink concluded 2025 connecting more than 9 million active customers, nearly double the 4.6 million at the end of 2024.p.26
- In October, SpaceX reportedly won $2 billion to build missile and aircraft tracking satellites for Golden Dome.p.13
- SpaceX started 2025 with zero D2D-capable satellites and launched 650 of them throughout the year.p.27
Key insights
- Defense demand is accelerating investment and innovation across the commercial space ecosystem, with dual-use capabilities the next phase of the space economy.p.2
- The US executive order directs attracting $50 billion of new investment in US space markets.p.6
- 42 Transport Layer satellites were launched in batches of 21, with Batch 1 built by York Space under a $382 million contract and Batch 2 by Lockheed Martin under a $700 million contract.p.13
- SpaceX was selected to develop MILNET, a 480-satellite military communications constellation.p.14
- Planet secured a €240 million contract with Germany for dedicated imaging capacity, and BlackSky won a $30 million contract.p.14
- The Air Force approved SpaceX's proposal to double its launch rate at Vandenberg Space Force Base from 50 to 100.p.19
- Launch attempts by non-US/China countries comprised 39 attempts, about 12% of the global total.p.21
- SpaceX acquired about $20 billion of spectrum from EchoStar.p.27
- AST SpaceMobile has agreements or MoUs with 50+ mobile network operators with a combined 3 billion subscribers.p.28
Funders mentioned
Topics and entities
Summary and figures generated from the document and checked automatically: every number shown appears on the cited page. The full document is available from the publisher. Publishers can request removal.